The casino industry has been one of the quickest to embrace cryptocurrency and its undeniable benefits. Some studies already estimate that there are more gambling transactions using crypto than any other form of transaction.
The benefits of cryptocurrencies are clear for gamblers. As well as providing a quicker way to move money around, crypto is secure with the transactions stored on a public ledger. Cryptocurrencies also often have low fees even if someone wants to move significant value between their betting account and crypto wallet.
There are two main schools of thought on the matter of whether crypto will take over. Some people believe that it is a matter of time and that we will continue to see the swing in the industry we’ve seen in recent years. Other people think that there will continue to be markets for both traditional currency gambling and crypto gambling. Any changes will take a while, and we explore some of the key steps in the crypto revolution that will shape the future.
Classic Games, Modern Payments
Crypto gambling still has its roots in classic gambling games. Every casino needs a strong repertoire of popular games. Crypto poker and secure crypto blackjack games are among the most popular selections as people search for the classic Las Vegas experience. Blackjack in particular is quick to get to grips with, with some very simple rules. The only significant change on a crypto platform is that the payments are issued with Bitcoin and other currencies, allowing extra speed and convenience. More classic games on the crypto sites include baccarat and roulette.
When a lot of people think about crypto gaming they may think of the sort of apps and free-to-play crypto games that have emerged. On gambling platforms as well as standalone apps, some new games have cropped up embracing cryptocurrency and blockchain technology. Crash is a popular example of a game that has a strong crypto and stock market theme, and is played at crypto casinos. However, there are plenty of classic games that have been made available on these casinos too. With the likes of blackjack or poker making the transition to crypto, even the most traditional players can make the switch.
Crypto Becoming Even More Mainstream
One of the key steps, if crypto casinos are to take over the industry entirely, is the growth of cryptocurrency as a payment method in society.
There are currently around 50 million people in the US alone who use cryptocurrencies. One study in 2021 projected the industry value would grow from USD 910.3 million in 2021 to USD 1,902.5 million in 2028, with a CAGR of 11.1%.
Another study showed that there could be as many as 994.30m users of crypto by 2027, many of whom will be keen to use their currencies to gamble online. The more crypto users there are, and the more people who are using their money for transactions rather than just holding it in a portfolio, the bigger the crypto casino industry is likely to grow.
Support of Popular Figures
In the time cryptocurrency and Bitcoin casinos have been popular we’ve already seen some big-name ambassadors. For instance, Drake has regularly placed bets worth millions in Bitcoin on both sporting events and at the casino.
Drake is always keen to share his bets on social media, and this helps to show millions of followers that they can now use Bitcoin or other cryptocurrencies to place bets, whether they’re backing a team for the Super Bowl or spinning a roulette wheel.
The Option to Use Crypto In-Person
At the moment, it is not possible to directly bet cryptocurrencies when you visit a casino in Las Vegas. Even the most famous gambling destination in the world doesn’t tend to offer in-person gambling using crypto. There are some cash machines on the Las Vegas Strip where people can withdraw Bitcoin as cash and use this money to gamble, but there aren’t usually options in top casinos to turn your Bitcoin into chips directly.
This is something that some casinos are rumored to be considering, but for now, online casinos that accept currencies like Bitcoin and Ethereum are the most popular way that cryptocurrencies are facilitating gambling and casino games.
The crypto revolution is taking some time to fully sweep across society, but there is no denying Bitcoin and cryptocurrencies are here to stay. You can buy a car with crypto, pay for groceries, and even gamble using decentralized currencies.
Crypto gambling may take some time before it is the main way to gamble, but the industry is already worth billions, and the clear benefits of cryptocurrencies including speed and convenience mean that plenty of users prefer this way to gamble and handle their finances.