The growth of the online casino industry has accelerated over the past few years. This sector boasts an annual growth rate of 13.7%, with the market size expected to reach USD$145B by 2028. Among the main reasons for this is the legalization of gambling activities across the globe.
Of course, some countries still hold strict views on the sector, but the reception has been pretty good in most parts of the world. Internet and technology have also made it easier for licensed gambling sites to expand their markets and generate insane revenue.
Perhaps one area that has become a popular trend is live casino gaming. The games here involve broadcasts of game shows and traditional casino games, such as roulette and blackjack. These live casino experiences are sophisticated set-ups with elaborate sets, real dealers full of charisma, and interactivity that mixes real live imagery with digital interfaces. Some providers have even struck special deals, such as exclusive live casino tables on websites like Stake.com.
But there is something synonymous with most online casinos today: cryptocurrency. Live casino games currently have a substantial share of the crypto gambling industry. This article will discuss all you need to know about live casino and crypto gambling.
The rise of live casinos and crypto gambling
Prior to Twitch banning casino gambling sponsors, crypto casinos flooded streams in the slots category. Even celebrities got involved, with Rap superstar Drake streaming for over 160,000 viewers in a promotion with the live betting platform, Stake. But where did it all start?
The concept of live casinos was first implemented in the 1990s. Lack of reliable technology at the time hindered its growth. Remember, access to fast internet was still a luxury at the time, and devices were limited to cumbersome computers. As such, streaming live events was a frustrating experience, which is why many people still preferred physical casinos.
However, technological advancements experienced over the past two or so decades have had a huge impact on the industry. The main contributors in the past decade have been access to cheap and reliable internet and the rise of smartphone usage. In fact, studies show that about 80% of online gambling today is done via smartphones.
Crypto gambling came on the scene in the early 2010s when the first Bitcoin casino was launched. With this development, people could now place their bets using cryptocurrencies rather than fiat currencies. The industry has since grown in popularity, and part of that is attributed to live casino games.
Taking over the crypto gambling industry
As mentioned earlier, crypto gambling has become synonymous with live casino games. So, what contributed to this integration? Here is how live casino games took over crypto gambling.
- Online casinos supported crypto
The takeover began when live casino websites started adopting crypto payment. Before then, the only payment method accepted by most gambling sites was fiat currency. As a result, users had to submit their bank accounts through which they’d make and receive payments.
The growth of blockchain technology, however, encouraged most gaming sites to consider the new payment method. Nowadays, you’re likely to enjoy the option of paying using crypto on most live casinos. Some of the benefits of using crypto rather than fiat currencies include:
- High user information security: Gamblers can stay anonymous and still transact without submitting their banking information when gambling.
- Instant transactions: The funds are deposited in the user’s crypto wallet within seconds of withdrawing from their gambling site account.
- The transaction charges are also lower than those incurred when using traditional currencies.
These benefits attracted many live casino gamblers who then reacted by signing up for sites that were already supporting crypto payment. Remember, live casino games were already popular before the birth of crypto gambling. Hence, the adoption of crypto by renowned live casinos meant more of their users were now crypto gamblers.
- Twitch streams
Live casino games were also made popular among crypto gamblers through Twitch streams. Although Twitch recently banned these streams, they played a big role in the industry shift over the past few months. Many live casino providers signed deals with Twitch influencers to have their brands featured in these streams.
For instance, Stake.com partnered with the likes of Adin Ross, Felix Lengyel alias xQc, Nelk Boys, and other popular Twitch streamers. Perhaps, the most partnership deal is the one involving Drake. Before the ban, the Canadian superstar and other Stake.com partners gambled live on their Twitch streams. Consequently, live casino games among the Twitch community and crypto users became popular.
Live casino games are all the rage among crypto users. These games took over the crypto gambling industry after most gambling sites decided to adopt crypto as part of their main payment methods. The campaigns and advertisements on Twitch streams also contributed to the same.