Crypto Casino Stats and Facts
The online betting world has always been swift to embrace new technologies, from the birth of the internet itself through to the smartphone revolution. The creation and proliferation of cryptocurrency is no exception, as we will explore below with facts and stats aplenty.
Crypto – Solo or One of Many
Cryptocurrency casinos come in two forms, either as sites that solely use crypto (and sometimes this might be Bitcoin alone) or sites that have added the likes of Bitcoin, Litecoin, Dogecoin, and more to a long list of payment methods that also includes credit and debit cards, pre-paid options, e-wallets, and bank transfers.
While crypto was relatively rare as a banking method for online casinos only a few years ago, these days it’s one of the main options, behind cards and e-wallets in popularity but becoming ever more commonplace. It can also be used, indirectly, at sites that do not overtly permit crypto (such as British casinos) as cryptocurrency can now be bought and sold within e-wallets, which can be used at such sites.
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Types of Crypto for Betting
Bitcoin is the foremost crypto by a country mile, to the extent that non-BTC coins are commonly referred to as ‘altcoins’. More than two-fifths of the crypto market revolves around Bitcoin, so it’s no surprise that this is far and away the most commonly available cryptocurrency for betting purposes. In addition, there are also some sites that accept Bitcoin only.
In the world of crypto casinos Litecoin punches above its weight. It’s currently ranked 18th globally by market cap but is also (after Bitcoin) one of the most frequently offered means of banking at crypto casinos. It’s slightly unusual, being far more commonly supported than Ethereum (often seen as the chief rival to Bitcoin) but Litecoin fans can certainly use it at crypto casinos.
Dogecoin may have started life as something of a meme joke but today it’s the 11th biggest cryptocurrency in the world, and one that is often found at online casinos that offer BTC and LTC.
Inherent Volatility – a Double-Edged Sword
The lack of national control and high degree of security and freedom has seen crypto become very popular recently, not only for betting but also shopping and sending/receiving pay. It’s estimated that a global total of around 106 million people use crypto exchanges, and in the USA it’s forecast that the end of 2022 will see 12.8% of the adult population owning at least one type of cryptocurrency, according to Insider Intelligence.
But the inherent volatility of crypto might see this prediction not come to pass. Recently (June 2022 is the time of writing), crypto prices have been not so much falling as falling off a cliff. The USD price at the start of the year was $47,733 and on 14 June it had crashed to $22,120, less than half the value just over six months ago. In November 2021 it was almost $70,000. Bitcoin and other crypto has always had rapid falls and rises in price, but the rampant inflation (caused largely by the Russian invasion of Ukraine and exacerbated by the continuing economic impact of the pandemic) may have helped drive this by compelling investors to sell crypto in order to fund lifestyle expenses.
This then creates a vicious circle as more selling decreases the price and people rush to sell to try and get what value they can. On top of that, crypto such as Bitcoin does not have the inherent value of an asset like gold, or a nation standing behind it as fiat currency does. This makes the decline sharper than for many other asset types. The situation was not exactly calmed when major crypto exchanges Binance and Coinbase temporarily paused Bitcoin withdrawals.
The Metaverse and Ethereum
Ethereum is surprisingly rare to find at what might be called traditional crypto casinos despite being a top-five cryptocurrency. However, the metaverse is a recent online evolution that might or might not utterly rewrite how the internet works. It’s been enthusiastically championed by big businesses (most notably Facebook), and already there are metaverse casinos that use wearable NFTs (on virtual avatars) as a kind of recurring ticket for chips and access.
The reason this is relevant to crypto is that this is the financial mainstay of the metaverse, and the biggest crypto used for NFTs (non-fungible tokens) is Ethereum. Right now, Decentraland (a metaverse) makes full use of Ethereum, and within Decentraland is Decentral Games’ ICE Poker which attracts 600,000 users and is the top attraction in this metaverse.
How big Ethereum becomes for betting purposes seems wrapped up with the size of the metaverse, but with JPMorgan Chase estimating metaverse annual revenues could hit $1 trillion then this might end up eclipsing even Bitcoin when it comes to crypto casinos.
That concludes our statistical and factual look at the current state of crypto casinos, and how things might turn out in the future with Ethereum in the metaverse.
