Crypto investors around the world were shocked this month when the market experienced a significant downturn — the worst since the 2022 FTX crash.
This time, total market capitalization plummeted from $2.51 trillion to $1.95 trillion in just 24 hours. As is always the case, this caused many investors to panic and sell their risky assets, leading to sharp declines for the likes of Bitcoin, Ethereum, and Dogecoin.
Some of the big factors behind the recent crypto crash include the upcoming US election, a poor economy, rising tensions in the Middle East, and more. Collectively, these factors caused the market to crash.
How the Crypto Market Crash Might Affect Crypto Gambling Sites
One of the main reasons people use cryptocurrencies today is to gamble online.
As reported by iGB, 60% of all Bitcoin transactions are iGaming-related, with crypto casinos and sportsbooks being the key drivers. There’s BitCasino, Stake, Thunderpick, and countless other crypto gambling sites to choose from — just to name a few.
On top of this, 55% of the online gambling community around the world now own at least one type of cryptocurrency, which (again) has turned crypto gambling sites into a huge success. Simply put, crypto gambling is big business, which is why the crypto gambling market is currently valued at $250 million.
Following the recent crypto crash, many crypto investors have sold off their assets, which has led to a slight downturn in user engagement across crypto casinos and other similar sites. However, this is only temporary, as investors will be back in the near future once the crypto market stabilizes again. After all, it was only earlier this year when Bitcoin hit an all-time high, so the crypto market won’t be disappearing anytime soon — and neither will its gambling sector.
This is something that Jon Ridehalgh from industry experts sweepstake-casinos.com, also believes:
“Despite the recent market crash, crypto gambling sites are still booming. Over the coming months, Bitcoin, Ethereum, and the others will also likely return to pre-crash levels, which will then lead to an influx of new users to all of the main crypto gambling sites. Of course, there’s no guarantee, but I’d say almost for certain that 2025 is going to be a big year for the likes of Stake and Cloudbet when things get back to normal.”
Barring any major global events, the crypto market is ultimately expected to recover and sustained growth will follow it. Therefore, if you’ve recently invested in crypto for gambling purposes, you’re still in safe hands. The only slightly negative impact from the crash could be that some popular crypto casinos and sportsbooks will have slightly less users in the build-up to a full market recovery.
Getting Started with Crypto Gambling
Crypto gambling essentially works the same way as normal online gambling. You find a crypto casino or sportsbook, deposit your crypto (e.g. Bitcoin) into the unique address provided by the site, and then start placing bets. Any crypto you win can then be withdrawn back to your crypto wallet or exchange any time you like, but you have to specifically request how much you wish to be withdrawn. Also, before you join a site, make sure that it accepts the specific cryptocurrency that you want to use. For instance, don’t join a Bitcoin-exclusive casino if you’re a Dogecoin investor. This way, they’ll be no confusion.
Why Is Crypto Gambling So Popular Now?
At the start of the 2010s, a few Bitcoin gambling sites started popping up on the internet, but they weren’t that popular at the time. However, in the years following, they started to pick up speed due to millions of people around the world starting to invest in cryptocurrencies. This then led to countless new crypto casinos and crypto sportsbooks exploding around 2020, which is when crypto gambling became a genuine force. Today, crypto gambling is huge, as highlighted through the fact that over $3m worth of crypto is bet daily and 60% of all Bitcoin transactions are gambling-related. And if you’re wondering what’s driving this hugely popular industry, there are several reasons.
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Place Decentralized Bets
The crypto industry is decentralized. In other words, there’s no governing authority behind it, meaning nobody can control your crypto or tell you what to do with it. Naturally, this is great in a gambling sense, as you can place bets as and when you feel without having to worry about the transactions being attached to a bank account. With decentralized gambling, you’re in control — whether you’re playing inside a crypto casino or online sportsbook.
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Faster Transactions
A big benefit of crypto gambling is that you get to experience ultra-fast transactions. If you deposit Bitcoin or another type of crypto into your betting account, it’s typically going to reach it in a matter of seconds without delay. The same also applies if you withdraw any crypto winnings, as most casinos and sportsbooks will typically transfer them to your wallet no later than 24 hours after you make the request.
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Greater Privacy
Next, you get greater privacy. With any crypto gambling transaction, you can remain entirely anonymous, so the transactions aren’t directly attached to your name. The benefit here is that you get to gamble in complete privacy, which is something that a lot of casino players and sports fans care about.
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A Huge Range of Cryptos to Gamble With
When it comes to crypto gambling sites, the majority of them accept a huge range of cryptos to play with — not just Bitcoin. For example, Stake.us accepts Ethereum, Litecoin, Dogecoin, Ripple, EOS, and countless other cryptos, so there’s a diverse range for you to pick from and play with. For example, if you’ve invested $100 in Ripple (XRP), there’s a fair amount of crypto gambling sites out there that accept it, allowing you to dive in and start playing right away.
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Gain Access to Popular Slots and Other Casino Games
Crypto casinos are insanely popular. One of the big reasons for this is because they offer hundreds (and sometimes thousands) of casino games to play, including all of the popular slots like Sugar Rush and Bonanza Megaways. Unlike some traditional online casinos, crypto casinos are extremely modern and like to keep their game libraries fresh and up-to-date, which is something that will no doubt appeal to you if you’re a younger generation player.
Summary
Over the coming year, the crypto market will recover — just like it has countless times before. Fortunately, this means that crypto gambling sites like Stake and Thunderpick won’t be negatively impacted and you can still enjoy playing all of your favorite online casino games (as well as betting on sports, too). And if you’ve yet to invest in any type of crypto, you’ll need to do this if you want to use a crypto gambling site.