How Many Crypto Casinos Are There?

It’s not an exaggeration to say that crypto casino gambling is one of the fastest growing industries. As more and more people understand the benefits of using digital currency to bet instead of fiat, old school platforms will be left behind in favor of the best Bitcoin casinos. But how many crypto casinos are there right now and what’s the future for the industry?

Mainstream success of Bitcoin, Litecoin and Ethereum has only made the public more interested in the crypto gambling train. In this article we will try to count the number of cryptocurrency casinos, explain their popularity, where to find them and what’s the future. First however let’s provide a little background.

The Rise of Crypto Casinos: A Brief History

Humans have been gambling for millennia; archaeologists found Mesopotamian six-sided dice that are around 5,000 years old. It has been a long journey from there to crypto dice. The first gambling house in Europe, called the Ridotto, opened in 1638. So we’ve been playing casino games for a very long time.

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

Crypto gambling soon revealed the many advantages it had for players. No need to reveal bank details and other personal information, players had a level of anonymity.

But there were problems in the early days of crypto gambling, especially during the Initial Coin Offering (ICO) boom of 2017. This led to many scam sites and eroded trust in the crypto gambling concept. And cryptocurrency was not yet adopted by the mainstream so even curious players stayed away.

But the crypto tide started to rise and coins like Bitcoin, Ethereum and Litecoin started to gain more prominence in the financial world. By 2020 the number of high quality, sophisticated casinos offering games like Bitcoin blackjack had grown significantly. These sites earned legitimacy through years of good user experience and customer service.

Tighter restrictions on fiat gamblers in different countries started to help the crypto casino cause. Now players are ready to hear the array of crypto gambling advantages: higher withdrawal limits, more privacy, lower fees and more generous welcome bonuses.

How Many Crypto Casinos Are There Worldwide

The above reasons explain why players are now flocking to good crypto slots sites which have thousands of games. The trajectory of crypto casino gambling seems to be going up!

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

But it’s hard to get clear data on crypto gambling. This is especially true when it comes to estimating the total number of crypto casinos. We found figures ranging from 500 to over 1,000.

Things are complicated by the fact that new platforms are being introduced to the market daily. Then there’s the reality that a significant portion of these sites fail and shut down. And then 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 also have to include former 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 growing rapidly. A combination of factors such as problems with fiat sites (stricter KYC laws and proof of funds in particular), more available cryptocurrencies and the realization that crypto gambling has many advantages has led to this growth.

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 blame the rise of unique gambling opportunities like Bitcoin Plinko sites on the incompetence of fiat platforms. But while such sites have decreased in quality, it’s important to note that crypto casinos have become popular on their own merit.

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

In places like the UK, the net is tightening on bettors, fiat gambling sites are forced to ask for more information when players withdraw in certain circumstances. If revealing your identity and address isn’t bad enough, there are situations where you have to show your bank statements!

For bettors in such jurisdictions, crypto casinos are a blessing. Thanks to blockchain technology and features like advanced encryption, you have a private and secure gambling experience. And 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 get lower fees and anonymity.

Another factor is game fairness. Many players have claimed that certain fiat casinos are cheating. Finding evidence of this is impossible of course, but once a site loses players’ trust, it’s over.

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 way the crypto casino can cheat.

Regional Distribution of Crypto Casinos

For crypto casinos to be legal in any location, the country must allow online gambling and cryptocurrency. The latter is becoming less of an issue as many countries now allow the purchase and sale of digital currency. But many countries still outlaw gambling, making crypto casinos illegal.

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

In the US and Canada, the laws around gambling vary from state to state or province to province. For example, when looking for the best Bitcoin casinos in Canada, you should check the minimum legal gambling age as it’s not the same across the board.

Many South American countries allow crypto transactions but few allow online casino gambling. It’s the same in Asia and Africa, although a few 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 obstacle to the global growth of crypto casinos. But this may change in the future and expansion seems likely even if no other countries relax their gambling laws.Of course, the trajectory of the cryptocurrency industry itself will dictate where the crypto casino goes. The fact that digital currency is going mainstream is good news all around.

Next we have to look at the main competition: fiat casinos. Interest in such gambling platforms is declining due to the many issues above. The fact that players can play anonymously will be enough for more people to switch.

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

But crypto casinos must also evolve. Allowing players to enter the metaverse for a unique experience, allowing NFTs and improving security features will be high on the trends list.

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