The integration of cryptocurrencies into online gambling platforms and casinos has seen monumental growth over the last few years. As digital currencies like Bitcoin, Ethereum, and others gain more mainstream traction, their adoption in the multi-billion dollar iGaming industry continues rising.
In 2021 alone, crypto casinos increased their revenues by an astounding 170% year-over-year. Industry analysts predict the crypto gambling market will be valued at over $3 billion by 2028 as more operators add cryptocurrency payment options and consumers become more familiar with digital assets. So what is fueling this growth, and what should you know if you’re considering using crypto at My Casino online?
#1 Popularity of Cryptocurrencies Continues Growing
The increased interest and availability of major cryptocurrencies like Bitcoin is a significant driver behind their integration at online casinos. According to Statista, the number of Blockchain wallet users has risen from about 42 million in the first quarter of 2020 to over 77 million as of Q4 2022, representing an 83% increase.
Ethereum, the second most valued crypto asset, has also seen substantial increases in adoption and active addresses over that same period per data from CoinMetrics. As more people gain exposure to and transact using cryptocurrencies, there is a proportional rise in crypto gambling as well. Operators are responding to this growing trend accordingly.
#2 More Crypto Gambling Platforms Emerging
In the early years of Bitcoin and crypto when digital asset prices were more volatile, some iGaming operators were hesitant to fully embrace cryptocurrencies. However fast forward to 2023, and the rise of platforms built specifically to cater to crypto users and promote crypto gambling is abundantly clear.
Dedicated crypto casinos like BitStarz, FortuneJack, and Stake now allow players to deposit, play games, and withdraw funds solely using cryptocurrencies. No fiat money is involved whatsoever across casino games, sports betting, and other offerings. These platforms have also committed to improving the user experience which was previously a common complaint compared to traditional online casinos.
The number of traditional fiat-based operators now supporting cryptocurrencies has also greatly expanded. Award-winning online casino brands like BetMGM, DraftKings, FanDuel, Betway, and more now allow both crypto and fiat transactions in legal gambling markets. This demonstrates the industry’s broad shift towards embracing digital currencies.
#3 Advantages Over Fiat Currency Gambling
For online gambling consumers specifically, cryptocurrencies offer some unique benefits compared to traditional fiat money deposits and play. Here are three of the most compelling advantages driving crypto adoption at casinos:
Enhanced Privacy & Security
Blockchain transactions utilize advanced cryptography to ensure payment information remains private and secure. Players need not worry about exposing sensitive financial data.
Lower Fees
Cryptocurrency deposits and withdrawals typically incur less processing fees compared to credit cards and e-wallets. Some casinos even provide free crypto transactions.
Faster Processing
In many cases, crypto deposits and payouts are processed faster than fiat options. Leading casinos highlight quick processing as a major reason to use Bitcoin or similar digital assets.
As consumers become aware of these advantages, it further accelerates adoption of cryptocurrencies for iGaming activities. Operators are taking note by expanding their crypto capabilities.
Key Things to Consider Before Crypto Gambling
While the growth trajectory clearly demonstrates crypto is here to stay at online casinos, there are still a few important considerations to make if you plan to wager using digital currencies:
- Underlying Volatility – Prices of cryptocurrencies can fluctuate substantially in short periods. This introduces some risk depending on your timing of deposits/withdrawals. Mitigate risk by using stablecoins.
- Transaction Fees – While often lower than fiat transfers, most crypto transactions still incur network fees you must account for. Compare fees across assets.
- Learn Basics First – If new to crypto overall, take time to understand how digital assets work regarding wallets, transfers, transaction times etc. before depositing at a casino.
As with any financial transaction, caution and personal due diligence apply. But used properly, cryptocurrencies offer players unique advantages plus the excitement of combining digital assets with online gambling. Given the hockey stick growth charts, crypto is locked-in as a permanent fixture moving forward.