Why is cryptocurrency the new payment option of choice in the iGaming industry?

iGaming has never been more prevalent than in recent years, but why is cryptocurrency use growing among its users?

The iGaming industry, or the online betting market as many call it, is one of the most lucrative sectors of the world's economy. According to the latest research, the global online gambling market is valued at USD 63.53 billion and is expected to grow at an annual rate of 11.7% from 2023 to 2030. The rise in the use of mobile phones among users for playing online games and the growing internet penetration is increasing the demand for online gambling.

Betting has always been popular, especially among sports lovers. Traditional sports like Football (soccer), Tennis, American Football, and many others are the most popular games players bet on. Casino games are also very popular among bettors.

Nonetheless, to bet on these games, either traditional sports or casino games, you need money. Given it is online, the easiest way to deposit is through debit cards or a bank transfer, depending on each country. However, in recent years, we have seen the introduction of cryptocurrency as a means of betting.

While cryptocurrencies may not be as popular as traditional FIAT currencies, cryptocurrency use is growing in the betting market. There are a lot of reasons why players choose cryptocurrency over fiat currency, but one that stands out is:

Privacy

Unlike other means of betting, Crypto betting ensures those who play casino games remain anonymous on cryptocurrency-powered platforms. Meaning they can concentrate on the game's activities to make real money.

Crypto Betting is faster and cheaper.

Players prefer betting with crypto because it is faster and cheaper. Crypto deposits and withdrawals are quick and easy and can be done in a few minutes. With traditional online sportsbooks, users may encounter issues and lose money; you might be unable to access your accounts if there's hacking. With crypto-powered sportsbooks, however, this problem is non-existent because there are no outside parties involved in the transactions.

Big Bonuses

On Crypto-powered betting sites, many bonuses are available to new players. For example, on Casinofans.io, new players get a 100% deposit match up to 1 BTC, and up to 150 Free Spins are available after their first deposit.

Crypto provides varieties

Another thing that makes Crypto-powered betting sites unique is the range of options available, unlike traditional sports betting sites.

On Casinofans.IO, players can play various Casino games and bet on all major sports events and races.