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The real money online casino gambling industry is booming these days. The current coronavirus health crisis is keeping the doors closed at land-based casinos around the globe. The only alternative for avid gamblers is to turn to sites that offer the same action online.
One fast growing subsets of online casinos are gambling sites that use cryptocurrencies for banking options. Bitcoin (BTC) leads the way as the most common crypto for online play. However, other cryptos such as Ethereum and Litecoin are also making inroads.
Interestingly, the continued growth in popularity gambling with cryptos remains on the rise. One of the stronger online casino gaming markets in the world is Canada. Liberal laws that favor many forms of gambling have been driving growth for years.
The total gaming revenue for both land-based and online gaming sites was close to $7 billion (CAD) last year. This represents an increase of more than four percent from $6.67 billion (CAD) in 2018. Projections have the total industry growing another 10 percent by 2024.
A big part of this growth can be attributed to casino gambling online. It has been estimated that 90 percent of Canadian citizens gamble online at least once a year.
Offshore sites still have a rather strong foothold in Canada. The actual numbers bear this out with 18.3 percent of total 2019 revenue going to offshore gambling sites. This points to a tremendous opportunity to steal some of that share back for traditional land-based operations. It also points to an opportunity for Canadian-based online casinos.
One online company that has been expanding at an accelerated pace is FunFair. The recent expansion into Japan was the company’s first venture outside an English-speaking market. FunFair is known for offering a premium portfolio of casino games that are Guaranteed Fair. This is also the industry’s first blockchain-powered casino.
Figures were not available for 2019. Yet, it is a safe bet they are approaching the $3 billion mark. As more and more crypto casinos gain a market presence in Canada, more widespread acceptance among players will take place. Gambling with BTC is still foreign to many veteran online gamblers. Younger patrons are more likely to gravitate to online betting sites with strong ties to crypto banking options.
Crypto still offer the most logical way to gamble online. Digital currency is not tied to any financial institution where personal information needs to be safeguarded. Transactions can be completed in a fast and secure fashion. Best of all, most crypto transactions can be made with zero added fees.