Gambling goes blockchained
During the last couple of years, the popularity of digital currency casinos has increased considerably, given the wide variety of benefits being offered to players worldwide. Many people believe that the Bitcoin and some top coins are the perfect currency for online casinos, and recent statistics show that the market agrees with this mass opinion.
The blockchain industry victorious march is even out of the question for – the next years will undoubtedly see this prominent technology getting adopted in more and more industries. Banking area, transportation, jurisdiction, logistics, different productions, healthcare, gaming – there is potentially no shortage of sectors of current human activity where the blockchain cannot be applied for improving the existing solutions. Verifications of the highest possible level, unmatched security&safety options, smart contracts that can ensure payment transactions on the new standard.
Online gambling represents one of the first industries that went on experimenting with the use of blockchain technology, as different bitcoin casinos represent one of the most widespread use cases of cryptocurrency in its early years.
However, despite the evolution of cryptocurrencies in recent years, the overall impact on online gaming had been relatively small so far.
Anyway, despite the cryptocurrency market rapid shifts the last couple of years, the digital currency casino market has evolved and grew, given the appearance of more game types, features, bonuses, and more.
Nowadays not many even professional online game players and supporters do realize the potential benefits of cryptocurrency casinos when compared to more “traditional,” fiat-currency based online casinos.
1)The blockchain technology allows providing the games results, stats, and ratings that cannot be counterfeited. Different solutions out there in the market even before the blockchain adoption, though so far nothing is likely to provide better security and privacy in the coming years.
2) Client’s anonymity of the top level and best access options. Years before many had legitimate doubts and concerns with the personal information being shared on third-party gambling resources. And of course, this isn’t a case with crypto casinos. However, many gambling solutions are so easy-to-use that they automatically register user accounts when accessing the websites, and therefore, do not require personal information such as email, name, or real postal players address. Of course, it is a positive approach as an anonymity level like this also allows users located in countries where online gambling is under a legal ban, still access the resources and play their favorite games.
3) Unfortunately, some emerging crypto casinos currently suffer from the governmental tightening regulations as they are required to obtain licenses and apply more and more stricter rules over time.
4)The astronomically high speed of transaction execution. Before the blockchain stepped in, both the deposits and withdrawals in online gambling had never been that fast. Most popular existing casinos require transactions to have one confirmation on the blockchain network, before allowing users to wager the funds. However, the overall process can require no more than a few seconds or a couple of minutes, based on the client’s digital currency of choice. In contrast, the withdrawals are usually processed almost instantly. Users no longer have to wait for days before being able to play or withdraw their funds.
5)Lowest fees – the modern digital currency casinos had proven to have some of the most affordable dues on the existing market. Most cases show no cost associated with either deposits or withdrawals, and many new startups aim for low maximum indications to be attractive in this market and cope with numerous competitors.
The market for mobile applications and online games shows tremendous growth and an ever-increasing influx of new users over the past few years. According to 2017’s “AppAnnie 2017 Retrospective: A Monumental year for the application economy”, the overall market capitalization of mobile applications has reached $ 86 billion.
Due to the latest Newzoo insight, in 2018, the mobile games market will generate $70.3 billion – 51% of the overall global games market. However, the data from Statista reports that social casino revenue worldwide is estimated to reach $5.89 billion by 2022.
Moreover, according to Newzoo – the quarterly update of its Global Games Market Report service – the current forecast shows that 2.3 billion gamers across the globe will spend $137.9 billion on games in 2018. This represents an increase of +13.3% from the year before which was $16.2 billion.
Digital game revenues will make up 91% of the global market with a value of $125.3 billion. Mobile gaming will continue to be the largest segment following 10 years of double-digit growth since the first iPhone was launched in 2007. In total, mobile revenues will grow +25.5% year on year to reach $70.3 billion. This means that for the first time, more than half of all game revenues will come from the mobile segment.
No doubt that in fact best options for immersive player experience nowadays are provided by the most reputable companies.