How Many Crypto Casinos Are There?

It’s no exaggeration to say that crypto casino gambling is one of the fastest-growing industries. As more bettors understand the benefits of using digital currency to wager instead of fiat, old-fashioned platforms will be left behind in favor of the best Bitcoin casinos. But how many crypto casinos are there right now and what does the future hold for the industry?

The mainstream success of Bitcoin, Litecoin, and Ethereum has only further piqued public interest as the crypto gambling train continues to roll on. In this article, we attempt to determine the number of cryptocurrency casinos, explain their popularity, highlight where they are found, and explore their future. First, however, let’s provide a little background.

The Rise of Crypto Casinos: A Brief History

Humans have gambled for millennia; archaeologists discovered Mesopotamian six-sided dice that are approximately 5,000 years old. It has been a long journey from there to crypto dice. The first gambling house in Europe, known as the Ridotto, opened in 1638. So, it’s clear that we’ve enjoyed casino games for a very long time.

While cryptocurrency first arrived on the scene in 2009, the idea of using it for gambling wasn’t fully explored until the formation of SatoshiDice, the first crypto casino, in 2012.

The advent of crypto gambling soon revealed the immense advantages it provided to players. Rather than having to reveal bank details and other personal information, gamblers enjoyed a certain level of anonymity.

However, there were problems in the early years of crypto gambling, particularly during the Initial Coin Offering (ICO) boom of 2017. This led to the creation of many scam sites, eroding trust in the crypto gambling concept. Furthermore, cryptocurrency’s lack of adoption into the mainstream ensured that even curious bettors steered clear.

Fortunately, the crypto tide began to rise, and coins such as Bitcoin, Ethereum, and Litecoin started to gain greater prominence in the financial world. By 2020, the number of high-quality, sophisticated casinos offering games like Bitcoin blackjack had grown substantially. These sites earned legitimacy through years of excellent user experience and customer service.

Tighter restrictions on fiat gamblers in different countries began to further aid the crypto casino cause. Now, players are ready to listen to the array of crypto gambling advantages, including higher withdrawal limits, greater privacy, lower fees, and more generous welcome bonuses.

Estimating the Number of Crypto Casinos Worldwide

The benefits above help explain why players are now flocking to worthwhile crypto slots sites, which often offer several thousand games. The trajectory of crypto casino gambling seems to be heading in one direction: up!

Indeed, data from 2023 found that the cryptocurrency gambling market was worth approximately $250 million. Between 2014 and 2023, players bet over $4.5 billion in Bitcoin, and roughly 55% of BTC transactions relate to gambling.

Unfortunately, it’s difficult to get complete clarity on crypto gambling data. This is certainly the case when it comes to estimating the total number of crypto casinos available. We’ve found figures ranging from 500 to over 1,000.

Things are complicated by the fact that new platforms are being introduced to the market almost daily. Then, there’s the reality that a significant proportion of these sites fail and shut down. To further add to the complexity, you have to factor in the number of crypto casino sites that are, for lack of a better word, scams!

If all of the above isn’t enough, we must also include formerly fiat casinos that now offer Bitcoin or other cryptocurrencies as deposit and withdrawal options.

The only thing we can say for sure is that the number of active crypto casinos available to online gamblers is rising at a staggering rate. A combination of factors, such as problems with fiat sites (stricter KYC laws and proof of funds in particular), a greater number of available cryptocurrencies, and a realization that crypto gambling has a substantial array of benefits, have all led to this rise.

More generous payout limits have also helped. You can win big on certain Bitcoin jackpot sites and have no issues withdrawing your entire balance at once.

Factors Contributing to the Growth of Crypto Casinos

It’s easy to attribute the rise of unique gambling opportunities, such as Bitcoin Plinko sites, to the ineptitude of fiat platforms. However, while such sites have experienced a marked decrease in quality, it is important to note that crypto casinos have become popular on their own merits.

The blockchain technology that powers cryptocurrency is one of the main reasons so many people are considering using Bitcoin Crash sites and similar platforms.

In places like the United Kingdom, the net is tightening on bettors, with fiat gambling sites forced to request additional information when players withdraw in certain circumstances. If revealing your identity and address isn’t bad enough, there are situations where you must show your bank statements!

For bettors living in such jurisdictions, crypto casinos are a godsend. Thanks to blockchain technology and features like advanced encryption, you enjoy a secure, private gambling experience. Furthermore, some platforms are ‘no KYC,’ which means you never have to reveal personal details.

One key to this privacy is Decentralized Finance, also known as DeFi. Such platforms provide transactions based on smart contracts and peer-to-peer gambling. With no middlemen or financial institutions involved, you benefit from lower fees and anonymity.

Another factor revolves around game fairness. Countless players have claimed that certain fiat casinos are cheating. Finding evidence of this is next to impossible, of course, but once a site loses players’ trust, it is finished.

In the crypto casino world, provably fair technology has come to the rescue. So-called “provably fair” games, which are associated with crypto gambling, use cryptographic algorithms and blockchain technology to provide total transparency in game outcomes.

Players can verify the results of games themselves, so there is no possibility of the crypto casino cheating.

Regional Distribution of Crypto Casinos

For crypto casinos to be legal in any location, the country must permit both online gambling and cryptocurrency. The latter is becoming less of an issue as scores of nations now permit the purchase and sale of digital currency. However, a significant number of countries still outlaw gambling, making the use of crypto casinos illegal.

Regionally, a high percentage of European nations allow residents to engage in online crypto gambling. Indeed, Malta has become something of a hub due to its favorable regulations. Meanwhile, Curacao, located in the southern Caribbean Sea, is another country that falls into this category.

In the United States and Canada, the rules surrounding gambling tend to vary from state to state or province to province. For example, when searching for the best Bitcoin casinos in Canada, it’s wise to check the minimum legal gambling age in particular, as it is not the same across the board.

Many South American countries allow crypto transactions, but few permit online casino gambling. It’s a similar story in Asia and Africa, although a handful of countries seem to buck this trend and allow crypto casinos.

The Future of Crypto Casinos: Trends and Predictions

Ultimately, laws prohibiting gambling seem to be the biggest impediment to the global rise of crypto casinos. Yet, this may change in the future, and expansion seems likely even if no other countries relax their gambling legislation.

Obviously, the trajectory of the cryptocurrency industry itself will dictate where the crypto casino goes. The fact that digital currency is veering towards mainstream adoption is excellent news all around.

Next, we have to look at the main competition: fiat casinos. Interest in such gambling platforms is falling due to the many issues already mentioned above. The mere fact that players can enjoy anonymous play will be enough for more people to make the switch.

As Bitcoin gambling sites make it easier to register and the general public becomes more comfortable using digital currency, fiat platforms may go the way of the brick-and-mortar bookmaker.

However, crypto casinos must also continue to evolve. Allowing gamblers to enter the metaverse for a truly unique experience, permitting the use of NFTs, and improving security features all feature strongly on the likely trends list.

If the cryptocurrency and betting industries can avoid widespread restrictions, the future of crypto casinos looks very bright indeed.