Gambling Platforms and the Growth of Cryptocurrency Deposits
Holders of Bitcoin and other well-known cryptocurrencies have small but growing use cases online, one of these growing industries is gambling and gaming platforms that offer services in the form of accepting Bitcoin as a payment method.
Cryptocurrency has a very strong male base, with Exchanges and other crypto platforms sharing their insights into the main markets and demographics.
According to Unidax Exchange, predominately the market is male and aged 18 to 34.
Gambling statistics show that it is usually this type of profile, that is interested in online gambling with on average, males under 45 making up large percentages of the revenue stream. Cryptocurrency and gambling users, share many similar statistics, based on the collected information above.
Four out of five of the largest gaming markets show that males massively provide the numbers of players. Only in Bingo do females have the majority of players.
Bitcoin and crypto in online casinos
It could be argued users in both industries share similar features, leading those in the gambling markets to advertise and attempt to gather more users based on the likelihood that there is a strong match. Many sites have used blockchain and other features offered by cryptocurrency to appeal to players interested in gambling online.
Some of the main features presented include:
Increased privacy
Users do not need to attach banking details including credit card numbers or account information.
Faster withdrawals
Users only need to wait for the platform to confirm the withdrawal, before the blockchain processes the transaction openly online with tracking features.
Cheaper fees
Banks do not need to become involved if the user only uses cryptocurrency, meaning that fees, processing, and other third-party actions are lowered, leading to cheaper overall transactions.
The future looks bright
Gambling is certainly an area of concern for many people, however, it is also an extremely large industry that can provide fun and thrills to players around the world. Regulation and law will play an important role, as well as ensuring that players have the support and help if needed. Online gambling was valued at $48.52 billion in 2018 and is expected to grow by 11.5% before 2025. With the rise of smartphones, handheld gaming devices and now cryptocurrency, demand, and availability increases, online markets have extreme potential.
Online gambling can be considered as a global activity both in terms of technological and organizational viewpoints. With technology continually improving, it is likely that market adoption becomes ever more likely.
Cryptocurrency needs adoption and platforms including online casinos want the same. Maybe this is one of those rare occasions where both sides win.
Image via ShutterstockOriginally published at https://blockchain.news.
