The industry of gambling – online gambling in particular – has always had a hedge against any global financial crisis. In whichever turmoil the world economy might be, gambling is always on the rise. This notion is proven by the statistical forecast for the profitability of the online gambling market from the present period until the year 2024.
According to Mordor Intelligence, the projected compound annual growth rate (CAGR) of the gambling market will amount to 8.77%, which translates to the expected revenue of $87.75 billion.
Gamblers are open to innovations
Every economist knows that the growing market requires the incorporation of innovative technologies that should boost its scale and attract new players through the implementation of useful feats and, most importantly, convenient and cost-effective payment methods.
Since many online casinos are registered in the offshore jurisdictions, where gambling regulations could be lax at times, the platform developers have a free hand to introduce progressive technological solutions for the players’ benefit.
One of such solutions is called cryptocurrency, a form of digital money that has sophisticated encryption at its core. This provides numerous advantages to both gamblers and online casinos since this form of currency is based on a technology called blockchain, which is set to disrupt not only a traditional financial sector, but also many other industries.
The uniqueness of blockchain lies in its ability to eliminate the intermediaries like banks and money transfer companies, which usually charge the extortionate fees and carry out the processing of transactions at a snail’s pace.
This creates a lot of inconveniences for gamblers who would prefer to receive their hard-earned winnings as quickly as possible and without some third-parties nibbling on them in the process.
A new kid on the gambling block
In come cryptocurrencies, the offspring and the natural continuation of blockchain, which have proven of being capable of resolving all these issues and add icing on the cake in the form of absolute security and almost total anonymity of all transactions that take place on the network.
The gist of this technology is that it is capable of keeping the decentralized ledger, which is the heart of this technology, fully transparent – all transactions are visible to all users – and anonymous at the same time. This means that gamblers shouldn’t worry about someone tracking their transactions when playing at a pro-crypto online casino.
Cryptocurrency holders are not required to provide the slightest bit of personal information in order to own and use the cryptocurrency like Bitcoin, Ethereum, Litecoin, etc. All they need to send, receive, pay, and gamble with a cryptocurrency is a public key or the wallet address, and a private key, which is used to sign the transactions, thus should be kept super safe.
That is another perk for crypto gamblers who can now stop worrying about banks freezing their winnings for whatever reason. In turn, it relieves online casino from a headache of having to deal with numerous complaints about payment delays.
But the thing that probably interests gambler the most is the fees, and that’s when cryptocurrencies truly shine. Thanks to the exclusion of intermediaries and the fact that blockchain allows for direct peer-to-peer transactions, the transaction fees on the blockchain are almost negligible.
With cryptocurrencies, one can forget about having to say goodbye to 15% or even 20% of winnings – the cost of transaction on a blockchain usually amounts to a few cents, and funds arrive as they get confirmation from the network, which generally takes several minutes.
1xBit, the role model for crypto casinos
The advantages that cryptocurrencies provide to online casinos and bookmakers can be seen in 1xBit, which is steadily paving its way towards becoming the leading all-for-crypto gambling platform. First of all, 1xBit provides not only the anonymity associated with crypto but also unprecedented confidentiality of registration, which requires only one click and no name or email address.
1xBit accepts more than 20 cryptocurrencies, so whether a gambler holds Bitcoin or a stablecoin like USDT, he can easily deposit these and a host of other currencies to the 1xBit account.
This relieves players of the hassle of having to make crypto-to-crypto conversions in order to start betting on the outcome of numerous sporting events or playing video slots in the online casino, as 1xBit offers both options.
Lastly, 1xBit has an abundance of lucrative offers, bonuses, and promotions, which include a substantial Welcome Bonus up to 7 BTC, weekly prizes, promo codes, accumulators, and betting insurance. All this makes 1xBit an ideal example of a successful merger of gambling and cryptocurrencies.