Online gambling has grown into an unrivaled industry and the boom has been significant since the introduction of cryptocurrency into the gambling industry. Data from Google Keyword Planner and Ahrefs point out that at least 4% of searches related to online gambling are linked to the crypto world. The percentage is merely a representation of search volumes and not the extremely high revenues garnered.
By 2021, crypto gambling had increased by four times since 2019. As such, it is predicted that crypto gambling’s value will have increased to $93 billion by 2023.
So, as an avid gamer you may ask yourself what makes crypto gambling so appealing;
- Users have the benefit of anonymity which is a luxury in this age of technology. This is despite knowing your consumer’s policy implemented across various countries. The policy provides that casinos must have a record of the gamblers contact information.
- There is also the advantage of fast transfer speeds which makes it a reliable source of revenue.
- It is decentralized such that it lacks central governing entities due to its use of blockchain technology allowing users to enjoy significant freedom.
- Crypto gambling sites offer better games and services on easily accessible platforms.
These are the features that make crypto gambling highly popular and will influence trends to make the industry more popular and safer for use in 2023. As such, the expected trends in the next year for this industry include;
Legalization
There are millions of gamblers across the globe and despite the various gambling restrictions for each country, crypto gambling has allowed players in countries like Taiwan to participate in the games.
However, with the growth experienced in the industry, it is necessary to take to legalization as the next big step allowing more people to play while also offering them security. European countries have some of the largest numbers of online gamblers and their governments are reaping benefits in terms of revenue generated due to legalization of crypto gambling houses.
Legalization will increase in many countries owing to the appeal of taxing the multi-billion industry.
Diverse Cryptocurrencies
Another trend we anticipate come 2023 is the increased use of other cryptocurrencies as today the most popular one is Bitcoin. However, we anticipate the introduction of Ethereum and Litecoin. This will also increase the number of people using the number of casinos accepting cryptocurrencies owing to the diversity.
Safer Gambling
Despite the freedom of anonymity associated with crypto gambling, there has been an increased need to fortify security to ensure that users do not become addicted to gambling. Excessive gambling will affect other aspects of life and in turn cause a decline within the industry as governments set up restrictive measures.
Additionally, safety is boosted as risks of identity theft and hacking are minimized greatly with crypto gambling.
Augmented Reality (AR) and Virtual Reality (VR) Based Gambling
AR and VR use is growing within the online gambling world. As online enthusiasts, we seek different thrills with each moment spent on various platforms, and with crypto gambling there needs to be a way to make gaming unique to each group of players.
AR and VR will allow us (players) to experience the gaming world in an entirely new and exciting manner. Their inception into crypto gambling will likely take root within the next year.
One major example of this is the use of metaverses. One of the appeals of crypto gambling is the associated anonymity however, this feature is gradually getting threatened thus, the shift of a number of players to the metaverse. Metaverses are 3D environments that can be a mash of AR and VR that we (users) can engage with to roam freely as they enable interactions and transactions with others.
The use of metaverses is yet to gain traction in the gaming world however, there is hope for such changes in 2023.
Smart Gambling
Along with AR and VR accompanying crypto gambling, there has also been a trend where people are shifting from using their computers and laptops for gaming. We have seen the shift to the use of smartphones as a number of the world’s population can access them.
Nevertheless, there is a growing need to further increase the scope of users and thus the drive towards smartwatch gambling. Smartwatches are among the most popular smart devices currently. They are the new craze especially among the younger generation who are the target for crypto gambling and all its facets.
The need to keep up with the trends has driven these generations to acquire smart watches in bulk thus, the infusion of gambling into these devices is inevitable within the next year. The challenge on this end has been the size of the screen being too small making it impossible to display a significant number of casino games.
Developers are working to create relevant games that can be displayed within the smartwatches.
A Steady Decline of Land-based Casinos
Gambling has been part of societies social interactions for decades, and land-based or physical casinos were a common way to actualize these interactions. These casinos are often localized in specific regions as the mention of areas such as Las Vegas conjure up only one thing; gambling.
The narrative is changing gradually and the effects of this will be more visible as of 2023. People are shifting away from the brick and mortar gambling dens to a whole new world made possible by crypto gambling.
Like with all other industries, the Covid pandemic influenced crypto gambling by shedding a light on its advantages as it was a safe means for people to have fun while maintaining their health during the period. There was no exchange of physical money nor was there a need to share physical spaces.
As such, land-based casinos will continue to reduce as people now favor online gambling for its many advantages and the fact that it helps one cut back on travel costs to and from casinos as well as other expenses required to play at brick and mortar gambling spaces.
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