The crypto gambling market has grown from 50$ million in 2019 to 250$ million by 2024.  In 2024, blockchain payment solutions are already addressing some problems such as transaction latency and geographic limitations. Furthermore, we have Stablecoins such as USDT and USDC which have gained popularity because of the stability of their prices. 

They are also already incorporating emerging trends like NFTs, DeFi, and blockchain-based games. The successful implementation of blockchain payments in gambling has definitely inspired trust among crypto investors. In case you aren’t closely following what’s been going on in these spheres here is a recap of why cryptocurrency payments in online gambling are such a big deal.

Transforming Online Payments

Crypto allows deposits and withdrawals within minutes no matter the player’s location. This speed is very important for those who want to claim free online casino games win real money no deposit bonus offers. Faster transactions allow players to credit their accounts, and activate no deposit bonus real money offers. The ability to receive payments instantly also makes the users enjoy their free spins no deposit winnings sooner. All of this only enhances the overall experience.

These perks aren’t necessarily a big deal in places like the UK where online gambling entertainment has been available since the early 2000s. But the same cannot be said for a lot of other countries or US states. Fans of this hobby had to rely on offshore brands, and modern digital payments were sluggish because they couldn’t handle cross-border transfers like crypto. 

Lower Fees

Some of the traditional payment options come with very high charges. This is especially true when paying through an international transfer or through a credit card. Cryptocurrencies eliminate the middlemen such as banks or payment processing companies. As a result, the processing fees are notably lower. For players, this means the percentage of their money that can be spent on games will be higher and for operators, it decreases operational costs. 

For instance, an ordinary international wire transfer may take $20 to $50. The same cryptocurrency transfer will only cost a few cents to a few dollars.

Enhanced Privacy

Cryptocurrencies are unique because they allow people to make transactions anonymously. When using digital currencies players can avoid putting their personal or financial details. This makes it very secure against hacking and identity theft.

Trends of Crypto Gambling in 2024

The symbiosis between crypto payments and gaming is very real. In fact, many blockchain-based innovations have inspired features in games. Not only that they’ve also given casinos means to upgrade player experience and safety.  

NFT Integration

Digital currency for gambling is revolutionizing the games by allowing players to earn tradable digital tokens called non-fungible tokens. These tokens can be anything from unique items within the game such as badges for avatars or special privileges. With NFTs, you can get access to private tournaments, better odds, or even a custom gaming environment. 

Like any other commodities, NFTs can be bought, sold, or traded. This not only enhances the gaming experience but also brings a new type of economy into gambling. 

Even if NFTs are digitally generated they do gain in value based on how difficult it is to acquire them and how scarce they are. In other words, they are a great tool for instilling a sense of prestige. Anyone who plays games that include collectibles knows this because many of the prestigious assets are locked behind achievements. In this instance, an NFT can be a badge of honour that a player gets for winning in an online poker tournament, and use it to customize their casino avatar. 

Online Sites on Blockchain

Blockchain technology in online casinos is improving the new generation of decentralized gaming sites that are called “provably fair casinos.” These brands capture every bet and transaction in blockchain to enhance the reliability of winners. In general, blockchain platforms are not regulated under conventional regulatory systems, which makes them accessible to the global public. 

According to Nick Garner, “Blockchain will disintermediate and decentralize to a large extent”. He then proceeded to say that blockchain technology will drastically change the gaming industry. 

The Blockchain Gaming Market at the global level is expected to reach about $65.7 billion by the end of 2027. It is also expected to grow at a CAGR of 70.3% in 2022-2027. This is a big up from 2022 when the revenue was 4.6$ billion.

DeFi in Gambling

DeFi is revolutionizing the betting industry through staking, pooling, or earning interest on the player’s crypto investments. Gambling operators that use DeFi, combine gaming and investing while increasing the financial freedom of the users.

You can invest in pools, where you can receive a cut of the commissions or revenue. Bets can be tokenized, bought/sold, or even used as collateral within decentralized finance sites.

Challenges and Opportunities

Despite a set of undeniable benefits of using cryptocurrencies, there are several issues that can arise when gambling. Regulatory risks in some areas and fluctuations in the value of digital assets are some of the challenges. But, stablecoins, which are tied to fiat currency, mitigate the problem of price volatility making them reliable to players and operators.