Skip to content

Crypto remains the future of gambling in Asia

crypto gambling

Despite the fact that gambling is an extremely restricted activity across many of the Asian countries that form the continent, there is no doubt that the industry is continuing to experience a huge amount of growth. A number of nations have placed blanket bans on the activity, whilst others have fewer restrictions compared to others. Whilst it might be hard to understand how this is possible given the rules and regulations on the industry, it is not too difficult to see when taking a look at another sector that has become intertwined with gambling all around the world.

Asian bettors provided new opportunities via use of crypto

Cryptocurrency has essentially opened up so many new opportunities within the iGaming sector, with gamblers being provided with the ability to be able to play the best online slot games and classic casino games at the online crypto casino with virtual currency instead of the traditional fiat finances that can be regulated and traced. However, it would seem that there is another reason why Asian gamblers have turned to crypto as a means of gambling, though, with many viewing crypto trading as a high risk, high reward activity that will provide them with the same unique experiences and adrenaline rushes that they are able to receive when they have gambled with more traditional means in the past. Of course, the fact that Bitcoin, for example, is decentralized and provides a huge amount of security and anonymity because of the technology that the blockchain uses is a huge advantage for gamblers, as they will be able to use the virtual tokens that they hold as freely as they wish and without consequence, as their activity is made anonymous.

Growth expected to continue

Unsurprisingly, due to the heavy restrictions and bans in place, this method has proven to be incredibly popular for Asian bettors, with there being strong evidence to back it up. For instance, the 2018 FIFA World Cup was a highly popular sporting event to wager on with crypto, as it had been revealed that Chinese police had managed to break up a site that was dedicated to offering bets on the soccer competition totaling more than $1.5 billion (10 billion Yuan) in illegal bets that had been placed. However, this seems to be just the start of the boom in regards to using crypto as a gambling payment method within Asia, though. There is a lot of evidence that suggests that growth within the industry is only just at its beginning point and the next few years could see the industry reach an astronomical level

With around 60% of the world’s total population thought to be based in Asia, as well as the fact that many of the countries within the continent believed to be experiencing their own growth in regards to their economies, it is a region that is expected to continue to remain as one of the largest gambling markets in the world. Figures have suggested that the market could increase by around 14% between 2018 and 2026 because of a number of favourable factors. These factors include improvements in technology, such as internet speeds, availability and accessibility, which could then make it a lot easier for Asian Bitcoin holders to get involved with crypto casinos, which has experienced their own boom within the market recently, as well.

End of the traditional casino in Asia?

There is a concern that the traditional casino will close within Asia in the near future because of how popular cryptocurrency has become as a betting payment method, as there are more and more online services that allow for the activity to take place. It is understood that there are over 780 offshore gambling platforms available to Asian gamblers now that accept at least one of the most popular forms of cryptos as a payment method, with many of the mainstream tokens all being made available. Furthermore, 284 of those are understood to allow bettors to use Bitcoin as a deposit method, with Asia accounting for 20% of the 229 million gamblers who continue to visit the platforms that are available.