Bitcoin Gambling Trends for 2019
With the rise of Bitcoin, the world became insane about cryptocurrencies. This brand-new type of asset made transactions transparent, anonymous, and fast. These features are extremely valuable for the finance industry. However, the technology behind cryptocurrency is able to reshape various other sectors as well. One such sector is online gambling. The online gambling market is huge, and its value is predicted to reach $94.9 billion by 2024! Bitcoin casinos should be the major contributor to the market growth though.
In this guide we will cover the latest trends of crypto gambling and how they are going to transform online casinos in 2019. Without further ado, let’s look at examples!
1. Security as a Primary Focus
When it comes to cryptocurrency casinos, the primary concern of any gambler is security. The users are well aware of frequent hacker attacks on crypto exchanges and wallets, so they grow wary. To convince players that the crypto casinos are safe, gambling operators introduce innovative security solutions.
Among such innovations, we can expect biometric blockchain identification which helps websites move away from traditional logins/passwords.
2. Decentralized Casinos
Although a lot of traditional gambling websites accept cryptos among other payment options, we believe that the brand-new blockchain casinos will actually lead the game. Despite the fact that the idea of decentralized exchanges, which looked highly promising in 2017-2018, is about to collapse now, decentralized gambling platforms can prosper.
Here are only a few benefits of decentralized casinos:
- Perfect fairness of games based on blockchain
- No need to rely on traditional payment processors
- The adoption of tokens designed for gambling exclusively
3. Government Regulations
When it comes to laws and rules, online BTC casinos follow the way other crypto-related companies are regulated. To be aware of changes, you can monitor the recent crypto news and check newsletters of casinos you gamble in. For example, some countries can call for an outright ban on cryptocurrency and the related activities.
Unless you gamble via a fully decentralized platform, expect to face new restrictions and regulations to comply with. Most likely, the existing casinos which accept cryptocurrencies will try to cooperate with governments to keep on operating in specific countries. It doesn’t mean, however, that the changes will be unfavorable for players. Still, the regulators can impose higher fees or extra taxes on Bitcoin activities.
4. Not Only Bitcoin
Undeniably, Bitcoin is the king of all cryptos. It has the highest price and the largest capitalization. But smart folks have already introduced dozens of coins for gambling purposes, so users have a lot of options to choose from now. There’s an issue though. Are non-native casinos ready to support minor tokens along with BTC? Wagerr (WGR), for instance, has the largest market cap among other gambling tokens, but it’s only 210th in the consolidated crypto ranking. Other projects enjoy way lower popularity.
We think that Bitcoin will keep the lead but casino operators will add new cryptocurrencies over time. As for now, large platforms allow gambling with Ethereum, Litecoin, Bitcoin Cash, and other coins from the top 10. Wagerr and Edgeless are also popular but in native casinos only. CasinoCoin, BitDice, CoinPoker, TrueFlip, and less famous names can become a pool for specific games like poker or sports betting.
5. Further Market Expansion
Most likely, Bitcoin gambling will rise. According to Bitcoin.com, crypto gamblers have spent over 3.7 million BTC since 2014. At the current rate, it’s an insane $15.2 billion fortune! Wagering rates could increase over time if Bitcoin and altcoins are more widespread across the industry. Of course, this trend is the most unstable because it relies on the global state of the crypto market which is known for its fluctuations.
Other Gambling Trends to Watch in 2019
Apart from Bitcoin and crypto gambling, online casinos are expected to face new challenges and innovations. While the majority of trends may look obvious, we suggest exploring them to understand where the gambling market is heading:
- Live Dealers. Thanks to tech advances and faster Internet speed, broadcast games with real dealers will become more accessible for a wider audience. The mix of Live Dealers and crypto gambling is possible, too.
- VR. Again, it depends on how technologies will progress. As VR headsets become more affordable for ordinary gamblers, we expect that both land-based and online casinos will add VR-based games. Mainly, operators will focus on slots.
- Progressive jackpots. A pretty old idea should attract more fans in the years to come. Jackpots that grow with each new bet attract gamblers with mind-blowing winnings like a record-breaking €17.9 million.
- ● Mobile devices. The society becomes more mobile as we get news, chat, and eat on the run. Now, it’s possible to gamble on the go because the leading software providers and casinos develop native apps and platforms for mobile browsers.
As you can see, the world of Bitcoin gambling evolves a bit slower than the world of cryptocurrencies and blockchain in general. High volatility and regulatory uncertainty lead to lower adoption rates in the gambling space. Nonetheless, more and more gamblers realize the advantages of crypto betting, as they can enjoy lower fees and higher speed, total anonymity, and independence from outdated payment systems. Thus, we expect an increase in popularity.
If you want to find a reputable online casino which accepts BTC, check rankings and reviews at the dedicated websites. Due to enormous hype around crypto gambling, you want to be well-informed about casino operators as scam platforms can easily steal your coins. Thus, remember about security and never gamble on the websites that you don’t trust.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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