Casinos Blockchain Provides Important Statistics About Crypto Gambling & Analyses Its Future
CasinosBlockchain.io has prepared a helpful assortment of the most recent Bitcoin casino statistics through which readers can learn how many crypto casinos are available, how much Bitcoin gamblers have already wagered, and plenty more relevant information regarding this popular industry.
Moreover, Casinos Blockchain analyzes the future of crypto gambling and answers a few FAQs to make sure readers know everything there is to know about Bitcoin casinos before getting involved, including both the risks and benefits.
What are some of the top Bitcoin casino statistics?
Gambling has been a popular way to pass the time for many centuries, and it is no different today. However, thanks to the advent and subsequent implementation of innovative technologies like cryptocurrencies, ‘Bitcoin gambling’ has become exceedingly popular to the point that since 2014, players have actually wagered over $4.5 billion in Bitcoin to date. The global casino industry itself is worth more than $231 billion as of the time of this writing.
Moreover, approximately 60% of all Bitcoin transactions are related to gambling in some way, shape or form. What is even more mindblowing is that crypto gamblers place 337 bets every single second, and that these gamblers bet $3 million worth of crypto on a daily basis. The most popular cryptocurrencies for gambling purposes were observed to be Bitcoin and Ethereum, although these are not the only choices that gamblers have as using other altcoins like Litecoin may yield better results.
Why does this matter?
Despite the fact that land-based casinos and casino resorts suffered significant setbacks as a result of the pandemic and other factors such as inflation, the gambling sector as a whole nevertheless continued to thrive as a substantial portion of players made the shift to online gambling. Furthermore, the casino market is predicted to grow in the coming years. To that end, the revenue of brick-and-mortar casinos in the United States is expected to increase year on year from 2021 to 2024 and experts view this is a key indicator of the projected growth for the casino market.
It should be mentioned that although online casinos are becoming more popular on a global scale, it will surely take some time before they become as popular in the United States, given that many states in the country have yet to legalize online casinos and a sizable portion tend to operate without a license.
Nevertheless, Straits Research predicts that the global online gambling market will reach $153 billion by the end of 2030, growing at a CAGR of 11.7% during the analysis period. Outside of the United States, Europe has the biggest market share, and it is expected to grow at a 12% CAGR between 2021 and 2030. In addition, the Asia-Pacific region is expected to grow faster than Europe, with a CAGR of 12.8%, and to reach $50 billion by 2030.
Where does crypto fit into all this?
Crypto gambling is leading the way in the online gambling industry. Of course, Bitcoin can be used for other purposes like buying NFTs, cars, real estate, and even insurance. Still, the majority of Bitcoin transactions take place in crypto casinos. The most recent Bitcoin gambling statistics therefore indicate that interest in crypto gambling is growing as players continue to prefer cryptocurrencies such as Bitcoin, Ethereum, and Litecoin over traditional fiat currencies.
Although exact figures are difficult to obtain, the global crypto gambling market is estimated to be worth a quarter of a billion dollars by Crypto Wisser. Moreover, as the amount of hybrid casinos grows, the global crypto gambling market is similarly expected to grow in value over time and as an increasing number of people and businesses adopt crypto which many big names like Microsoft, PayPal, Home Depot, and Starbucks already have.
Crypto gamblers placed just about three billion crypto-based bets in the first quarter of 2021, according to the most recent Bitcoin casino statistics for 2022. During the same time period, the quantity of these bets increased by 116% to reach over six billion. In fact, within the first quarter of 2022, cryptocurrencies accounted for approximately 36% % of all bets in general. Most crypto gamblers also prefer to play on their smartphones due to the portability aspect.
Is crypto gambling safe and where does it go from here?
Provably fair games are available at approximately 77.6% of crypto casinos. These games enhance the transparency of crypto casinos which is in stark contrast to traditional casino games, as a provably fair game enables users to verify the outcome of each hand or round played. As a result, provably fair games are frequently preferred among crypto gamblers who value safety and transparency.
Also, casino operators can use blockchain technology to access features that are not available in traditional casinos. For instance, crypto casinos could operate at lower costs, with improved security, and with faster withdrawal speeds, just to name a few advantages. The best part about crypto gambling, however, is that blockchain technology has a lot of untapped potential. With all the interest surrounding other emerging technologies nowadays such as NFTs, the metaverse, VR and AR, the sky could well and truly be the limit for this immensely popular industry.
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