The sheer popularity of cryptocurrency phenomena and bitcoin in particular is helping in the development of services of the gambling industry. Now, according to the Report Buyer study, the cryptocurrency use will help push the growth of the gambling markets across the globe. The study is called Gambling Market – Global Outlook and Forecast 2018-2023 and it shows that the online gambling industry took notice of the crypto space.
The companies working in the field have begun to harness the power of blockchain-based gambling platforms which helped the industry expand its user base. It also brought about a new wave of expansion and development opportunities. The study showed that a rising number of gambling service users are using both blockchain and digital currencies as a payment means on the global market.
Expansion in Services
According to the study, the rising popularity as well as the increasing number of live gambling services, like online casinos, offered a chance for the global market development. This relates to the upcoming five-year period. The same live casinos operate very much like physical brick and mortar facilities, featuring live dealers. For the players, the option is clearly desirable. Another segment where the online gambling has seen a substantial growth is the rise in the esports competitions. These are also driving up the engagement in the global gaming market with genres like MOBA, RTS, and FPS taking the lead in the world of gambling just as they are in the competitions themselves.
Because the events are broadcasted live using streaming platforms like Twitch and YouTube, they present the same gambling opportunity as any other live sports event. Also, because of the tech nature of both cryptocurrency field as a whole and esports, they are a natural fit for one another. Now, the researchers are estimating that the global gambling industry will attain a record revenue of $525 billion by the end of 20233.
Mobile Device Adoption
Gambling mobile device apps are also in an important state of expansion. Here as well, crypto is leaving a mark with things like custom betting environments where players can create their own betting setups. Platforms like Augur are making this possible and while there are still numerous regulatory issues, the actual potential of options like this is huge. This is also the reason why investors are willing to put money into the same sphere and count on long-term returns. In markets like the US, UK, China, and Italy, mobile gambling apps are fueling growth and arrival of any users. The report stated that the influx of these new players will ensure that the global gaming industry is growing in North America and Europe. This, in turn, will enforce the growth across the regions.
The connection between gambling and crypto is two-way. A previous study of this kind, done by the Research and Markets organization, stated that the adoption of crypto gambling will, in turn, contribute to the growth of bitcoin and other cryptocurrencies. The introduction of bitcoin gambling is definitely the strongest factor, mainly because of the popularity of the first cryptocurrency. Yet, at the same time, countless individuals decided to buy bitcoin for the first time so they can experience the process of gambling with it. Once the first adoption takes place, they will likely continue to employ it for other purposes as well.
In a gambling setup, bitcoin also offers advantages over fiat currency, especially when it comes to micro-wagers and anonymous payments between the users and the platforms. The mutually beneficial relationship between gambling and cryptocurrencies will, at least according to these research results, continue in the coming years.