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In the last few years, many new developments have entered the market. Some of them are just gimmicks, others have the potential to revolutionize the entire world. One development that has already changed our world in a decent way is cryptocurrencies. Since the new digital currencies were introduced to the market 10 years ago, the world has seen the technology transform, create, and recreate industries. At first, thousands of different cryptocurrencies were launched with each uniquely aimed at disruption.
Crypto Casinos: The Million Dollar Market
Many have raised their concerns about the new currencies, seeing them as highly speculative and unsustainable. Others though see a huge potential in blockchain and think the idea of a decentralized secure monetary system would possibly replace all fiat currencies in near future.
In recent years the gambling industry has started to see the potential Bitcoin has for its sector and started to adopt it step by step. Crypto Casinos have been on the rise and over time they have been popping up everywhere on the internet. As the offer is large and varied, users have the agony of choice. Reading Crypto Casino Reviews can certainly help to find the best and most reasonable Bitcoin Casino.
Is Bitcoin the future?
Those in favour of Bitcoin see cryptos as the gate into a new world, a world that is faster, cheaper and better connected than ever before. However, many branches have already started to adopt bitcoin and its little siblings. For instance, the American auto producer Tesla was one of the first to accept Bitcoin as a payment method, even though they pulled out shortly afterwards due to concerns about the sustainability of the mining process of the new coins. You are wondering how Bitcoin mining is working? Just watch this video:
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As the world is facing difficult new challenges and in order to face them, revolution is needed, both in the political but also technologically and economically. The introduction of the new digital currencies is one starting revolution that could have the potential of changing the world. While all industries may not benefit from cryptocurrencies and many still struggle to adapt to them, the gambling sector is in the midst of a revolution that may reshape its future.
So, the industry is growing and the use of Bitcoin and other cryptocurrencies is increasing rapidly. But how big is the industry already? And how much do cryptos matter in the gaming and gambling industry? We have the facts you need to know!
The incredible size of the global gambling industry
The global gambling industry is certainly not a side section of the market. Gambling in casinos and online makes huge profits and the number of those casinos and their profits is increasing constantly. If one takes a look at the numbers and stats it gets more clear. Many of you probably have not estimated the size of the industry like this.
Even if the caption says “Multi Million Dollar Market” to refer to the size in a metaphoric and old school style, the numbers are actually in the nine-digits range. The global gambling market size reached a value of nearly 449.3 billion US-Dollar in 2018. A further look into the statistics shows that the annual growth rate of the sector lays around 4% since 2014. Moreover, experts and analysts expect the sector to grow at an annual growth rate of almost 6% by 2022. This would result in a value of nearly 565.4 billion US-Dollars.
As gambling is an area where cryptocurrencies are often more convenient than traditional currencies, it is no wonder that both industries have found each other. For players, deposits and withdrawals are faster and more secure and the users enjoy greater autonomy, anonymity, and discretion as they play.
Cryptos in the gambling industry: already indispensable?
The new digital coins offer many advantages to the global market and especially the gambling and gaming sector. Cryptocurrency poses an enticing solution to many of the problems and inconveniences that the online gambling industry currently faces.
One of the advantages cryptos offer is simply that transactions of cryptos are much faster than usual transactions. Online gambling requires depositing and withdrawing money quickly and Bitcoin has offered the solution to that.
Furthermore, the price of the transaction is cheaper than before. The reason for that is that there are no third parties needed in a transaction. Usually, banks or transfer companies like PayPal or Wise are involved in the process of the transaction, causing higher commission fees. Blockchain technology enables us to bypass those parties and directly and nearly instantly transfer money around the world to each other.
Those are all features that cryptocurrency implementation can bring to online gambling. The Gambling sector consists of 42 different coins and tokens operating on six different blockchains. So the gambling market and the crypto industry are profiting from one another.
Also here the numbers speak for themselves:
- In the last three months of 2019, the gambling sector has outperformed the overall crypto market by more than 5%. It is important to note that the gambling sector is small, not only in terms of monetary value but also in respect to other crypto gambling sectors.
- Currently, the gambling sector sits at the 12th smallest sector and only captures 0.09% of the overall cryptocurrency market.
- With that said, there is a rather large amount of coins within this sector, and the top five coins by market cap account for over 80% of the entire sector’s market cap.
This means that some coins within the sector have highly illiquid trading supplies and are prone to large, inconsistent price swings in either direction. This can lead to the sector market cap being more volatile when compared to the market average.
So to summarize, it is clear that the crypto market and the gambling industry engaged pretty well with one another. As cryptos are on the rise in many industries and even countries like El Salvador adopted Bitcoin as an official payment method, it is obvious that they will also take over the gambling industry in the near future.