New Report Explores Thriving World of Crypto Betting

Reading Time: 2 minutes

Crypto gaming has been rapidly expanding and can revolutionize the entertainment sector, according to the most recent ICODA report. Investors, operators, and players are showing a lot of interest in the industry, which is being driven by technical improvements and changing legal frameworks.

As a result of these developments, the crypto gaming industry is shaping up to be one to keep an eye on in the years to come. Here, innovation and adaptation are taking place at a breakneck speed, which speaks well for the future of crypto gaming as a dominant force in the entertainment industry throughout the world.

The details from ICODA’s study reveal even more.

A Whole Array of Market Dynamics

To begin with, the industry saw extraordinary growth, taking the market worth to $70 billion by 2024, up from $37 billion before the epidemic. Based on current predictions, the market might reach $150 billion by 2030, continuing its increasing path. In light of this tremendous growth, the iGaming industry is demonstrating its durability, and mainstream audiences are becoming more accepting of it.

Interestingly enough, there was a 50% growth from 2022 to 2023, with the number of active crypto gamblers reaching 15 million by the end of the year. Increased anonymity and security, made possible by blockchain technology, together with the accessibility of internet platforms, are among the driving forces behind this boom.

As of now, 65% of all cryptocurrency transactions take place on mobile platforms, making them the nerve center of the industry. It further backs up how the crypto gaming sector is very active, with a staggering $2 trillion in transactions reported in 2023.

Boosts From Regulatory Developments

The United States and Canada have become major players in the bitcoin gambling industry, with a 60% increase in activity as a result of new legislation and broad use of cryptocurrencies. Europe is not far behind, however, expanding at a pace of 55% thanks to digital advancements and supportive government policies. Potential growth opportunities in other markets have been underscored by these regions, which are in many ways establishing the pace for the global crypto betting sector. But it goes beyond that.

Progressive regulatory improvements have had a favorable influence on the expansion of the industry, according to the report. Countries like Gibraltar and Malta have put progressive regulatory frameworks in place, making their markets safer and more open to participants and operators alike. Investors are feeling more comfortable putting money into the industry because of the increased transparency and supervision. Consequently, businesses benefit from operational predictability and players enjoy the benefits of a well-regulated market.

CryptoSlots Launches New Golden Game Version with a $400 Welcome Bonus

Reading Time: 2 minutes

CryptoSlots has been the premier destination for those interested in gambling with cryptocurrencies for huge bets and it is taking those ambitions a step further. They have just lifted the veil on the lavish Golden Game, a slot machine experience that is a real masterpiece and features 24-karat opulence.

With a plethora of bonus features including free spins, double wilds, and huge win multipliers, this game is set to blow up the cryptocurrency gaming market. In addition, until October 31st, new players could take advantage of a limited-time promotional bonus of up to $400 at a popular Bitcoin casino.

Why It Is a Big Deal

The Golden Game is the high-roller’s dream come true, allowing players to place bets as high as a jaw-dropping 5000 coins, equivalent to $500, on each spin. With ten tantalizing paylines that generously payout from both left to right and right to left, your chances of walking away with a hefty prize are as golden as the game itself.

The extravagance does not end there, either. All the standard playing card suits—Hearts, Diamonds, Spades, and Clubs—are represented in The Golden Game by exquisitely designed symbols that are rendered in glittering gold. Additionally, Scatters, Wilds, and Double Wilds gleam on the gilded reels, delivering a genuinely luxurious gaming experience.

Keeping The Industry in Toes

Slotland Entertainment S.A., the company behind CryptoSlots.com, has been a major participant in the online gambling market for almost two decades. Because of their expertise and concentration on the needs of the players, they can provide players with a fresh approach and excellent support. An unlimited crypto-gaming experience awaits you if you are ready to free yourself from the constraints of regular online casinos.

CryptoSlots simplifies everything by simply accepting cryptocurrency payments, and it accepts Bitcoin, Ethereum, Litecoin, Monero, USDT, and USDC among others. The casino has a large selection of provably fair slot machines, and new games are added regularly. Plus, while they play other games, players win tokens for the million-dollar Jackpot Trigger slot machine. There is also the possibility that they may get free entries into the monthly $10,000+ Crypto Lotto.

Visa Doubles Down on Its Plans for Crypto

Reading Time: 2 minutes

The crypto market has certainly come a long way since the first digital currency was launched and it is now more mature than ever before. Lots of things have changed and perhaps the most exciting development is the widespread interest that major financial and payment institutions have shown.

Global financial and payment service provide Visa is one of the most notable companies that are making a huge play for the crypto market. Already the company has ties with some popular crypto platforms such as Fold, BlockFi, and Crypto.com. However, according to Visa CEO Alfred Kelly, there is so much more in the pipeline.

Crypto Could Be Coming to Visa’s Payment Network

Last Thursday during the company’s Q1 earnings call, the chairman ad CEO reaffirmed Visa’s commitment to crypto which is likely to culminate in digital currencies directly on the Visa network. Kelly firmly believes that the company is well-positioned to add “differentiated value to the ecosystem.” This will essentially involve making crypto safe, useful, and more applicable for global payments.

“..it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”
Visa chairman and CEO Alfred Kelly

The strategy is firmly anchored on working with wallets and exchanges to allow users to purchase crypto using their Visa credentials. Similarly, it will also mean that users can cash out their crypto onto Visa credentials.

The Favorites

Well, even though Visa has previously claimed that it does not want to play favorites when it comes to the digital currencies that it will allow on its network, the recent announcement seems to be pointing at something quite different. The company seems to be handling the cryptocurrencies differently based on which category they fall on.

The two categories that the company is using to group blockchain assets are based on whether they are a store of value or are stable coins. Visa intends to angle crypto assets that serve as a store-of-value such as Bitcoin to serve as fiat on-ramp.

However, when it comes to stable coins, the company has been rather bullish. These sentiments may be quite disappointing since they seem to overlook all of the amazing milestones that Decentralized Finance (DeFi) made in 2020. Even JP Morgan Chase which has been showing interest in digital assets has shared the same sentiments.

PayPal Finally Allows Users to Buy, Sell and Hold Crypto

Reading Time: 2 minutes

The gradual mainstream acceptance of digital currencies has recently made a huge leap forward after PayPal, one of the world’s most popular payment services, entered the digital currency market. Its customers will now be able to buy, sell, hold and spend digital or virtual currencies including Bitcoin, Bitcoin Cash, and Litecoin among others.

Thankfully, the rollout of this new measure is already underway in the United States. A global rollout will follow but the earliest this will happen is next year. PayPal users from non-US customers will therefore have to wait a little longer before they can be able to transact using these virtual currencies. The stated timeline is, however, very encouraging.

How Will It Work?

As mentioned above, PayPal has already laid out a roadmap for the new development. In case you are wondering how the new system works, here is a brief explanation of what to expect. Whenever you use any of the accepted digital currencies to pay someone on PayPal, the payment service provider will convert the amount to the equivalent national currency. Sent amounts will not be received in the virtual currencies themselves. This can be rather disappointing but perhaps some changes will be made soon.

For now, the plan seems to revolve around getting as many people on board as possible. Their goal is “to increase consumer understanding and adoption of cryptocurrency. As part of this offering, PayPal will provide account holders with educational content to help them understand the cryptocurrency ecosystem.”

Naturally, the move has been met with some criticism. For instance, renowned economist Nouriel Roubini believes that the decision to bring digital currencies to the service is the same as “crypto gambling”. This kind of criticism is, of course, expected but there is a pretty huge possibility that more people will come around in the not so distant future.

Why This Is A Big Deal

It goes without saying that this is a pretty big milestone for the crypto community. Businesses such as online casinos that have been paying out winning in crypto will, for instance, have an extra option. It really helps that PayPal is already an established brand with a very robust customer base.

For PayPal, this move represents a unique opportunity for customer engagement. More digital currency users are definitely going to be giving the payment service provider way more attention now.

BitBoss Launches Dragon BSV Casino on Android

Reading Time: 2 minutes

Since its launch, BitBoss has been working very hard to ensure that its users are treated to nothing short of the best Bitcoin SV (BSV) experiences. The company is one of the man operators that are looking to tap into the concept of provably fair gaming which has been around for years but has only recently begun to gain the traction that it deserves. The launch of BitBoss’s new Android gambling app is one of the ways that the concept is being implemented.

Refereed to as Dragon BSV Casino, the new Android exclusive online gambling platform primarily uses bitcoin which is the most popular digital currency. It will, however, be available to iOS users very soon. The users can, therefore, look forward to being able to enjoy the convenience of playing on-the-go without having to worry about such things as security, exorbitant costs, or slow transaction processing speeds.

The Game Collection

Obviously, other than all of the crypto and blockchain-related perks that the app will be offering, many gamers will be primarily interested in the games that it has to offer. To begin with, it will launch with Lottery, Roulette, and Baccarat games which are already very popular. It will not stop there though as the operator also has plans to add other amazing game titles including Blackjack and Sic Bo.

“We are always expanding this library so you can add, remove, or trade out games anytime to make your own personal casino more enjoyable.”
The BitBoss website.

Thankfully, BitBoss already supports external gaming content providers to offer their games through the BitBoss ecosystem. This is a pretty strategic move as it implies that the library of games could grow very big as more partner companies come on board.

Why Bitcoin SV?

The Bitcoin SV (BSC) blockchain has evolved and matured so immensely that it is now arguably the best network to host provably fair games. This has been made possible by the fact that it has shifted its focus from the electronic cash itself and put a lot more emphasis on expanding the network so as to allow unlimited scalability. Security, stability, and efficiency have also remained a major priority.

Moreover, there are several other benefits of using the BSV with one of the most notable ones being cost reduction since only lightweight servers are needed. Only lightweight servers are needed since instead of hosting all of the results on private databases, everything is written on the blockchain. For many gamblers, this is a very enticing feature especially considering the fact that everything is verifiable and auditable.

The recent push for cashless payment ecosystems put BitBoss at a very unique position where it will be able to offer its robust system and technology to the rapidly growing online gaming and sports betting industries.

High Hopes as Third Bitcoin Halving Approaches

Reading Time: 2 minutes

There is currently a lot of chatter in the Bitcoin community and the crypto industry at large as Bitcoin’s third-ever block halving nears. Set to take place this month (May 2020), there has been a lot of speculation regarding what will happen to the digital currency’s price.

What the Halving Means

In essence, the bitcoin halving means that the reward for mining a block of bitcoin will be divided by two. When the network finally hits block number 630,000 the amount will drop from 12.5 BTC to just 6.25 BTC. This will be the third time that a halving will be happening since the Bitcoin network went live over a decade ago.

Halving is one of the things that set bitcoin apart from all other digital currencies including other popular digital currency networks such as Ethereum’s. In many ways, it is one of the things that drive the price and value of Bitcoin.

As for the impacts, some of them are already coming into play.

Mining Machines Become More Valuable

Needless to say, the halving will have a huge impact on the companies that depend on bitcoin mining. While the systems themselves will not be affected much, their value is a totally different thing altogether.

Now even mining rigs that were previously said to be obsolete have become profitable again. For instance, mining rigs such as the AntMiner s9 and the Avalon A851 are now able to generate between 10 percent to 20 percent gross margin at an average electricity cost of $0.05 per kilowatt-hour (kWh). These margins could increase to as much as 30 percent to 40 percent to miners who adopt more efficient methods.

Even so, considering the dynamic nature of bitcoin mining, this might not be sustainable in the long term. As bitcoin’s halving approaches it is likely that many of the people relying on the older equipment will eventually be squeezed out by people using newer and more efficient mining rigs.

The Current State of Bitcoin

Over the past week, Bitcoin’s price has surged towards the $10,000 mark – this impressive rise has seen the cryptocurrency’s market return to its pre-coronavirus bull run. In fact, the crash losses that experienced because of the impacts of the pandemic have almost been completely erased.

“The interest in cryptocurrencies is now building as investors look to the month-end and forward to May and June.”
-Marcus Swanepoel, chief executive of London-based bitcoin and cryptocurrency exchange Luno.

In general, members of the bitcoin community are pretty optimistic about the future of bitcoin’s price even after the supply squeeze that will take place this month. However, the actual impacts remain to be seen.

Tether Gains Popularity as Payment Method

Reading Time: 2 minutes

There have been lots of debates regarding the legitimacy of Tether (USDT) as a stable means of payments as well as its speculated involvement in the manipulation of the prices of digital currencies. Despite this, the digital currency has been growing with a decent number of merchants now accepting it as a preferred means of stability. This is largely because of its unmatched stability.

As it stands, Tether occupies the fourth spot in the United States’ crypto market. This means that it is already highly regarded as a stablecoin and therefore its rise to the top should not be as much of a surprise. Over the past year, merchants who are using the digital currency have recorded a significant increase in Tether volumes over the past year.

According to CoinPayments.net, one of the world’s largest digital currency payment processors, Tether currently accounts for up to 30 percent of the volume of transactions it processes. In comparison, a year ago the volume of Tether transactions was 30 times less than what has been recently reported. The consistency in Tether’s meteoric rise has been quite consistent across a number of other cryptocurrency payment processors as well.

Why Now?

Well, unlike other digital currencies, Tether burst into the scene with the promise of living up to the stablecoin objective. The digital currency avoided fluctuations and instead opted for at least a one-to-one ratio with the US dollar by managing a reserve.

This feature made it quite popular and many merchants would often accept payments in other digital currencies such as Bitcoin and convert it to Tether in order to “hedge against the volatility” of other cryptocurrencies. The over 265 companies that accept payments in Tether has since switched and are now taking Tether payments directly.

What It Means for Other Digital Currencies

While Tether’s use in commerce is definitely a positive development for the crypto community, its growth has had a rather negative impact on other digital currencies especially the ones considered to be market leaders such as Ether and Bitcoin. Owing to several factors, Bitcoin and Ether have lost their appeal among many investors and due to the rapidly shifting dynamics of the crypto industry, a lot of focus is being given to alternative crypto solutions.

Moreover, there is a need for more accessible digital currency solutions in such areas as gambling and other adult product like cannabis and sex dolls. Tether has caught up and its stability is making many other digital currencies seem like raw deals for many customers. Perhaps this is the beginning of its ascension to the top of the crypto market.

Lightning Spin Becomes First-Ever Lapp to Be Sold

Reading Time: 2 minutes

Lightning Spin, a bitcoin gambling game that is based on the famous Lightning Network’s pioneering lightning applications (Lapps) has recently announced its sale. The game marks the first-ever Lapp that the has organized a sale. Developed and launched roughly nine months ago by Portuguese web developer Rui Gomes, the sale of the games has the entire Lightning Network community quite excited about everything primarily because it is a catalyst for further development on the network in the near future.

With the application, the users are able to able to enjoy instantly settled microtransactions and withdrawals. This not only makes it a gem in the world of bitcoin but also a revolutionary step forward for the Lightning Network which has been trying to go mainstream for a while now.

“You could pay 6¢ for a single spin, (1 BTC was around $6,000 back then) and withdraw your winnings in seconds — something that would be impossible with the fiat system and would be increasingly difficult on Bitcoin’s base layer,” Rui Gomes said in a recent blog post that highlighted the various features and novelties in the game.

In addition to disclosing further details about the Lightning Spin Lapp, the developer also revealed that at the time the Lightning Network was being sold, it had already been sold a whopping 120,000 times by at least 3,300 individuals. However, despite touching on a couple of issues and various aspects of the Lapp, he refrained from revealing any details about the parties that the game was sold to.

He, however, assured his Twitter followers that the new owners of the game share a similar vision and enthusiasm as his in as far as the Lightning Network is concerned – as a matter of fact, heaven turned away some other very well-paying buyers simply because they did not have much in common

Lightning Network’s Expansion

The sale of the game coincidently comes at the about the same time that the Lightning Network is expanding. For the last two years, the Lightning Network has grown to be one of the most popular solutions for the scaling problem found in the Bitcoin Core (BTC) network. Its expansion is, therefore, a sign that it may finally be ready to grow beyond what it already is at the moment.

However, just like any other revolutionary, the Lightning Network has been subject to a lot of criticism especially with regards to its lack of security. Naturally, these security concerns need to be addressed as soon as possible if any more progress is to be made in the near future.

EOSBet Unveils Bitcoin Betting and Account System

Reading Time: 2 minutes

After making history at the end of last year by becoming the very first blockchain-based casino to receive an official gambling license EOSBet decentralized application recently announced the next step in its journey toward mass adoption of crypto and blockchain. The platform has made its first big step in 2019 by launching a decentralized account system alongside a native bitcoin deposit and betting option.

After receiving its official gambling license, EOSBet became one of top-rated EOS dApps and it will be taking its proactive approach towards innovation into the future with its new and impressive betting option and its neat account system.

The EOS Account System

One of the biggest challenges experienced by users of blockchain technology is the numerous entry barriers that often come in the form of lengthy wallet setup processes among other things. The EOSBet system seeks to solve this problem by developing a system that allows users to deposit funds directly from any source thus eliminating the need for the use of any wallet or third-party software. Furthermore, the system will also cover all the blockchain costs for the players thus allowing them to enjoy the same gaming experience they would find at a tradition centralized casino on the decentralized one.

EOSBet’s account system, just like every other aspect of the platform, is decentralized and completely on-chain which means that all the actions are fully viewable on any block explorer. All the actions also eventually become part of the EOS blockchain and since the system is non-custodial, the players will always be in total control of their funds.

To make the experience even better, the EOSBet team chose to use a simple two-click sign up process that is not only very intuitive but also optimized to work seamlessly across a wide range of devices. With the new system, even people who do not have accounts with ESO can bet securely and get to participate in its very generous player rewards program.

Bitcoin Betting Is Officially Here!

While there have been a number of previous attempts at bitcoin betting with varying degrees of success, EOSBet has beat every other company to becoming the very first on-chain casino to natively accept bitcoin. As if that is not enough, the company plans to implement several other digital currencies in the near future. The betting platform works very well – all a player needs to do is to deposit bitcoin to their accounts, play instantly and then withdraw whenever they may wish to do so.

Both the betting option and the accounts system are slated to take the online gambling industry by storm and this is certainly going to play a huge role in the long-awaited mainstream adoption of digital currencies and blockchain. 2019 might be the year it finally happens.

Crypto Regulation: What Was and What Could Be

Reading Time: 2 minutes

2018 was without a big year for cryptocurrencies as a whole particularly because it saw through a number of developments that kicked off in late 2017. There has been an equal measure of ups and downs in the crypto space which, in one way or the other, have been key to the growth of the industry. Keeping all that in mind, one of the key considerations that many people had in the last year and are looking to improve upon is regulation. With more and more institutional investors streaming into the blockchain and crypto space, there has been an outcry for increased regulation which is expected to be a key driver of the crypto bear market of the past year.

Most of these investors also blamed the initial coin offering (ICO) market’s cool-down on potential threats. To put this into perspective, in October 2018, initial coin offering issuers collected close to $770 million, which is a 50 percent drop of what they raised in December 2017. Apparently, this slowdown was a result of continued pronouncements by SEC Chairman Jay Clayton that said ICOs are securities which imply that those that do not register with the SEC would face dire legal consequences.

What This year Holds

One thing that we can all agree on is that 2019 will certainly be the year that crypto regulation climbs to greater heights. In essence, this means that it is likely that various crypto regulations will become a defining move for such organizations as the Securities and Exchange Commission (SEC) as well as other financial bodies in all parts of the globe. While some crypto-related businesses may be reluctant to follow the SEC’s rules, existing regulations are already taking a massive toll on a number of crypto businesses and this is likely to increase further as the year progresses.

Regulation, as always, is always going to be double-sided phenomena. On one hand, existing and future regulations may inhibit innovation – some companies may close their doors and others may avoid starting up altogether. The main takeaway here is that we might go through a transition period where companies and businesses that are not able to play by the rules will be forced to step aside.

On the other hand, proving that cryptocurrencies do indeed have some legitimacy might actually be easier with more regulation in place. Already, the entry of institutional investors is starting to becoming a big deal for people who were skeptical of crypto. It is well known that the borderless and anonymous nature of cryptocurrencies makes them nearly impossible to control but with more regulation, reasonable solutions are certainly bound to be found.