Crypto casinos, sports betting platforms, and prediction markets are reshaping the iGaming industry while generating billions of dollars in volumes. Will it stop here?
If there’s one thing I noticed over my years of experience in the crypto gambling industry, on both sides – user and expert, it’s the constant growth of public attention for crypto gaming and betting.
Take, for instance, Stake.com crypto casino that scored $1.1 billion in monthly deposit volume last month. How did that happen? Well, the increasing crypto adoption and tech improvements, especially in the DeFi sector, are the main fueling sources. That’s how Stake.com holds 52% of the market share among the biggest crypto platforms.
Even so, the online gambling industry is unpredictable. Even a giant like Stake.com suffered a $41 million hack in 2023. But the crypto gaming bizz seems to go on.
What’s more, those giant crypto-gambling platforms are expected to grow market share even more. Total winnings on these networks reached almost $139 billion in 2023 and are expected to go as high as $266 billion by 2030.
Speaking of stats, the total crypto iGaming revenue for 2024 is $97 billion, with sports betting slightly exceeding online casinos.
It’s worth mentioning that crypto-based gambling offers advantages to centralized casinos as well, with blockchain enabling much faster transactions, significantly lower to no fees, and, of course, worldwide access. If truth be told, some regions do impose restrictions.
On the other hand, when it comes to decentralized gambling, the benefits are obvious – improved transparency, endless efficiency, and new features like decentralized betting protocols.
The market is still not ready yet to go fully crypto. According to Softswiss, a software company, about 17% of all online bets were crypto in the first 3 quarters of the last year. FIAT still holds the lead.
Over the years, BTC, ETH, LTC, USDT, and DOGE have been the most popular cryptos among gamblers. Yep, BTC takes center stage, but curiously, altcoins’ share grew considerably to 47% in the first 9 months of 2024 from 25% in the same period in 2023.
Another trend we can all see at crypto gambling platforms is the popularity of casino native tokens that are designed to engage users through cross-platform activities, ensuring compatibility, exclusive perks, and, of course, reduced volatility – we do like that, don’t we?
In addition, DApps are gaining more ground in all this crypto madness. For instance, Trade Signal on the BNB Chain, an on-chain gambling DApp, leads the list with $2 million in monthly volume, according to DappRadar.
While the crypto gambling field is growing, regulatory scrutiny has become more serious. First off, these platforms are restricted in many regions. The same Stake.com is banned in the EU.
So, there’s still way to go, but the industry looks pretty promising.
Should we expect a crypto switch? Probably, but experts already say that soon, there won’t be such a concept as a crypto casino any longer. Why? Cause all of them will be crypto.
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