International tech brand, SOFTSWISS, conducted a study in November that revealed crypto betting’s growth in 2021. Betting volume using virtual assets like Bitcoin (BTC) and Ethereum (ETH) roughly doubled compared to the previous year. Differences between the second and third quarter of the year saw an astounding 28% increase.
They also drew a comparison between crypto and fiat bets in the year. It shows that, while fiat bets volume is still larger, crypto betting showed a more dynamic growth in the latter half of 2021. These findings have been attributed by SWIFTSWISS COO, Andrey Starovoitov, to how most crypto users started just in the third quarter of 2020. The same people are likely more comfortable with using crypto now so they started shifting it from fiat to online gambling.
Crypto and fiat in online betting
Much of crypto betting’s growth can also be credited to the expansion of the Bitcoin casino industry. Many casino brands launched in the last three years with full support for virtual assets.
Some online casinos designed for fiat also gradually include crypto among their supported currencies. Online casinos and bookies that accept cryptocurrencies are always open for BTC and ETH while Ripple (XRP), Tether (USDT), and Litecoin (LTC) are rarely recognized.
Most casinos that started with fiat still have promotions exclusive to fiat users. However, some of them are not available in countries with limited online gambling support. Bitcoin-centric promotions, meanwhile, are often more casual as free spins are offered more frequently than match bonuses.
Sports organizations and clubs also joined the Bitcoin ecosystem with the top teams benefiting the most from Bitcoin investors. This is a product of how crypto betting continuously grows around the world. Gamblers can bet on almost every major sports tournament with Bitcoin. That includes basketball, soccer, and cricket. Esports tournaments have also joined this economy.
Why crypto become popular for casino transactions
The best qualities of virtual assets revolve around overcoming fiats’ limitations. Convenience and efficiency are just some of them. Bitcoin is a peer-to-peer (p2p) mode of payment that lets players send and receive BTC directly between accounts even across borders.
Fiat has to be validated by multiple banks if they have to be transferred abroad, especially since it has to go through conversion. Bitcoin validation is handled by blockchain technology that is operated by an autonomous algorithm.
Part of what makes Bitcoin casino gambling more popular than fiat is reliability. Gambling is either not regulated or limited in many countries so banks are strict about linking to their client’s accounts. Thus, money transfers are often delayed as the bank waits for their client’s confirmation or cancelled because of current events.
Blockchain algorithms are not bound by any laws or regulations from countries. They will always successfully process your transactions as long as they are not violating any of the consensus criteria. Users will only experience delays if there is too much traffic on the network but this rarely happens now thanks to the number of miners around the world.
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Source: Igaming
