The gambling industry has always been a frontrunner in terms of adopting new and emerging technology. And, given the sharp increase in cryptocurrency use over the past three years, it is no surprise that the online betting industry isn’t standing still.
Today, Bitcoin gambling – as well as the use of other cryptocurrencies like Ethereum – is fueling the growth and expansion of the international betting industry, providing gamblers with better security, transaction efficiency, and a seamless experience.
But what does the future hold? Here is how crypto is already reshaping the industry.
The Bitcoin Gambling Industry at a Glance
Despite the most recent cryptocurrency crash, the high number of crypto owners and new users of digital currencies has opened up a wide range of possibilities in terms of what users can get with Bitcoin.
If in 2020, cryptocurrency became popular as an alternative investment during an economic market crisis, this blockchain-supported technology is now spreading like wildfire. In the online betting industry, which is already growing at a CAGR of 11.7% and is expected to produce global revenue of $153.6 billion by 2030, the adoption of crypto gambling is expected to fuel this growth.
Some of the reasons behind the widespread adoption of Bitcoin for gambling transactions include security, efficiency, and the availability of easy-to-use mobile interfaces.
The Benefits of Gambling With Bitcoin
Choosing to gamble using Bitcoin instead of time-consuming bank transactions has its fair share of benefits.
• Bitcoin transactions represent a simpler, faster, and more convenient payment option
• Bitcoin transactions are instant and secured by the underlying blockchain and smart contract technologies
• Transactions of Bitcoin are entirely anonymous, which protects the identity of the gambler
• Since the betting site only has access to the user’s crypto wallet ID, banking information are secured against hacking attempts
Due to the limited regulatory measures in the crypto market, Bitcoin transactions also allow users to access online casinos in other countries, bet internationally, and bypass limitations.
The Drawbacks of Crypto Gambling
While there are many reasons for the growing popularity of Bitcoin transactions in the online betting industry, this innovation comes with risks that can’t be overlooked.
Some of the major ones for gamblers who choose to use their crypto wallet include:
• Cryptocurrencies are highly volatile and a dip in value can significantly reduce winnings
• Limited protection for customers and lax safe play regulations
• Bitcoin users might get illegal access to certain platforms or international betting sites
New Regulations for a Safer Crypto Gambling Industry
While international policymakers and authorities have taken a reactive approach to regulate crypto transactions, US regulators are bringing down the hammer on crypto casinos.
So, it is clear that one of the major trends to drastically change the crypto industry is the insurgence of new rules and regulations that aim to curb risks for players and gamblers. What’s more, more countries are likely to introduce internal legislation to create a safer and better-regulated market.
For users who wish to keep safe until these regulations are implemented in the future, a great strategy is to compare online casinos, validate their credentials, and visit casinoscrypto.com to make a well-informed choice.
The Trends Set To Reshape the Bitcoin Gambling Industry
The online gambling industry is always in evolution, and it can be hard to forecast future trends. However, some of the emerging niches that might impact how and where online gamblers bet include:
• The rise of Metaverse casinos
• Decentralized betting
• Low or zero house edges
• More Bitcoin-friendly online casinos
• More options and games to choose from
While these trends heavily rely on the development of underlying technologies (including online betting applications, graphic design, and blockchain), one aspect is likely to remain stable: the increased focus on more stringent regulations that can guarantee users’ safety.
While the introduction of national and international regulations can take months or years, Bitcoin gambling is more current than ever, and gamblers should carry out the necessary due diligence to avoid putting their money in the hands of fraudsters.