Blockchain provides the support for increase in popularity of online gambling

The ongoing COVID-19 pandemic has caused widespread disruption across almost every sector and industry this year, with physical stores being shut down globally, regardless of the sector. Thus, online services have come to the fore instead, and it is no surprise that they have increased in popularity by a large amount during this time. One of the sectors which has especially benefited is the online gambling and gaming sectors.

With physical gambling locations and casinos having been shut down, online gambling has become extremely popular this year. At the same time, gaming has also come into the mainstream. Analysis shows that game sales have increased by more than 60% this year across 50 key markets, with digital downloads proving to be especially popular. Gaming portals have also reported increases in their user base, with spikes of over 200% in some cases. In terms of online gambling, according to Nasdaq, internet gambling revenues rose by 66% in New Jersey to $65 million in March 2020 alone, while total revenue for the year is on track to exceed $700 million, compared to $483 million in 2019.

This has been a truly global phenomenon. Another study, this time in Australia, showed that online gambling increased by nearly 70% in April 2020, following the shutdown of all non-essential services in the country. A report by Global Market Insights Inc. states that the global online gambling market is expected to exceed $160 billion in value by 2026. This will largely be down to increased smartphone usage, improvements in internet speed, advancements in technologies such as VR, cryptocurrencies and blockchain, and easy access to online gambling platforms.

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In fact, cryptocurrency platforms have become quite popular among online gambling users. Some online casinos such as Winz.io offer services based on mobile and blockchain technology already. According to Cointelegraph, Bling, which is an American crypto-based gaming company, saw an increase of almost 50% in its user base in March, with over 70,000 users per day and 400,000 active users per month. 

There are many reasons for crypto to be so popular with online gambling users, with the biggest factor being the blockchain technology that underpins crypto transactions and its ability to provide transparent and secure transactions. At the same time, crypto gambling sites offer better odds, usually 1.5-2% over conventional gambling sites, since they do not have to incur financial costs which other sites have to, while results are recorded on the blockchain and are therefore easily retrievable and auditable. Many users also prefer using cryptocurrencies like Bitcoin for online transactions, since the risk of hacking and fraud is much lower, while the decentralized nature of these currencies also gives anonymity to gamblers and players.

Bitcoin SV in particular is proving to be a very popular option in the industry. It offers a very attractive use-case, due to its improved back-end security, its token capabilities, strong authentication protocols, cost efficiencies and transparency. It is no surprise to note that many online gambling and gaming platforms are using the BSV blockchain to set up their operations.

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