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The first Bitcoin casinos were far from being mainstream - they represented a “gray market” where players from areas where regulated gambling was not an option chose them as an alternative. Later, in turn, the first licensed and regulated crypto casinos have emerged - thus, a thriving new branch of the already massive iGaming industry was born.
The first regulated cryptocurrency-focused online casino was Bitcasino.io that obtained a license from the gambling regulator in Curacao more than five years ago. New crypto gambling outlets are emerging as we speak, fresh gaming venues like Crypto Thrills, launched in 2020, are pushing the limits of the industry further, with exciting new games and tons of special offers for their customers.
Why is crypto gambling growing?
One of the main reasons why cryptocurrency-focused online gambling outlets are growing is the increased availability of cryptocurrency itself. Crypto exchanges are now widely accessible, offering regulated and safe services to the public - and the variety of cryptocurrencies itself is constantly growing.
If at first, Bitcoin was the only option, today there are gambling sites that work with multiple currencies like Ethereum and Litecoin, among others.
The other reason why crypto gambling is on the rise is convenience. Cryptocurrency deposits are processed instantly, something every online gambler appreciates - and withdrawals are also much faster, completed in minutes as opposed to hours, perhaps even days at a “traditional” online casino.
Constant growth
Since the launch of the first regulated Bitcoin casino, crypto gambling is constantly growing. Today, experts estimate that crypto gambling represents around 4% of the entire demand on the online gambling market. Without a unified database of user data provided by the operators themselves, it’s hard to estimate how much of the online gambling market’s considerable value is represented by cryptocurrency.
The growth of crypto gambling is helped by the fact that there are several tokens created specifically with gambling in mind - and many of them are listed at the majority of the biggest exchanges. FUNToken, for example, created by gambling veteran Adriaan Brink, has a market cap of more than $230 million and is built specifically for the online gambling industry.
In a survey conducted in 2020, cited by Casino Guardian, experts pointed out that gambling-facing cryptocurrencies are traded in amounts that exceed $3 million a day, which indicates growing interest not just in the tokens but crypto gambling as a whole.
But there is another reason why crypto gambling is on the rise: the emergence of hybrid platforms. Established brands are exploring support for cryptocurrency while also offering their players their “traditional” fiat currency-based payment options - the “best of both worlds” if you like. These come with their already established reputation and the flexibility and speed of cryptocurrencies as well.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.