The rise in the number of Bitcoin and digital currencies will help push the development of the world’s gambling market, said a study by Report Buyer.
In its study titled, Gambling Market - Global Outlook and Forecast 2018-2023, Report Buyer said the online gambling industry had taken advantage of cryptocurrencies and gambling on blockchain-based platforms to look for opportunities to expand the industry further.
The study said an expanding number of consumers are using blockchain and digital assets as modes of payment in the global market.[G8]
The study said, “The rapid popularity and increasing number of live casinos will help in the development of the global gambling market during the forecast period. These live casinos have the presence of live dealers and run like a real land-based casino. The rise in e-sport competitions in the form of video gaming or pro-gaming or professional video gaming is driving the growth of the global gambling market. These competitions are multiplayer, and RTS, FPS, and MOBA are the most popular games in the global market. These events are often broadcasted live worldwide using streaming platforms such as YouTube and Twitch.”
The researchers estimate that the global gambling industry will post a record $525 billion revenue by 2023, expanding at a CAGR of approximately 4% between 2017 and 2023.
The demand for the digital game and the rising adoption of mobile applications in the UK, the US, China, Italy, and SAR region will fuel the growth in new players over the next few years. The rise in the penetration of digital betting and gaming in the Europe and North American region will ensure the steady growth of the gambling industry, it added.
A similar study released in July by Research and Markets forecasted the rise of online gambling would contribute to the growth of cryptocurrencies and Bitcoin. The study predicted the global online gaming to register a 10.5% CAGR growth from 2018-2022.
The researchers said then:
“One trend in the market is the introduction of Bitcoin gambling. Bitcoin is a type of cryptocurrency that allows peer-to-peer payments on the Internet. With the rising popularity of Bitcoins, many vendors are adopting gambling with the use of Bitcoins as a currency. This is due to advantages offered by cryptocurrency over common currency ."
Also in July, live horse betting platform AmWager.com started accepting Bitcoin and Bitcoin Cash deposits to place bets.