Over the past two decades, the world of gambling has witnessed massive changes; what used to be an occasional trip to the casino has now become a comprehensive online experience, with players quenching their thirst for gambling from the comfort of their own homes.
According to reports from Grand View Research, the global online gambling market size was valued at $53.7 billion in 2019 and is expected to grow at a CAGR of 11.5% in the next 7 years.
Despite the massive growth witnessed by the iGaming economy in the last decade, there still remain systemic challenges that hinder the potential of the industry. However, there is a savior – blockchain technology and cryptocurrencies are changing the face of online gambling for the better.
Snags in the iGaming Industry
Unfortunately, one of the biggest problems is the lack of transparency and trust between developers and players. Several online casinos employ unfair gaming protocols when it comes to transactions within the in-built economy and the ownership of virtual assets.
The biggest barrier to the growth of online casinos and gaming, however, is the regulatory hindrance that fiat currency gaming is facing. This is where blockchain technology earns its coin, no pun intended.
How Blockchain and Crypto Is Saving the iGaming Industry
Blockchain was introduced as a solution to the transparency, accountability, and security issues inherent in the existing financial system. Since Blockchain tech essentially provides for a decentralized, distributed, transparent platform protected by cryptography, it is the perfect foil for the unreliable nature of the online gambling industry.
Over the last 5 years, hundreds of ‘crypto casinos’ have cropped up. They are secure, provably fair, and just as feature-rich as a conventional online casino.
Leading the charge is FreeBitco.in, one of the largest bitcoin gaming websites and the seventh-largest online casino in the world (referring to their FreeBitco.in traffic stats by SimilarWeb). The platform serves over 41+ million players daily, giving them a fully transparent and automated platform to play and win.
However, that is not their only goal; FreeBitco.in has dedicated itself to promoting and facilitating cryptocurrency adoption and utilization globally since 2013. And they’re doing it again.
FUN – An iGaming Token With Incredible Potential
FUN is an ERC20 token that represents the core of the FunFair technology ecosystem. Created in 2017, FunFair is the leading provider of blockchain-powered casino technology to the iGaming sector. It is fast, transparent, and extremely developer-friendly.
And FreeBitco.in is doing its part to unlock the potential of online gambling by integrating FUN Tokens into its ecosystem through a Premium Membership Program. FreeBitco.in is incentivizing its 41 million registered users to acquire FUN Tokens by offering premium benefits like cashback rewards, free spins, interest payments on Bitcoin savings etc.
What this will do: getting 41 million users to adopt and utilize FUN Token is a massive step towards achieving crypto’s goal of mass adoption. Besides that, a substantial head start like this will go a long way in making the online gambling space safer and more transparent.
Additionally, this huge increase in demand and FreeBitco.in’s $600 million yearly wagering volume is set to boost FUN Token’s value exponentially, making it a potentially long-term investment opportunity.
The transparency and provably fair nature of blockchain and cryptocurrencies would draw in more people into the online gambling industry. With the rise of platforms like FreeBitco.in, it’s only a matter of time before the online gaming industry fully adopts blockchain.
And when a popular platform like FreeBitco.in adopts a token like FUN, its increase in demand and value is the perfect driver for higher adoption and utilization of cryptocurrency, unlocking the industry’s potential.