The United Kingdom has a real affinity towards gambling, which is why it is hardly a surprise to learn that the online gambling sector within the country and the businesses that operate within its jurisdiction have managed to benefit from the use of cryptocurrency.
Online gambling has been a favourite pastime for many within the UK over the years and with the industry continuing to improve and get better at a fast pace, it is only continuing to draw more and more players with each passing year.
UK iGaming market is exceptionally strong
Figures have shown that the market is over 25 million strong when looking at the number of gamblers within the UK industry, with 10.5 million of those turning to online platforms. However, it truly would not be a surprise to see that number continue to grow in the future. There is a general acceptance that the main population of gamblers in the UK is of a demographic that might not necessarily be tech-savvy, with many preferring the traditional shop or casino experience. However, whilst the 44 years to 66 years bracket might still be the main demographic, the bracket that features ages of between 25 and 34 is steadily on the rise. It is claimed almost a quarter of them (23.1%) gamble online each month, whilst individuals between the age of 35 and 54 years contribute to 22% of monthly online gambling.
Additionally, the UK gambling market is estimated to be worth around £14.3 billion annually, with 38.6% of that revenue being provided by online gambling activities.
Given the rate of growth, the industry has continued to look for a number of different ways in which it can keep up with the trends that appear over time, with cryptocurrency gambling one of the latest to have come to the forefront of the sector. Indeed, with the decision by the UK Gambling Commission to ban the use of credit cards as a form of payment to protect the interest of the overall market, many have decided to turn to alternative options, including virtual currency.
As a result, there are a number of different cryptocurrency casinos that are starting to become available, with each of these providing gamblers opportunity to play crypto slots using Bitcoin, Ethereum, Cardano, DogeCoin, Ripple, and many more in order to continue to enjoy their gambling experiences with minimal fuss.
Benefits that cryptocurrency gambling can provide gamblers in the UK market
The introduction of cryptocurrency casinos has meant that players are now able to enjoy a number of additional benefits that they may not have been able to have when they used traditional payment methods. Of course, they will have been protected as much as possible, however that did not stop some bettors from being hesitant when making an online transaction, as there was always a fear that details could be stolen or that a hacking may have taken place.
However, crypto can help to eliminate many of those concerns and worries, which is why many have started to turn to digital tokens as a form of currency to use when wagering. Below are just some of the main reasons why virtual currency is being used:
As mentioned, security is a lot tighter compared to the use of traditional fiat currency when using crypto. This is because of the blockchain technology that is used, as this ensures that transactions are impossible to manipulate. Furthermore, each transaction is decentralised, therefore meaning no one else is involved in the transaction, thus making it fully transparent.
Another reason is due to the privacy and anonymity that is awarded to those that use crypto. There are a large number of gamblers who would like to keep their gambling activities as private as possible from financial institutions and the virtual currency provides them with the opportunity to do that. Moreover, they will not need to enter any details into the online casino, thus eliminating the potential of seeing their details be stolen should an operator be hacked.
Betting with a cryptocurrency casino can be a cheaper experience and one that can also be a lot quicker than other platforms that are available that use traditional fiat currency payment methods. Transactions made via the digital asset will not need to be processed or checked by financial institutions such as banks, thus eliminating any requirement to pay a fee on any withdrawal or deposit being made.
Cryptocurrency gambling is a trend that the UK gambling market should expect to see for a long time to come, with it having the potential to explode and become incredibly huge, thus highlighting just how much the UK gaming business has been able to benefit from its introduction. There are a number of cryptocurrency casinos already available to use, and one that provides bettors with a huge number of benefits, therefore making them incredibly appealing.