Will the Online Casino World Embrace Cryptocurrency in 2020?

Few things have caused as much discussion and debate in the finance world in recent years than cryptocurrencies like bitcoin.

Conversations often revolve around the potential that these currencies offer, as well as whether they ultimately have what it takes to become a long-term proposition and challenge more established forms of payment. However, with bitcoin, in particular, enjoying a significant price increase as 2019 drew to a close, it does seem like the future is looking bright for digital currencies.

But, as 2020 begins, which industries are best positioned to really embrace them in a big way? One area to watch could well be the online casino world.

From strength to strength

Online casino and sports betting sites have gone from strength to strength in the past decade or so, and it is estimated that the global market could be valued at around $94 billion by 2024.

A host of different brands are now active and competing against each other in the space, with their services often revolving around breathing new life into the types of experience which were once commonly only associated with land-based casinos.

Slot games and card-based classics have been reimagined for the digital age, while Paddy Power Casino is one of many sites that allow people to play roulette online in a host of different variations. The site features Premium, Penny, and European roulette, as well as themed versions including one based on Age of the Gods.

Such a variety and range of experiences has made online casino sites hugely attractive, but just how could cryptocurrency fit into this area?

A new way to pay

One way that online casinos have always proven flexible is in the way that they allow their members to deposit and withdraw their funds. Such sites embrace a range of payment methods; from traditional banking to online platforms including PayPal, while some have already taken the leap into dabbling in cryptocurrency too. With that in mind, it is not beyond the realms of possibility that others may soon follow.

In all fairness, cryptocurrencies like bitcoin could certainly offer plenty of benefits within the industry. After all, the blockchain technology used in such currencies is known to be very secure, while transactions can be carried out quickly and conveniently.

Another reason why the concept may be embraced by the online casino world is due to its rising popularity. According to a study published at the end of last year, 6.2 percent of people in the US already own bitcoin, and 7.3 percent are planning to buy some. As more and more people globally choose to get involved in the area, the online casino industry will be hoping that they opt to use them on their services.

Ready for the mainstream?

Cryptocurrencies have come a long way since bitcoin was launched all the way back in 2009, and interest in the concept is arguably stronger than ever.

It will truly be fascinating to see what 2020 may hold for digital currencies and whether it will ultimately be the year when forward-thinking industries, like the online casino world, help to push them further towards the mainstream.

Marketme

Marketme

Marketme is a leading small business to small business news, marketing advice and product review website. Supporting business across the UK with sponsored article submissions and promotions to a community of over 50,000 on Twitter.

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