Online gambling is still one of the top industries in the world by market size and growth. In fact, the market size is reaching numbers such as 500 billion in 2019 and still has an expected growth of nearly 565.4 Billion by 2022, some big numbers. This means that a lot of new operators will join the market by offering new games, new promotions, mega ways slot machines, jackpot and other interesting features.
Nevertheless, an important innovation has come through for gamblers thanks to the rise of bitcoin and blockchain technology in this market. In the past few years, online casinos are approaching blockchain as a strategic decision to be more transparent, provide a better service, and get that competitive advantage that others are struggling to get.
Blockchain-Based Gambling and Casinos
A revolution that is helping the players to feel more secure and be aware of bitcoin casinos backend technology, making possible to provide a better and fair game.
Online casinos are evolving, and players are responding positively to this change. Actually, choosing to provide those kinds of technology in online-based casinos respects what gamers are looking for: transparency.
If you are wondering why, here is a little explanation. As gambling is mostly based on transactions, blockchain brought to the open market a solution to protect all the stakeholder involved in the ecosystem of a casino. Indeed, more companies find it very useful for their business to keep up with the inventions in the industry.
For example, games software providers or online odds providers are keener to partner up with operators that offer this kind of solution as they provide a better user experience with their games.
Plus, new blockchain – based casinos can develop games on-chain, meaning that every transaction that happens with either the player betting on slot machines or on a sports event is registered on the blockchain. Simply, anyone at any time can verify if that given bet was legit or not. This is a game-changer for crypto casinos as they definitely stop the abuse of the consumer, money laundering, and so on.
Of course, the market is still at the beginning, but as more operators are employing this kind of features for their users and more players are joining their casinos, the ecosystem will eventually benefit from this positive environment and sustainable growth. Nowadays, especially with the rise of bitcoin price, or other altcoins, there will be a much higher adoption of cryptocurrencies.
Meaning that gamblers from all over will look to spend their cryptos in such places. So, the only “problem” is adoption of crypto currencies rather than fiat money. Also, more awareness in the market with media, social media and web coverage will make the growth possible.
The online gaming market will keep being on the rise with online games and sports betting. Nations are on the wave of regulating this market as they surely will limit it to avoid gambling problems and keep the positive cashflow incoming with taxation.
Regulated markets can surely provide better and secure options for the consumer, we certainly saw this in markets such as the UK, Italy, Sweden, and the upcoming regulation in the USA as gambling online is getting positive adoption in certain states.