The growth of the online gambling industry accelerated during the COVID-19 pandemic. In 2020, a Statista report valued the industry at $58.9 billion worldwide (2019). By 2023, the report suggested the industry might be worth $92.9 billion.
Online gaming also grew with a record-breaking 21.9% increase in revenue to $21.1 billion between 2019-2020. Together, these factors contribute to an online gambling market worth $127.3 billion by 2027.
The use of cryptocurrency transactions in the online gambling industry also grew. Most sites now allow crypto for deposits and withdrawals.This industry trend comes from the decentralization of gambling. A digital ledger created on a network allows players to buy currency with no centralized authority.
Online casinos that use this method of decentralized gambling offer bettors 24/7 accessibility.
What’s Decentralized Gambling?
Decentralized gambling uses a specialized token for digital transactions. These transactions occur on an encrypted blockchain network. Each transaction gets stored on a node or a network of computers (the blockchain).
These networks act as public ledgers. Decentralized gambling helps to maintain the integrity of online wagers.
Bettors know that their wagers remain fair and secure, with each transaction visible to the public. Decentralization also removes the standard fee that comes from traditional banking methods.The impact of the metaverse on decentralized gambling improves game selection as well. Players may find a wide assortment of games unique to a decentralized online casino of their choosing.
A virtual reality (VR) headset offers an added dimension to having fun gambling online. Users could then interact with other players in this fashion.
Popular Decentralized Casinos That Are Available Right Now.
Among decentralized casinos, Moonbet might be a great place to start. Players must buy MBET tokens and hold them in a digital wallet. Profits get evenly distributed among holders of the Moonbet platform.
Another gambling dApp casino comes from Wolf.bet. This crypto casino offers games like dice, slots, roulette, and more. The platform accepts over a dozen cryptocurrencies.
A Provably Fair page shows fairness and verification doctrines for gamblers. BC.game, a third option, offers a variety of promotions like deposit bonuses and a daily spin bonus. Games include dice, roulette, Plinko, keno, video poker, and blackjack. Players can even play live casino games.
The Future of the Gambling Industry
Many blockchain casinos offer specialized options for players in the decentralized gambling industry. Gamblers keep their winnings on a digital wallet or transfer between cryptocurrencies.
Future trends to drive the industry include payment safety, data privacy, and anonymity. Accessible from any desktop computer, laptop, tablet, or mobile device, dozens of options now exist. Gamblers can play these decentralized online casinos from anywhere in the world. With VR on the rise, you’ll need a headset to get started.
