The online gambling industry has seen massive growth and innovation in recent years. One of the biggest trends has been the rise of cryptocurrency and blockchain technology integration. As crypto continues its meteoric rise in popularity and adoption, it is starting to have a major influence on the strategies and offerings of online casinos and sportsbooks.
In this article, we will explore the growing symbiosis between crypto and iGaming. How are Bitcoin, Ethereum and other cryptocurrencies shaping the way operators run their sites? And what does the future hold for this burgeoning relationship? By the end, you’ll understand why crypto is becoming indispensable for the modern gaming operator, like EvolveCasino.
The Growth of Crypto Gambling
Cryptocurrency brings with it a host of advantages for operators and players alike. Its decentralized nature means faster deposits and withdrawals – no longer at the whim of slow banks. Provably fair gambling is now a reality with cryptographically secure random number generation. And there’s the growing public desire to play with digital assets rather than fiat currency.
Some statistics that showcase the meteoric rise of crypto gambling:
- 22% of online gamblers have used cryptocurrency to place bets, according to recent consumer research. This figure stood at just 5% in 2017.
- 35% of those surveyed stated that the ability to use crypto and blockchain was important when selecting an iGaming operator.
- 81% of crypto holders have gambled at some point in the past 12 months.
As these adoption metrics continue to rapidly rise, crypto gambling has evolved from a niche to a mainstream staple. Forward-thinking operators have leaned into this trend to stay ahead of the competition. Let’s take a look at some of the top ways cryptocurrencies are influencing iGaming strategies today.
New Payment and Deposit Options
The popularity of crypto gambling has led many sites to expand their banking and cashier options. Bitcoin and Ethereum have now become commonplace alongside traditional options like credit cards and e-wallets.
In addition, some operators have integrated coin swapping functionality into their platforms. This allows players to effortlessly exchange BTC for ETH or USDT to gamble with their currency of choice.
Provably Fair Gambling
One of the calling cards of cryptocurrency is its ability to enable provably fair gambling through cryptographic auditing. Players can independently verify random number generation to prove results aren’t tampered with.
Blockchain-based casinos have tapped into this to build player trust and confidence. Platforms allow users to check game outcomes were truly random – a feat impossible with traditional online operators.
The same technology also facilitates automatic payouts via smart contracts. This creates a trustless ecosystem where players don’t have to rely on manual processing by operators.
Expect provably fair gambling to become a baseline standard as crypto continues to proliferate throughout the industry.
New Game Concepts
The possibilities of blockchain extend far beyond payments, deposits, and auditing. Several operators are exploring innovative new game concepts and mechanics made possible by crypto.
One example is social gambling with friends. Platforms enable players to create mini-tables and custom games to gamble Bitcoin with their social circles. Everything runs on the blockchain, with winnings paid out automatically via smart contract.
Other novel concepts include provably scarce NFT items to use across casino games. These digital assets are owned and controlled solely by the player, enabled by blockchain.
As crypto continues permeating gaming, expect even more creativity in this department from forward-thinking operators.
Increased Liquidity and Accessibility
Cryptocurrencies provide several advantages for gaming operators from a business operations standpoint as well. Bitcoin and stablecoins offer increased liquidity compared to traditional fiat transactions. This enables operators to seamlessly manage deposits and payouts.
Crypto transactions are also faster – no longer hampered by an archaic banking system. This allows sites to expedite cashouts and scale their platforms more efficiently.
The global nature of crypto also opens up more markets. Unbanked players in certain countries can now access iGaming sites seamlessly. Operators can expand into new geographies without dealing with cross-border payment friction.
Conclusion
As the data shows, cryptocurrencies are here to stay in the iGaming industry. Their influence only looks set to grow in the coming years as adoption continues rising exponentially.
Smart operators have already embraced crypto, using it to enable novel features like provably fair gambling and creative social games. However, we’re still only scratching the surface of blockchain potential in gambling.
One thing is certain – crypto and iGaming seem destined to have a long, fruitful symbiosis ahead. Players desire it, and operators recognize its vast capabilities. Expect this relationship to only grow stronger over time.
