Blockchain

Blockchain and Crypto Popularity in iGaming is Increasing

iGaming industry has proven over the last couple of decades that it is at the forefront of adopting new technology and providing new features to consumers. What is even more amazing is that online casinos are always first to recover after the financial crisis, such as the dot com crash — resilience and evolution of this industry are incredible.

With improved internet speeds, online casinos introduced better games and live table features where players interact in real time. That took the online casino to a whole new level bridging the gap between land-based and online experience.

iGaming took another step further when first true smartphones appeared on the market in 2007. They quickly realized the potential and started adding mobile support for their games and websites. It was a smart move because now in 2019 most people consume content on their smartphones and tablets not only on the go but at home as well. Look at any Bitcoin casino featured on an expert website such as ICOPulse and see for yourself. You can’t find any casino that doesn’t support mobile gaming.

Bitcoin Boom 2017:

When cryptocurrencies emerged, providing a new way to pay online, online casinos were among the first to adopt it. However, it was in 2017-2018 when blockchain and cryptocurrencies began rapid expansion in the iGaming industry. It was thanks to the global recognition and adoption of Bitcoin and other top cryptos, which was caused by unprecedented value boost that Bitcoin experienced in 2017. Bitcoin price peaked at $20042.90 on 17 December 2017. Suddenly everyone was talking about cryptocurrencies. Probably even your grandmother knows what it is because Bitcoin was covered in mainstream media extensively.

That is when we have seen even major iGaming brands start accepting crypto because it wasn’t a niche payment option anymore. Now cryptocurrency is well known and comfortable enough to purchase to be a convenient way to deposit and withdraw money to and from an online casino.

Privacy Concerns:

The best part about crypto gambling is anonymity. There are plenty of online casinos that will accept your crypto and let you play without asking for your personal details. Privacy is a growing concern for the average internet user nowadays. More people are becoming aware and cautious when it comes to companies gathering and using their data. This trend will continue, and the popularity of cryptocurrencies will grow with it.

The Rise of Blockchain Casinos:

It is one thing to accept cryptocurrency as a method of payment. However, using blockchain technology to build new online gambling solutions is the next level of evolution for iGaming. Projects like FunFair and Real Casino are already live and pushing the limits of what is possible. These casinos are rapidly gaining in popularity because they offer complete transparency. More trust equals more players.

The blockchain gambling market is enormous. DApps on TRON network alone handled over $1.6 billion in transactions in Q1 2019. 64% of those DApps are gambling related. TRON gambling DApps daily transaction activity is about $102 mln. Other networks have impressive stats as well – EOS $16 mln and ETH around $4 mln. Stats were measured on the same day.

Blockchain technology opens an excellent opportunity for new brands to enter the market by being transparent about every aspect of their business. Players’ trust is essential for any new online casino. Dozens of new gambling projects and DApps are set to release in 2019 and beyond. It is an exciting time to be a part of the iGaming industry!

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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