The use of cryptocurrencies and in particular Bitcoin has become popular in many fields of activity. The gambling industry, including online casinos, has not been bypassed by the growth in demand. This is reported by the analytics which studies the data of cryptocurrency casinos.
According to them, the relationship between digital assets and gambling began 11 years ago, in 2011. It was then that the first sites appeared that accepted bets in Bitcoin, said Darren Keane from Storm International. Among the first such casinos are Switchpoker and Satoshidice. Today, a huge number of such platforms have been created, and now not only Bitcoin, but also other digital assets can be used on them.
A report published by CryptoGamble states that in 2021, the use of cryptocurrency casinos has tripled. Compared to the second half of 2020, the first half of 2021 attracted about 952.52% of new users. The largest number of new Bitcoin casino users was recorded in Germany. Their number increased by 1021.43%. Canada is in second place with an increase of 748.98%, and the United Kingdom is in third place, adding about 615.09%.
The most popular digital coin for betting is the flagship asset Bitcoin, in second place is its fork Bitcoin Cash. Also, players often resort to betting in Ethereum, Litecoin and Monero. According to forecasts, the online gaming industry is expected to reach $97 billion in traffic by 2025.
What is a BTC casino?
Bitcoin casinos are casinos where you can use cryptocurrency, said Michael Boettcher, Shangri La brand founder. Here, digital coins are used by players to finance their games on websites. Digital currency, which provides the user with full control and anonymity, is considered by many to be the safest form for gambling. Most online casinos have similar rules and conditions to the usual one, except for the fact that a player can bet and win Bitcoin in it.
There are two main types of online casinos with Bitcoin, namely casinos with exclusive BTC and hybrid. As the name suggests, the first one will deal only with cryptocurrencies, including Bitcoin, and the second one will deal with both traditional currencies and digital assets. In such online casinos, a player can pay and receive payments in Bitcoin. Playing games such as poker, roulette, video poker, blackjack and others, the prize won or lost will be paid online using cryptocurrency.
To use sites with crypto, players must first buy coins using regular currency, and then create a crypto wallet. After that, anyone with valid IDs can open an account on one of the many online sites. Players can make payments from digital wallets and play any game.
Anonymity remains a big advantage for many players, the opportunity to get additional winnings using the crypto market is also attractive. Reliability has become an equally important factor that has influenced the growth of the popularity of Bitcoin casinos. Thanks to the blockchain, players can not worry about any manipulations being carried out with their funds.