What is Crypto Gambling? Full Guide to Online Crypto Gambling (academy.moralis.io)

What is Crypto Gambling? Full Guide to Online Crypto Gambling


Our first objective in this article will be to answer the question, “What is crypto gambling?” This is where you will get acquainted with online crypto gambling. Aside from covering the basics, we will also address some of the most common questions crypto newcomers ask. Next, we’ll highlight some of the best crypto gambling sites and cover the basics about each of the candidates on our list. Then, it will be up to you to decide whether or not you want to explore and perhaps even take some of these crypto gambling sites for a ride. 

For example, an online crypto gambling platform could allow players to deposit one or multiple cryptocurrencies to its platform to access its unique games. Some of the best crypto gambling sites could also allow players to connect their Web3 wallets and retain custody of their crypto funds while gambling. Additionally, some crypto gambling platforms may also offer their own native crypto gambling tokens, which can serve various purposes. They can be used for rewards systems, take the role of casino chips, or they can even serve as tickets for special games and events. Essentially, the sky's the limit regarding platforms deciding how to utilize their native gambling tokens. 

Online crypto gambling projects can also take different forms. For example, there are special Telegram bots allowing users to place bets. There are also projects that use online platforms that look and feel very similar to an average traditional online casino or online betting platform.

Is crypto gambling safe? Well, it all depends on the platform that one decides to use. Just like there are scammy sites pretending to be reliable traditional online casinos, there are shady players in the crypto gambling space as well. However, when it comes to reputable platforms – especially the ones that allow users to stay in control of their funds – it can be safe, even safer than traditional online gambling.

According to available numbers for 2022, the crypto gambling industry accounts for $4.6 billion. However, the online crypto gambling phenomenon is in its early stages and is yet to reach mainstream adoption. Some speculative forecasts expect this industry to cross $65 billion by 2027. 

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