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The Rise Of Crypto Gambling Market

Written by: Coinpedia

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    Dec 10, 2021

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    For the last couple of years, cryptocurrencies and blockchain technology have developed rapidly. Every day there are more coins and more people willing to back them up.

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    And one industry that has not been left behind in using cryptocurrency is gambling.

    According to experts, the worldwide casino and online gambling market size was $230.9 billion in 2021.

    At the moment, cryptocurrency has already established a relationship with iGaming, with almost half the transactions being done through cryptocurrency.

    Why are Cryptocurrencies Gaining Popularity in the Gambling Industry?

    Crypto casinos are taking online gambling to another level, not just because a gambler can play anonymously, but because anyone with access to cryptocurrencies can play from anywhere in the world despite their country’s regulations.

    Currently, there are many crypto casinos globally, giving players a lot of options. The guide below explores the rise of the crypto gambling market and why it has been growing rapidly.

    What is Crypto Gambling?

    Crypto gambling accepts these digital currencies along with traditional payment methods.

    Online gambling and cryptocurrencies are two things that have grown beyond anyone’s expectations in 2021, so it’s only natural for online casinos to adopt this type of currency as they explore new technologies to enhance the user experience.

    At the moment, a lot of online casinos accept the most popular coins, and some of them even encourage players to use their preferred crypto.

    This has seen crypto gambling taking over a good share of the online gambling industry.

    Why the Crypto Gambling Market Is Succeeding

    One of the reasons why cryptocurrency has seen so much success in gambling is because it allows people to enjoy their favorite games, even in regions where gambling is prohibited.

    For instance, in some Asian countries, a transaction of a $5 deposit to an online casino can raise suspicion from banks and other regular authorities.

    Traditional financial institutions like banks are not involved with cryptocurrency, so it becomes easier to participate in online gambling without fear of getting caught.

    Another reason is that many online gamblers simply don’t want their gaming transactions shown on their bank statements.

    When you’re using a debit or credit card, that’s simply impossible.

    However, cryptocurrency offers you anonymity where you can deposit and withdraw funds without people knowing your identity. 

    Finally, blockchain technology and cryptocurrency enable users to view the games as safe and fair.

    Because all crypto transactions have to be registered within a certain framework of blockchain technology, it is easy to increase the levels of trust of the operators. That means there is less room for foul play.

    Advantages of Using Crypto in Gambling

    Experts predict that the use of cryptocurrency in gambling will continue to rise as it is associated with several benefits like the ones listed below.

    • Speedy transactions: Cryptocurrency transactions are processed faster than transfers within traditional financial institutions. Mostly, it will take only a few minutes to verify and send or receive funds.
    • Security: Due to the use of blockchain technology, cryptocurrency transactions cannot be rejected or canceled. All transaction history is stored in the system, and any efforts to tamper with it are rejected. This makes transactions safe and reduces the risk of fraud. An online casino that uses digital currency also increases confidence in users.
    • Anonymity: When withdrawing your winnings or funding your digital currency account, you do not have to provide any personal data. You only need to provide your cryptocurrency address, which allows the player to remain anonymous.

    Conclusion

    When you factor in how far cryptocurrency has come and how the gambling industry has embraced it, it is safe to say that the crypto gambling market will keep expanding.

    With the many casinos accepting different cryptocurrencies, the number of operators is expected to grow in the future.

    The anchor text: the worldwide casino and online gambling market size was $230.9 billion in 2021

    The link: https://goodluckmate.com/blog/gambling-statistics

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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