If there’s one cryptocurrency that has managed to retain its buzz from the get-go, it’s Bitcoin. It has been a runaway success since its inception and remains one of the best-performing digital currencies, even in the face of last year’s crypto market crash. So, it doesn’t come as a surprise that online casinos have capitalized on this popularity by creating Bitcoin casinos.
These blockchain-powered casinos, exemplified by platforms such as Metaspins, offer several advantages over traditional online casinos, including enhanced security features, lightning-fast payments, and better transparency. So, if you’re curious to learn more about these new-age online casinos, we’re sharing some of the most surprising Bitcoin casino facts with you.
1. The Crypto Casino Market Value Sits at $250 Million
While the overall online casino market is valued in the billions, the crypto market is much newer. Even so, its current market value is nothing less than impressive. It is estimated to be valued at around $250 million, with projections that this figure will continue to grow as more players adopt cryptocurrency as their chosen payment methods.
2. Crypto Bets Increased Dramatically Between 2021 and 2022
In the first quarter of 2021, almost 3 billion crypto bets were placed at online casinos[JJ1] that accept both Bitcoin and fiat currency bets. A year on, crypto gamblers placed over 6.3 billion crypto bets, which is a massive 116% increase in just 12 months!
3. Almost 36% of Bets Placed at Online Casinos in Q1 2022 Were Crypto
Studies show that in the first quarter of 2022, of all the bets placed at online casinos, a whopping 35.96% of those were paid for using crypto. This is just shy of a 10% increase from 2021, when 26.3% of all bets placed were paid using crypto.
4. 50% of Bitcoin Transactions are Related to Online Gambling
Online casinos and other online businesses have increasingly offered cryptocurrency as an alternative payment method. As the online space becomes increasingly competitive, businesses need to find ways to gain market share. Even though everything from real estate to new shoes can be bought with Bitcoin, it is still predominantly used to gamble! An estimated 50% of all Bitcoin transactions are in fact linked to crypto casinos.
5. 80% of Online Gamblers Pay With Bitcoin
When it comes to which cryptocurrencies are wagered the most, Bitcoin remains top of the pile, with 80% of crypto gamblers favoring the coin. Up next is Ethereum at 10%, followed by 6% paying with Litecoin, and the remaining 4% being shared among smaller digital currencies.
6. Bitcoin Casinos are Highly Sought After
Ahrefs.com is a leading search engine tool that gathers data on search volume and web traffic. They report that the term “Bitcoin casino” attracts 30,000 worldwide searches a month.
7. The First Bitcoin Bet was Worth $24
Bitcoin was first used in sports betting in South Korea during a K-League match. The wager was for 0.2 Bitcoin, which at the time, was only worth $24. Today, that same bet would be worth close to $6000.
8. Oregon is the US State Most Invested in Bitcoin Casinos
A recent study was conducted to determine which US states were most interested in Bitcoin gambling by analyzing Google search data in each state. Oregon came in as the leader, with high search volume around the terms “Bitcoin slots” and “Bitcoin gambling.”
9. 72% of All Crypto Casino Bets Were Made Using Bitcoin in Q1 2022
In the first quarter of 2022, it was reported that an estimated 72.8% of all crypto casino bets were placed using Bitcoin. This is a decrease from 2021 and is directly linked to Ethereum’s growing popularity.
10. $4.5 Billion in Bitcoin Bets Have Been Placed Since 2014
It was reported back in 2017 that over $4.5 billion in Bitcoin wagers had been placed since 2014. We can now safely assume that this value has grown significantly in the past six years, especially at crypto’s peak before last year’s crash.
11. Winnings from Bitcoin Gambling Are Tax-Free In Australia
That’s right! If you happen to win any money gambling or placing bets using Bitcoin and similar digital currencies, your winnings are exempt from tax in Australia. This is largely due to their progressive laws around cryptocurrency and blockchain technology.
The Future of Bitcoin Casinos
It’s no secret that the crypto market experienced quite a colossal crash last year and is still rising from the ashes. We project that the popularity of Bitcoin casinos will continue to rise in the years to come, despite these challenges. Even with newcomers to the market, like Big Eyes Coin, it will be hard to ever topple Bitcoin from its current position.
Today, Bitcoin’s value stands at around $29,000⎯a far cry from its peak of $69,000 in 2021 but also a great recovery from its value in November last year of $16,000. This is simply further evidence that Bitcoin is here to stay and so, Bitcoin casinos will continue to grow and corner a handsome share of the online gambling market.
