Understanding Market Sentiment: Crypto and Casino Trends Coming in 2024
Cryptocurrencies and the gambling market have found many ways to intersect. This has led to innovation and it improved the user experience for online players. Chances are that this fruitful cooperation will continue in the years to come, as both BTC and online are rising in popularity.
In this article, we’ll discuss the growing trends in the world of online casinos and how they’ll shape the market in 2024. Some of these are long-time coming, while others are recent and driven by the latest innovation.
Increased Adoption
Many online casinos have already adopted cryptocurrencies as a payment method. Many also base their gameplay mechanism on blockchain technology. These technologies are now widespread and known to be safe and easy to use. The use of cryptocurrencies is also more regulated than before.
We’re likely to see an increased adoption in the years to come. Casinos will allow the use of many different cryptocurrencies, they’ll provide bonuses for those using them, and transactions will get lower. This also means that there will be a wider pool of potential players.
Provably Fair Odds
Using cryptocurrencies allows players to have provably fair odds for their games. When playing Bitcoin roulette online, as well as other games of luck, players need to know what are the exact odds of winning a spin. Open-source codes allow roulette players to make their bets based on a clear understanding of their chances.
This will become the norm, as players focus more on roulette games of luck and players are looking for ways to make informed decisions. BTC casinos will be expected to provide information about odds, volatility, and return to player rate, as the most important data a player needs to bet
Integration of Decentralized Finance (DeFi) in Gambling
Decentralized finance has already found its way to the gambling industry and its uses will expand in the years to come.
DeFi liquidity pools can be used to facilitate betting. Users can deposit Bitcoin into a pool. The odds of various outcomes are determined by the pool’s composition. After the event’s outcome is decided, the winnings are distributed based on the initial deposit ratio. This ensures that the odds are determined by the users, not a centralized entity.
Decentralized finance will also be used to predict the outcome of events. When the event occurs, the shares’ value changes, and users can cash out based on their holdings.
The Rise of Sports Betting
The following year will be a year of sports betting. The rise of bookmakers alongside traditional casino games has a complex and long history. Young players are more interested in sports betting than before and eSports are now widely accepted as events to bet on.
The use of blockchain technology has made the odds much clearer and allowed the odds to change in real-time as the games progress. In the end, the use of AI has made sports betting a science. The players have at their disposal countless statistics and projections made based on those statistics to allow them to make informed bets.
Introduction of In-Game Rewards
Gamification of online casino gameplay will be a huge trend in 2024. This includes side-quests, mini-games, and various in-game rewards. The introduction of these features is especially welcomed by young players who are used to computer games and find traditional casino games to be somewhat monotonous.
This will make the gameplay experience more enjoyable and suitable for playing on mobile devices. It will also drive player loyalty and help bring in new players. The odds of winning these mini-games are also transparent and fair due to the use of blockchain technology.
Enhanced User Experience
Online betting is already made to mimic the look and feel of visiting an on-the-ground establishment. This is accomplished through live betting and the flashy aesthetic players have come to expect when gambling.
In the years to come, the use of augmented and virtual reality will only further improve this trend. These technologies are already available but not widely used. Soon, VR and AR devices will become household items and the Bitcoin gambling industry will be the first to cash in on that.
Social Betting
Tournaments and social betting will be a big deal in 2024. One of the biggest downsides of using online Bitcoin casinos is the alienating nature of the experience. Online casinos are finding ways to remedy this by focusing on tournaments and social aspects of betting.
Live events can be streamed from an actual on-the-ground casino. The players make bets in real time and they can interact with each other as the game takes place. Chats, video calls, as well as augmented reality meetings all can be used to enhance this experience.
Tools For Responsible Gambling
Online casinos are going to start paying more attention to responsible gambling. They will dedicate resources and tools to prevent betting too much, chasing losses, and increasing the size of the bankroll. These practices foster trust and loyalty from players and regulatory institutions alike.
These tools include betting caps, automated betting strategies, and automated stop losses. Players will have control over the settings of these tools, but once they are set, players won’t be able to override them. This means a player may get signed out of their account once they lose the amount they set as a limit.
Stricter Regulatory Measures
Bitcoin online casinos are already subject to regulations and rules set by government agencies. The process for getting a gambling license is going to get stricter and more complicated. This is partly because of the increased use of cryptocurrencies and partly because there are more players and casinos in general.
The security measures will be held under a higher scrutiny and there’s a chance online casinos will have to renew their license more often. Special attention will be paid to games that rely on blockchain code to guarantee the terms of a bet. These need to be transparent for both the players and regulatory institutions.
Cross-Chain Gambling
Cross-chain gambling refers to gambling that allows players to bet on crypto roulette (for example) using more than one cryptocurrency and more than one crypto platform. The players can seamlessly move their BTC assets from one blockchain platform to another and convert one cryptocurrency to another.
This approach to gambling is already available in some gambling establishments and it will become a norm in the years to come. That will allow the casinos to attract players regardless of which cryptocurrency they are using. Small and niche BTC platforms have their use and following and casinos will be able to tap into it.
Conclusion
The gambling industry needs to be innovative and change with the times so that it can stay relevant. BTC have already changed the industry and provided features useful to both players and gambling establishments. As more players adopt crypto casinos the industry will evolve further.
Online gambling establishments will get more heavily regulated, they will adopt new AR and VR technology, and they’ll allow players to use more cryptocurrencies. The games will be fairer and more transparent with their odds and sports betting will become more popular than before. Both players and BTC casinos will have to quickly adapt to new trends changing the betting industry.