It’s not new that crypto has become extremely popular. After all, the crypto community gathers over 800 holders in 2024. And among all the activities available, crypto gambling seems to be a key player in the industry’s revenue.
With hundreds of crypto gambling platforms available, this concept might be the thing for crypto users.
But is it, though, considering the innovations in the crypto industry? What makes crypto gambling so popular, how has it progressed in the past years, and how much of a thing is crypto gambling in 2024?
Early Days of Crypto Gambling
Crypto gambling and casinos emerged in 2012, and since then, there have been many upgrades and updates in the industry, offering users many new opportunities.
The first online Bitcoin casinos allowed users to use BTC to bet and play, reaching new heights with each passing day. SatoshiDice, for instance, was one of the first platforms to process 5.3 million BTC worth of bets in only one year.
At that time, this was valued at around $500 million, and for a crypto platform in its early days and in crypto’s early days, it was a significant achievement.
Advantages of Gambling with Crypto
As crypto gained more attention, so did crypto-based gambling. These days, if you take a quick look at the best Bitcoin online casinos, you’ll see platforms that support tens of payment methods, collaborate with hundreds of game providers, and hold numerous licenses and certifications from various key entities. Some even introduce sports betting or allow players to bet on political events.
One major advantage that crypto casinos offer and that has probably contributed the most to the industry’s growth is the concept of provably fair games.
Unlike traditional casinos, where players must trust the platform’s fairness, crypto casinos use blockchain technology to ensure transparency in every game. Players can verify the fairness of each roll, draw, spin, and other actions. This concept has increased trust in crypto casinos and has driven many users toward this alternative.
Besides, crypto casinos came with other benefits for their users, such as:
- Privacy and anonymity – One of the main reasons users turn to crypto gambling these days is its anonymity. In contrast, traditional casinos often require players to submit personal information, whereas Bitcoin casinos allow them to bet anonymously.
- Faster transactions – Crypto transactions are usually processed way faster than fiat ones. Deposits and withdrawals are completed within minutes in most cases, compared to a few days in traditional casinos.
- Lower fees – Since there are no intermediaries involved, transaction fees are generally lower at crypto casinos. This is especially beneficial for international players who want to avoid currency conversion fees;
- The use of smart contracts – Crypto casinos (and many other crypto projects) use smart contracts, which made decentralized apps (dApps) a thing. Hence, everything is automated and transparent, further increasing trust.
Challenges and Criticisms
Despite its growth, crypto gambling has not been entirely protected from challenges. The biggest one might be related to the regulatory environment and its limitations. Many jurisdictions have strict regulations on online gambling, especially crypto gambling, and Bitcoin casinos often operate in “grey areas.” This makes it difficult for some platforms to gain legitimacy and for players to know which casinos they can trust.
There have also been concerns about the volatility of crypto in general. Since the value of Bitcoin and other digital currencies can fluctuate significantly, players may consider their winnings worth much less (or much more) by the time they cash out.
For instance, in 2017, Bitcoin surged from under $1,000 to $20,000, but by the end of 2018, it had dropped back to around $3,500. Another example is related to the FTX crash and how it affected the market, starting a crypto winter. This kind of volatility can be both a blessing and a curse for gamblers.
Scams and fraudulent platforms have also been a problem. Since crypto transactions are irreversible, scammers can set up fake casinos and steal players’ funds more easily. This has made it crucial for players to research before choosing a platform.
Current Trends in Crypto Gambling
These days, crypto gambling has progressed beyond “just casinos.” The rise of NFT-based games and the use of blockchain technology in gaming have created new opportunities for gamblers.
Players can now bet on collectible digital assets, trade in-game items, and participate in decentralized gaming platforms with more control over their betting process.
Another trend is the increase in the number of supported coins and tokens. While Bitcoin and Ethereum remain the most popular choices for crypto gambling, many casinos now accept stablecoins like Tether (USDT) to avoid the volatility issues associated with big cryptocurrencies.
So, Is Crypto Gambling Still a Thing?
The short answer is: Yes, crypto gambling is still relevant. While it’s no longer the niche market it once was, crypto gambling remains popular among numerous crypto enthusiasts, especially those who value privacy, fast transactions, and the security blockchain technology can offer.
However, competition from traditional online casinos is growing. Many established gambling platforms now accept crypto payments, blurring the lines between crypto and traditional platforms.
As a result, crypto-only casinos may struggle to differentiate themselves in the market. And this is why they should do it through the features they offer.
The Future of Crypto Gambling
The future of crypto gambling and Bitcoin casinos is filled with potential. The key factor is how such platforms choose to leverage this potential. With the growth of the metaverse, VR (Virtual Reality), and DeFi gaming in general, crypto gambling could reach new peaks.
Players may soon be able to participate in fully immersive gambling experiences in virtual worlds, where they can use cryptocurrencies to bet on anything from sports events to virtual card games.
Regulatory changes will also significantly shape the future of crypto casinos. As governments worldwide establish more transparent rules for the crypto industry, we could see wider adoption of crypto gambling and crypto-related activities.
In Conclusion
Crypto gambling has come a long way since its early days, transforming into a dynamic and constantly evolving industry. While it still faces challenges, such as regulatory concerns, it remains a popular option among blockchain gaming enthusiasts.
Whether you’re a beginner or have been in the game for years, crypto gambling might offer you something to increase your earnings chances, and the good thing is that the future looks pretty bright for this concept.
