Future of Crypto Gambling

The online gambling industry is ever-evolving and new technologies are constantly being presented. One of the latest trends in iGaming is crypto gambling. Instead of using fiat methods, players now are fond of the idea of registering and playing at Bitcoin casino sites.

Bitcoin is among the most commonly accepted cryptocurrencies, but it’s not the only one. Ethereum, Tether, Litecoin, and TRON are just a few that are worth a mention.

According to statistics, Bitcoin accounted for around 73% of all crypto transactions. Ethereum was the second-most used currency with 9.9%.

Research states that at the moment, the crypto gambling market size is about $250 million. In 2021 alone, cryptocurrencies were responsible for 8.5% of the total GGR in sports betting.

These numbers tell us one thing: people like to be tech-savvy and use new and revolutionizing payment methods at their favorite casinos. This is why many people believe that cryptocurrencies hold the key to the future of gambling. That’s exactly what we’ll talk about here.

Why Are Players So Fond of Cryptocurrencies?

In the US alone, 62% of online gamblers between the ages of 18 and 34 were interested in the idea of playing casino games with cryptocurrencies. They were open to registering and playing at Ethereum casino sites and crypto gambling sites in general.

So, the big question here is why are people so fond of playing with crypto. The answer is very simple. Cryptocurrencies offer tons of benefits, including

• Higher security
• Faster deposits and withdrawals
• No fees
• Bonus eligibility

Allow us to explain each of these benefits briefly. The main reason why cryptocurrencies offer higher security is the fact that their transactions are completed anonymously. Independent third parties process the transactions and they can’t get any information regarding the sender or receiver.

Thanks to the fact that they are digital assets, every deposit and withdrawal made with them is instant. Centralized organizations such as banks are completely taken out of the equation. Miners process the transactions within seconds.

Just to compare, bank transfers usually have a withdrawal processing period of around 7 working days. Credit and debit cards have a processing period of 3-5 business days. E-wallets are similar to cryptocurrencies in that they have a 24-hour processing period.

Many payment providers, especially e-wallets, are no strangers to charging fees for processing. Take Skrill as an example. Money transfers with this option can include a 2.99% fee.

As decentralized assets, no one has the authority to implement fees or any other types of expenses for crypto transfers. Thanks to that, gamers and bettors can actually save money when using cryptocurrencies.

Last but not least, when claiming bonuses and promotions at online casinos, the terms might suggest that certain payment methods are not eligible. Cryptocurrencies are never part of this “problem.” You can always claim the best promos when making deposits with them.

The Future of Crypto Online Gambling: Will This Concept Grow or Not?

At the moment, crypto sports betting is the preferred option for gamblers. Statistics show that 43% of all gambling wagers were sports bets. Casino games had a 32% market share. Moreover, the interest in Bitcoin casinos quadrupled between 2019 and 2021.

If the crypto gambling industry advanced so much in such a small timeframe, the question here is what the future holds for crypto gambling.

Well, the astronomical rise in the past period shows that the positive trend is more than likely to continue. A study published by Grand View Research concluded that by 2030, the CAGR of crypto gambling will be 11.7%.

Many participants in the industry believe that crypto integration is a must for a better customer experience. Surveys state that around 43% of eSports executives state that by integrating cryptocurrencies, there’s a large space for growth.

Between 2022 and 2023, the total count of crypto bets rose by 50%. Although the percentage is likely to decrease in the next couple of years, it will still be on a positive track. More and more people will be fond of the idea of gambling with crypto after they experience the benefits.

Which Markets Will Be Dominant?

The two biggest markets for crypto gambling in the future will likely be Europe and North America. Why? Because the countries in these regions already regulate online gambling most effectively. They already laid out the foundation for online casinos and they will just keep expanding it.

Not only that, but the countries in Europe hold the top spots in terms of gambling revenue per year. The UK alone generated around $3.5 billion in revenue in 2023. Germany had around $5.5 billion in revenue in 2024. France and Italy also managed to generate upwards of $1 billion in the past year.

In North America, Canada is a true leader in sports betting, as the penetration rate in this sector is 35%. However, the US is a bigger revenue generator. At the moment, online sports betting is far more dominant than gambling.

The beauty here, though, is that many states in the US are already making efforts to legalize online gambling. After all, this industry has proven to generate a lot of tax revenue and employ thousands of people. After legalizing online casinos, the next step would be to integrate crypto gambling.

The Challenge That May Lie Ahead

By now, we’ve concluded that there’s no denying the fact that crypto gambling will rise in the coming years. They will face one challenge in their expansion mission, though. That challenge is the fact that many people see cryptocurrencies not as a payment solution but as an investment tool.

Surveys state that more than 50% of respondents said that the reason they purchased crypto was to invest and gain profit. Around 18% of them responded that they use cryptocurrencies as a payment method.

So, how can one convince people to start using cryptocurrencies as a payment method? The answer is simple. Use marketing tools to promote the benefits that we talked about earlier. Cryptocurrencies are without a doubt the most efficient solution for online payments.

Understandably, convincing people to do this isn’t an easy task, but it isn’t impossible either. Crypto casinos will have to market themselves and the benefits that they offer.

From what we saw in the statistics, it seems that they’re already doing a good job at it. In 2022, around 4% of all gambling-related searches actually involved cryptocurrencies. The goal now would be to double down on all efforts.

Potential Future Online Gambling Concepts

Currently, crypto casinos require you to purchase cryptocurrencies and send the assets via the wallets. You purchase crypto and independent exchanges and then use them to claim bonuses and play the featured games for real money.

In the future, the concept of playing crypto games will likely remain the same. There’s also an alternative that some are spreading rumors about.

According to these rumors, crypto casinos will develop their own exchange platforms that will allow you to directly integrate your wallet. That way, you won’t have to enter your or the casino’s address every time you want to deposit or withdraw. This is a rather interesting concept because it makes the process of gambling much more efficient.

Not only that, but you’ll likely be able to use different payment methods for depositing and withdrawing.

One of the most common banking policies today is that casinos only allow players to deposit and withdraw using one method. By creating a tailored exchange platform, casinos might allow players to deposit with one cryptocurrency and withdraw with a different one.

In doing so, players will have major flexibility with payments. To add to that, they can use this offer as a USP to attract more customers to their platforms and thus enhance the growth of these platforms even more.

Potential Threats to the Crypto Online Gambling Industry

The biggest threat to the crypto gambling industry is the regulation of cryptocurrencies themselves. One of the biggest advantages of these assets is the fact that they’re highly decentralized. Nobody controls their flow.

This is a major benefit for users because centralized currencies are often subject to fees and limits. However, it’s a disadvantage to the institutions that are used to controlling the flow of money. Banks are used to being the “center of attention.”

Their processing fees are one of the ways through which they make money and that’s why they might lobby to outlaw cryptocurrencies.

We’re not that confident that they’ll succeed in doing so because there are already millions of crypto users on a global scale. Cryptocurrencies have already become a part of people’s lives and the only solution to providing them with a better experience is to regulate them rather than ban them.

Final Thoughts: Crypto Gambling Will Be A World That Keeps on Giving

Overall, current statistics show that crypto gambling will continue to rise. These platforms, such as Cryptorush, have a bright future and will continue to improve. It’s hard to say how the industry will evolve in the coming years, but one thing is certain: it has the potential to revolutionize online gambling and give players something that they’ve never experienced before.

Playing with cryptocurrencies offers players tons of benefits, which make the experience smoother and much safer. Online casinos are well aware of this fact and that’s why they’ll continue to promote this form of gambling.