We are at the dawn of 2023, nearly 14 years after the launch of Bitcoin, the first cryptocurrency that disrupted the financial industry and has since then fuelled a chain reaction of digital breakthroughs and innovations. We are, we would say, still in the beginning of exploring the possibilities, potentials and opportunities that have opened wide up with the development of blockchain technology and the explosion of cryptos. And we are certainly in front of more disruptive technologies to come! But what is for sure right now is that we are witnessing the growing diffusion of cryptos into many industries, with the most pioneering one being the gambling industry.
Even in countries where the adoption of cryptocurrencies is still low, we are seeing more and more online gambling operators incorporating crypto transactions and payment methods into their core offerings in order to ensure that they are aligned with hyping trends. One such case is crypto gambling in Poland, which experiences growth despite the fact that Poland remains in a relatively low ranking position in crypto usage.
It is now estimated that the number of Polish crypto users is close to 1.000.000 or nearly 2.7% of the whole population. But this is expected to rise sharply in the very near future, in spite of the government’s amended AML Act which foresees the registration – and therefore the regulation – of any crypto currency transaction, which in fact means that a cryptocurrency license is required. Indeed, the very fact that license will be necessary, makes the whole world of cryptocurrencies more trustworthy in the eyes of users.
So, which are the main drivers behind the growth of crypto gambling? What factors are pulling more bettors to use cryptocurrencies? The following discussion gives a brief overview and answers to these questions.
What Is Driving Crypto Gambling Growth?
Cryptogambling growth is fuelled both by demand and supply factors. On the one hand, there is greater demand which is driven by the increase of crypto adoption rate and on the other hand there is greater supply which is driven by the increase of gambling sites that accept crypto payments.
As people become more familiar, more ‘acquainted’ and more comfortable with cryptocurrencies they are more likely to become crypto users and as crypto penetration is getting bigger, people are more likely to use cryptos in gambling – which is an industry that is heading the cryptomarket.
That is why so many people around the world are opting for using cryptos such as the Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC) or Bitcoin Cash (BCH) for gambling and are gradually shifting to crypto gambling sites and crypto casinos.
Meanwhile, as online gambling grows, more and more betting and gambling sites are created and as they try to compete and stand out, they set out to expand their target markets. In doing so, they want to reach new geographic markets and new segments as well. And what’s better than the crypto users?
Why Do Bettors Use Cryptocurrencies?
What drives more and more bettors into the crypto market? There are a number of reasons why gamblers begin to use cryptocurrencies when betting but the most important ones are: their inherent advantages over fiat currencies and their promising future regarding both their value and their application.
So, bettors use cryptos because digital assets such as BTC, LTC, ETH and so on have integrated characteristics which make them attractive. Such characteristics include transparency, speed of transactions, less charges (lower fees), privacy and anonymity.
But cryptos are offering not only these direct benefits, they also have more valuable things to provide to their users in terms of betting. Such things include the ability they give to users to bet with gambling platforms that are outside their geographic boundaries as well as the ability to have far less limits when it comes to betting, when using cryptos.