It seems that nothing will soon stop the growth of the inevitable industry of online gambling. A projected $58.9 billion in revenues were generated by the worldwide gaming industry in 2019. According to the most recent estimates, that amount will reach $93 billion in 2023, up from $8 billion the previous year. The global economy is expanding at a rate of 11.4% annually.
Online credit card casinos report more significant numbers of online gamblers than ever, turning to cryptocurrency for their betting needs. According to Google Trends, demand for Bitcoin casinos quadrupled between June 2019 and early 2021, and there is no indication that this growth is slowing. Although nearly all forms of digital money had lately experienced a price drop when news came that the US Federal Reserve could implement a series of rising interest rates, driving investors to fear.
On the other hand, several cryptocurrencies have experienced falling prices to almost historic lows over the previous few days. The effects were immediate and significant. According to data from the cryptocurrency intelligence company Glassnode, about 40% of bitcoin owners have suffered losses on their investment. According to the bitcoin analytics platform CoinMarketCap, more than 25% of the global market for cryptocurrencies has vanished. The sell-off started after terraUSD, a cryptocurrency that uses an algorithm to link its value to the US dollar, started trading below $1.
Since then, large cryptocurrency investors have begun liquidating their holdings, plummeting values to depths last seen in 2020. In the midst of this, industry analysts, authorities, and cryptocurrency sceptics have been examining how the decline would affect digital currency, saying that the meltdown may serve as a reminder of how hazardous digital assets are.
In the middle of all the bad news, one business has remained unaffected: online gambling. It is also one of the top sectors that accept digital currency, as a substantial share of Bitcoin transactions are associated with gambling, which could be attributable to various factors. Cryptocurrency gaming gives users a sense of privacy since transactions are not recorded on bank or credit card statements, unlike traditional gambling.
Another plus is the blockchain technology used by cryptocurrencies. This enables users to conduct transactions among themselves without the necessity of a central controlling authority, such as banks. As a result, it is handy for players who choose not to go through the complicated banking restrictions of opening an account and recurring deposit/withdrawal fees. Cryptocurrency decentralisation also makes it simple for users to check their transactions. As a result, you won’t need to request regular bank statements to keep records of your casino spending.
When using a credit card, you must go through a lengthy process. Payments with cryptocurrency, on the other hand, are processed in minutes. This makes it more ideal for gamblers needing rapid cash, which explains the appeal of these currencies in the iGaming sector. However, keep in mind that each online casino has its withdrawal policy. Therefore, it’s a good idea to read the operator’s terms of service before signing up.
Overall, using cryptocurrency when gaming online is simply more convenient. It’s also a terrific technique for gamblers to keep gaming transactions out of their accounts. People in some countries, like Ireland, are not permitted to obtain loans if their bank account has been used in a gambling transaction. Therefore, purchasing cryptocurrency is simply the better alternative for them.
Final Words
The attractiveness of crypto casinos is that they provide rapid transfer speeds and anonymity. However, because authorities need operators to develop Know Your Customer regulations, the latter part of cryptocurrency betting has grown less established. Players must identify themselves by supplying personal documents. As governments began to take crypto legislation more seriously, the secrecy associated with crypto betting was broken. As a result, some players have relocated to playing at metaverse gaming facilities, which is the latest craze in this field.