iGaming has been an increasingly mainstream space for over a decade. Particularly in the UK, where we're used to seeing betting company logos emblazoned on the front of football team shirts and amusing accumulator-themed adverts at half time.
As Bitcoin and Ethereum casinos continue their rise to prominence, it's worth looking at exactly why so many new crypto casinos are appearing and what specifically is their appeal for thrill-seeking players. In this article, we'll explore the reasons behind the popularity of the new rising casino sites and their growing appeal to players.
iGaming in the UK
Before delving into the appeal of crypto casinos, it's essential to understand the growth of online betting and gambling in the UK. The UK gambling industry is one of the largest and most regulated in the world, and it generates billions of pounds in revenue annually.
According to the UK Gambling Commission, the total gross gambling yield (GGY) of the UK gambling industry was £14.3 billion in 2019-2020. Of this, the online sector accounted for £5.7 billion, or 39.5% of the total GGY. These numbers highlight the growth and importance of the online gambling industry in the UK.
The growth of Crypto casinos
The popularity of crypto casinos is evident from the growth of the niche. According to a report by Mordor Intelligence, the global online gambling market is expected to reach $127.3 billion by 2027, growing at a CAGR of 11.5% during the forecast period (2021-2027).
Additionally, the use of cryptocurrencies in online gambling is also expected to increase, with the global crypto gambling market predicted to reach $1.6 billion by 2024, growing at a CAGR of 14.5% during the forecast period (2019-2024).
Now that's enough of the numbers. Let's find out why people love playing on new crypto casinos so much.
We'd be lying if we didn't highlight how one of the most appealing things about new crypto casinos is the registration and welcome bonuses on offer for new players. While returning gamblers will have their pick of reloads and cashback, it's the newbies who have most to gain from taking a punt on a new iGaming site.
Some decentralised casinos don't have traditional welcome bonuses but instead have unique features like chat rain bonuses. Players enjoy the bonuses on new crypto casinos for two reasons.
1. If they haven't played on them before, it's simply a new place to play and a new welcome package to enjoy
2. The more crypto casinos there are, the better new ones have to position themselves in order to attract new players. Therefore, they're more likely to tailor better bonuses.
Keeping a low profile
One of the biggest appeals of crypto casinos is the anonymity, low fees, quick transfer speed and the high security they offer. Traditional online casinos require players to provide personal information such as their name, address, and banking details. However, with some types of new crypto casinos ,players can gamble anonymously, without revealing any personal information. This anonymity ensures that players' identities and funds are secure, reducing the risk of identity theft and fraud.
This niche of new crypto casino is known as an anonymous casino and is also often decentralised, meaning it only accepts crypto currencies and isn't run in the same centralised way as a standard online casino. But how long will the anonymity for new crypto casino websites last? An article in Wired's Gadget Lab where Andy Greenberg is interviewed suggests that it's easy to follow the money on the blockchain, to reveal identities.
It's all about speed
Crypto casinos also offer faster transactions compared to traditional online casinos. The use of blockchain technology allows for near-instantaneous deposits and withdrawals, eliminating the need for lengthy processing times.
Players can enjoy faster and more convenient transactions, which is a significant advantage for those who want to start playing quickly or withdraw their winnings immediately.
Interestingly, Bitcoin is the most famous but isn't the fastest. However, you can circumvent this by using the well-known and well-liked Lightning Network that already back in 2018 was seen as the solution for faster transactions by Arstechnica.
No VPN? No problem
New decentralised crypto casinos also offer greater accessibility compared to traditional online casinos. Players from all over the world can gamble at these casinos, regardless of their location. Additionally, the use of cryptocurrencies enables players to bypass traditional banking systems and access online gambling without facing any regulatory issues.
Last but not least, it means you can circumvent the need for any VPN. While really useful, some online casinos ban players for using them to get around restriction rules.
Provably Fair Gaming
Crypto casinos are also known for their provably fair gaming systems. These systems use cryptographic algorithms to ensure that games are fair and cannot be manipulated. This level of transparency ensures that players can trust the outcome of their games and reduces the risk of fraud or manipulation.
Why new crypto casinos?
The appeal of new crypto casinos lies in the adoption of the latest technology and usability that only the newest sites may have and the increased anonymity, security and faster transactions compared to new casinos without crypto deposits. You will also get greater accessibility, and provably fair gaming which is unique to crypto games. And not to mention the newer they are, the better the welcome bonus for many. After all, there is a new casino bonus at least, which is enough for many players to give it a try.
As the global online gambling industry continues to grow, new crypto casinos are poised to become a significant player in the market. After all, who likes to play in an old and boring crypto casino when there are better alternatives around?
With the use of blockchain technology and the increasing popularity of cryptocurrencies, it's no surprise that more and more players are turning to the newest crypto casinos for their online gambling needs. A new day, a new bonus - and more fun and luck hopefully.
