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Into the Light: The State of Crypto Gambling

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Cryptocurrencies have seen a meteoric rise last year, followed by their slow fading out of the mainstream media’s headlines. But the lack of news in the newspapers doesn’t mean they are gone – they are in the process of fundamentally changing several aspects of our lives, and seeping into everyday activities like shopping (with businesses like, Newegg, and even the Redmond Giant accepting cryptocurrencies today), Las Vegas gambling, banking and fintech, and the likes. Wait, did I just mention gambling? I did, didn’t I?
Gambling was a realm where cryptocurrency use was pretty widespread even before its mainstream popularity – in 2013, it accounted for almost half of all Bitcoin transactions, some sources claim, and its volume of transactions is at least ten times as big as the one of the transactions on Silk Road and other illicit marketplaces. Last year, Bitcoin gamblers placed around 337 bets per second (!), wagering about 3 BTC each minute.
The total amount of BTC wagered since 2014 is estimated to have reached 3.7 million last year. And this even before the “industry” has come to light completely – Edgeless, the first truly transparent and licensed crypto casino based in Lithuania and backed by Ethereum Smart Contract, has only obtained it’s online gambling license late last year.
Bitcoin gambling has been around for years – for at least half a decade or even more. Just like the “proper” online gambling business, it had its ups and downs, with various gaming outlets offering homegrown games to their players. That until Coingaming emerged, a startup aiming to merge online entertainment with the blockchain. Coingaming has made it its goal to create a secure and complete gaming solution, covering everything from casino games to betting, skin gambling, and such.
All based on the blockchain, of course.
Today, cryptocurrency gambling is a minuscule business compared to the “proper” online gambling industry – an industry that will grow at an exponential rate now that the United States has repealed PASPA, its final major barrier in front of legal online sports betting in the country. And most crypto gambling is done away from the eyes of the average gambler, too.
Still, it can offer players not only a brand new range of games to play but also a completely different way to handle transactions to and from their gambling outlet – once cryptocurrency goes mainstream in the industry, it will eliminate waiting times and the various restrictions imposed by either of the parties and make deposits and withdrawals secure, safe, and instant. Something the business – that doesn’t have the most spotless reputation today – sorely needs.
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Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.
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