Since the year 2000, the number of people using the internet has risen from under one billion to over two billion by the time Bitcoin was launched and over four billion by 2020.
During this period of rapid growth, the internet has evolved dramatically and is now one of the most popular technologies of the modern world and one that is viewed as a basic right in many developed countries.
Aside from email usage and streaming videos, iGaming is one of the most common uses of the internet, with players engaging in online gambling from a multitude of devices, such as desktop, laptop, tablet and mobile.
For anyone that is unsure, iGaming is the term used to categorize all things relating to online gambling and playing games online for money, such as betting on roulette, blackjack or other games like slots and video poker.
With that said, iGaming is one of the largest industries online and has consistently remained in the top tier of activity since the days of modem connections and the very first online casino, which is believed to have launched in 1994, though some people dispute this date.
According to data found online, around 30% of the population of major developed countries gamble on a weekly basis, with sports betting and casino gaming dominating the market share.
So now that we’ve established just how popular iGaming is, it’s time to take a look at how Bitcoin, since its launch in 2008, has influenced the iGaming business and the effect this popular cryptocurrency has had on companies associated with online gambling.
iGaming sectors influenced by Bitcoin
iGaming is made up of a number of industry sectors that make online gambling possible. The average person thinks that an online casino provides everything required to play games for Bitcoin and other currencies online. But the reality is that in order for an online casino to provide this service, it has coordinated a combination of organisations that complete the full package, including payments, software, content, security and data management.
Below is a list of the primary sectors in iGaming that have been influenced by Bitcoin and the rise of this leading crypto.
Bitcoin has influenced gambling operators that operate online casinos, poker rooms, sportsbooks and lottery sites because they have wanted to meet demand from players. Due to the fact that more players are wanting to gamble using Bitcoin, gambling sites have added Bitcoin as a payment method alongside traditional payment methods such as Visa, MasterCard and PayPal, with Bitcoin compatible games.
iGaming payment providers
iGaming payment providers have adapted to accommodate Bitcoin transactions and many new companies are offering Bitcoin wallets for storing Bitcoins. Bitcoins can then be deposited or withdrawn between the wallet and casino. Bitcoin converters are also used to convert to and from other currencies, including any winnings from Bitcoin to fiat. For ease, some online casinos also offer a conversion service so that players can switch from traditional currencies to Bitcoin and back again.
iGaming software developers
iGaming software developers are the backbone of online casinos and are responsible for creating the games that players enjoy every day. When a software developer creates a new game, such as a video slot, they incorporate a variety of compatible currencies so that it can be played all over the world. In recent times, these software developers, such as Habanero, NetEnt, Endorphina and Microgaming, have started developing their games with Bitcoin as one of the compatible currencies.
iGaming content suppliers
iGaming content suppliers are companies that supply the content, Bitcoin games, to gambling operators through software or platforms. Sometimes referred to as game aggregators, content suppliers work with multiple developers to package together a series of Bitcoin games that can be integrated easily, usually with a single API integration.
In order to play games using Bitcoins, the cryptocurrency must be deposited to an online casino from a Bitcoin wallet and in the event of a win, withdrawn from the casino back to the wallet. These are known as transactions. Transactions must be carried out with the highest possible level of security (SSL) and privacy so that details are kept safe at all times and free from hackers eavesdropping.
What good would iGaming be without bonuses? Crypto casinos are now able to offer bonuses and promotions in Bitcoins so that players can deposit in BTC and receive free digital currency. One particular Bitcoin casino that specialises in crypto bonuses is Bitcoincasino.io, which is currently offering new players 0.1 BTC free on their first deposit.