The gambling industry was always known for its ability to adapt and accept new technologies. This was the case when it implemented the use of cryptocurrencies and welcomed players that use them. Crypto gambling is now common and expanding.
In this article, we’ll discuss the upcoming trends that will shape the crypto gambling industry in 2024 and possibly beyond. Most of the trends come from the changes in the approach towards BTC and not the currencies themselves or the blockchain technology that powers them.
Cryptocurrencies are becoming more widely adopted by the general public and by industries that rejected them before. This has led online gambling establishments to change their ways and accept cryptocurrency payments as well. At this point, 3 out of 5 largest banks in the world allow crypto trading. Ferrari just recently announced they’ll start accepting cryptocurrency payments and pension funds are looking to invest in crypto and BTC in the long term.
At this point, there are over 900 different cryptocurrency casinos and that number will continue to grow in the years to come, as more players join in.
Provably Fair Gaming
Games of luck are the most popular casino games and research shows that about 48 percent of players play games of luck exclusively. These games are based on a random number generator and BTC transactions can play a role in making them provably fair.
Among many reasons to play online cryptocurrency roulette, players usually state that the ability to clearly define odds ranks as the most important one. The odds and terms of each turn are written into the blockchain code and since it’s open-source any player can check for themselves. These games have an edge in favor of the house but players can clearly learn how big that edge is.
Use of Decentralized Finance Protocols
Decentralized Finance (DeFi) protocols have already changed many industries and in 2024 they will become the norm in the crypto-gambling industry as well. It’s projected that the DeFi market will grow by about 20 percent in the next 5 years and the crypto gambling industry will follow that trend.
The use of the DeFi protocol will allow seamless payments through different platforms and games, as well as a better user experience. This is especially important with games of luck where odds need to be transparent and easily accessible to the players.
The Rise of eSports betting
eSports betting was just a niche novelty a few years ago. Now, it’s one of the most important features of any sports betting gambling site and it’s widely adopted by players from all over the world. eSports bets are executed quickly and the players know the results within minutes. It’s also a whole new market of players out there, who want to make wagers and don’t follow traditional sports.
In 2023, the projected revenue in the Esports betting market is estimated to reach US$2.1bn. This market segment is expected to exhibit an annual growth rate (CAGR 2023-2028) of 9.22%.
Gamification and In-game Rewards
Bitcoin gambling sites are increasingly catering to the needs and interests of younger players. Seventy percent of all online casino players are between the ages of 18 and 39. This changes the gameplay as well. Younger players are used to console and computer games and casinos are implementing these components to their traditional casino offers.
This has led to the creation of in-game rewards that are similar to computer games. These mini-games offer rewards players can use in traditional games. They can be bonuses, multipliers, and other special features.
Move to Mobile
The move to mobile gambling isn’t a new trend, it’s been going on for a while now and it will continue and increase in 2024. Most of the younger players are used to gambling on mobile devices online. BTC wallets are also manageable through mobile devices only, meaning that a player can transfer or deposit funds and bet using nothing but a phone or a tablet.
At this point, about 55 percent of all players use mobile devices to gamble online and that number is going to go up as more of the young players take up online BTC gambling.
Virtual and Augmented Reality
Virtual (VR) and augmented (AR) reality have been in the works for decades, but the technology wasn’t quite there yet to be put to commercial use. In recent years there was a breakthrough and VR and AR exploded on the market. The tech is still not widely available and in the US about 23 percent of the population has used a VR device.
An interesting thing about the use of VR and AR is that it has a purpose on the back end as well. Online casinos will use AR to train employees remotely, by providing them with an experience that would mimic that of working in an actual casino.
Responsible Gambling Tools
Bitcoin gambling can be fun and a great way to earn a bit of money on the side. However, it can also be addicting and lead to financial issues. Research shows that about two percent of US citizens experience gambling addiction during their lifetime.
Casinos need to set up tools to help players bet responsibly and in many jurisdictions it’s a requirement. There are numerous such tools: players can set up a stop win or stop loss, and they can be locked out of their account after they lose a certain amount. Some gambling casinos also issue warnings if the players have spent too much time using an app or if they’ve kept increasing their bets too many times.
The Rise of Social Betting and Tournaments
In the years to come casinos will try to socialize their crypto gambling experience and to connect it with the use of social media. These social events come in the form of traditional tournaments, leagues, and leaderboards. That way both games of luck and games of skill can be played in competition with the other players.
Tournaments are also big events that allow crypto gambling to promote their offer and set up VIP bonuses and special features for the players that take part. It’s a great way to retain players and users can take advantage of the bonus features, as long as they are aware of the fine print.
Change in Regulations
Wider crypto gambling adoption has also led to changes in regulation. Now when BTC is commonly used, they’ve lost some of the initial appeal that came from being able to wager anonymously and without the use of any traditional financial structures.
Players will first notice the change in regulation in the wider adoption of Know Your Customer laws. This means that the casinos will require players to provide a photo ID when first signing up to use the establishment. Crypto payments will still be made with nothing but an email, but full anonymity will be harder to find.
To Sum Up
The crypto gambling industry is always changing and adapting as more players use cryptocurrencies and as cryptocurrencies are more widely accepted in general. There are already some clear trends that have emerged in the industry and that will shape it in the years to come.
Some of these are about the new technology and its implementation, but others are about the changing attitudes of a younger generation of online gamblers who are used to a different user experience. It will be an exciting few years for BTC casinos and their users.