The online gambling industry has lots of potential and resources to register a strong growth by the end of 2018. If all goes well after that, market analysts also predicted that it could generate revenues of more than $74 billion by 2023. Because of these positive remarks from experts, the industry is now considered as one of the most rapidly expanding global markets at the moment.
The said growth is fueled by two most popular trends that changed the way gamblers bet: cryptocurrencies as a mode of payment and online gambling industry global regularization.
Cryptocurrency as a Mode of Payment
Today’s online gambling transactions are mostly cashless, thanks to the global emergence of cryptocurrencies, especially Satoshi Nakamoto’s Bitcoin. Compared to fiat currencies paid through cards and bank transfers, cryptocurrencies allow bettors to remain anonymous and private when creating an account or performing a transaction. Anonymity is the main selling point of top Bitcoin casinos, but users can also take benefit from fast transactions, cheap withdrawal and deposit fees, and secure banking options.
Additionally, cryptocurrency transactions through online casinos are free from the intrusion of middlemen, banks, and governments. This grants plenty of implications for both players and casino operators, including saving both sides a lot of money from gambling and from operating. These Bitcoin-powered platforms also offer the same services as any traditional casino. Everyone can enjoy playing Bitcoin slots, Bitcoin poker, Bitcoin live dealer games, Bitcoin jackpot games, and other classic and modern games without worrying about common online casino nuisances.
There are online gaming sites that remain unregulated in some countries. But because of cryptocurrencies and the blockchain technology, this changed. Many countries start to embrace the idea of having a rapidly growing market in their lands; The United States, England, and Asia for example.
Japan, Philippines, and Macau are all open to the idea of online gambling as a recreational activity. This is mainly because of the success they’ve seen after legalizing land-based gambling establishments decades ago. The local governments now eye online casinos and cryptocurrencies as a way to increase tax revenues and boost tourism. Specifically, they are willing to allow online gambling to equally function like a land-based casino gambling as long as there are proper security measures and regulations to implement.
In Delaware, Nevada, Pennsylvania, and New Jersey, most forms of online gambling are already legalized. The Federal government has allowed the states to solely decide whether or not to allow its residents to access online casinos and sportsbooks. 25 other states are looking at online gambling legislation.