The year 2019 has been good to the cryptocurrency gambling industry, thanks to an increasing number of savvy internet users choosing the crypto-based online gaming platforms over conventional fiat-based gaming counterparts.
The shift in trend is further fueled by the rising awareness about cryptocurrencies and their advantages, combined with access to faster internet connectivity and smartphone penetration across the globe.
In addition to the obvious reasons, a recent report indicates a changing trend among the online gambling platforms when it comes to establishing a strong online presence. The platforms have started to expand their customer base by connecting with users on social media like Facebook, Instagram and YouTube, which has allowed them to reach out to more people across the world.
The global reach combined with support for cryptocurrencies allows them to cater to people from across geographies without having to worry about region-specific banking and legal restrictions which are generally applicable to gambling-related fiat payments. Also, cryptocurrency payments enable secure transactions with quick deposit and withdrawal options.
Currently, there are a number of cryptocurrency casinos in the world where users can play online with bitcoin and other leading digital assets. The gambling market is segmented into betting casino, poker, lottery, online bingo and others, of which the most growth is found to be in the online casino segment which has the largest market share as of 2018, followed closely by online poker. The overall online gambling market is growing at a rate of about 13.2 percent with Europe holding the largest market share. Other attractive markets for gambling are North America, Asia Pacific, MENA and South America.
At the current rate of growth, the next few years will see Asia-Pacific emerge as the leading market for online gambling. Contributing to the growth will be increased adoption of cryptocurrency as it gets legalized in various jurisdictions, increased foreign investments and a rising popularity of mobile gaming among millennials.
With these developments, the crypto gambling segment is exhibiting a strong outlook for the year 2020, which could possibly translate to a great gambling experience for players as well.
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