Fortune Business Insights, a research firm located in Pune, predicts that by 2028, the worldwide online gambling business would be worth $158 billion.
This industry is expected to increase at a CAGR of 11.4% throughout the next decade, nearly tripling its annual revenues in that time. That, at least, is what analysts expect.
The advent of blockchain technology is cited as another major cause in the industry’s exponential growth. Its anonymity, quicker transfer rates, and improved security are all factors that contribute to its popularity among online gaming fans.
The Growth of Crypto-Based Gaming
Many other governments and overseers have followed the UK Gambling Commission’s lead and acknowledged cryptocurrencies as money equivalents after it made that announcement in 2016.
As a result, despite the fact that governments and banks may not strictly monitor digital coin transactions, they are routinely utilized lawfully on gambling sites.
When this became a real possibility, many gambling sites began seriously considering integrating them as a payment option for their customers.
This market is expected to change in the near future, according to a study issued by cutting-edge game supplier BGaming in late November 2021. The most influential digital currencies in this area were also outlined.
For instance, in Q3 of 2021, Litecoin usage rose by 49%, and Tether’s popularity rose by 108% across all brand titles in the same time period.
SoftSwiss, a multinational corporation with Belarusian origins and a leading provider of online casino solutions that pioneered the use of bitcoin in contemporary interactive gaming, predicts that the cryptocurrency will continue to be a major force in the industry for the foreseeable future.
Their leadership claims that despite the difficulties that regulation and tight licensing provide, there are still tremendous prospects for development in the realm of crypto gambling.
The Spreading Out of Gambling Establishments
The FUN Token is the most recent ERC-20 token to hit the public blockchain, the Polygon network. Polygon is a distributed ledger system not unlike Ethereum, but with several advantageous features.
It is a universal token for gambling that allows for verifiably honest and open play. FUN Token CEO Adriaan Brink sees a bright future for decentralized casinos, thus the company is planning to release one that accepts the FUN and XFUN tokens very soon.
Blockchain gambling with Ethereum tokens is not novel. To those who are unaware, crypto tokens are a special form of cryptocurrency that can be found on the blockchain. The Atari venue in Decentraland is one of many metaverse casinos that accepts ERC-20 tokens, including MANA, Atari, DAI, and DAO.
Interest in these online community areas and the hosted digital gaming venues has been boosted by the NFT boom. As a result, it’s not surprising that many of these businesses are exploring ways to include NFTs into their ecosystem.
Decentralized gambling empowers players since token holders in a metaverse can vote on policies and alter the way in which the community is controlled.
A Brief Overview of Cryptographic Gambling
In 2009, Bitcoin was introduced; its creator, Satoshi Nakamoto, may or may not exist. Back then, the Bitcoin network was seen as a passing craze by the mainstream. But it gained steam really rapidly.
In 2011, the first online crypto-dice sites launched. These primitive interfaces only supported a single game, a dice game in which users selected an over/under bet and then pressed – roll.
They use provably fair algorithms, which permit players to verify the integrity of the results of their wagers. People that are immersed in the cryptocurrency gambling scene nevertheless enjoy playing these games.
At the 2014 CE Totally Gaming convention, SoftSwiss hosted a presentation about Bitcoin. It did so in an effort to encourage business owners to embrace blockchain technology and begin processing cryptocurrency transactions.
However, the first groups of online casinos that accepted just cryptocurrency appeared on the web a year before the London event. The claim that Cloudbet is the oldest Bitcoin sports betting site is difficult to verify, as are most claims in this industry.
Only a couple hundred crypto casinos were online by the middle of the 2010s. But their numbers have grown at an astounding rate in recent years. All the major brands now at least accept Bitcoin and usually a number of alternative currency for wagering.
There is also a respectable selection of cryptocurrency-only websites that are on par with the best in their field.
This means that cryptocurrency wagering won’t be going away anytime soon.