Even though the crypto space is popular due to BTC or even “memecoins” like $DOGE or $SHIB, the uses of blockchain technology go beyond cryptocurrencies. Its potential is already revolutionizing several industries, and amongst them we find the online gambling and casino sector.
This analysis will share with everyone reading this, the proof that blockchain tech is already taking online gambling to a whole new level.
The Rapid Growth of Online Gambling with Cryptocurrencies
Five years ago, no online casino or sportsbook would accept cryptocurrencies. In 2022, it’s become a popular deposit and withdrawal method, and even sometimes like CSGO500 will bring you a free bonus if you use the CSGO500 promo code when depositing crypto.
CSGO500 (also known as 500 Casino) is not especially mainstream, but big names like 1xBet already accept a wide variety of cryptocurrencies for deposits and withdrawals, such as Bitcoin, Ethereum, USDT, BNB, DOGE, etc.
If we compare the sum of bets in cryptocurrencies in the first quarter of 2022, we’ll find that it has grown by more than 100% versus the first quarter of 2021. Even though we’re amidst a “crypto winter”, gamblers keep using cryptocurrencies for wagering, deposits and withdrawals.
As the experts say, the crypto gambling sector has become independent, and hence, it’s become a promising line of business in the industry. That’s why the number of dedicated crypto gambling platforms and casinos has been growing since 2020, and this trend is only getting stronger.
Is crypto going to replace FIAT?
We’d say that it’s way too soon for crypto to replace FIAT as the main currency for online gambling. In the first quarter of 2021, 73.70% of bets were made with FIAT money, whereas 26.30% of bets were made with crypto. However, in the first quarter of 2022, the use of FIAT for bets decreased to 64.04%, while the total sum of bets in cryptocurrencies increased to 35.96%.
There’s a clear trend right here, because cryptocurrencies provide a lot more flexibility, freedom, and privacy, which is exactly what gamblers demand nowadays. Furthermore, crypto payments represent little fees, so that’s more money that goes straight into your pockets.
Nonetheless, it’s an exaggeration to claim that cryptocurrencies will dethrone FIAT as the main currency for bets. There’s still a long way to go, but in the coming years, we could see a lot more users placing cryptocurrencies over FIAT as their favorite deposit/withdrawal method for online gambling.
More than a Payment Method for the Online Gambling Industry
Even though cryptocurrencies are of great use for modern online casinos and gambling sites, there’s a lot more that they can offer. Thanks to blockchain tech, now we have something known as Provably Fair, which has revolutionized the way games work and how we gamble.
The case for Provably Fair
Provably Fair simply makes a game random by making it impossible for the user or the gambling platform to know the outcome of the game before it happens. For example, a Roulette game using Provably Fair technology, would generate a random result that could not be altered or modified in any way, as it’s registered in a blockchain. You can consult all the past results whenever you want, and no party will get to know the results before they happen.
As opposed to traditional RNG systems, here you, the user, can verify the results yourself. It adds a lot of points in the transparency department, and it even allows you to get data that you can use to develop gambling strategies.
Provably Fair will be the new standard of the gambling industry, because it offers 100% random, fair and transparent results.
This kind of system will debunk the accusations that casino games are rigged, because it’s the unique way to ensure that all the results are random and thus fair. Several online gambling platforms are adopting Provably Fair technology, and we can expect this adoption rate to keep growing in the coming years.