Crypto Betting Trends

Many betting trends are emerging in the crypto gambling industry. As these various trends converge, the global crypto betting market is evolving before our very eyes. Crypto gambling is becoming more mainstream. Emerging technologies are driving that change, which in turn call for more regulations like “Know Your Customer” laws.

Crypto betting enthusiasts and investors who keep up with the market’s evolution will succeed and prosper. We’ll discuss the emerging technologies at the heart of crypto betting platforms, as well as the market dynamics that will drive crypto gambling in the future. Before getting to the tech trends, let’s start with the basics.

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Key Takeaways:

  • The crypto betting market is influenced by the adoption of various cryptocurrencies and technological advancements.
  • Popular cryptocurrencies like Bitcoin and Ethereum dominate the market, but other altcoins are also gaining traction.
  • Emerging technologies such as smart contracts and decentralized platforms are shaping the future of crypto betting.
  • Staying ahead of market trends and technological changes can provide a competitive edge in crypto betting.

Popular Cryptocurrencies

Below is a list of the commonly used cryptocurrencies. Each description has a brief explanation of why it’s popular with users. Crypto betting platforms tend to choose the most popular virtual currencies for their banking methods because they want to appeal to the maximum number of players.

Bitcoin

Bitcoin was the original cryptocurrency and is still the most popular one. In 2023, Bitcoin still comprised 55% of the crypto gambling market. The trend is a shrinking percentage of overall usage, though.

Ethereum

Ethereum is Bitcoin’s biggest challenger among the altcoins. It not only handles crypto payments but offers smart contracts to automate tailor-made solutions. Any crypto that offers smart contracts should prosper in the future.

Litecoin

Litecoin was the first major answer to Bitcoin, Litecoin offers a blockchain that’s four times larger than Bitcoin and therefore four times faster. It’s found in roughly the same percentage of crypto casinos as Ethereum.

Bitcoin Cash

This is yet another challenger to the original virtual currency, Bitcoin Cash came from a hard fork of the Bitcoin protocol. Like Litecoin, it offers faster transactions than Bitcoin.

Tether

Tether’s allure is it’s pegged to the US dollar. Whatever the value of the US dollar on a given day, Tether has the same value. Good for gamblers who don’t like crypto’s market fluctuations. Also the most-traded crypto on the exchanges since 2019.

USD Coin

USD Coin is another option for gamblers who want a virtual currency tied to the US dollar. Those that fluctuate (like Bitcoin) according to their market have an added level of gambling. Many of those gain in value over time.

Meme Coins

Meme coins like Dogecoin and its Japanese imitator, Shiba Inu, are growing in popularity at crypto gambling platforms. If a gaming site supports 15 or more crypto options, it tends to include Dogecoin and Shiba Inu.

Other Popular Cryptocurrencies

Two types of crypto casinos exist: (1) those that support payments with the most popular cryptos and (2) those that offer transactions with many virtual currencies. The first group tends to support deposits and withdrawals using Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.

The other group supports payments with those options, but expands the list to include 12 to 25 popular cryptocurrencies. BetOnline Casino and Bovada each support 16 cryptocurrencies, while TrustDice supports 22 crypto payment methods.

Popular cryptocurrencies at these sites include Cardano, Avalanche, Binance Coin, Polygon, Ripple, Tron, Stellar, and Solana. Of course, Tether, USD Coin, Dogecoin, and Shiba Inu are often included in the same lists of accepted cryptos.

What are the most popular cryptocurrencies for online betting?

The most popular cryptos for online betting are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. With many sites, that’s often the only ones. The best crypto betting sites offer far more than that. Players will find trusted and respected crypto sites that support payments using Avalanche, Binance, Cardano, Tether, USD Coin, Ripple, Shiba Inu, Dogecoin, Solana, Stellar, and Polygon.

While those are the most popular options, players can find sites that support most of the top crypto payment methods.

Emerging Technologies

More than its traditional counterpart, the crypto betting industry adopts emerging technologies quickly. This burgeoning new industry pushes the boundaries of innovation, leading to cutting-edge solutions that traditional gambling sites eventually adopt.

Over time, that might not be enough. AI-generated gaming content and smart contracts offer crypto-betting sites advantages that standard casinos cannot adopt. Thus, cryptocurrency gambling will continue to gain ground in the next few years. Here are some of the technological advances that will help.

Blockchain Enhancements

The blockchain provides many enhancements to standard transactions. These benefit users by increasing security and transparency, and thus trust. Here are five blockchain enhancements that prospective users should consider.

  • Enhanced Security: Blockchain users have vital keys (passwords) they use instead of their personal, bank, or credit card information. This enhances security by reducing the ability of identity thieves to steal your information.
  • Greater Transparency: Everyone can see the transactions on the blockchain, which helps you confirm payment. The network records transactions in multiple locations. Token miners confirm the transactions, making it impossible to fudge.
  • Instant Traceability: Transactions have an audit trail for your crypto assets. Share data exposes weaknesses in the supply chain, such as goods sitting in a loading dock somewhere. Also, it helps consumers know if they’re dealing with a product tied to environmental or human rights concerns.
  • Increased Speed: Bank processes are more time-consuming and prone to human error. They can require third-party mediation more often. Blockchain payments streamline the process, giving you more efficient transactions. This makes payment faster and cheaper.
  • Automation: Smart contracts automate deposits and withdrawals. This reduces transaction time to 15 minutes or less — letting token miners approve the transaction in a matter of minutes. If you need to file a claim, the smart contract automatically settles it and pays the claim.

Decentralized Platforms

Decentralized crypto platforms operate on a peer-to-peer network of computers known as a blockchain. Instead of relying on a central authority or central bank, blockchain users make transactions with one another directly.

Good decentralized platforms impose rules that reduce the trust required between participants. These protocols make it harder for either side of the transaction to exert authority over the other side, which would degrade the network otherwise.

Decentralization has several benefits. One, it creates trading environment that doesn’t require trust, which can be abused. Two, it improves data reconciliation through a combination of transparency and privacy. Three, it optimizes the distribution of crypto units.

All of these benefits reduce the cost of transactions and increase efficiency. Transactions are more accesible and have greater security.

Smart Contracts

Another trend is the increasing usage of smart contracts. Some virtual currencies — most famously Ethereum  — give players the ability to execute smart contracts. These not only assure transactions, but give players the chance to program a number of automated transactions based on specific rules.

Smart contracts make contracts safer and cheaper. In fact, some experts speculate sports betting smart contracts might allow for even-money sports wagers one day. Currently, they make is cheaper and safer for gamblers, because they have specific rules that both sides must follow.

Which emerging technologies in crypto gambling are most likely to affect the industry moving forward?

Decentralized platforms is a hallmark of crypto gambling. Players no longer have to trust gaming operators, but will be able to verify every step of the game. Smart contracts are the key technology that allows that to happen.

Because smart contracts are open-source, a person can verify the odds. Because smart contracts automate the process, clever designers cannot manipulate the game. And because decentralization democratizes the game, it is independently verified by a multitude of people.

Blockchain technology drives every other change, of course. Notable enhancements the blockchain provides are better security, greater transparency, warp-speed payments, automation, and instant traceability.

Market Dynamics

While Bitcoin remains the dominant choice for crypto gamblers, it continues to lose ground to altcoins like Ethereum and Tether. Though Tether is the most traded cryptocurrency since 2019, fewer casino sites support payments using Tether or Ethereum. Here are the market trends in user behavior over the past couple of years.

  • More People Use Crypto: More people worldwide use crypto payments than ever before. The crypto exchanges now have over 420 million users.
  • Transactions Doubled in 2022: Crypto transactions doubled globally from 2021 to 2022.
  • 9% Increase in 2023 Transactions: The trend slowed somewhat in 2023, though it still had a healthy growth of 9% in net transactions in the first quarter of 2023.
  • 14% Increase in Net Volume: Over the same time, the net volume of crypto trading increased by 14%. The market is supporting larger and large crypto trades.
  • 60% Involve Bitcoin Betting: Of all transactions involving Bitcoin, 60% involved gambling to one extent of the other.
  • 55% Market Share of Crypto Gambling: Bitcoin maintains its dominance in crypto gambling. Crypto Processing Dotcom estimates Bitcoin controls 55% of the crypto gaming market.
  • 9% Decrease in Market Share: Ethereum, Litecoin, Tether, and other altcoins continue to gain ground. 2023 saw a 9% decrease in market share for Bitcoin.

Despite decentralization, user behavior remains tied to regulatory oversight. Governments that design laws to nurture cryptocurrency gambling are seeing high growth rates. Those that don’t are falling behind in the crypto market. This will only accelerate in the coming years, because crypto gambling sites offer more enhancements each year.

Provably Fair Games of Chance

Most games of chance in an online casino use a random number generator (RNG) to determine results. Even though gaming software uses true random number generators, losing players always have doubts about the randomness (and therefore fairness) of games.

Blockchain gambling that uses smart contracts offers provably fair gaming. Players can see the odds and terms used by the blockchain code because it’s open-source. Any player can check on the house edge and learn how big the casino’s advantage is.

Rise of Social Betting Tournaments

Social gaming sites are on the rise. As that rise happens, we’re seeing a blurring of the lines between social gaming sites and traditional gambling sites.

Operators like Rebet Social Sportsbook are redefining how bettors gamble. The Rebet gambling app allows people to invite friends and strangers into heads-up contests or gambling leagues. Meanwhile, the re-bet button lets people create a gambling community where they back the same picks.

That same blurring is happening in the crypto betting arena. Using tournaments, leagues, and social leaderboards, crypto users can play for bragging rights or real money. These big events allow cryptocurrencies to promote themselves, which leads to big bonuses as part of the promotions. For that reason, crypto gamblers will find even better promotions than before.

A Surge in eSports Betting

For years, eSports has been rising in popularity as a sports bet. 2023 was a pivotal year, as esports betting generated over $2 billion in revenue. The Enterprise World predicts a 9% growth of the eSports gaming segment in the coming years, which means it will surpass $3.8 billion by 2030 at that rate of growth.

We are several generations into the video game craze. Pro competitions have never been at a higher level. Like traditional sports, the pressure to succeed is high. Practice, analytics, and team strategy now play a key role in winning. Sports bettors who keep up with the trends and key players can win. Perhaps more than NFL or NBA games, those in the know can win big money.

Gamification and In-Game Rewards

Casino games are becoming more like video games. This process of gamification is due to the influx of younger players, who expect casino games to look more like console games. Seventy percent of new players are now between the age of 18 and 39 years old. That creates a new dynamic.

One key result is in-game rewards. Players are used to unlocking in-game achievements and awards, so they want casino games to offer the same. Currently — but even more so in the coming years — expect crypto games to offer in-game rewards.

Regulatory Changes in Crypto Gaming

Crypto trading is becoming more mainstream. As the wider public adopts crypto trading, more of the gaming public is adopting crypto gambling. Originally, BTC gambling let players wager anonymously, which was a tremendous draw for many gamblers.

As crypto gambling becomes more mainstream, that’s changing. More governments worldwide are creating Bitcoin gambling regulations. This has created “Know Your Customer” laws, where casinos ask players for a photo ID when they sign up.

Those who love privacy above all else might not like the KYC regulations, but it’s becoming a part of gaming life. You’ll still be able to pay using nothing but an email address and a key. Nevertheless, full anonymity will be harder to find in a KYC era.

Latest Crypto Gaming Regulations by Region

Different regions take many different approaches to crypto gambling. In regions that regulate cryptocurrency betting — Latin America, Africa, and the EU — the industries have shown growth of 6% or more. Those who don’t regulate their crypto betting markets leave such gaming in the shadows, where it is hard to gauge growth numbers or assure safety.

Latin America

Regulation is affecting market trends in Latin America. New gaming laws in Argentina, Peru, and Colombia have led to 6%+ growth in each countries online gaming industry over the past 5 years. Gaming analysts predict Brazil and Mexico will have 6.5% growth or higher in the years leading up to 2030.

Africa

Several African countries are beginning to regulate their cryptocurrency gambling markets: Kenya, Ghana, and Nigeria are notable examples. Most African governments who follow the crypto betting trends use South Africa as a template. That’s because South Africa regulated crypto betting a few years back and has seen tremendous growth in the industry.

United Kingdom

Players in the UK can legally use crypto for gambling payments, but only those licensed by the Gambling Commission. That limits the options, especially since UK players face a stout firewall. Despite that limitation, many UK players use VPNs to play at offshore crypto casinos, sportsbooks, and poker sites.

European Union

The EU is on a multi-level path towards regulation. The EU Council has its own general rules that member states mostly follow, though national governments add their own gaming laws at times. In doing so, the EU has the most developed and refined crypto betting laws in the world. Countries around the globe look to the EU for guidance.

That guidance involves regulation, which enhances transparency and safety. Decentralization can work alongside EU regulations if the goal is to make crypto gambling safer and more efficient. Some European countries split the difference better than others. Strict bans on crypto gambling have proven to make betting online less safe and efficient.

United States

The United States also balances state and national interests when it comes to cryptocurrency gambling. Dual sovereignty under the federal system means that the states handle most gambling legislation. Thus, the USA is a patchwork of crypto gambling laws.

The few states that license online casinos ban cryptocurrency payments. The same goes with licensed mobile sportsbooks and poker sites. Thus, advancement in the crypto betting casinos is handled by offshore gaming sites that accept US players.

In time, regulated US gaming interests will have to reckon with the enhancements of crypto gambling. For now, American regulators can safely ignore the trends.

Australia

Australia takes a similar approach crypto betting laws as the United States, though that might be changing under the government of Aussie PM Anthony Albanese. Domestic gambling operators cannot offer crypto betting to their customers, though Australian punters often sign up at offshore crypto betting sites.

What are the current trends in cryptocurrency betting?

A list of the latest trends in crypto gambling includes probably fair games of chance, social betting tournaments, and a surge in eSports betting. It includes the gamification of casino games, as well as in-game rewards in response to that trend.

The latest treds also mean more regulations, including the Know-Your-Customer movement. With the mainstreaming KYC, true anonymity will become less prevalent.

Future Outlook

Several trends are emerging in online crypto gambling. These are evolving the industry away from its traditional roots and shaping the future of crypto betting. Here are a few of the emergent trends we see in the current crypto betting niche. We see this process only increasing in speed and frequency over time.

Toking Mining Rewards

For much of their history, crypto casinos followed the industry standard when it came to welcome bonuses and other casino promotions. They might offer a larger Bitcoin bonus than they would a credit card bonus, but it was largely the same offer. You’d receive a match bonus on your first deposit and most reloads, along with occasional free spin or table game bonuses. No-deposit bonuses were extra special.

A current trend is rewards specific to cryptocurrencies. For instance, many crypto casinos now offer “Token Rewards.” These are bonuses that specifically give players a chance to win crypto tokens, depending on the crypto type they use for transactions. This adds a layer of gambling to bonus rewards.

AI-Generated Games

The effect of artificial intelligence is only beginning in crypto gaming. In the coming years, people can expect AI to have a tremendous effect on gaming. AI could open the door to customized games for slot and scratch card players. Over time, this could spread to other games.

Let’s give an example. A player likes the human-designed games, but wants something more tailored to their tastes. That player likes pirate games, but wants an added twist the traditional slots don’t have. So they ask the casino’s AI for a game that combines pirates and ninjas.

Using AI-generated art, the casino gives the player a game called “Pirate vs Ninjas Slots.” Then imagine the player asking for expanding wilds, a bonus game with up to 20 free spins, an RTP of 96% or higher, and a jackpot of 10,000x the original bet. The casino’s artificial intelligence program creates Pirates vs Ninjas to have those parameters.

Combining AI generation with smart contracts is the future of land-based and online slot gaming. As these games appear on the market, crypto betting sites will become much more distinct from traditional gambling portals. As they do, crypto users will see even more financial benefits, while at the same time offering a much more entertaining gaming environment.

What is the future outlook of the crypto betting market?

In addition to provably fair games and in-game rewards, crypto gamblers will find more toking mining rewards at the sites they play. Over time, they’ll find AI-generated games that are tailor-made to their tastes and whims. The future of crypto betting is customizable, so you’ll find themes and game art generated with a simple prompt.

Conclusion

Longstanding crypto betting trends are accelerating. These trends now distinguish crypto gambling sites from traditional gaming portals in many ways. As they do, sites that use crypto payments will dominate the global gaming market. Due to blockchain gambling technologies, it’s inevitable.

Quite simply, the crypto betting market can offer players more benefits than traditional casinos ever could. Therefore, now is the time to get involved in the cryptocurrency gambling market. Read our crypto casino reviews, choose the best gaming site for you, and join the emerging crypto gambling market today.