Without a doubt, the online gambling industry is one of the fastest growing industries on the Internet. As technology continues to get better, bettors are finding themselves more comfortable with the thought of gambling online in lieu of spending money trying to reach land-based casinos and resorts.
As the industry goes into overdrive with changes, we would like to focus on two trends that are sure to change online gambling forever. We are talking about worldwide legalization of online gambling and the proliferation of cryptocurrency as a viable cash exchange option.
Cryptocurrency as a Cash Exchange Option
Visibility and accountability have always been major issues for protentional online gamblers. The thought of sharing personal and financial information with online casino providers hasn’t always been an easy pill to swallow. Anonymity is a big price to pay to play a few hours of video slots.
It has become clear that cryptocurrency, Bitcoin in particular, is gaining favor among both current and prospective online gamblers. Even while the world’s regulatory bodies try to figure out how to protect the cryptocurrency industry, online gamblers are embracing the idea of making deposits and withdrawals using crypto. Complete anonymity, low to no processing fees and immediate transactions, deposits and withdrawals, are proving to be exactly what the doctor ordered for the online casino gambling industry.
The end effect of these two trends will most likely result in new software providers entering the market. That increases the likelihood online casinos will be able to offer more and better products to its customers. It’s actually a good bet that the industry is poised to enter yet another explosive growth phase that will take online gambling to new levels.
For decades, online casino and sports gambling has lived on the edges of propriety. While countries like Australia and England have certainly embraced the idea of allowing its residents to gamble online, many countries have chosen to remain on the sidelines. With that said, a new day is dawning for the industry. One-by-one, countries in Asia and states in America are starting to loosen the reins.
Based on the success of land-based casino gambling in Japan, the Philippines and Macau, Asian cultures are clearly embracing the idea of gambling as a viable recreational activity. So much so that local governments are starting to look at online gambling access as a great way to increase tax revenues. As long as proper security measures and regulations are put in place, they seem to be willing to embrace online gambling as much as land-based casino gambling.
We are seeing the same type of movement towards legalization in America. In the last year, the Federal government has cleared the way for states to decide for themselves whether or not to allow residents access to online casinos and sports books. With tax and licensing revenues as a driving force, four states (Delaware, Nevada, Pennsylvania and New Jersey) have already legalized most forms of online gambling. With at least 25 other states looking at online gambling legislation, it’s just a matter of time before the entire country goes online.