Is crypto gambling going to get even bigger in 2024?  - Coindoo

Is crypto gambling going to get even bigger in 2024? 

Editorial Team Avatar
Nov 25, 2023
4 min reading time

Few industries can boast about their upcoming trends like the crypto gambling one. With an annual growth rate of over 10%, a market value exceeding $200 billion, and a rising user base, the upcoming 2024 looks promising. Since crypto is embedded into our daily lifestyle and finds plenty of real-life usages, it’s no wonder crypto gambling is surging in popularity. 

The value and popularity of the most popular cryptocurrencies like Bitcoin, ETH, LTC, and USDT, allow them to be accepted into virtually any online casino. The Quint says that some of the most popular choices already offer plenty of benefits, like lower fees (so you have more to play with), quick transactions (so you don’t have to wait for your winnings), and increased safety, which is paramount for crypto transactions.

User Engagement and Demographics

Overall, the casino industry has quickly adapted to the new crypto surge and is accessible to the average user. Who, on average, spends about 90 minutes (in Europe) or over 100 minutes (in the US) per day on online gambling. The smartphone is the most popular means of crypto gambling, which is driving all internet traffic today and for the foreseeable future. More than 80% of players use their mobile phones for gambling, and the rest falls onto desktop, laptop, and tablet. As most crypto buyers are millennials and Gen Z, appealing to these demographics is how casinos will see their rising trend continue. In the US alone, online gambling has made over $25.22 billion in profits in 2023 alone, with a projection of 12% growth for the upcoming years.

The Rise of Gambling Streamers on Twitch

Modern online casino trends are also shifting towards live streams, where the popular platform Twitch is home to many famous gambling streamers. Roshtein, Trainwreckstv, AndyPyro, and others may sound strange, but these gambling Twitch streamers have spent more than $1 million on slots. Seeing as over 95% of global gambling viewership is going through Twitch, the trend is not likely to change anytime soon.

The recent pandemic did not have a tragic impact on the growth of online casinos and crypto gambling. In 2021 alone, from Q1 to Q4, the number of players rose by as much as 150%! In 2023, the industry is seeing a rise from around 100 million in January to nearly 300 million, projected for December. This shift and rise can be attributed to a moment between October 2020 and January 2021, when crypto casinos overtook the market due to a rise in crypto popularity.

Major Financial Institutions Adopting Crypto

Large and important names like PayPal, Mastercard, and Visa are embracing the change and adding crypto to their portfolio, adding to the popularity and legitimacy of the trend. In fact, users can directly buy crypto on PayPal rather than visiting a crypto exchange these days. In turn, making using them with crypto gambling easier, and hastened online casinos to implement more crypto options. And the chance is happening, with the numbers to prove, because 26% of bets in 2021 were made using crypto, and 35% of bets were crypto in 2022. Around 50% of total Bitcoin-related transactions were related to gambling in 2022, a trend signaling a steady rise for the upcoming year.

Conclusion

The crypto gambling industry, with its impressive growth rate and expanding market value, is on a remarkable trajectory. The integration of popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and USDT into online casinos reflects a broader trend of digital currency becoming a staple in everyday life. The convenience, lower fees, and enhanced security offered by these casinos are key factors driving their popularity, especially among younger demographics like millennials and Gen Z. 

The rise of mobile gaming, along with the growing influence of gambling streamers on platforms like Twitch, highlights the sector’s dynamic and evolving nature. Despite challenges like the pandemic, the industry has shown remarkable resilience and growth, thanks in part to the increasing acceptance of cryptocurrencies by major financial players like PayPal, Mastercard, and Visa. 

As we look to the future, the steady increase in crypto transactions within the gambling industry suggests that this trend is not only here to stay but likely to expand significantly in the coming years.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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