The various digital currency obituaries we read online are a little premature if we look at recent crypto-betting data. A report from Soft Swiss on the state of crypto in the first half of 2022 suggests that cryptocurrency betting is in rude health.
The report included data on digital currency gambling and found that crypto betting in H1 2022 increased by over 46% compared to H1 2021. Furthermore, the betting volume, standing at over $37.5 billion, was an incredible 246% increase on the H1 2020 figure.
Interestingly, the gap between fiat and crypto for betting purposes is closing. In the first half of 2022, almost 35% of bets involved crypto. Another fascinating trend is that Bitcoin’s dominance is decreasing. In the first half of 2021, over 80% of crypto bets were made using BTC. H1 2022 data found that this figure decreased to just over 71%, with almost 15% of cryptocurrency wagers involving Ethereum.
Another report , this time by TripleA, investigated gambling demographics relating to digital currency. It found that over three-quarters of crypto payers were in the 15 to 35 age bracket. Meanwhile, almost half of crypto owners were interested in spending their coins on online gambling or gaming in the future.
People are finding greater use for digital currencies, particularly online betting. Additionally, the practice of using cryptocurrency is increasing in the biggest gambling countries in the world. This article investigates the top crypto betting countries while highlighting the pros and cons of using digital assets to place bets.
What Are the Top Online Betting Countries That Use Cryptocurrency?
There is a recent move towards crypto in the biggest gambling countries with different reasons why the use of digital currency has taken off. In the United States, for example, online casino gambling is banned in most states. However, crypto casinos are much harder to regulate, allowing people to bet even if their jurisdiction outlaws the practice.
We’re now going to look at the top online gambling countries where crypto use is widespread, investigating the possible reasons for its popularity. The following list is NOT in a specific order. Unfortunately, the nature of crypto betting means that finding accurate data in each country is a tall order at present.
1. Canada
Canadian provinces have the power to legalize single-game wagering, so the gambling industry seems certain to enter a period of sustained growth. Indeed, Canada is already one of the world’s biggest gambling countries. Analytics Insight says there are over 19 million active online gamblers nationwide.
Canadians spend about $16 billion in local casinos yearly and another $4 billion on offshore gambling sites. The gambling demographics in Canada are surprising, given that the pursuit is usually associated with men. Approximately 43% of online gamblers are women in Canada.
Canada also tolerates cryptocurrency, so it isn’t surprising to learn that the two markets are beginning to combine. Canadians are starting to prefer the almost instant transactions provided by cryptocurrency gaming sites, not to mention the larger deposit and withdrawal limits.
2. United States
An NBC News poll in 2022 showed that about 20% of American adults have used, traded, or invested in cryptocurrency. In addition, data from Chinalysis, a blockchain analytics organization, found about 70 crypto-friendly casinos available to American customers. These casinos earned nearly $3 billion within the first three months of 2022. This figure puts the industry well on track to beat the $10 billion earned in 2021.
However, there are concerns over the lack of regulation in the industry. The American Gaming Association has even spoken to the U.S. Government. Still, since many crypto casinos aren’t regulated or registered in the United States, it isn’t easy to prosecute organizations acting illegally.
3. United Kingdom
The UK has been one of the world’s top gambling countries for decades, with residents betting on everything from horse racing to virtual sports. In March 2022, over 40% of Britons gambled at least once during the month.
Although National Lottery and scratch cards make up a high proportion of this figure, betting on horse racing and other sports also features prominently. In the UK, bookmakers are legally required to engage in robust Know Your Customer (KYC) protocols. They are also quick to restrict or close the accounts of winning punters.
For such individuals, cryptocurrency betting offers a completely different avenue. Successful bettors can access dozens of new accounts and bet on many sports and markets.
4. Japan
The Land of the Rising Sun is crypto-friendly and one of the few Asian nations that permit online gambling. Lower transaction costs and added privacy are why the Japanese enjoy crypto gambling.
There was an interesting development at the Tokyo Game Show in September 2022. One of the stands featured a loan provider for players of blockchain games. Yield Build Games, a company based in the Philippines, is Asia’s largest provider of start-up loans for individuals looking to earn a living playing blockchain games.
Japan is part of a region known for having lots of high-quality esports gamers. Therefore, perhaps it is no surprise that Japanese citizens are keen to earn a living from being professional gamers.
5. Australia
No list of the best countries for gambling would be complete without Australia, a nation where over one-third of people aged 18+ spend money on gambling in a typical month. Many online casinos Down Under permit people to use crypto.
There is a possibility that the Northern Territory Racing Commission (NTRC) will include crypto betting as part of the regulated gambling industry. If this plan goes ahead, it will be a game-changer for cryptocurrency gambling in Australia.
6. Brazil
Brazil is in the midst of a so-called “crypto boom .” With an inflation rate that surpassed double digits in 2021 and the fall of the Brazilian real against the U.S. dollar, investors are seeking new ways to get value for their money.
Indeed, Brazilians receive incentives to buy cryptocurrency instead of American dollars to hedge against inflation. Moreover, many major crypto exchanges, including Binance and Crypto.com, are planning to invest in Brazil.
They aren’t the only companies looking towards the South American powerhouse. In August 2022, Crystal Wealth Group launched BetCoco, a new crypto casino, in Brazil. The platform offers customers sports, esports, and live casino betting, a sure sign that crypto gambling is about to take off in Brazil.
Why Are So Many People Gravitating Towards Crypto?
The list of reasons why gamblers are starting to prefer crypto to fiat is growing and includes the following:
- High Security: The blockchain technology used in crypto gambling is incredibly secure and does an excellent job of keeping your transactions secure. You have full control over your account balance since you’re the only person with direct access to your digital wallet.
- Higher Deposit & Withdrawal Limits: A major source of frustration for serious bettors is the restrictions placed on deposits, particularly withdrawals. On the other hand, top-rated crypto betting sites like Stake.com have no withdrawal limits, which is perfect for high-rollers.
- Faster Transactions and Lower Fees: Certain fiat-accepting platforms can take at least one working day to process withdrawals, while payment methods like PayPal and Neteller come with hefty transaction fees. In contrast, reputable crypto-betting platforms charge minimal fees and immediately process your withdrawals.
- Anonymity: There is an obvious paper trail when you use a fiat betting site, and your bank can see it. If you try to apply for a loan, the bank will reject your application if it finds evidence of online gambling. With crypto betting, no trace of your activity is visible to financial institutions.
- Extra Rewards and Bonuses: Now that the crypto betting sphere is so competitive, sites offer incredible bonuses and rewards. A standard welcome bonus, for example, is a 100% top-up on deposits of up to $1,000. However, you should read the site’s terms and conditions before registering.
Problems With Crypto Betting
Although cryptocurrency betting has many advantages, it isn’t a perfect system. Here are a few issues to consider:
- Volatility: The crypto market continues to experience high volatility, with the value of investments fluctuating wildly from time to time.
- Scam Companies: Cryptocurrency is decentralized, and with scant regulation, it is a breeding ground for scammers. Please read detailed reviews of whatever crypto betting sites you’re interested in to ensure they are legitimate.
- Mistakes Are Costly: If you make an error during a transaction, you could send your crypto to the wrong place with little chance of getting it back.
- Legality: Crypto gaming is often available in places where gambling is illegal, so check the legal status of it in your region.
- Feeds Gambling Addictions: Those who self-exclude from fiat-accepting platforms can easily fall down the crypto gambling rabbit hole and lose a fortune.
The Crypto Gaming Juggernaut Looks Unstoppable
In the world’s top gambling countries, the gap between the usage of fiat and crypto is closing rapidly. It seems inevitable that one day, cryptocurrency wagering will make up a majority of all online bets made.
While there are plenty of reasons to join the revolution, it is essential that you perform due diligence and only bet with companies that have established a good reputation. Otherwise, you could become the latest victim of a crypto-related scam.