The global online gambling market size was valued at USD 57.54 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.7% % from 2022 to 2030. The increasing use of mobile phones among users for playing online games in public places as well as in their homes, in addition to rising internet penetration, is propelling the market. Furthermore, aspects such as cultural and legal approval, easy access to gambling online, celebrity endorsements, and corporate sponsorships are also boosting the market growth. The market is likely to further expand owing to the availability of cost-effective mobile applications worldwide.
Online casinos emphasize developing information solutions that support and assist gamblers, safeguard the authenticity of gambling activities, and prevent fraudulent activities. Various online gambling sites offer a free-play version of their games, creating growth potential for the business.
Gambling has been legalized by various countries globally owing to employment opportunities and more tax revenue for local and state governments. Gambling has also positively impacted local retail sales for the hospitality sector in the areas where casinos act as a part of tourist vacation, consequently propelling the growth of the market rapidly.
Furthermore, the integration of blockchain technology has also affected market growth positively. The blockchain can make secure payments ensuring transparency in gambling activity. Gambling through cryptocurrency offers vast opportunities as they are fast and safe transactions. Owing to fewer restrictions imposed on cryptocurrency transactions, they are now heavily used in online gambling.
Cryptos and casinos
Cryptocurrency is on of the possible ways in future for online gambling – it wont be the only one.
If you want to reap the benefits of Bitcoin gambling, but don’t feel comfortable using a crypto wallet service, casinos mostly have you covered. With just a few clicks, you can easily buy Bitcoin and other cryptocurrencies using credit cards and other means. Once purchased, your account is instantly credited and you’re ready to start playing.
While the lack of fiat deposit options may deter some potential users, this Bitcoin casino offers a host of special features, which together with the great site design creates a truly unique gaming experience.
How cryptocurrency transforms online casinos
The benefits of cryptocurrency for playing online casinos are so fundamental and significant that it’s amazing how the online gambling industry existed and even flourished before the advent of Bitcoin.
The vast majority of online casino players use payment cards (VISA, MasterCard) for deposits and withdrawals. Replenishing a casino account in this way, funds usually come almost instantly, but when it comes to cashing out winnings, the player may face an unpleasant surprise in the form of a long delay. Payment card providers can delay payments for up to a week if they find it reasonable. In the case of cryptocurrency, there is no one on the way from the casino to the player’s crypto-wallet, so no one can deliberately detain your money. From a technical point of view, the speed of cryptocurrency transactions depends on the speed of confirmations in the network of a particular coin. For example, Bitcoin is more “heavyweight” and with an average load of its network, it can take about an hour for funds to be sent or received. Fortunately, most crypto casinos accept altcoins, which provide almost instant transfers at any time of the day and night (Ethereum, Litecoin, Dogecoin, etc.).
It is quite obvious that to make a deposit using a payment card, you need to specify all the information on it, which will then be saved in the online casino database. Despite the fact that modern online casinos use multi-layered means of protection, there is a theoretical likelihood of hackers stealing payment data. In the case of cryptocurrency, when making a deposit or withdrawal of funds, the user provides only the crypto-wallet address. Thus, if by some miracle hackers managed to get this address, it is impossible to use it to steal the funds. Moreover, the owner of the crypto-wallet can generate as many unique addresses as needed and use a new address for each transaction.
Back in the early 2000s, when the Internet was just beginning to appear in the homes of ordinary people, the thought of sending personal data somewhere on the network was alarming at the very least. Nowadays, to go through the procedure of confirming the user’s identity on sites where payments are regularly made for many has become a common practice. However, there are people who still choose to stay as private as possible using the Internet. This position is absolutely understandable and everyone has such a right, but on some sites, in order to have access to their full functionality, identity verification is mandatory. Such sites, unfortunately for gamblers who prefer anonymity, include online casinos. In the overwhelming majority of cases, this is not a whim of the casino management, but a requirement of regulators who monitor the activity of licensed gambling sites. The main reasons for such monitoring include combating money laundering, preventing tax evasion (honest online casinos pay taxes) and controlling the age of players.
Due to the fact that cryptocurrency is a relatively young financial phenomenon, its regulation is still far from being fully developed and can vary significantly in different countries. In addition to this, if regulators can easily track the movement of all funds of each user through conventional systems for online payments (payment cards, PayPal, etc.), then with cryptocurrency it is many times more difficult, and in some cases impossible.