Asia Becomes Hotbed for Cryptocurrency Gambling
The online gambling industry is no stranger to Asia. It’s estimated that around 40% of the world’s online gambling takes place in Asia. And with the rise of cryptocurrency, it’s no surprise that crypto gambling is on the rise in Asia as well.
Ron Mendelson, director of Fast Offshore, said that the Asian market is recognizing the benefits of emerging technologies in gambling. According to him, cryptocurrency gambling, VR and AR, and AI will be drivers of growth in the region in the future.
Cryptocurrency offers several advantages for online gambling, including anonymity and security, fast transactions, and low fees. These advantages have made cryptocurrency gambling especially popular in Asia, where online gambling is often frowned upon by authorities, despite its massive popularity.
For example, Crypto casinos can offer their services to players in Asia without having to worry about government interference. And because crypto casinos are often located offshore, they can offer their services to players in countries where online gambling is banned. Furthermore, many traditional casinos are now accepting crypto as a form of payment.
This means that players in Asia have a much wider range of options for gambling online. For example, The Guardian notes that Chinese players can gamble on overseas casino websites and use Bitcoin to make deposits and withdrawals.
"This method has worked because of the decentralized nature that the blockchain technology provides, thus making it hard to identify the holder as each transaction made is anonymous," The Guardian adds.
In India, the development of the iGaming sector is being boosted by the rise of a rapidly expanding middle class. This, coupled with the installation of 5g networks and cheap smart devices, is propelling the business in India.
The country is set to become one of the world’s key players in the online gambling sector, and the use of cryptocurrency is likely to play a significant role in this. So far, there has been no legislation regulating or prohibiting the use of cryptocurrency in India.
Elsewhere in the region, cryptocurrency gambling is also still largely unregulated. However, that could change in the future as more and more countries begin to recognize the potential of this burgeoning industry. For now, though, any Bitcoin gambling site with a license to operate in Asian countries remains a secure platform for crypto gaming, according to an ArtVoice piece.