Crypto casinos were not so popular just a few short years ago. But, with a bear market for equities as well cryptocurrencies in full swing in 2022, many crypto HODLers are now keen to try their luck on a prominent online casino that accept cryptocurrency for deposits.
After all, when the market is going down you might as well have a little fun with your funds. Right? To attract the crypto crowd, all online casinos need to do is to incorporate a crypto payment option. It’s as simple as that!
By doing so, they’ll instantly be able to tap into a huge market. Plus, if a casino has its own crypto wallet, it can even lower its fees and accept a wider variety of coins and tokens. Let’s look a bit more closely at this growing phenomenon.
The rise and rise of crypto
The number of people who use crypto and have additionally verified their ID has skyrocketed from just 5 million in 2016 to 25 million in 2018 and a staggering 295 million in December 2021, according to Statista . A large majority, 76%, of people who invest in crypto are between 18 and 40. Meanwhile, those who are a bit older tend to not see the benefits and possible game-changing uses of blockchain tech.
What kind of growth can we expect in 2023?
Do you want to know what the team at Crypto Lists is saying? We think the crypto space is going to steadily increase in 2023 but that the crypto casino market is about to go to the moon. Why? It makes sense. With a lot of crypto investors seeing their portfolios taking a hit, they’re open to taking more risks for the chance at a payout. And, more and more online casinos and iGaming companies are hopping on board by accepting crypto as funcing method. This opens up a whole new market for them.
“With such fast growth between 2016 and the end of 2021, I predict that the crypto market will reach over 500 million verified users by the end of 2023, despite 2022 being a difficult year.”
– Markus Jalmerot, Co-founder of Crypto Lists
A major crypto payments player from from Singapore says that the number of people using crypto could reach over 600 million by the start of 2024 . And, their data shows that more women are interested in digital assets than men. In South Africa, 57% of people interested in crypto are women, while in the UK it’s 55%. Who would have thought? It’s surprising, especially considering the typical “crypto enthusiast” stereotype.
Another big name in the casino industry software space says that the number of people using crypto to bet has more than doubled from 2021 to 2022 among their customers . They also mention that traditional casinos are still bigger in terms of betting, but the gap is closing. It’s possible that in the next decade, crypto could become just as popular as using Euros, Dollars, or Sterling in the iGaming space.
Altcoins overtaking? Maybe
You know what’s interesting about crypto casinos? A lot of people think that Bitcoin (BTC) is the only option, but that’s not the case at all. Actually, Bitcoin’s market share is going down while Ether (ETH) and Litecoin (LTC) are on the rise. And, of course you have Solana (SOL).
Experts believe despite recent events that the network it’s built on is super strong and it looks like a lot of casino operators are starting to agree. That’s why you’re seeing more and more iGaming sites accepting Solana as a deposit method. Solana enthusiasts like our very own Markus and Tom predict that it will become even more popular in 2023 and 2024, especially if the coin’s value goes up.
Crypto deposits… Why so popular?
One of the key reasons that explains why more and more people are using crypto to deposit money in online casinos is because the leading crypto casino sites allow for instant withdrawals. It’s a game changer. Traditional online casinos can take up to two whole days to process, which is a huge difference. And, you know what’s even more interesting? Even though the crypto market is currently bearish (with a little relief rally here and there), a lot of people would rather use their coins on something fun like online gambling than just sitting there and watching the value drop.
Predictions for 2023
We’re not shy about what we think about crypto casinos. We think they’re awesome. And, that the market for online casinos that accept crypto deposits is going to skyrocket in 2023. And, it makes sense when you look at the numbers. Even though people are more likely to gamble with crypto during a market downturn, if crypto starts to pick up again, it’s going to drive even more growth for crypto casinos. It’s pretty simple: the more people know and talk about crypto and blockchain technology, the more popular crypto casinos will become. That’s something you can put your money on!