It seems the bulging popularity of cryptocurrencies is not going to fade away any time soon and the online casino market is only going to continue to thrive. The year 2017 saw the launch of dozens of new altcoins but more importantly, Bitcoin got stronger. Improvements also happened with respect to Bitcoin ATMs and a general access to the currency without having to dive deep into the dark web or some darknet marketplace. Instead, online bitcoin casinos doubled and with the opportunity to gamble with Monero and other altcoins, more people have gotten involved in the world of online gambling.
The biggest news of all is recent from experts in the field, the latest market forecast for bitcoin gambling and the betting industry will surpass $96 Billion by 2024 (Transparency Market Research). Growing at an average CAGR of about 10.8% from this year to 2024, it is expected that the market will reach close to $40 Billion by the end of 2018.
The Market Will Solidify
Currently, the market offers very little room for differentiation of services while in some regions the rules are highly prohibitive for new players. However, according to the report, there will be some significant movements in the market composition as a result of the increased inflow of dollars into the online bitcoin gambling market. The prediction is that the global online bitcoin gambling/betting market will become more consolidated with an increase in the number of acquisition and mergers as players battle to secure a competitive advantage.
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Currently, the handful of players commanding the largest market share of this market include PaddyPower Betfair PLC, William Hill PLC, and Playtech PLC followed by the rising stars of this sizzling market – Ladbrokes Coral Group (PLC), Amaya, and Inc which all offer almost identical services. Bitcoin casinos will factor in as a major competition market share by 2024.
The Rise of SmartPhone Gaming is Huge News
The evolution in Online Bitcoin Gambling and Betting hasn’t by any means come overnight. Indeed, Online Gambling/Betting Companies continue to bet on the growth of Smartphone Gaming if the projected expansion is to be eventually realized. This can be seen with a casino-like Limoplay.
There’s a relentless rise in the number of ‘digitized’ consumers with smartphones, tablets, and related portable electronic media entertainment devices being top in the priorities of the demographic targeted by the leading Bitcoin gambling and betting companies.
“The expansive scope of customer reach that these firms can achieve using smartphone gambling apps alone is huge enough to make them to consider investing in standalone Bitcoin gambling betting portals for their mobile audience. This allows the worldwide online Bitcoin betting market to generate mammoth amounts of revenue from users who prefer to bet or play using their mobile device on the go, instead of waiting until they can get access to websites from PCs or kiosks,” Atil Chaudhari, an analyst at TMR wrote.
VR is a Great Advertising Board
Something missing from the bitcoin casino world presently, but found in other online casinos is the ability for players to gamble under the use of a virtual reality consumer. This could be the game changer that opens up bitcoin gambling to a wider audience. Consumers with more disposable incomes continue to adapt VR into their digital life and so by incorporating this technology in the new games, they feel that the games are meeting what they feel should be the trend everywhere meaning they’re likely to venture into playing.
What About the Unrelenting Regulatory Pressure?
Even as the market continues to push the limits and reaching unheralded milestones, there’s no denying that this is happening against all odds. It’s a well-known fact that there’s heavy online policing in lucrative markets such as China and North America where the players are forced to comply to an unending list of requirements almost every day.
The U.S., especially, has an unimaginable potential because of a larger consumer pool but operating an online bitcoin gambling portal there is a very tall order even to the market leaders because of criticism, strict prohibitions, and regulations. There is also the huge stigma associated with bitcoin because of the darknet. However with the recent changes in gambling, even opening up horse racing and the Kentucky Derby bitcoin prop betting, things may be on the up and up.
The good news is that the intense regulatory pressure on digital currencies gambling is expected to slow down over the next few years in the U.S.A as numbers and demand expand. States may also relax the harsh rules as players present better tax prospects. Things are also not any rosy in the Asia Pacific and The Middle East.
The Future Lies Online
“The immediate future of online bitcoin gambling lies in the introduction of expansive online betting portals and these should have live streaming of bitcoin casual games or bets. This will cater for the growing number of users who love real-time sports streaming and betting. Another secret for these markets could be in the addition of various gamification strategies” adds the TMR analyst.