Crypto continues to make waves in the gambling industry
Ever since the first online casino launched in 1994, a lot has changed in the gambling industry. You no longer need to worry about reaching a physical location to access casino entertainment. With just a simple touch of a button, you can suddenly sit at a poker table or spin some wheels from any place at any time.
It’s actually part of the reason why the online casino market has been growing tremendously on a global scale. Looking at the statistics, Business Wire noted that it already surpassed $163.6 billion in 2023 and is heading over to $224.1 billion in the next few years. And this tectonic shift is not only about access; many innovations have emerged in the last few years, contributing to the rise of iGaming (I'm looking at you, blockchain). Reading on, you will learn a lot about how crypto, in particular, is changing things in this sector, as well as some other insights.
Important statistics for you
Do you actually know that crypto gamblers bet about $3 million worth of crypto every day? Recent research shows that players have gambled over $4.5 billion in Bitcoin between 2014 and 2017. In 2023 alone, more than 70% of all crypto-gambling transactions resulted from Bitcoin.
Of course, it follows that the sector is opening up to digital currencies because of their benefits. For instance, by participating at a crypto poker site, you can enjoy instant withdrawals to your wallet – something that wasn't that fast before; truth be told, in most cases, other payment methods are still falling behind crypto, speed-wise. Such platforms provide a quicker registration process than their non-crypto counterparts, leading to a lower bounce rate and an improved gaming experience. But before we look at more of such benefits, let us explore a few more statistics just to ensure you have a rough idea of what the industry looks like.
For instance, more than half of those who crypto gamble actually prefer slots. Also, studies show that about 77.6% of crypto gambling sites offer provably fair games to improve transparency.
Let's move on to some other vital features of crypto-gambling platforms.
The growing need for security
Who would want to participate in an environment where their security is compromised? Actually, according to Help Net Security, more customers are getting concerned about their safety, with about 91% worried about cyber security attacks. This means that if gamers notice that you pay critical attention to their safety, many of them can be drawn to your platform.
Just recently, Centripetal released a report showing more than half of casino operators experienced a data breach resulting from third-party interactions. In another place, WiFi Talents noted that the number had increased to 78% in the recent past. Realizing this, operators have been turning to crypto to strengthen their security efforts.
Blockchain is decentralized, so data is not handled and managed by a single entity. So, in case one entity is attacked, there are many others that are still safe. The immutability of the technology also ensures that once data is stored, it cannot be changed or deleted. That way, you can always trace initial transactions if you want.
Privacy in another aspect
As long as someone can access your crucial payment information, you remain susceptible. But with crypto, such risks are minimized. Remember, you do not have to key in cumbersome details to use crypto wallets like you would with traditional payment methods.
That is not all. There is also a growing preference for privacy among many gamblers. And this is not just in the gambling sector alone – Exploding Topics claims that 85% of adults are putting in more effort to improve their online privacy. By taking advantage of cryptographic techniques, blockchain encrypts transactions at every step, reducing the possibility of unauthorized access.
Fast and affordable transactions
As we said, the rise of online platforms in this sector has greatly transformed how we experience entertainment. That has also affected our expectations. For instance, you would want a platform to offer games with high-tech graphics because it is now possible to access faster speeds using 5G. For operators, not catering to such needs means falling behind, which is why they're constantly making efforts to keep pushing their services forward.
In fact, SuperOffice CRM highlights that businesses that offer such experiences see profits of up to 60% more than those that don’t. And we can all agree that immediacy is a growing preference among many players. No one wants to wait for their funds for ages just because the processing procedures take longer, like in traditional transfer methods. It is no wonder crypto’s fast speed appeals to this industry.
Plus, there is no need for intermediaries, which greatly reduces transaction costs. So, you won’t have to incur a lot of costs paying third parties who help you get your funds. And for operators targeting financially exclusive communities, what better way to appeal to them than to adopt crypto technology that doesn’t require them to have financial accounts to access funds?
Winding up
Seeing how popular the casino industry has become is just mind-blowing. Perhaps those who used to gamble in the earlier centuries never thought that billions of people worldwide could find this industry appealing. But that is exactly what we are now seeing.
Thankfully, technologies like crypto have emerged to make the experience even more appealing. With crypto, developers and providers can improve security and privacy and offer fast transactions – features many modern players seek.