The impact of rising crypto market on the gambling industry
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Cryptocurrencies have taken over the world in the last few years. The gambling industry is more accepting of the new payment alternative. The most traded cryptocurrencies are not Bitcoin. It is also revealing new opportunities for players who wish to use cryptocurrencies.
Online casino players are appreciating the security and transparency of cryptocurrencies. Decentralization is one of the key features of blockchain technology. Cryptocurrencies are secure as they are encrypted and users remain anonymous. The security of crypto coins is due to the fact that they do not allow changes without a specific access code.
Online casinos started using Bitcoin and Etherum to handle casino deposits and withdrawals. Cryptocurrencies are not controlled by any local authorities. Online casinos are expanding the range of cryptocurrencies they support. The impact of rising crypto market on the gambling industry is growing. Nowadays, you can find gaming and betting websites that accept payments via at least four or five of the most traded cryptocurrencies.
The Bitcoin stakes that were placed at online casinos reached $4.5 billion in three years. Many countries do not recognize cryptocurrencies as a legit counterpart of fiat currencies. This is why they are not accepted by many online casino that are licensed by strict authorities. They are used by players who are illegal to gamble online but can bet anonymously by using cryptocurrencies. They do have a lack of real regulation. It is not clear if they will be accepted in the future. The report estimates that since 2014, just in 3 years, the Bitcoin stake that was placed in online gambling sites reached $ 4.4 billion.
