Cryptocurrencies in the gambling industry don’t need any introduction as an impressive number of online gambling platforms have already adopted Bitcoin and other altcoins. But that’s not the end, as there is still a considerable chunk of platforms that are yet to make a transition, which combined with the growing interest in cryptocurrency among the general public and online casino gambling enthusiasts has left the doors open for the industry to scale great heights in terms of future growth.
In the current situation, the online gambling industry is poised to register a CAGR of over 8.77% by 2024. The exponential industry growth rate over the years has been achieved mostly by the introduction and adoption of new technologies like cryptocurrencies and its underlying blockchain technology. While Bitcoin offered a way out for platforms to turn into truly global offerings, it also brought along with it few challenges that are to be overcome in order to achieve the forecasted growth and maybe even stretch beyond that. Some of the challenges today include the uncertainly surrounding cryptocurrencies’ legal status across jurisdictions, fluctuation of crypto prices due to volatility and prevalence of fraudulent casino platforms.
According to one of the cryptocurrency casino platform operators, in order to be successful, online casino operators should strive to maintain a good reputation by maintaining a strong relationship with both crypto as well as gambling communities. The online gambling industry is involved in finding ways to overcome issues affecting their growth by working on advanced provably fair technologies, decentralization of game engines and inclusion of support for stable coins. In order to further fuel the growth of the online gambling industry even governments have to proactively involve themselves by drafting crypto and gambling-friendly regulations.
Both online and offline gambling establishments continue to be one of the major revenue drivers for many governments across the world. By creating a friendly environment for both industries, they can actively contribute towards the trust-building exercise. A lenient licensing regime for both industries will see more people adoption cryptocurrencies like Bitcoin, along with an increase in the number of licensed Bitcoin Casino platforms. The combined growth of both verticals will witness more people using digital currencies on regulated gambling platforms, as they perceive them to be trustworthy.
Some of the online gambling solutions providers have invested heavily to promote innovation in casino games. With developments in Virtual Reality gaming, the next big thing in online gambling could be the new breed of interactive games that offer a much better, immersive gaming experience compared to existing options. The iGaming industry is also exploring new methods of delivery for crypto games in sync with changing tech adoption trends. One such step in the evolution of online gambling is support for gaming over wearable devices like smartwatches etc.
While the industry moves at its own pace to keep up which changing market conditions and user behavior, enthusiasts and professional gamblers can continue to pick the best out of what’s available and get the most out of them. When it comes to players, whatever was earlier described as challenges for the gambling industry should be taken into account while choosing the right platform. Discussed earlier by multiple publications on various occasions, the things to look in an online casino includes the gambling platform’s legal and licensing status, reviews and feedbacks for other gamers who might have used that platform, support for multiple payment options including leading cryptocurrencies and stable coins, promotions and bonus programs, deposit and withdrawal fees, and availability of provably fair games. If in doubt, pick a platform that has been around the longest and has more users, instead of those that are launched recently or with an unverified track record.
If the online gambling industry sustains growth without any technological or regulatory hindrance, then the segment is expected to be worth close to $90 billion by 2024, driving the cumulative value of the entire gambling industry to over $600 billion.
Image by besteonlinecasinos from Pixabay