Crypto gambling continues to take over the Asian market
The Asian cryptocurrency gambling market is one that continues to grow at a rapid pace but one that is also causing country governments a few headaches along the way.
Gambling is largely restricted in many of the continent’s nations, with many of the countries involved have placed huge restrictions on what can and can not be done, whilst others have simply provided a blanket ban on the activity.
However, that does not seem to have stopped the industry from growing into one of the largest gambling markets in the world, and with the introduction of the digital currency, Asian crypto gambling is counting to grow as research has already shown that those who regularly place wagers are now viewing crypto trading as a high risk/reward activity that provides them with a similar rush to the one that they receive when they gamble with traditional methods.
Despite the bans that are in place, there have been ways to get around them, with many bettors turning to Bitcoin in order to get money into the gambling sites. This method has worked because of the decentralised nature that the blockchain technology used provides, thus making it hard to identify the holder as each transaction made is anonymous.
This method has already proved to be highly popular for bettors, as it has been reported that Chinese police had managed to break up a World Cup gambling site that was on the darknet that had taken more than $1.5 billion (10 billion Yuan) in illegal bets.
There is a lot of evidence available, though, to suggest that the Asian crypto gambling industry will continue to grow further over the course of the next few years, although it should not come as a shock given the world’s population located in the region.
Asia is thought to have around 60% of the total population and with many of the countries in the continent experiencing expanding economies, the region will likely continue to remain as one of the largest gambling markets. In fact, research has already suggested that this particular market industry could grow by around 14% between 2018 and 2026.
A new generation of people, improved technology including internet speeds, services and accessibility as well as the ease of access to top electrical gadgets with the capabilities of getting online will all of contributed and with these things continuing to get better with each passing year, it would not be a surprise to see it have an impact of the Asian crypto gambling industry in the future.
In addition to the ability that Asian gamblers have, there are more and more opportunities in which they are able to use cryptocurrency for all of their betting needs. It has been revealed in a recent report that there are over 780 offshore gambling platforms that will accept at least one of the major cryptos that are available to use, with XRP, Bitcoin, Ethereum and a couple of others amongst those that are usable.
It has also been claimed that 284 of those offshore gambling platforms allow their users to make deposits with Bitcoin, with over 20% of the 229 million gamblers to have visited the sites have been from Asia.
There is a concern, though, that crypto trading can overtake the gambling industry within Asia as there is already scientific evidence to suggest that this could be the case.
World-renowned Dr Andy Xie, who was the former head of Morgan Stanley’s Asia-Pacific economies team and famously predicted the Asian Financial Crisis that happened in the late 1990s, has argued that Bitcoin is mainly being used for gambling and that traditional casinos could soon close because of how popular crypto has become.