Tech advancements have pushed the gambling industry to new levels introducing new ways people can enjoy their favorite casino games. One of the biggest innovations in the gambling industry is the introduction of cryptocurrencies in the process.
The idea was to create a safer, easier, and more transparent system that will allow people to make transactions without any third-party involved.
Due to all the benefits that come from crypto gambling, this new trend instantly became a hit among bettors attracting millions of people to try out crypto casinos.
So, when did this change happen? Let’s find out.
History of crypto gambling
Crypto gambling, or the use of cryptocurrencies like Bitcoin to gamble online, has been around since the early days of Bitcoin. The first recorded instance of crypto gambling occurred in October 2009, just a few months after the launch of the Bitcoin network.
A user on the BitcoinTalk forum named “dwdollar” offered to bet 10,000 bitcoins (worth around $100 at the time) on the outcome of the 2009 World Series of Poker. This marked the beginning of a new era of online gambling, as Bitcoin and other cryptocurrencies offered a new way for people to gamble online.
In the years that followed, more and more online gambling sites began to accept cryptocurrencies as a form of payment.
If you visit this website you can see that the anonymity and security offered by cryptocurrencies make them a natural fit for the online gambling industry. This happens because regular casinos often requires players to make payments and withdrawals without revealing their personal information.
One of the earliest crypto-gambling sites was SatoshiDice, which launched in April 2012. The site allowed players to bet on the outcome of virtual dice rolls using Bitcoin and quickly became one of the most popular gambling sites on the internet.
In 2013, the site was sold for 126,315 bitcoins (worth around $11.5 million at the time), marking the first major acquisition in the crypto-gambling industry.
As more and more people became interested in cryptocurrencies, the crypto-gambling industry continued to grow.
In 2017, the value of Bitcoin and other cryptocurrencies reached new highs, and the total value of all bitcoins in circulation surpassed $20 billion. This led to a surge in the number of crypto gambling sites, as well as the development of new and innovative ways to gamble using cryptocurrencies.
The future of crypto gambling
Today, the crypto gambling industry is worth billions of dollars and continues to grow at a rapid pace. The use of cryptocurrencies has become increasingly mainstream, and many online gambling sites now accept a wide range of cryptocurrencies as a form of payment.
In addition, the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs) has led to the development of new and exciting ways to gamble using cryptocurrencies.
In the upcoming years, experts believe that the crypto gambling industry will continue to grow to $94 billion in 2024.
The innovations that cryptocurrencies bring to gambling will change how people interact with games and introduce a new element to gambling that will make the process more exciting, secure, and easier to use.
Therefore, in the future, we expect to see many of the big casino names transitioning to crypto gambling, as they would want to get a piece of the billion-dollar market that has yet unknown potential.
Final words
Overall, the history of crypto gambling stretches back more than a decade to the early days of Bitcoin.
Since the first recorded bet using Bitcoin in 2009, the industry has grown rapidly and now includes a wide range of online gambling sites and innovative new ways to gamble using cryptocurrencies. However, the biggest mainstream adoption of crypto casino games came only a couple of years ago.
As the use of cryptocurrencies continues to become more mainstream, it’s likely that the crypto-gambling industry will continue to grow and evolve in the years ahead.
