Ever since Bitcoin came to be, cryptos have been on a steady rise. Even the market crash couldn’t let the air out of Bitcoin’s lungs, and as prices drop, interest in the space is still high. So what does this mean for gambling?
Simply put, it means that gambling with Bitcoin is here to stay. It also means that the future of casinos and betting sites is almost definitely going to be built on the blockchain. In this article, we look into the state of crypto and BTC gambling, and what the future might hold for the industry.
The State of Crypto Gambling
The gambling industry has always been at the forefront of new technology. From the early days of online gambling, casinos and sportsbooks have been quick to adopt new platforms and technologies in order to stay ahead of the curve.
This is also true of the crypto gambling industry. In the past few years, we’ve seen a number of new casinos and sportsbooks launch that accept Bitcoin and other cryptocurrencies. Bitcoin casinos are becoming bigger and better, with more games and more features being added all the time. Gone are the days when a simple Crash game is all you got. Today, the crypto casino experience is on par with what you would find at a traditional online casino.
The rise of Ethereum gambling is also worth mentioning. While Ethereum is not as widely accepted as Bitcoin in other areas, there are a number of casinos and sportsbooks that do support the coin. As the Metaverse becomes more mainstream, ETH will only grow – smart contracts and all – in the gambling industry.
And the financial results prove it, too:
The global crypto gambling market is worth over $250 million, and that number continues to grow.
Why Crypto Gambling Is Here to Stay
The future of gambling is almost certainly going to be built on the blockchain. With the advantages that the technology offers – transparency, security, and decentralization – it’s hard to see how traditional online gambling sites can compete in the long run.
Of course, there are still some hurdles to overcome. Bitcoin and Ethereum are not yet widely accepted as payment methods, and there are still some concerns about the volatility of cryptocurrencies. However, as technology continues to develop and more people get involved in the space, these issues will start to disappear.
In the meantime, crypto gambling is only going to become more popular. Its advantages include:
Lower costs of running the casino translate into a lower house edge and a higher RTP. In other words, you, the player, have a better value for your money.
Fast and anonymous payments. No need to wait for days for your withdrawal to be processed.
Increased security. With the blockchain, your personal and financial information is safer (as long as you’re using a reputable casino).
Crypto casinos can’t be shut down by governments and decentralized gambling means they could even share profits with their users.
The Future of Crypto Gambling
The future of gambling is blockchain-based, and it’s already here. Here are our predictions for the years to come:
The rise of the Metaverse will have a big impact on gambling. With the ability to create your own virtual world, casinos will be able to offer a truly immersive gambling experience. Imagine being able to walk around a casino in VR, meeting other players, and playing games against them. Or what about playing a game of poker and learning to manage your (avatar’s) poker face? The possibilities are endless.
Metaverse casinos already exist on platforms like Decentraland and The Sandbox, and we expect to see more of them in the years to come.
As we mentioned before, one of the big advantages of crypto gambling is that it’s decentralized. This means that there isn’t a single entity in control of the games or the money. This not only makes the industry more resistant to government regulation, but it also opens up the possibility of sharing profits with users.
We think that decentralized gambling is the future of the industry. We already see casinos like EarnBet doing this, and we expect to see more casinos following suit. This could be a big game-changer for the industry, and it will make gambling more fair and transparent for everyone involved.
On the flipside, we also expect to see more regulation in the industry. As crypto gambling becomes more popular, governments will start to take notice. We think that this will lead to more countries introducing legislation specifically for gambling with cryptocurrencies.
This isn’t necessarily a bad thing. In fact, a regulated market is a market that is more likely to be accepted by the mainstream. And as we’ve seen with online gambling, a regulated market usually leads to more innovation and better products for the consumer.
Low House Edges Will Become the Norm
As we mentioned before, one of the advantages of crypto gambling is that casinos have lower overhead costs. This means that they can afford to offer games with a lower house edge, which is great for the player.
We think that this trend will continue in the years to come. Casinos will get more competitive and players will become savvier. As a result, we expect to see a general reduction in house edges across the industry.
More Games and Betting Options
The crypto gambling industry is still in its early days. This means that there is a lot of room for growth and innovation. We think that we’ll see a lot more new games and betting options in the years to come.
We’re already seeing some really creative games being developed, such as those on the Decentraland Metaverse. We think that this trend will continue and that we’ll see even more new and innovative games in the years to come.
The future of gambling is exciting and (obviously) also a mystery. While we believe blockchain and cryptocurrency gambling is here to stay, only time will tell what the industry will look like in a few decades. Still, as casino aficionados ourselves, we can’t wait to see what the future holds!
Image by Thorsten Frenzel from Pixabay