Bitcoin’s recent rise comes only as good news for the online gambling industry.
The online casino market has experienced decades of growth, aided by the rise in mobile play, and shows no signs of dwindling. It is estimated to surpass the $80bn mark by 2021. To put its growth into perspective, the industry was valued at $45.8bn in 2017.
Yet the market is not without its troubles. Traditional payment methods throw up barrier after barrier and these hurdles have proved as detrimental to players as they are to the casinos themselves. High fees, delayed transaction times and payment processor issues have long plagued those who play online.
In 2016, as Bitcoin and altcoins came into global prominence, many casino providers jumped on the crypto bandwagon. Minimized transaction time, traceable payments, diminished fees – many of their problems are solved. Slotland Entertainment, one of the longest standing casino providers, introduced CryptoSlots in summer of 2018 and it is now their fastest growing brand. Players can remain anonymous and their funds are secure.
Cryptocurrency Stays in Power during Dip
When the value of Bitcoin and altcoins started to decrease and many industries cast crypto aside as too volatile, it seemed the crypto casino craze may follow the same fate.
Yet even during the slump, digital currencies still held their sway in the gaming market. 50% of all Bitcoin transactions in 2018 were related to online gambling. 60 of the world’s most active Bitcoin wallets are associated with the industry. Crypto gaming remains one of the fastest growing areas of online gaming marketing.
Bitcoin’s current resurgence and predicted long-term growth will now bolster the online gaming market further. New players will be drawn in – the benefits are still there, now without the wariness of instability. CryptoSlots has seen a steep intake of new players in the past few months. Players can deposit an impressive $50,000 at CryptoSlots in one go – securely, anonymously, instantly.
Blockchain technology has also gifted players with a method by which to single out the truly trustworthy casinos. Provably Fair is the tool which has proven invaluable in helping casinos show their worth.
Provably Fair is a blockchain tool which casino games can employ that guarantees the randomness of game results. The concept can be difficult to grasp until shown in practice. CryptoSlots, for example, provides an easy guide to show players how to check their results on each game. This casino was the first to provide solely Provably Fair games.
As this tool becomes more widely used, it is easy to see how it can carve its mark into the player’s expectations. Hopefully, it is only a matter of time before Provably Fair is a widespread, easy way for players to know which casinos they can trust.
Already, players can trust the legitimacy of existing brands and would be remiss not to take advantage of these benefits. And the recent surge in Bitcoin value looks sure to bring even more new crypto players into the fold.