The term “cryptocurrency” is no longer alien to an average internet user. Almost everyone is familiar with world of cryptocurrency. It is unquestionable the modern miracle of the 21st century that is completely changing the digital payment system and new level of existence. Many are openly accepting cryptocurrency.
The most popular blockchain based currency is the Bitcoin. Blockchain is the underlying technology backing digital currencies. Online casino is among the growing industries taking advantage of cryptocurrency much especially bitcoin. Technical advancement is responsible for the rapid development of sports betting industry. As many gambling industry players continue to adopt cryptocurrencies as a form of payment.
The trend is so widespread. The belief that bitcoin has much significant influence to the future online casinos is strongly correlated to the rapid adoption of bitcoin as form of reward and payment.
Market Growth & Trend for Online Gambling Industry
The online gambling industry is segregated into several folds such as sports betting casinos, pokers, Bingo and others. According to Grandview Research (2022) indicates the overall market cap for online betting industry stood at $63.53 billion. The market is well positioned to capitalise on the trend. The market size is expected to reach $153.6 billion by 2030 according to the report.
|Market Cap in 2022||$ 63.53 billion|
|Revenue Projection for 2030||$ 153.6 billion|
|Expected Growth Rate||CAGR of 11.7% from 2020 to 2030|
The ever growing casinos platforms inclination to the use of bitcoin will continue to be the major factor influencing the use of bitcoin. These factors are discussed are below:
Bitcoin transaction will continue to contribute significantly to the future of online casinos revenues. This is because transacting in BTC is more simplified, easy to be executed and faster to either deposit or withdraw. Players are motivated by the fact that waiting time spent in transacting in bitcoin is very short compared to other conventional payments channels. Again some bitcoin live casino platforms have low or no fees withdrawal policy.
One of such platform is coinplay.com. Betting with bitcoin allow prayers to quickly make deposit and place withdrawal without encountering problems or worrying about hacks and currency exchange. Bitcoin also will continue to remain the future of online bitcoin casino owing to the fact that its peer to peer transactions are quiet faster and global. The growing trend of bets apps development are increasingly making betting more convenient than before.
➤ Bitcoin online Casino Provide Anonymity and Privacy
During registration process, some online casinos require players to do Know Your Customer (KYC). The mandatory process of identifying and verifying clients when opening live game account. Thus this process requires a player to disclose some vital personal information about him or herself before one’s accounts are verified. This requirement seeks to meet regulators requirements and market practice. Some players see this as potential breach of their personal data privacy. Would therefore do everything possible to avoid gaming sites that do not provide anonymity.
Casino with Bitcoin provide complete anonymity escape for such players. For instance Coinplay online casino do not require so much information from players before and after registration. Coinplay uses public ledger to verify all bitcoin transaction. Players that are also mindful of their privacy will continue to patronise bitcoin online casinos because bitcoin transaction are quickly confirmed by a shared ledger. Some players will continue to avoid casinos sites that have strict KYC policies because they fear their private data could be hacked.
➤ Bitcoin Transactions are Secured
Online gamblers prioritise security as the most important factor when deciding to place deposit or withdrawal because they want to ensure the safety of their transactions. Therefore bitcoin remain the most preferred payment method for players because bitcoin online casino is completely secured. Every deal close with bitcoin is effected immediately and transparently. Extremely difficult impossible for hackers to manipulate transactions. Because online bitcoin casinos are highly securitise as such gamblers have much trust towards it.
➤ Casino Bitcoin Online are Efficient
Coinplay bitcoin online casino provide the players with streamline customer services. A simple email and one’s username is enough to access player account. This appears more flexible and organised than the regular sports betting platforms. The process of registering before taking part to bet is absolutely streamlined, simplified and more appealing than traditional online betting sites.
➤ Avoid Restrictive Practice of Geolocation Based Online Casinos
The practice of geolocation-based casinos barring players from certain geographic regions from taking part in betting is eliminated. Because with bitcoin players are able to participate in any of their desired live games in any part of the world. With online bitcoin casinos are not subject to government crackdowns and regulations.
Therefore many online crypto casinos will continue to adopt bitcoin as the most preferred payment method to the traditional banking methods. Again some players will continue to use bitcoin to avoid restrictions especially in countries where betting is declared illegal because their profiles are concealed. As such players can choose to play with BTC anytime and in any part of the globe.
Because bitcoin remains hugely decentralised it will continue to remain the most preferred payment method. As such more and more online casinos will continue to adopt bitcoin betting in their live games. Also the desire to use bitcoin as payment, withdrawal and reward system will continue to grow as the online gambling market revenues are projected to trend. Many online casinos will continue to adopt bitcoin over other crypto because of its dominant role in the cryptospace.