Over the past 10 years, the popularity of online-based entertainment and technological improvements have encouraged exponential growth in the online casino industry. In this industry, there are 2 main categories of casinos that have emerged, Crypto casinos and Fiat online casinos. Fiat online casinos use government-accepted currencies like the US Dollar, Euro, and Pound. At the same time, crypto casinos are using cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple, and many other coins.
In order to compare these two kinds of casinos, this article explores the stats and facts of 2024 and looks at their user base, growth, advantages, and disadvantages.
Differences Between Crypto Casinos and Fiat Online Casinos
There are many differences between crypto and fiat online casinos. Let’s look at the major differences.
➡️ Security and Privacy
Since crypto casinos are using blockchain technology, it ensures that the transactions are safe and secure. Once the transaction is completed it cannot be reversed, that is immutable. The players do not have to provide any personal information on the platform, so their identity remains anonymous.
Fiat online casinos are also providing higher security to their customers by implementing SSL encryption and advanced fraud detection. Players have to complete verification processes to transfer money into the account. So the money should not be in the wrong hands.
➡️ Licensing and Regulation
The regulatory aspect for crypto casinos is still evolving. Crypto casinos are not legal and licensed in every country. It is regulated in certain jurisdictions only. Since the cryptocurrencies are utilizing a decentralized technology, there is no centralized authority to monitor the platform.
Fiat online casinos are bound to strict regulations across most jurisdictions. It cannot be operated without a license. It ensures fair gameplay, responsible gambling, and the protection of players’ money.
➡️ Payment Options
Crypto casinos are offering various payment methods including bank transfers, credit cards, and e-wallets. Other than that, they also support cryptocurrency transactions and it made the platform more unique.
Fiat online casinos only provide payment options such as bank transfers, credit cards, and e-wallets. The main problem with these methods is that it is very slow when compared to cryptocurrencies. It will take days to deposit and withdraw money.
2024 Statistics & Facts
Let’s look at the performance of both crypto and fiat online casinos in 2024.
Crypto Casino Stats and Facts
The global market of online gambling has expanded significantly, with an estimated market size of $96.89 billion in 2024. This growth has contributed to the economic growth of countries. The online gambling industry’s market size is expected to grow to $137.26 billion by 2028.
- The market growth of crypto casinos went from $37 billion to more than $70 billion in 2024. It is expected to grow to $150 billion in 2030.
- The main advantage of crypto casinos is their global accessibility. More than 41% of the people are from European countries. Over $1000 million in revenue was achieved from European countries.
- When we look into the crypto gambling demographics, 60% of users are aged between 18-35. Also, 62% of users are men who use crypto casino platforms mainly.
- In the United Kingdom, only 47.5% of crypto casinos have a valid license. Many crypto casino platforms do not require KYC verification.
Fiat Online Casino Stats and Facts
Fiat online casinos are well-established because the majority of the players are using this platform more.
- The market volume of fiat casinos is currently $6.47 billion in 2024. The analysis says that most of the revenue is generated from the United States.
- When we look into the fiat online gambling demographics, 62% of users are aged between 18 and 34. Also, 75% of users are men who use crypto casino platforms mainly.
- Since many of the players are not used to cryptocurrencies, they are more likely to use fiat online casinos.
- In the United States, around 62% of fiat online casinos have a valid license. It is essential to have a license and regulation to run a gambling business.
Also Read: Online Poker vs Live Poker: 6 Key Differences You Need To Know!
Conclusion
Personal interests and priorities will determine which online casino to play; Fiat or Crypto. When we look into the demographics, we get to know that, Young tech-savvy gamers are attracted to crypto casinos because of their faster transactions, security, and features. On the other hand, fiat online casinos provide a wider range of games and a more regulated environment. In the future technological and regulatory developments will create new and interesting opportunities for online gambling. In order to ensure a fun and safe gaming experience, players will need to consider the advantages and disadvantages of both crypto and fiat casinos.
