Crypto casinos are in high demand, but the crypto market crash in 2022 makes it uncertain whether they will remain so. From the crash of Terra-Luna to the decline in the value of Bitcoin, several factors indicate that players could opt for more reliable payment. However, a CasinoBonusCA report that studied and delved into this issue can help us develop accurate predictions for 2023.
Statistics show growth in the popularity of crypto casinos
CasinoBonusCA, an independent casino bonus recommendations platform reviewing gaming services, recently released a report on crypto casinos. Their study involves analyzing the search volume of each major cryptocurrency about gaming-related terms, such as “casino sites” or “online casino.”
As expected, the most popular coins have had the highest search counts: Bitcoin reached a total of 543,000 searches in 2022, for example, which is considerably higher than the 407,250 searches in 2021. Ethereum took second place with 109,200 searches, but lower than in 2021 (81,900). All other coins included in this report, Monero, Litecoin, Dogecoin, and Usdt respectively, have shown a gradual popularity trend.
Overall, this increase was around 33.3% from a quantitative point of view and a quarter from 2021 to 2022.
What causes the popularity of crypto casinos?
2021 saw a record in terms of crypto casino growth, with an upward trend continuing into 2022. It appears that the recent market drop has had no impact on the involvement of cryptocurrencies in gaming silver. Users also seem, conversely, to have shown more interest over the last month than before.
What is the cause? Since the falling value of crypto coins and market instability are not strong enough arguments for players to use other payment methods, they prioritize something else.
CasinoBonusCA experts believe that anonymity is a key element for many players. Although crypto transactions are easy to monitor by operators, they are almost impossible to track whether by friends, family, or colleagues. This implies that there is a lot less explaining to do when paying for your bets with crypto coins, which attracts these same users.
At the same time, crypto transactions are considerably faster than FIAT transactions because they are all done instantly. Even if getting your casino money is not urgent, it is always reassuring to know that you can get it with just a few clicks.
Finally, crypto allows players to bet on lower-than-average amounts. If you are a newcomer to the casino market, it, therefore, represents a solution sometimes considered ideal because it allows you to learn the rules of the game without investing too much. On the other hand, experienced players can use this advantage to spread their budget across potentially more successful bets.
Will cryptocurrencies be profitable shortly?
Experts say yes. The crypto market has successfully entered 2023 as some of its biggest coins have been rising. Bitcoin, for example, increased by 1.21% and therefore traded at $16,727.34. Other smaller values have also increased, such as Solana in the first line (13.31%).
According to current forecasts, several currencies could prove profitable this year. This is also evident in the fact that more and more companies are adopting the use of crypto, with Bitcoin in the lead.
Punters who are not high rollers might be interested in assessing the development of Cardano, which relies on scientific research, unlike its peers. Its final stage, Voltaire, allows members to vote and obtain cash management rights. This is to have a fully autonomous decentralized currency.
What should crypto casinos do to stay popular?
First of all, diversity is essential to keep players interested. By presenting all the main categories of cryptocurrencies on their sites, operators allow players to access their services without having to adjust their budgets. So, a high roller can easily bet using Bitcoin, while a casual slot player can bet multiple times with XRP.XRP.XRP. a>
Clear conditions and terms of sale are also essential to favor crypto casinos. Many exceptions could be stipulated for crypto promotions, for example, which would cause players to lose interest in any platform that does not spell them out clearly. Indeed, with such exceptions in effect, they may spend their time and money betting their bonus funds only to discover that they are not allowed to cash out.
The relevance of crypto casinos is based on already decisive factors
2022 was probably one of the worst years for crypto, if not the worst. However, crypto casinos have grown in popularity regardless. This proves that, as long as there is room for change, players are unlikely to be inclined to choose just any alternative payment method.
Given the pace at which crypto-related technologies are advancing, it is safe to assume that this trend will not change in 2023. While there are many possible outcomes for all coin types, most of them are already firmly entered this year’s market.
