Gamblers Wagered $4.5 Billion In Bitcoin Over The Past 3 Years
By Bob Garcia
More and more markets where bitcoin use has a real world application are emerging, but gambling seems to be taking up the majority of the share. The use of the cryptocurrency has allowed for a more anonymous gambling, by protecting user’s privacy, and quicker ways to payout jackpots and reward players.
The online gambling market is a $45.86 billion dollar a year industry and bitcoin is now capturing a fraction of it. The used of the digital currency has steadily risen since its first introduction in 2013. Online gambling represents one of bitcoin’s most popular uses, more than 10x the volume than other markets.
Now, according to Bitcoin Strip, a website focused on online bitcoin casino statistics, over 24.5 billion bets have been placed using the digital currency over the past years. This trend continues to grow as more platforms come online and gamers have more options. According to the most recent statistics users are placing 337 bets per second and are wagering around 3 BTC per minute. In addition, since its first introduction roughly 3.7 million BTC have been in play, roughly $4.5 billion.
Bitcoin along with online gambling have grown in nearly every country around the world, except the U.S., Russia and a few others, during the past years. This is due to the U.S.’s restrictions set forth in the Unlawful Internet Gaming Enforcement Act.
Despite regulation, bitcoin gambling continues to rise every year.