Why Both Blockchain and Online Gambling Are Surging Right Now

Bitcoin surge

A recent report from GamesIndustry.biz suggests that huge spikes are taking place in the world of online gambling and Bitcoin gambling sites. It appears that the current state of the global economy and spikes in cases related to the coronavirus pandemic are the leading contributors. A deeper dive into the numbers speaks not only to the acceleration of this trend at the present moment, but also to the fact that the future is bright for both online gambling and blockchain technology.

Inside the Numbers

Statistics from the report show that gaming sales across 50 key global markets are up 63% this year. Much of that 63% is thanks to large spikes that happened throughout various coronavirus related lockdowns all over the world. For instance, between March 16 and 22nd, France saw digital downloads related to gaming rise 180%, an astronomical number.

Those digital downloads allowed casinos and sportsbooks to keep generating revenue when brick-and-mortar locations had to shut down in order to try and flatten the pandemic curve. In fact, a report from the NASDAQ shows that online gambling revenues in New Jersey actually went up 66% and stood at $65 million for the month of March. Total revenue is expected to exceed $700 million USD by the end of this year, which would crush last year’s mark of $483 million.

A similar trend occurred throughout Australia during the nation’s lockdown in April. Gambling revenues in the land Down Under are up 67% as a result of the countries nonessentials shut down.

The reality is the pandemic is only accelerating a broader online gambling trend. Virtual reality, the Internet of Things and cryptocurrencies are also making it easier to blur the lines between brick-and-mortar gambling locations and online gambling websites. Global Market Insights Inc. reports that advances in these technologies should increase online gambling revenues exponentially over the next few years. It’s estimated that by 2026, online gambling revenues will exceed $160 billion.

Bitcoin Gambling Sites Are Benefiting from Online Surge

A Cointelegraph article published recently states that a popular crypto gambling website called Bling experienced a 50% increase in users during the month of March. At its peak, the website reached 70,000 users per day and over 400,000 active users per month, a whopping number for a Bitcoin gambling site.

One of the reasons bitcoin gambling sites are benefiting from the online gambling trend is not just because of the sheer number of users, but because those users keep coming back for more. Why would they come back for more?

Blockchain technology allows casino operators to offer players provably fair gaming and an easy way to anonymously deposit funds onto their platforms. This means lower administrative costs and better odds for the player. How much better the odds? It’s estimated that gambling on a website that offers audit-able results thanks to the immutability of the blockchain provides players with between 1.5% in 2% in added value against the house.

Given that a professional sports gambler wins about 57% of their wagers whereas the average sports betting enthusiast may only win 54% of the time, an extra 2% turns more recreational players into professionals in theory. This means they can afford to keep rolling over their bankroll and continue going back to the same sportsbooks they know and love.

As Bitcoin and other cryptocurrencies continue to innovate and develop better security and scaling solutions as well as continuing to make it easier to use things like smart contracts to facilitate transactions, more and more online gamblers will get used to the idea of using cryptocurrencies to place bets.

Join the trend and start gambling with Bitcoin now.

Jack Choros byline

Jack Choros

Jack first invested in Bitcoin in 2016 and continues to gamble with it to this day. He loves the Toronto Raptors as much as he loves cryptocurrency. Jack’s work has appeared on ESPN Radio, Yahoo Sports, OddShark.com and many cryptocurrency related publications, namely BTCGG.com.

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