Cryptocurrencies have been on a steady, practically meteoric rise over the last few years. As online currencies become more and more valuable, we’ve seen a steep increase in businesses eager and willing to accept them as legitimate currency. One of the most popular crypto-businesses has been the crypto casino – given that online casinos already take place entirely on the Internet, using crypto for deposits and withdrawals felt like a match made in Heaven.
But how many people have actually used crypto for casino games? That’s exactly what Casino.Online, one of the most popular casino sites in the world, set out to find out. They polled their substantial German audience, asking them about whether they’ve ever made a deposit at a crypto casino, why (or why not), and if they have, what crypto they used. The results provide us with a rare look of the real popularity of crypto casinos not just in Germany, but around the world – a look that should certainly be taken into account by industry professionals.
What did the Casino.Online Study Reveal?
The crypto casino study makes it very clear that crypto deposits aren’t some kind of niche, fad or a gimmick – they’re here to stay. Several thousand people responded to the poll, and out of them, over 28% claim that they’ve made at least one deposit at a crypto casino, which is a significantly larger number than previously estimated. This means that the gamblers that have at least tried to bet at a crypto casino are nearly a third – no longer a small minority by any means.
When asked why they chose to deposit using crypto instead of a regular currency, 37% claimed that they enjoyed the added anonymity that is simply not possible using traditional currencies. Normal transactions are clearly visible by both banks and the government, meaning that it’s not really possible to hide that you’re gambling – which, in turn, can have negative repercussions on your finances, for example denied credits. Meanwhile, when it comes to crypto deposits, all banks know is that you purchased crypto – what you spent it on, if anything at all, is entirely your business.
Among those who answered yes, another 30% claim that they’re fans of cryptocurrencies in general and use them for other purposes besides gambling, much like one would use traditional currencies. Game variety is also a positive as far as crypto gamblers are concerned – recent gambling regulations in Germany have severely limited the amount of slots that can be offered in casinos accepting euros, but since those restrictions don’t apply to crypto casinos (for now), those can offer a lot more games.
When it comes to the currency of choice, it should come as no surprise that the most popular one among crypto gamblers, with 67% of the vote, is Bitcoin. While hardly the best cryptocurrency out there, Bitcoin continues to be both the most popular and most valuable cryptocurrency, meaning that a lot of players naturally gravitate towards it. At 13%, the distant second place goes to Ethereum, and all remaining cryptos share the remaining 20% of the vote. While it’s certainly a bit surprising that so many players are playing using crypto, no one should be particularly shocked about their choice of currency.
What About the Players Who Don’t Use Crypto?
Of course, those who play with euro remain the majority, and their reasoning should be understandable – 69% of players who answered “no” claim that they simply don’t understand what cryptocurrencies are. Another 27% claim that they do understand, but don’t see much point in using them instead of regular currency. This is, of course, completely normal and expected when it comes to new ideas and technologies: online casinos themselves met a very similar reaction in the 90s, with many players not really understanding what they were supposed to do and why they couldn’t just play at a regular casino.
As the concept becomes more normalized, more and more people are bound to accept it as something regular, and as such the number of crypto gamblers will only grow. Much like, say, mobile gambling and live casino, crypto casinos are proving to be far more than a simple fad. They’re here to stay, and in five years, it’s extremely likely that there will be just as many gamblers using crypto as there are using traditional currency, if not more.