Global online gambling and betting industry market size 2021-2028

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February 6, 2023
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Most exciting gambling-related crypto projects

The size of the global online gambling and betting industry amounted to 61.5 billion U.S. dollars in 2021. For instance, Statista estimates  to rise to 114.4 billion U.S. dollars by 2028, representing an increase of just over 86 percent.

Truth be told, anything is possible with the appearance of crypto gambling. When we speak about crypto gambling, we’re referring to both casinos that accept crypto payments, as well as gambling-related crypto projects. As there’s an important difference between the two concepts, today’s article will focus on describing the gist behind crypto projects within the gambling industry, while highlighting some of the market’s most exciting startups.

What is a gambling-related crypto project?

By definition, these projects attempt to innovate by integrating blockchain technology within their operations. Such startups usually hold a crypto-centric philosophy regarding the future of online gambling. A quick Google search will showcase tons of promising casinos that support cryptocurrency deposits and withdrawals. However, there are considerably fewer gambling-related projects that base their operations on the principles of blockchain technology. Projects like these are capable of reshaping the gambling industry as we know it. Unfortunately, many fail to receive the attention they deserve due to an overabundance of crypto-based businesses.

Investors generally have a sharp eye for innovative projects that aspire to disrupt industries, yet almost none of the gambling-related ICOs managed to attract significant capital. Similarly, many ICOs failed to ‘moon’ and have never generated a hefty return on investment (ROI).

Despite the multiple advantages held by gambling-related crypto projects, traditional crypto casinos usually outperform these startups. The reasoning here is straightforward – since the crypto market is still in its infancy, most users are only accustomed to sending, receiving, and holding digital assets. Many are still unaware of blockchain’s vast potential and know little about the philosophy behind decentralization, non-custodial wallets, or financial freedom. Gambling platforms that simply support crypto-based payments are direct beneficiaries to the current state of the industry. And it makes sense! After all, users are mainly interested in depositing and playing. The vast majority is not keen on staking native tokens or delving into system operations.

Fortunately, there’s a growing number of gamblers and investors who realize the full extent of the benefits behind on-chain gambling. These vary from platform to platform, but players should expect full transparency regarding their wagers and the casino’s operations, native tokens, staking mechanisms, profit-sharing, multi-coin support, non-custodial wallets, peer-to-peer games, and much more. In fact, some platforms even feature community governance.

As the crypto gambling market continues to mature, it is expected that people worldwide will comprehend the untapped potential of gambling-related crypto projects. In return, such ventures will soon grow to new heights, thereby granting investors access to a much-improved ROI. The crypto and gambling markets already hold several promising startups that aim to revolutionize the industry as a whole. Most of these platforms have faced various challenges, but have fortunately managed to remain functional while attempting to adhere to the roadmap by releasing regular updates.

The following section will highlight several exciting gambling crypto projects that you ought to keep an eye on.

Examples of promising gambling-related crypto projects and Casino Coins

CasinoCoin (CSC )

What Is CasinoCoin (CSC)?

CasinoCoin (CSC) is a cryptocurrency developed by the Eminence Holding organization to regulate and control the gaming industry. The coin was developed using Ripple’s ledger and XRPL technology to facilitate efficient and fast transactions for users. The term Ripple ledger highlights a technology that acts as a digital payment network for crypto transactions. On the other hand, XRPL technology reflects a public blockchain that aims to facilitate reliable and fast transactions.

Further, according to the website of the asset, the coin has been developed on the ethos of consumer protection and compliance that would create a regulated gaming jurisdiction. In order to achieve this structure, CasinoCoin features various tools that would support both operators and users in a regulated gaming environment. These tools include:

  • XRP ledger: Also known as XRPL technology on which the coin was developed, and is used to seek to provide the facility of secure and fast transactions for both operators and users.

  • XUMM wallet: A noncustodial wallet for XRP ledger that participants can seek to use to securely store their coins without having to trust any third party. Further, the wallet seeks to provide users access to different online casinos while simplifying the process of registration of participants for the operators

The usage of these two technologies aims to help users access many online gaming portals while allowing gaming operators to reach out to a large user base. Besides these facilities, there are some other significant advantages that the CasinoCoin seeks to provide, which include the following:

  • A low transaction fee for accessing and playing online games

  • A timely resolution for disputes by auditing the traceable blockchain of the coin

  • Removal of chargebacks that usually have to be borne by the operators

  • A trustless storage facility because of the XUMM wallet

  • A simplified process of registration for operators to maintain participant’s records

These advantages of the CasinoCoin seek to ensure a safe and transparent gaming environment for both users and operators, thus reflecting CasinoCoin as a medium of utility to participate in online games and gambling.

History of CasinoCoin (CSC)  

The CasinoCoin is a digital currency belonging to Eminence LTD., presently headed by CEO Mark Robson. The Eminence organization was founded by Daniel Keller, Matthew Cheetham, and Andre Jochems in 2017. The CasinoCoin was first mined by Jochems in 2013 after the original developer of the coin departed, after which he brought the project to Eminence LTD. The CasinoCoin has a total supply of 64,993,568,966 CSC.

Augur

Augur aims to revolutionize the betting market by building a peer-to-peer betting platform that supports unlimited wagering on any event that matters. As expected, the service runs on-chain, so every bet is immutably and transparently recorded. Oracles are smartly leveraged to accurately determine event outcomes. Users can bet on virtually anything, and there’s no limit to how much can be wagered. The best part? Augur doesn’t take a cut, yet it has some of the market’s best odds.

Augur functions as a decentralized P2P exchange that enables worldwide access to its services. It runs on the Ethereum blockchain, so each bet works as a smart contract – as soon as the predetermined conditions are met, the contract self-executes by issuing payment. Augur has already built a trading app, where bets are placed as actual currency trades, thus appealing to traders everywhere.

The organization is still active and is currently building its fully-fledged betting exchange and user interface.

Wagerr

Wagerr is also a betting platform, but this one focuses on sports betting exclusively. With an endearing interface and good market depth, users can seamlessly bet on numerous sports events. Wagerr can be described as limitless – there are no betting limits, nor are there any geographical restrictions.

The decentralized platform relies on smart contracts and live oracles, which accurately verify bet outcomes in a transparent manner. As the contracts are self-executing, payouts are guaranteed. Wagerr promises unlimited liquidity, alongside user-controlled privacy. It operates via the WGR cryptocurrency, which is a deflationary coin that serves as a means of payment.

While updates and social media engagement are less common nowadays, Wagerr holds great potential and remains operational.

EarnBet

EarnBet is one of the first decentralized and on-chain gambling platforms. It’s often been referred to as a dApp with commercial-scale ambitions as it’s building the future of crypto gambling.

EarnBet features several highly-entertaining games alongside support for over a dozen cryptocurrencies.

However, this isn’t its main selling point. Rather, EarnBet is appreciated for its decentralization, provably fair games, and non-custodial wallets. Thanks to EarnBet’s blockchain architecture (which is powered by Wax), users retain complete control over their funds. EarnBet has also created the BET token – it’s very own cryptocurrency. BET is obtained through gameplay or via purchase and can be staked to receive dividend payouts and to reduce the house edge on games. As the casino’s popularity increases, long-term BET token stakers will likely reap considerable profits.

Today, EarnBet still enjoys a reasonable degree of popularity. Its development team is working on a ChainLink integration meant to facilitate access to off-chain oracle data for betting purposes. Social media teasers point towards a large update sometime in 2021.

Edgeless

Edgeless is a perfect example of failed potential. When launched, the platform promised Ethereum-powered gambling that would assure transparency, entertainment, profitability, legal compliance, and ease-of-use. In some ways, Edgeless succeeded. It showcased how blockchain technology can be utilized to make gambling transparent, hence removing player doubts. Edgeless also built EDG, a native token designed as a means to wager on games, but also as a way to fund the community bankroll.

Despite showing great potential from the get-go, something went wrong. Today, the platform remains usable, but marketing has stopped, and the number of active players is nearing zero.

Wrapping it up

Today’s gambling industry is flawed. While crypto-based wagering is infinitely better than using fiat as a payment method, many crypto casinos still lack sufficient bankroll security, guaranteed game fairness, multi-coin support, or transparency. Gambling-related crypto projects are already solving many of the inherent problems of the casino industry. As the market matures, it is expected that more users will shift to next-gen platforms that put the customer first.

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