We often heard that the bitcoin has become the main currency for the online gambling and betting. However, onemay actually ask, how big is the bitcoin gambling? The recent studies have shown that the players have wagered over four and half billion US dollars worth of bitcoins within the last three years. In comparison, the total size of the online gambling market in 2014 was estimated to equal nearly 36 billion US dollars. This tells us that the bitcoin takes, roughly, 12.5% of the total online gambling market share. Apart from that, the online gambling is expected to be worth 66 billion US dollars by the year 2020, and, considering the dynamics of the bitcoin gambling growth, it does look that a large share of this growth will be attributed to the bitcoin gambling. Perhaps bitcoin gambling will not overtake fiat currency gambling by 2020, yet it looks that the gap between BTC and regular money volumes will be very insignificant.
There are a few factors that contribute towards such a widespread of the bitcoins in online gambling. First of all, online gambling with concurrency has already become legal in some of the countries. For example, it has been a year since the UKGC announced its desire to regulate online bitcoin casinos and allow UKGC regulated casino to provide top ups, cash outs and account balances in the BTC and other currencies.
In addition to this, the bitcoin is superior to the fiat currencies in many terms. The privacy seems to be the most valuable feature for the online gamblers as this group of people does not want to share their gambling habits with an outside world. The speed and the cost of the transactions are not as important, yet these factors provide some additional value.
While the total popularity and the acceptance of the bitcoins is rising, the bitcoin gambling already takes a large slice of the online gambling pie, and in just a few years from now it will increase in both its share and the total size.