A recent analysis of cryptocurrency statistics revealed that in 2022 nearly 50% of all Bitcoin payments and transactions made online were related to gambling activities. That’s half of the transactions implemented in the most popular digital asset in the world!
And there’s more to it. This figure has doubled compared to the previous year, when only 24% of crypto transactions were kept to the confines of gambling platforms. In the first three quarters of 2023, one-fourth of all bets made at gambling sites and casinos – including every online casino bd, involved crypto bets, with this share being on an increasing track, leading to highly favorable projections for the future of cryptos in the gambling industry.
Although not over 20 years old, Bitcoin and the like, have made an impressive entrance into our everyday lives, taking up more and more share of our routine payments, once delivered through the traditional financial systems. However, the massive landing of cryptos has been on our gambling activities, accounting for a progressively bigger portion of our gambling transactions.
By now, there is no doubt that cryptos and gambling are well-suited together. You can get notice of that by simply surfing around the web, looking for the number of casinos, betting sites, and online bookmakers featuring cryptos, while you may also find out just how many gambling platforms have shifted entirely to digital assets for their operations. It’s everywhere.
The world of cryptos is coming toward us like a storm, but the good thing is that there’s nothing to be afraid of. Cryptos have so many benefits for those who use them and even though there is always some kind of risk -as with anything new in the world- taking proper measures will always be a good way to shield and protect ourselves.
Cryptos in gambling offer unique opportunities and advantages for bettors, but this is not the only reason why an online sportsbook in the UK or an online casino in Bangladesh has decided to embrace them. There are significant benefits for the operators as well. Benefits that go beyond the profound objectives of going along with market trends and meeting customers’ preferences and tastes.
Of course, offering to taste is on its own a crucial goal for all gambling operators, but there are other things as well that make cryptos incredibly suitable for the industry. Let’s see them in detail.
Enhanced security from fraud, deception, and hacking
It’s not only the users that need to be protected against fraud, hacking or any kind of deception. It is also the operators, especially as there is growing evidence of users being able to bypass the security systems of traditional financial systems or hackers being able to break into gambling platforms, as experts indicate.
All transactions made in cryptocurrencies are recorded on the blockchain and they are transparent and tamper-proof. Simply put, they can’t be changed, deleted or modified and also they can be easily tracked as they are permanently stored in the system.
So, fraud prevention and risk minimization are two of the factors that make cryptos such an attractive option for the operators – besides the users.
Improved reliability
Being able to shield gambling-related transactions is also very useful in improving the reliability and credibility of the operator in the eyes of users. All gamblers want to be in a safe environment, which they can trust and feel secure that their deposits or withdrawals are not running any risks.
So, for the gambling sites and online casinos that can offer an acceptable level of guarantee to that, there is a considerable plus in the minds of customers.
Market reach beyond constraints
Online gambling is an industry that faces several geographical, financial or regulatory constraints, which generally make it difficult for the operators to work outside the designated ‘boundaries’.
But cryptocurrencies eliminate such constraints since don’t go through any offline financial or regulatory systems. So, online casinos that accept crypto payments essentially gain access to the global market, as they can reach gamblers from all over the world.