Crypto Casinos on the Rise: Report Points to Market Value Increase
Cryptocurrency, such as Bitcoin and Ethereum, has become a popular payment method in the online casino industry in recent years.
- CasinoBonusCA brings forth the latest report
- Comparing crypto casino trends
- 2022 Crypto casino scene – a look into the present
- 2023 crypto casino predictions – a peek into the future
- Experts weigh in on crypto casinos
CasinoBonusCA brings forth the latest report
|2021 Search Volume
|2022 Search Volume
Each of the crypto coins shown in the table above was used as a keyword segment in juxtaposition to casino-related search terms like “casino sites,” “online casino,” “live casinos,” “live dealer casino,” “casinos that accept,” and other variations.
- First of all, the scope of our research is to obtain insights into the casino industry’s growing technological trends. (another good example is VR casinos).
- To extract the data above, our research was developed through trend-recognising tools such as Ahrefs and Google Trends.
- The numbers in the table represent yearly searches for each association of crypto coin denominations and popular casino-referencing keywords.
- Our research team has verified each entry in this table during each data-gathering phase.
- Please note that the information presented is subject to change due to the volatility of search data and technology errors.
- We realize the limitations of our data. However, judging by the consistent growth of the trend for the most popular crypto coins, we can speculate on its organic development.
Study background and research reasoning
Our CasinoBonusCA researchers have been busy gathering information about the trends of crypto casino searches based on the 6 most popular cryptocurrencies.
The blockchain technology they use promises increased security and anonymity next to the possibility of decentralization of money exchange. Decentralization means that blockchain transactions do not depend on a third-party platform to officiate transactions, which speeds them up.
Online casino bonus sites, which depend on fast and secure transactions, are one of the first adopters of this technology. According to our data, they also have the potential to become one of the most prominent blockchain endorsers.
Comparing crypto casino trends
Here are 7 main points deducted from our data:
Two main observations:
- As you can see, the 2021 search volumes for all cryptocurrencies in the table recorded a 33.3% increase in yearly searches year-over-year.
- Quantity-wise, the searches have increased by a quarter from 2021 to 2022.
On cryptocurrency and crypto casinos, we note:
- 2021 was a year of growth for cryptos as they reached an all-time high, prompting experts to believe it would continue its upward trend.
- 2022 was one of the worst years for crypto growth. Still, by then, the searches were influenced mainly by another entity that seems to proliferate – crypto casinos.
- Although 2022 was a worse year for the cryptocurrency market, our researchers found crypto casinos to record a boom in new users, Ahrefs searches, and revenue. This is proven by how new Bitcoin casinos have gathered a significant amount of users.
- The diversification of crypto coins, both in terms of growth rates and types of technology used, is likely to impact the further popularization of crypto casinos positively.
- The benefits of crypto casinos, like decentralised payments, faster processing, anonymity and wallet transparency constantly attract new people to their user base.
- The adoption and acknowledged presence of cryptocurrency in vital industries, like healthcare, create a straight road for future uses of blockchain technology.
2022 Crypto casino scene – a look into the present
The rise of cryptocurrency has brought about many changes and innovations in various industries. As you know, the online casino industry is no exception.
Today, one of the biggest attractions regarding this type of technology is the use of smart contracts and other blockchain technologies. These can provide players with a more transparent and fair gaming experience.
Players can prove the games’ fairness by investigating the gaming events on the public ledger. Once created, they cannot be changed or altered.
This could be one of the reasons why the number of crypto gambling bets registered in Q1 of 2022 recorded a 116% increase compared to the first quarter of 2021. Monero casinos and Tether casinos have also seen an upwards trend, although less significant than BTC and ETH sites.
Current challenges the industry is facing
One of the most significant risks of crypto casinos is the volatility of cryptocurrency, which means that its value can fluctuate significantly over short periods. This can be a major risk for players and online casinos, as it can affect the value of bets and payouts.
In addition, the lack of regulation in the cryptocurrency market can also be a concern for some users.
However, as with any regulation, it takes time. The responsible gambling authorities are already working on developing new margins to include crypto casinos.
Another challenge regarding this type of technology is using NFTs to enhance the players’ gaming experience. However, this is a new idea, so its applicability is still underdeveloped.
2023 crypto casino predictions – a peek into the future
2023 is thought to be an exciting year for this technology:
- First, we have the proven game fairness within blockchain technology in both Bitcoin casinos and Ethereum casinos. This technology is made primarily for storing and retrieving information. Still, the best thing about it is the impossibility of editing recorded data. This way, players can compare games and reject the rigged ones.
- Drastic changes are coming up in 2023 for crypto payments. Some online casinos have begun offering crypto coin purchases directly on their website. This means renouncing a third-party platform in favor of instant transfers between your credit card and casino account.
DeFi and the Future of Blockchain
Blockchain technology’s future looks promising as experts say it can become the basis for storing information such as medical and criminal records. This technology also allows a user to access multi-blockchain token systems.
However, DeFi space is a type of “developing technology” that will contribute significantly to virtual interconnections if it reaches its full potential.
What does DeFi do?
Although in its infancy, DeFi refers to an online space that transforms blockchain-powered financial services.
DeFi utilizes smart contracts to cut off the need for banks. This means that your transactions will stop being moderated by traditional intermediaries. Instead, they will be replaced by software.
Blockchain technology can improve more industries, not only the casino industry. However, online operators became crypto pioneers due to their constant search for faster and more secure means of making transactions.
Experts weigh in on crypto casinos
Yes, crypto casinos are on the rise. They promise casinos with fast withdrawal, secure interaction, better and more bonuses, provability of fairness, and much more.
However, how should you prepare when transitioning from an online casino to a crypto casino?
To answer this question, our crypto casino experts give their input:
- We found that it’s essential to abide by the law and inspect your country’s law on cryptocurrency before engaging in gambling. That is accepted in the best Canadian online casinos.
- Beware, only registered casinos can offer legitimate crypto casino experience.
- Use a more visible and stable cryptocurrency.
- Don’t trust every crypto ad; only use trusted crypto exchange platforms.
- Remember to check the game and make sure there is at least a welcome bonus!