Why Crypto Gambling is a Booming Industry
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The global iGaming market accrued USD 66.9 billion in revenues in 2020 and is expected to grow to USD 93 billion by 2023. The industry shows a growth rate of 11.5% a year.
iGaming industry is on an unprecedented upswing. It is set to exceed the USD 100 billion mark by 2026. Europe is the most prominent current market, with Northern America growing the fastest. Mobile devices are the main means of accessing online casinos and betting services. The social aspect of gambling has become a key concept. One of the newest changes to the iGaming environment is entry of cryptocurrency transactions onto platforms. iGambling is a booming industry.
There are differentiating factors behind the pull towards crypto casinos and associated promotional offers. It was seen partially as potential fronts for money laundering and criminal activity.
Most regulated jurisdictions require platforms to impose AML verifications. Some operators adopted the utilisation of various cryptocurrencies. Most companies that did so were regulated by the most lenient licensors. Many utilisers saw these crypto gambling sites as a way to sidestep the constraints placed by most regulators.
Lack of protection and accountability. Most platforms also had lenient protections for customers and their funds. Many dubious operators tried to equate their lacklustre accountability practices with a better chance to win.
Some online content creators are promoting gambling games on crypto casinos without disclosing their affiliation and sponsorship deals with the platforms. They play modified games or use promotional funds provided by the operator.
Some streamers promote illegal platforms. 64 out of 1000 of the top 1000 showcased crypto casino slots and games of chance or advertised sponsorship deals for these platforms on Twitch. Some sources cite 21% of Twitch users are still minors.
Crypto casinos are still popular and growing in popularity. Emerging platforms are welcoming crypto gambling. Facebook's new network, the Metaverse, is based on new blockchain technologies.
Decentraland, a platform that allows NFT purchase via MANA and ETH, has introduced a Metaverse-based casino. It made over USD 7.5 million in three months. Gabe Newell has criticised the platform. It's not clear if the industry will ever get the accountability checks and regulations it needs.
