Once frowned upon, online gambling has grown into a multi-billion dollar industry. As the activity moves increasingly online to platforms like RocketPlay, the old payment processing guard of credit cards and e-wallets faces fresh competition from an unlikely newcomer: cryptocurrency. We explore the merits, risks, and outlook for this union of digital peers.
The Rise of Online Gambling
Not long ago, in the domain of smoky dens and backrooms, gambling is moving out of the shadows. Sports betting legalization in the US and upgrading internet speeds have aided the surge in real money gaming online. Research firm H2 Gambling Capital values the interactive gambling market at $66.7 billion in 2021. This is forecast to almost double to $127.3 billion by 2027.
Is Cryptocurrency Digital Gold or Fool’s Gold?
Few phenomena have matched crypto’s meteoric rise. From obscurity, bitcoin and the wider crypto market now boast a market cap running into the trillions. Advocates speak glowingly of faster payments, lower fees, improved security, and transparency. Detractors argue volatility, bad press, and lack of regulation stifle mainstream adoption. But what does this all mean for online gambling – an industry where public perception and payments are paramount?
The Happy Union of Cryptocurrency and Online Gambling
Early tech adopters, libertarians, and gambling enthusiasts – the typical crypto owner profile – makes overlap between both burgeoning industries inevitable. The result is a doubling down by crypto casinos and sportsbooks to court bitcoin bettors. And the numbers suggest this is paying off handsomely.
Some industry metrics on the strength of this relationship:
- 22% of gamblers use or plan to use cryptocurrency for deposits
- High roller “whales” conduct up to 60% of play with bitcoin or altcoins
- Cryptocurrency gambling traffic rose 160% through the pandemic
Driving Factors for Cryptocurrency Gambling Convenience
Freed from the shackles of old payment gatekeepers like banks and credit card firms, crypto transactions allow nettikasinot 360 sites to operate smoothly with minimized restrictions. Sign up, deposit and withdrawal are streamlined.
Anonymity
Identity verification checks mandate sharing sensitive data like ID scans or home address at many gaming sites. Crypto mitigates this while meeting compliance standards.
Bonuses
Online casinos incentivize cryptocurrency deposits and play via improved bonus offers, reduced “rollover” play-through restrictions or cashback in bitcoin/altcoins.
Table 1: Comparing Bonuses for Fiat vs Crypto Deposits
| Deposit Method | Matched Deposit% | Play-Through | Special Rewards |
| Debit Card/Bank Wire | 100% | 10x bonus | None |
| Bitcoin/Altcoins | 150% | 5x bonus | 25% Weekly Cashback |
Innovation
Crypto casinos lean heavily on innovation like provably fair gaming and features tailored to digital coin users.
Is Cryptocurrency Safe for Online Betting?
The decentralized nature of cryptocurrency shifts accountability from external parties towards users themselves. So gamblers must educate themselves and implement best security practices for managing digital assets and transacting safely.
That said, the transparency of cryptocurrency allows tracing money flows until cashed out. This limits traditional risks like credit card fraud. Reputable crypto gambling sites also outsource game fairness and financial transactions to trusted third parties. Provably fair gaming powered by algorithms shows hands aren’t tampered with behind the scenes.
Further, established crypto casinos publish bet statistics and employ RNG-certified games. Lastly, altcoins sometimes have quicker transfer times than bitcoins, reducing volatility risk during transaction windows.
The Outlook for Crypto Gambling
Current adoption mirrors the early days when online casinos accepted credit card payments despite high rejection rates. Persistence paid off as card and e-wallet deposits now dominate. Industry research shows crypto use at mainstream sportsbooks and internet gambling sites now averages 5-25% of transaction volume.
This is projected for steady growth as early tech adopters multiply and barriers to entry keep lowering. Payment processing giant Mastercard’s looming cryptocurrency support exemplifies the thawing stance of previous crypto skeptics.
However, heavier regulation may loom large to govern responsible marketing, game fairness, problem gambling, and taxation within the mushrooming crypto-gambling space.
Conclusion
Once unlikely bedfellows, cryptocurrency and online gambling continue a prosperous partnership as transactions grow steadily year over year. The blockchain brings gambling fully within the digital realm while eliminating past friction with payments. Despite familiar risks like volatility and bad actors common to both historically maligned industries, the future looks bright for this happy union as adoption follows wider cryptocurrency proliferation. Now the power lies in users’ hands to chart the course ahead responsibly.
