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The Crypto Gambling Market Continues to Boom During the Pandemic

Written by:
Payton
Published on:
Nov/10/2021

Cryptocurrency gambling is an activity that looks to have gone past the stage of being a fad and one that will be here to remain for a very, very long time to come.

Indeed, the market has managed to record stable growth over the last couple of years, with it being estimated to be worth more than $150 million.

Additionally, the transactional volume of crypto per day supasses $3 million, whilst those that continue to prefer to use the digital asset as a form of payment and continually use a blockchain casino is thought to have exceeded beyond 30,000 per week.

A recent survey has also highlighted that the size of the crypto gambling sector has managed to eclipse the entire gambling industry during the same period between October 2020 and January 2021, with a margin of 6% being reported.

 

Why has online crypto gambling boomed?

When taking into account all of the different factors that perhaps should be considered, it is actually rather easy to understand why the online crypto gambling industry has managed to boom and why it continues to show a level of growth that suggests it is only here to stay and remain a mainstream player within the sector.

With the data having been provided in the study from above, one reason will have been the fact that many land-based casinos will have been closed, thus leaving bettors to look for alternatives to ensure they can fulfil their online wagering needs. Many will have enjoyed their experiences so much as they would have received an authentic time by playing bitcoin live blackjack with live dealers, they will continue this opportunity as often as they can in the future.

Of course, the convenience provided will have been another factor that many will have enjoyed, although the benefits that can be achieved whilst using cryptocurrency generally will have been a major reason in helping the industry sector to achieve the levels of growth that it has experienced recently.

 

What are the benefits achieved by using a crypto-based online casino?

A number of notable advantages can be experienced when using cryptocurrency to place bets and wager on a game, with many of them not being able to be achieved when a traditional fiat currency has been used.

For instance, one of the biggest benefits that players can have when they use virtual tokens is the level of anonymity that they are provided. Due to the blockchain technology that is used, players will not be required to provide their identity as the transaction being made is fully transparent and can be traced to the e-wallet that is being used. Furthermore, the fact that a bettor’s identity is protected means players will be able to use services anonymously that they may not have previously been able to do so because of laws and regulations that the country in which they reside may have implemented.

Linking in with anonymity, crypto transactions are faster and do not require checking as they are decentralised. This means banks and governments can not regulate the money that is being used to make deposits or that is being acquired via winnings made, thus allowing individuals to have complete control over what they do with it. Moreover, this will also mean additional fees such as processing charges will be eliminated, or at the very least, reduced significantly, thus allowing players to actually keep more of the money than before.

Another notable benefit that will be experienced when betting with crypto is the added levels of security that is provided. Already highlighted is the anonymity factor, however the entire gaming experience is also improved significantly as the games provided can be proved to be as fair as possible, thus reducing any anxiety about whether an online casino platform is genuine or not.

Conclusion

With the demand for cryptocurrency betting continuing to increase in the present day, there is no doubt that it has been able to experience growths of an unprecedented nature because of a number of different factors. Indeed, when looking at the positives presented, it is not hard to predict that there is still more growth and expansion to happen in this sector of the gambling industry in the near future!

 

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