Crypto Casino's Growing In Popularity: What Is The Appeal?

Although the very first cryptocurrency casino was launched in 2014 – with the name of Bitcasino – it wasn’t until 2021 that the weird and wonderful world of crypto gaming took off.

It was in this year that the number of crypto users increased by around 178% – no doubt due to the relative bull market that drove tokens like Bitcoin to over $65,000 – and the metaverse as a whole was becoming more explored.

With more people discovering the opportunities of crypto casinos, the size and revenue of the market reportedly grew to around $4 billion, and this number is forecast to reach $65 billion sometime in the next 4 years.

But what exactly spurred this massive growth and what is the appeal behind crypto casinos in 2023?

The Growth Of Crypto Casinos

As mentioned previously, the cryptocurrency market as a whole had a big impact on the outbreak of crypto casinos. Two years ago, the market was at its height.

Bitcoin had its highest valuation ever, and crypto as a concept was being looked at far more favourably than it was at the beginning – or during the first crypto winter that lasted between 2018 and 2020.

This drive of new users similarly drove more interest in crypto-related projects in the metaverse, including crypto casinos. While the most popular casinos before 2020 had focused mainly on BTC, variety in 2021 became very important, with newcomers like wild coins casino experiencing success with deposits including BTC, LTC, DOGE, ETH, and USDT.

Social media trends also came into play. In 2022, the superstar, Drake, made headlines when he won $12 million playing roulette in a crypto casino, and this put the platforms front and centre of media attention. Nearly two years on, and this attention has still not faded.

The Popularity Of Crypto Casinos

Just as the rise of crypto casinos can be attributed to the success of the crypto market, so too can the reason for their popularity in the first place. Because they are based on blockchain technology, crypto casinos prioritise anonymity and privacy, making it nearly impossible for players to be recognised or tracked.

This, similarly, protects them from data breaches and provides peace of mind in an age dominated by cybersecurity controversies. In contrast to traditional online casinos, crypto casinos also have lightning-fast transactions. Crypto winnings are processed within minutes to ensure they are in the user’s crypto wallet as soon as possible.

This is a dramatic improvement compared to many online casinos, where withdrawals can sometimes take weeks to reach a player’s bank account. As well as this, reduced transaction fees, unmatched security, and the variety of games on offer all contribute to a crypto casino’s popularity.

Crucially, however, crypto casinos have no borders. Because they operate on a decentralised network, geographical borders and typical regulatory constraints are non-existent, which means anyone can play so long as they own crypto tokens. Like the world of crypto itself, the casinos are designed to be all-inclusive, with a few advanced incentives sprinkled in for good measure.

How Big Will They Get?

Toward the end of 2023, the success of crypto casinos does not seem to be slowing down. This is even more impressive considering the crypto winter that the market has been experiencing. The price of BTC – while a lot better than it was at the beginning of 2023 – is still down compared to 2021, and altcoins across the board are struggling to build on the initial optimism.

But people are looking for change when it comes to safety, security, and anonymity, and crypto casinos are offering this change. It’s hard to say whether they will reach that estimated figure of $65 billion, but as long as they continue to excel in these crucial areas, we can certainly expect them to continue building.