Cryptocurrency casinos and sports betting sites have existed since 2012, but their popularity in the U.S. has surged to record highs in recent years. The growing interest in Bitcoin, along with the 2018 Supreme Court ruling that overturned the previous federal ban on sports betting, has revitalized the industry.Â
American betting enthusiasts can now engage in activities like soccer betting, NFL wagering, and online casino card games, finding cryptocurrencies to be a safe and reliable method for depositing and withdrawing funds.
Likewise, legal betting sites in the US are rushing to reap the benefits of crypto betting, bringing the market to a whole new audience. But does that mean that Bitcoin and other cryptocurrencies will be the next big betting currency in the US market as players shift from fiat currency alternatives such as American Express and Visa?
Here is a look at the growth trajectory of Bitcoin adoption in the American betting market and its future roadmap. Â
Key Bitcoin & Crypto Market StatisticsÂ
- North America will be the biggest crypto market globally in 2024, with approximately $1.29 trillion in on-chain value which represents 22.5% of the global activity.
- Most of the overwhelming crypto activity in the region is driven by the US, where 2024 has been a pivotal year in Bitcoin adoption and overall industry growth.
- The US has the largest and most influential crypto market in the world, thanks to the country’s large population, immense wealth, deep capital markets, and a thriving tech innovation ecosystem.
- The US’s favorable crypto investment climate and political stability have increased Bitcoin price prospects and crypto experts forecast its price will hit $70,000 despite the elections coming up.
- The United States online betting market was worth $12 billion in 2023 and gambling experts predict it to reach $27 billion by 2032.
- Bitcoin accounted for over 47% of all US crypto gambling transactions in 2024.
The Impact of Bitcoin On the US Betting Market
The growing acceptance and popularity of crypto assets like Bitcoin in the American gambling industry has led many online bettors to favor crypto casinos and sports betting sites.
The shift from traditional online gambling platforms to crypto casinos has been so profound in 2024, raising the question of whether crypto gambling can disrupt the traditional US betting market entirely.
Here is a look at how BTC is transforming the American casino and sports betting industry and what the future holds:
Enhanced privacy
One of the key features that crypto delivers to the online gambling industry is enhanced security. The user and financial information is stored in decentralized ledgers that are practically immutable, ensuring your details stay safe. That’s among the most important things players need, whether they place bets on online casino sites or sports betting brokerages.
BTC betting sites are licensed and protected with secure SSL encryption protocols. Their privacy is also elevated by allowing players to use cryptocurrency when depositing their funds and withdrawing their winnings since the blockchain does not reveal the details of its users.
Faster, Safer, and Cheaper Transactions
Another reason why online bettors are increasingly using cryptocurrency for gambling is the speed, anonymity, and affordability of the transactions. Depositing money or withdrawing your winnings using BTC is faster than other options like bank transfers, debit and credit cards.Â
Fast transactions are exactly what crypto gamblers love. You can send your winnings to your Bitcoin wallet within minutes.
Decentralized Finance
By eliminating centralized authorities like banks in financial transactions, decentralized finance allows players and operators to complete transactions safer and easier. That is why many players and betting experts are considering BTC and crypto assets the future of the US gambling market.
Cross-border acceptance
Bitcoin allows online players to place bets across various offshore jurisdictions outside the US without worrying about legal troubles. Even if online casinos and sports betting aren’t legal in your state, you can freely use BTC or other altcoins at offshore gambling sites, away from geo-locked sports betting sites.
Assessing the attitude of potential Bitcoin bettors toward online gaming accounts
Research indicates that potential Bitcoin bettors in the US are more engaged with their online gambling accounts compared to casual players. This suggests they use their betting accounts more frequently and with greater attention.
40% of potential BTC bettors prefer to move funds to their online gambling accounts through payment apps instead of their bank accounts. That’s influenced by fast withdrawals among both casual and seasoned players.
Approximately, 20% of online BTC players apply responsible gambling controls to limit the amount of money they can bet through their online accounts. That highlights the importance of responsible gambling behavior among crypto gamblers in the US.
It’s also worth noting that a significant portion of Bitcoin gamblers enjoy sports betting, with over 75% participating in this activity. Approximately 74% of these gamblers are expected to wager on the English Premier League this season, though many also bet on popular American sports like the NFL and NHL.Â
The United States Bitcoin gambling industry will continue to grow, but adapting to the needs of the players will be crucial for business growth in this sector.
