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Decentralized digital currency is often referred to as cryptocurrency or simply cryptos. They are used to move money in a number of global industries. In recent years, they have been increasingly popular in the online gambling sector.
Cryptos are traded anonymously a> since they are not tied to any financial institution. This makes them extremely popular with online gambling sites. This includes casino gambling and sports betting. No personal data is collected through transactions, which is another big plus.
Let’s take a closer look into the cryptos and the gambling industry. According to our research, the market value of cryptos created exclusively for the gambling sector tops $150 million.
One crypto near the top of the list the $FUN token. This was created by FunFair Technology. It remains very popular among crypto traders.
The research covered 22 different cryptocurrencies used exclusively for gambling. It determined that the current combined market cap surpassed the $150 million mark. It also estimates that more than $3 million is traded each day by crypto speculators.
One of the most valuable gambling cryptos is $WIN. This is determined by market capitalization. This coin is used to power the decentralized WINk Casino.
The data is tabulated by a newly launched industry tracker. This reports the value of gambling-dedicated cryptos in real time figures. This tracker can also provide insight and data across the entire sector.
A spokesperson stated: “Cryptocurrencies created for the gambling industry are increasingly attracting the attention of traders. As the crypto gambling sector continues to consolidate, investors are identifying a handful of cryptocurrencies with high growth potential. And investing significant sums to ensure they do not miss out on the action.”
This site estimates that as many as 30,000 players gamble at online blockchain casinos each week. ArmyOfBitcoin.com publishes a daily chart tracking market cap value. The latest figure based on Sept. 15 trading is close to $160 million.
There is a difference between gambling cryptos and cryptos used for gambling. The first are digital currencies that are solely dedicated to gambling online. The second are any crypto that is accepted at certain online gambling sites.
A perfect example of the latter is Bitcoin (BTC). This is the biggest crypto in the world. It is also widely accepted for financial transactions around the globe. Quite a few online casinos and sportsbooks have gravitated towards BTC as a valued banking option. It can be used to fund an online betting account as well as to request withdrawals.
ArmyOfBitcoin.com goes on to estimate that the global gambling sector could grow to $565 billion by 2022. That is why investing in and trading gambling cryptos has become so popular.