Will We See a Rise in Crypto Gambling in 2024

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It’s no secret that crypto gambling is booming, with the number of crypto bets placed increasing 2.2 times from Q1 2021 to Q1 2022. But with the market crashing, trading volumes drying up, and Bitcoin fading from the public’s consciousness, 2024 might prove a challenging year for crypto gambling.

The Case for Crypto Gambling Continuing to Grow in 2024

Despite fears of a global recession, online gambling is still showing strong growth. The global online gambling market is expected to grow at 8% to 11% per year from 2023 to 2027. The driving factors behind the growth are key markets like America continuing to legalise, increased internet penetration and smartphone usage, and the rise of easy-to-use betting platforms. Even if the crypto market continues to perform badly and the average Joe on the street forgets what a Bitcoin is, crypto gambling will grow in 2024 as the online gambling segment performs well.

The rise of crypto gambling isn’t just fuelled by the crypto fad and the dream of striking it rich by investing in some obscure altcoin. Cryptocurrencies actually do enhance a player’s online gambling experience. Notably, crypto radically speeds up withdrawals and allows players to receive their winnings in just a few minutes, whereas online casinos often keep players waiting for days and sometimes weeks. This is a major selling point that crypto betting sites have used to pinch players from traditional online casinos.

Another big reason crypto casinos have been blowing up is their ability to enter grey and even black markets. Online casinos are banned in 28+ countries, including China and the majority of the US, so there are literally billions of potential players who are cut off from online gambling. These players have increasingly sought refuge at crypto casinos, which often don’t require verification and are unphased by hostile governments.

If crypto betting sites can continue to attract just a tiny percentage of players in restricted countries, then they have the potential to achieve strong growth for the foreseeable future. However, things aren’t looking as rosy as they did back in 2021!

Market Conditions Are Not Ideal for Crypto Casinos

Contrary to popular belief, gambling revenues don’t increase during a recession but actually stagnate, according to a 2012 study in the Journal of Gambling. This is definitely cause for concern, seeing as 48% of economists believe America is heading for a recession in 2024, and economic powerhouses like Germany are already in a recession.

In 2024, we’re going to find out exactly how resilient the global economy is. With interest rates high and the cost of living continuing to rise, the average gambler is likely to have less money in their pocket for discretionary spending. Online gambling operators are definitely hoping that inflation gets under control, global conflicts subside, and we can all return to the good days when interest rates were negative!

Crypto casinos aren’t just up against general economic conditions, they’re also uniquely exposed to the crypto market. When the crypto market is pumping, and Bitcoin is moving up 10% + every day, there is a massive amount of enthusiasm and interest in crypto. This spills over into new sign-ups and existing players wagering more.

Unfortunately, the crypto market is currently languishing in no man’s land. Since reaching an all-time high in 2021, Bitcoin then proceeded to crash 75%, and it has made a comeback, but trading volumes are incredibly low. High interest rates are really burdening the markets, and currently, there is no bull story that is generating interest in the space. If crypto markets perform poorly in 2024, then betting sites are not going to see growth anywhere near what they experienced in 2020 and 2021.

2024 Is A Year Uncertainty For The World and Crypto Gambling

2024 really could go two directions for crypto gambling. It’s totally plausible that inflation comes down, global conflicts end, interest rates are slashed, and the party continues. However, at the same time, conflicts could also increase in intensity, crypto markets could collapse under the pressure of interest rates and investors rushing for safety and playing crypto slots is the furthest thing from anyone’s mind. 2024 is definitely going to be a pivotal year for the world and crypto gambling. If we had to make a prediction, expect crypto gambling to experience moderate yet not spectacular growth.

Source: futureplay.news