Crypto Casinos – a Viable Alternative to the Traditional Gambling Model?
We all know the events of 2020 and the effect it had on the lives of many, but for the online gambling industry, it is one that resulted in a massive uplift in the number of users accessing their services. In fact, some online casinos actually reported record amounts of revenue their businesses generated throughout 2020 and the first half of 2021.
It also proved to be a bullish year for cryptocurrencies – it is estimated the total market growth of cryptocurrencies was around 300%.
There are many different theories as to why this would be, however, the fact that a stay at home order covered many places certainly helped. With people stuck at home for long periods, they were forced to look online for alternative ways to be entertained – of which, online casinos were one! The gambling industry quickly switched onto this new potential audience base and stepped up their advertising to reach as many new customers as possible, and judging by the amount of money generated across the industry, it is something that worked.
Where Do Crypto Casinos Come Into It?
We already know that online casino users are ones invested in technology and have a real love for the game, and that is when best crypto casinos have stepped in to make their mark. One of the things that customers say they love about online casinos is how the experience is smooth – they can pay in any currency they want, for example. This means that even those in the UK can enjoy US casinos etc., if they wish because the transaction is carried out in the currency of their choice.
Ever-evolving technology means that cryptocurrency is starting to become more acceptable and mainstream to talk about – which in turn meant that casino users started to expect to see the digital currency in their list of current choices when signing up to play games online.
The online casino industry has always been one to try and keep up with customer demand and so quickly clicked onto this new need from their customers, and various Cryptocurrency casinos were launched – and pretty successfully. Now for those that want to place online gambling bets with Cryptocurrency, there are plenty of options. Don’t worry, though, for those not quite yet sold on crypto casinos or prefer to gamble with fiat can find safe, licensed, and reputable operators at www.topratedcasinos.co.uk/.
How Have Crypto Casinos Become So Popular?
As an industry used to make changes in order to keep up with customer demand, it seems they also know how to let customers know that this is happening. They stepped up with advertising as soon as Cryptocurrency casinos were becoming popular, so that they could reach as many potential new customers as possible – one tactic used which has received a mixed response is the sponsoring of Twitch streamers.
There are usually quite strict rules and regulations around gambling advertisements on Twitch’s platform – but this way of sponsoring high-profile streamers helped gambling operators get around these rules. As a general rule, Twitch doesn’t allow the promotion of gambling services – however, they are unlikely to remove these creators from the platform as they bring in such revenue and traffic. There are different reasons why people were against this type of gambling advertising; however, the biggest is that it could be people under the age of 18 that the service is promoted to. People felt that it was inappropriate to encourage underage gambling in this way.
The casino industry, in general, has always targeted streamers that are known to talk about investments, saving money, and Cryptocurrency in general. Encouraging them to let their audience know that there are ways to spend Cryptocurrency, and the choice to spend them at an online casino could also mean that they win by providing casino bonuses and free spins. Visit here to know more about crypto casino free spins.
That said, Cryptocurrency casinos have grown massively popular over the last 12 months, so the route that the industry has taken to promote these has clearly worked.
The Future of Online Gambling
As an industry that is used to adapting and changing, it is hard to say what the future holds for the online gambling industry which is majorly a crypto gambling, you can click here to know more about it. However, with Cryptocurrency becoming more mainstream, it is almost certain that we’ll see more casinos with the option to deposit into accounts with Cryptocurrency. Not only that, but the variety of digital currency they offer is likely to grow too – after all, not all investors in Cryptocurrency own Bitcoin.
As technology evolves, we’re likely to see online casinos become more intricate in their offering. For example, we’re already seeing a rise in the popularity of online/live video games as people embrace the streaming technology that allows this to happen. Games will become more involved as the online casino battles it out amongst themselves to offer the most exciting games possible to their customers.
With regards to casino advertising, there will always be regulations surrounding what is and isn’t allowed. These rules vary from country to country, which is why things like Twitch are so hard to regulate as people could be based somewhere completely different from their audience. It may come down to Twitch and other streaming platforms to regulate these themselves, however so far, it seems that Twitch isn’t keen to go down this route – instead, wanting to give their creators as much creative freedom as possible.