Casinopedia’s New Section Takes on Crypto Sharks
Crypto casinos are taking over the world of online gambling, and this isn’t just a different way to pay. Provably fair gaming, instant payouts, anonymous gambling, and better security are just a few of the ways cryptocurrencies and blockchain technology are changing the industry for the better.
However, to get to this brave new world, we have to head through a minefield of scam artists and the worst kind of Crypto bros trying to cash in on a legitimate growth industry. That’s why Casinopedia has turned its critical eye to the crypto sector.
Casinopedia is known for a systematic, qualitative approach to reviews and a thorough testing regime. Now it has turned that spotlight on the new wave of cryptocurrency casinos that are seemingly springing up by the day. Some are future stars, some are pure scams, and Casinopedia will shine a light on both.
The global crypto gambling market was worth $50 million in 2019, according to a study by Blockonomi. In 2024, that number has grown to $250 million. Cryptocurrency transactions now account for almost 30% of wagers, up from 20% in 2022. The market is showing no sign of slowing down, and indeed, the crypto gambling market is showing signs of exponential growth.
Mainstream acceptance of cryptocurrencies has undoubtedly greased the wheels of progress. But in any case, crypto is objectively better than fiat currency for gambling. The new Web3 casinos are built on the blockchain, which means total transparency and provably fair gaming. Trust and anonymity are the big issues facing the online casino industry, and crypto casinos solve both at a stroke.
Instant payouts are also a massive step forward as the banking and payment processor middlemen have been taken out of the equation. Now, smart contracts ensure gamblers get their winnings almost immediately rather than waiting for days. The nature of crypto means players don’t have to go through sometimes excruciating KYC processes, too, and can remain anonymous. The best no-KYC casinos have become a major attraction in their own right.
The world of online gaming as a whole is going through the roof as the general public gets used to doing everything online. The world of traditional casinos and bookies is fading into distant memory. A new breed of online casinos, and sportsbooks is taking over.
Stake is one of the modern champions of the industry, with a massive social media presence, celebrity marketing, and a crypto payment gateway. Its deposits have gone from just over $600 million in May to more than $1.4 billion in October. The online gaming market grew from $37 billion in 2022 to $70 billion this year and is expected to hit $150 billion a year by 2030.
Crypto casinos are set to take the lead in the years ahead, but there are hurdles to overcome. Essentially, the regulations haven’t caught up with the new trend. So, the new casinos often come with gaming licenses from crypto-friendly territories like Curacao, Malta, and Costa Rica.
There’s nothing inherently wrong with that. But it is the crack in the system that lets scammers and crypto opportunists come in to take advantage.
Simply put, the licenses aren’t the cast-iron guarantee of a safe and solid casino anymore. There simply isn’t enough solid information out there to distinguish between good and bad casinos.
It’s good for the industry to separate the good guys from the crypto sharks looking to jump on the next trend. The public needs simple guides to show them where it’s safe to gamble and which sites they need to avoid. That’s where Casinopedia comes in, with decades of experience in the casino sector and a deep understanding of crypto.
Casinopedia has a full range of online reviews for the best crypto casinos. It brings a full arsenal of news, player insights, game tips, and special discounts for its readers. As well as shining a spotlight on legitimate online casinos that are leading the way into a brave new world.
