The online casino market has been expanding rapidly since the 90s, and Bitcoin has been an integral part of it, and nearly one in seven online casinos accept Bitcoin. Even with volatility an issue, bitcoin usage has been rising significantly, but the price of individual BTCs has been dropping gradually, every month since May. This may be a concern to investors but not to bettors.
The advantages of using a cryptocurrency is instantaneously apparent, and in the coming years, online casinos that accept bitcoin will act as the catalyst for mass adaptation of the alternatives to real money; especially in the gambling sector.
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Bettors betting with real money are wary of paying excessive processing fees for deposits and withdrawals on online gambling websites. It bites off portions of the bettor’s bankroll, which is not very desirable.
While real-money transactions are anything but cost-effective, Bitcoin transactions’ processing fees is almost negligible. Bitcoin transactions are also faster than conventional transaction processes.
With conventional transaction processes, online casinos are often plagued by issues like delays, credibility, security breaches, and wrong delivery times. Bitcoins and other cryptocurrencies can eliminate most of these issues without causing operational hazards.
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Even with such undeniable advantages of crypto, the adaptation of such casinos has had a rugged journey. Still, many regulatory authorities are skeptic about it, and the fact that its usage has not much increased since 2018 (implying stagnation), its future as a whole, and especially in the gambling sector, seems unpredictable. But, according to Statista, the online gambling market is expected to have a market capitalization of $94.4 billion by 2024, implying that it will virtually double the current market size by 2024. So, the actual future would be visible only in time and with close monitoring of upcoming trends in the gambling sector.
