Online Gambling: A Billion dollar Industry with Innovation and Bit of Favorable Regulations
Cryptocurrencies in the gambling industry without any introduction have attracted an impressive number of online gambling platforms to adopt including Bitcoin and other altcoins. But that’s not the end, as there is still a considerable amount of platforms that are yet to allow transition with cryptocurrency, which combined with the developing interest in cryptocurrency among the general public and online casino gambling fans has left the doors open for the sector to scale great heights in terms of future development.
In the current situation, the online gambling industry is expected to achieve a CAGR of over 8.8% by 2024. The exponential industry growth rate over the years has been attained mostly by the introduction and adoption of new technologies such as cryptocurrencies and blockchain technology. While Bitcoin opened a way out for platforms to become truly global offerings, it also brings about few challenges that are to be overcome in order to reach the forecasted growth and maybe even reach beyond that. Some of the challenges today include the uncertainty surrounding cryptocurrencies’ legal status across nations, fluctuation of crypto prices due to volatility and development of fraudulent casino platforms.
According to one of the cryptocurrency casino platform operators, in order to be successful, online casino operators should work to maintain a good reputation by maintaining a sustainable relationship with both crypto as well as gambling communities. The online gambling industry is finding ways to overcome issues affecting their development by working on advanced technologies, decentralization of game software and inclusion of support for stable coins. In order to further fuel the development of the online gambling industry even governments have to proactively involved in the process by drafting crypto and gambling-friendly regulations.
Both online and offline gambling operators continue to be one of the major revenue drivers for many countries across the world. By creating a friendly environment for the industry, they allow actively contribute towards the trust-building process. A lenient licensing regime for the industry will see more people using cryptocurrencies like Bitcoin, along with a development in the number of licensed Bitcoin Casino platforms. The combined growth of both verticals will find more people using digital currencies on regulated gambling sites, as they perceive them to be fair and trustworthy.