If you’re even peripherally interested in the crypto market, you’ll know that the price crash of the past few months has shaken investor confidence and shown that we’re a long way from seeing stability return.
However, not every segment has suffered due to the plunging prices of Bitcoin, Ethereum et al. Crypto gambling is the best example of this, so let’s discuss how its resilience is taking shape, and what this means for the wider ecosystem.
Projections of positive growth
The latest estimates suggest that next year will see the crypto gambling industry reach new highs in terms of revenues.
This growth seems to be in opposition to the major sell-off that’s been going on elsewhere, with altcoins and stablecoins alike sliding from all-time-highs that were achieved in 2021.
Further evidence that casinos powered by cryptocurrencies are holding onto and even increasing their clout comes from the sheer number of gambling sites that now support blockchain-based transactions and gaming.
An overview of the frontrunners on casinoscrypto.com indicates that new brands are joining regularly, and this hasn’t abated in spite of the uncertainty that’s stifling investment elsewhere.
Explanations of crypto gambling’s durability
There are arguably a couple of reasons behind the rise and rise of crypto casinos in the age of the market meltdown, with the first being the enduring appeal of games of chance in their own right.
Gambling has been a hit throughout human history, irrespective of the outside economic state of play. From boom to bust, people are always looking for the adrenaline rush of placing a bet and potentially walking away with a big win.
This is as true now as it ever was, and with the wider online gambling industry enjoying a boost to growth in the post-pandemic era, it makes sense that crypto-focused platforms would be just as capable of riding this wave.
The other aspect to explain why crypto casinos have not faltered is that they aren’t associated with investment, but instead appeal to players who are interested in the utility of cryptocurrencies instead.
People who were looking to grow their portfolio in the long term might have got nervous and ducked out when prices began to fall this year. Those who were happy to convert fiat currency into crypto for the purpose of gambling, with the hope of a quick win above all else, seem not to care about the ebb and flow of the market.
In fact, if anything, now that currencies have come down in price, there’s even more incentive to use them for gambling rather than just for investing. So it may even be that the crypto meltdown has catalyzed gambling, not restrained it.
Additional reasons to be optimistic
Outside of the remarkable resistance exhibited by crypto casinos, it’s worth shouting about a few of the other benefits that they bring to the table.
Perhaps most importantly is the way in which they build the blockchain into their foundations, rather than attempting to use it as a gimmick just to jump onboard the crypto gravy train; a train which has somewhat ground to a halt recently.
Again we need to look at the utility aspect. Gambling sites which not only take wagers in crypto, but also offer games which function according to the rules and ethos of the blockchain, are making a lot of headway in terms of showing the true potential of this tech.
So while the perilous waters of crypto investing don’t look like they’ll settle down soon, the consistent growth of blockchain casinos indicates that there is room for stability and reliability here.