The crypto gambling market has established itself as one of the most prominent and fastest-growing segments in the wider gaming industry, which is forecasted to grow to nearly $300 billion by the end of 2030, making a whopping CAGR of approximately 68% compared to this year.
In the meantime, the use of cryptocurrencies for gambling purposes has also established itself as one of the most dominant real-life applications of the ever-so-popular digital assets and has created a continuously increasing space for crypto gambling growth.
By now most of the online gambling platforms and Malaysian casinos -as well as worldwide casino websites- are working on their functions and operations in order to embrace cryptocurrencies and leverage, in this way, the ever-increasing crypto adoption trend. It’s rather difficult to find, today, a top Malaysia online casino with no crypto-gambling features or crypto-payment options whatsoever.
This comes as no surprise, considering that Malaysia along with other South-Asian countries, are in fact exhibiting incredibly high rates of crypto adoption due to the overall high tech-savviness, digital literacy rates and of course due to the availability of the necessary infrastructure and support from government.
The crypto gambling market is expected to further expand in 2024. In fact, the tidal wave of cryptocurrency adoption is anticipated to drift more and more casino websites or online betting sites, such as 1xBet, into the crypto ecosystem either by adding more operators to the already big list of sites accepting digital currency transactions or by proliferating the crypto gambling platforms.
So, crypto gamblers are going to be presented with more options for their gaming activities. And more options mean more chances to find what they are looking for and more chances to gain access to more exciting experiences. As the market is going to get more crowded, every trusted online casino or betting site will compete for a greater share and will make more investments to get its users satisfied. In the end, the real gains from stiffer competition are largely assumed by the customers.
Besides more options for crypto betting, gamblers should also expect growth in eSports betting. Although there is a clear distinction between eSports betting and crypto gambling, it has been made rather evident that they are not independent. eSports betting growth is fuelled by crypto adoption growth and crypto gambling growth of course. So, since crypto gambling is anticipated to increase further this year, wagering on eSports is going to do the same, especially since a huge share of cryptos are channeled into competitive video gaming and also since the main eSports bettors are also the main crypto users. Studies reveal that eSports bettors and crypto adopters generally share the same demographic characteristics and we are talking about pretty much the same target group.
Crypto gamblers should also anticipate a deeper dive into the world of NFTs (Non-Fungible Tokens), which will be more intensively used by casinos and gambling platforms in the future. NFTs are expected to drive new, unparalleled user value by increasing the in-game experience, adding new features to gaming, and presenting unique opportunities for ownership of in-game items. There is also an intersection of cryptos with eSports here, which is giving birth to NFTs in gambling, but for the most part, it will be casino games that will make the most out of it.
And besides all these, crypto gamblers should also expect that the regulatory framework is going to tighten from now on, most possibly starting from 2024. Cryptocurrencies are already taking the road of regulation in many countries around the world, but what is going to change in the very near future is the crypto gambling industry. Most probably, crypto gambling sites will fall under conditions where they will have to get licenses and permits for legitimate operations if crypto gambling is deemed to continue its growing and upward trend. This will put things into a new perspective, notably making crypto gambling sites and casinos more responsible, more secure, and also more accountable towards the users.