Why Crypto Gambling is a Booming Industry
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The crypto industry has garnered popularity in a new and expanding online niche – online gambling. We will investigate what lies behind this new booming industry.
In 2020, the global iGaming market accrued USD 66.9 billion in revenues, with projections indicating that it will rise to USD 93 billion in 2023. The industry shows a whopping growth rate of a little under 11.5% a year.
It was only natural that such a high-valued online market that greatly hinges on constant monetary transfers for the intention of wagering would attract ideas related to cryptocurrency transactions and blockchain functionalities.
However, the story is much longer and more complicated. Both the current popularity and possible future for crypto gambling online are carefully considered in our findings.
iGaming is on an unprecedented upswing, with a compound annual growth rate of 11.49%, which is set to exceed the USD 100 billion mark by 2026.
The industry is best developed in the northern hemisphere, with global market sizes reflecting current economic divisions around the globe. Europe represents the most prominent current market, with Northern America growing the fastest, explained by recent legalisation efforts within the US and Canada.
iGaming saw its most recent boom during the COVID-19 pandemic. The temporary closure of physical venues redirected most consumers to the online environment. The influx of new users brought in considerably more revenue and changed the dynamic of gambling globally.
This recent popularity was doubled by a move towards the mobile environment, with many essential operators developing dedicated apps and platforms for
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