Even if you don’t have a stake in the crypto market yourself, you’ll no doubt have heard about how major assets in the space underwent a major fall from grace over the past year or so, raising questions about their long term prospects.
The outlier in this so-called crypto winter is the fact that there’s still strong demand for crypto-powered gambling services, which are enjoying growth along with the wider online casino industry.
So what is keeping this trend moving in the right direction, while the rest of the market is mired in a never-ending FUD spiral?
Silver Linings on a Dark Cloud
There are positive signs for staple crypto assets like Bitcoin, with investors tentatively returning to a market which seemed like it had peaked some time ago. And was now waking up to the harsh reality of its questionable ongoing relevance.
However, there is no getting around the fact that the crypto winter has been especially harsh, and not without reason.
Scandals have rocked it, all-conquering exchanges have faltered and folded, leading lights have been discredited and even arrested. But in spite of this, online casinos could be the savior of crypto.
This is partly to do with decentralization and player control. While regulators might be able to ban standard payment methods, they are less equipped to apply the same restrictions to crypto transactions, for instance.
It’s also about the mainstream attention that crypto has received, especially since 2021. More people are holding assets than ever. And as the investment prospects soured, the utility of digital coins for online gambling increased as an appealing option.
So the future for crypto on the whole remains hard to predict, but its ties to online casinos seem certain to stay sturdily in place.
Issues of Accessibility
For gambling fans who want to use blockchain-based assets to place bets, it’s important to find reputable online casinos that accept crypto.
There are many of these around, with more joining the market frequently, which is of course a clear indicator of just how robust this particular segment has become, crypto winter be damned.
Of course the one hurdle that still exists at the moment is that of accessibility, because while it is infinitely easier to buy and trade crypto assets today than in the early stages of the technology’s development, there are still more hurdles for the average player to overcome compared with making a deposit using a traditional payment card.
This is why casino sites need to support crypto assets in a more unified, uniform way. If they are able to not only let the crypto-familiar customers what they want out of the experience. But also usher in newcomers who’ve yet to dabble in this world before. They’ll be able to capitalize on what is clearly a trend that isn’t going to slow down any time soon.
Growth Going Forward
Broadly speaking, online gambling as a whole is going through a bit of a purple patch, with annual growth pegged at 12.5% according to analysts. Meaning that the rest of the decade is going to be nothing but good news for this industry.
As mentioned, this is the lifeline that crypto needs right now, and one which explains the buoyancy of full-blown blockchain casino sites, as well as of the growing adoption of crypto for transactions and wagering in more established gambling platforms.
For investors, crypto is still a chilly proposition, but for gamblers it's heating up. And that looks set to continue regardless of outside market pressures.