Betting is an industry that never sleeps. Day after day, there’s a fresh innovation to improve various aspects of the gambling experience for casinos, sportsbooks, and their clients. It all started with online gambling. The invention of the magical Internet touched modern life in so many ways, and betting was not left behind. The Internet then gave birth to mobile gambling, further increasing convenience on the part of the punter. Live dealer gaming follows mobile gaming, and we’re talking about cryptocurrency betting.
Cryptocurrency, known as crypto, can best be described as virtual money. It’s a digital currency with no central issuing authority (unlike regular or fiat currency), representing a fresh and exciting way for people to conduct business online. In 2009, cryptocurrency started with Bitcoin being the first. People were, of course, very skeptical at first, and adoption was slow. As of 2022, however, there are over 9,000 different cryptocurrencies, which continue to grow. What’s most interesting is the uncanny relationship between betting and cryptocurrency. Stay with us as we attempt to forecast what we might see in cryptocurrency betting in the next few years.
Cryptocurrency Betting To Continue Booming
As mentioned before, gambling and cryptocurrency have an intriguing relationship. While large portions of the rest of the population remain hesitant to view crypto as more than just another risky, fleeting internet fad, gamblers have shown enthusiasm about it. That’s why, as of 2023, more than half of all crypto payments have involved online gambling. As people become more comfortable with many concepts surrounding life on the Internet, the marriage between betting and crypto will continue to grow and flourish. The stats available already demonstrate this fact: in 2021 alone, approximately 3 billion wagers were in cryptocurrency alone, and 2022 saw over 6 billion crypto bets – more than double the 2021 tally. So, this trend will not buck or even slow down soon. Given that, ~40% of all online bets in 2022 were made using cryptocurrency (up from 28% in 2021), a future where most people prefer to gamble using crypto is possible and very close at hand.
More Casinos To Adopt Crypto
The customer is king, and every good business knows this. As more and more people turn to crypto betting – instead of fiat currencies – casinos and sportsbooks will react by adopting the same. In fact, as of 2023, many gambling providers only accept cryptocurrencies as a payment and deposit method. Given the furiously competitive gambling industry, other casinos and sportsbooks must adapt or risk being in the dust. Some providers have gone as far as offering perks and bonuses exclusively to crypto gamblers to motivate more and more punters to use digital currencies.
Earning Crypto By Gambling
It is very much a fact that a good player can earn cryptocurrency by gambling. Many modern casinos – especially those based on blockchain technology – offer crypto games. When punters win their bet, they make cryptocurrencies such as Bitcoin, Ethereum, and sometimes even NFTs. They may then exchange their coins for another cryptocurrency, use them to pay for goods and services or trade them in for fiat money. Since many people are speculatively purchasing crypto in the hope of selling at a considerable profit in the future, earning crypto through gambling can be an excellent source of investment capital for such ventures.
