Crypto Corner: A year in crypto gambling
TheCryptoGamblingNews.com team runs down a topsy-turvy year for the crypto gambling industry.
Bitcoin is close to an all-time high. It was trading as low as $3,500 on March 16th, but since then it's been on a remarkable upward trajectory. Some crypto casinos execs say that as the price rises, players gamble less Bitcoin in dollar terms.
This year saw the first successful decentralised casinos built upon the Tron blockchain. WINK.org reported in excess of 2,000 daily active users throughout the year.
Gambling-focused cryptocurrencies grew around 7% in 2020. The combined market cap of these cryptocurrencies now exceeds $180m. FunFair’s $FUN token, Bitbook”s BXK token and WINK“s WIN token have a market capitalization in excess of $20m and more than $3m worth of them are traded every day on global exchanges.
Sportsbet.io has appeared on the front of Watford and Southampton shirts in the Premier League and inked an official partner deal with Arsenal. Stake.com was anofficial sponsor of the TT Cup table tennis tournament earlier in this year.
Atari launched ATRI cryptocurrency, which can be used to play at dedicated casinos. ATri has a market capitalisation of around $8m.
FunFair Technologies is bringing crypto games beyond the blockchain to a broader audience. FunFair Games will target Gen Y and Z players with content that has already performed well within the crypto space.
Stablecoins, which are pegged in value to something else, enjoyed a strong 2020. Cloudbet offers gaming with stablecoins Tether, USD Coin and Pax Gold. DAI, an Ethereum-based stablecoin tied to the US dollar, gained significant traction in Latin America.
Cryptocurrency gambling has become an important segment of the industry. Bitcoin will become part of PayPal's offering in 2021. For operators looking for areas where they can supercharge their 2021 growth, crypto may be the most important opportunity of next year.