Has the iGaming Industry Fully Embraced Digital Currencies?
The iGaming industry is always looking for new ways to improve and expand on their offering. One of the most recent developments in online gambling is the adoption of digital currencies. Anyone, with even a passing interesting in iGaming, knows it is possible to play slots online for real money but what about playing slots and other casinos games using cryptocurrency? Continue below as we take a closer look at how the iGaming industry has fully embraced digital currencies.
The Statistics
The best place to begin when assessing the impact of digital currencies on the iGaming industry is the statistics. If we go back to a report by Crypto Gambling News in 2020, the cryptocurrency gambling market was estimated to be worth $40billion. That figure was from four years ago and now, the estimates are that the cryptocurrency gambling market is worth at least double that amount. A prediction by Fortune Business Insights has the online gambling market worth $158 billion by 2028, with digital currencies playing a significant role in the growth. So, based on the statistics alone, we can confidently state the iGaming industry has embraced cryptocurrencies. However, is there still room for further growth for digital currencies within the iGaming industry?
Crypto Casinos
The past 5 years has seen a rise in the number of cryptocurrency casinos. The booming iGaming industry we know today started off pioneering its genre by bringing the traditional games found in brick-and-mortar casinos onto the web back in the early 2000s. This lean towards technological innovations is paramount for the iGaming industry, as they need to stay with the times in this digital era. As a result, online casinos allow deposits, game play and withdrawals using digital currencies, blending the old market of digital games with the new tech of crypto. So, rather than simply accepting deposits using cryptocurrency, such as Bitcoin, and converting the digital currency into fiat currency to play games, the entire process is completed in digital currency. The generous cryptocurrency bonuses are another reason this trend is so popular with crypto gamblers. iGaming companies have fully embraced digital currencies and there are many reasons why using crypto to gamble online is a good idea.
Benefits of Crypto iGaming
One of the many reasons why iGaming brands and players are turning to digital currencies is because of the fast transactions. Traditional banking methods can sometimes lead to delays in deposits and withdrawals but that is not the case when using cryptocurrency. Cryptocurrency transactions are almost instant, meaning there are no frustrating delays when waiting for funds to appear in online gambling or bank accounts. In addition, being on the blockchain means making iGaming deposits and withdrawals are safer. The decentralized nature of the blockchain ensures transparency and reduces the risk of fraudulent activity and sensitive data, such as bank details, being stolen.
For some people who want to enjoy iGaming in parts of the world where their currency is not accepted at online gambling sites, digital currencies are a fantastic alternative. It means there is no need to make currency conversions, which can be costly, and the rise in cryptocurrency means iGaming operators can open their doors to new markets.
The Future
Despite all the positivity, there are still some barriers for digital currencies to overcome before they are fully embraced by the iGaming industry. There are some countries that do not allow crypto based gambling sites to operate legally and that is a major challenge for the industry. There is a balance to be struck between the continued growth of digital currency in iGaming and the regulatory framework. The safety and fairness of all players must be at the forefront of digital currencies in iGaming if it is to be fully embraced around the world.