Home CryptoCurrency News Worldwide crypto gambling industry to reach $93 billion by 2024

Worldwide crypto gambling industry to reach $93 billion by 2024

Gambling online has become widely popular and is now the most sought in recent years. The gambling industry has seen various improvements and upgrades due to technological advancements. Those breakthroughs are now responsible for the way the industry has been shaped in recent times, making gambling easier and more efficient. Online gambling has increased rapidly in recent years, as it has seen various improvements with love streaming now available, live dealers, the introduction of cryptocurrency, and so on.

Cryptocurrency has improved online gambling with its specificity. The introduction of crypto into online gambling has made gambling easier and more secure, which is why casinos that allow cryptocurrency are in high demand, and there is fierce competition amongst those casinos. Providing anonymity, security, privacy, speed, and lesser fees as there are no intermediaries when transacting with cryptocurrency, has seen it increase in popularity, which is why the growth has been massive.

The online gambling industry is predicted to be worth over 100 billion dollars in coming years, with its increase in use as there is a shift from the traditional casinos. With bonuses and advantages offered to you when you use a crypto casino, it looks like cryptocurrency as a mode of transaction in online gambling will keep growing and improving. While the online gambling industry is expected to reach over a 100 billion, the crypto gambling industry alone is predicted to be worth over 90 billion by 2024, making it the major part of the online gambling scene. Here are some of the reasons why the industry is growing rapidly.

There is a clear future

Cryptocurrency as we know is not going anywhere any time soon, as it has been seen to be incorporated into various sectors as payment methods and mode of transactions, and will still be added into other sectors as it is still growing. In online gambling, that is the most sought payment method now, so you can tell how fast it is growing. Cryptocurrency is expected to be massive and more accepted in years to come, and it is already almost there. People are satisfied seeing its longevity and advantage, and utilization of crypto casinos will continue to increase.

The tempo is picking up

Now that the restrictions around online gambling are now reduced and there is an increase in access to online casinos, it is of no surprise that there is a massive expansion of the industry. In the past, gamblers were not entirely sure of using online casinos, as it was a new introduction into the scene. With increasing positive opinions about online gambling and the benefits it brings in cutting down costs and expenses; like going all the way to a physical casino, its use is on the rise.

Mobile gaming has rapidly increased over the years as you can play any game you want from the comfort of your home from anywhere in the world. Also, the global pandemic in 2020 increased online gambling as there were restrictions to movements and activities, but people still had to play their favorite casino games. The shift to online gambling is not expected to reverse but move forward drastically. As more gamblers opt for online gambling, cryptocurrency will be used more often.

Cryptocurrency offers something different

Cryptocurrency offers advantages that fiat currency and other payment options do not provide. It is run by blockchain technology, which means that there is no intermediary or third party involved in transactions. Due to this, using cryptocurrency has offered gamblers anonymity, privacy and the eventual security that comes with it.

There is also transparency as the blockchain pays according to your winnings and is seen by everyone. Also being a volatile commodity, certain coins can increase massively in price at any time and that is why it is attractive to gamblers. Your winnings today can be four times as large the next day or the next month.

Conclusion

It is sure that cryptocurrency will keep growing and will eventually be adopted into other sectors of our lives. For online gambling, it will keep increasing as many online casinos are seen to adopt it.

julia
Julia is a Cryptocurrency enthusiast, is responsible of communications and the PR department of Crypto Economy. Self-taught and eager to learn day by day about the world of blockchain and cryptocurrencies.
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