Crypto gambling sites operate in the same way as traditional online casinos and sportsbooks, yet they’ve managed to generate profits at a higher rate.
Part of the reason for that is that cryptocurrencies naturally target a younger audience with a higher tolerance for risk. This makes crypto investors the ideal customer that online gambling sites want to attract.
The best crypto gambling sites also offer instant deposits and withdrawals with no transaction fees, along with additional privacy protection for players.
While regulated sportsbooks struggle to achieve profitability, Stake.com, one of the most popular crypto gambling sites, recently received a valuation approaching $1 billion.
To maintain profitability over a longer period of time, bitcoin casinos need to be well-reviewed by leading websites and customers alike.
Below, we’ll break down a few of the reasons why crypto gambling sites are so profitable:
- Younger audience
- Targets customers with higher risk tolerance
- Instant deposits and withdrawals with zero transaction fees
- High rollers prefer privacy and anonymity
- Global positioning with fewer restrictions
- Fewer costs and barriers to entry
1. Crypto Gambling Sites Attract A Younger Audience
While online gambling sites are available to bettors aged 18 or older, crypto gambling sites tend to generate more interest from young people.
According to research by the Fantasy Sports and Gaming Association, the average online sports bettor and casino player is approximately 38 years old.
Cryptocurrencies attract a much younger audience. In fact, Forbes reported that 43 percent of US males aged 18 to 29 had invested in crypto in 2021.
Since cryptocurrencies naturally attract a younger audience, crypto gambling sites tend to be more profitable.
According to responsiblegambling.org, gambling participation typically increases and peaks during young adulthood. Younger players are also more likely to chase losses and bet more than they can afford to lose.
Attracting and retaining customers is part of the challenge for online gambling sites. But by attracting a younger audience, crypto gambling sites have positioned themselves to extend the lifetime value of their customers.
2. Target Customers With Higher Risk Tolerance
Investing in cryptocurrencies already involves inherent risk, which holders hope will turn into even greater returns in the long run.
Since crypto is already considered a risky investment, many holders aren’t shy about taking chances to accumulate more of their favorite coins.
Crypto gambling sites allow members to wager and win bets in their favorite cryptocurrency, making it an easy way to increase their exposure to crypto without increasing their investment.
Many crypto gambling sites also offer lucrative deposit bonuses that attract players by offering to match 100% or even 200% of their first deposit in cryptocurrency, effectively boosting their bankroll in the process.
3. Instant Deposits and Withdrawals With Zero Transaction Fees
One of the main benefits of crypto gambling sites is the speed and reliability of transactions.
Members can deposit and withdraw funds to and from their betting account instantaneously without incurring any transaction fees.
Since all cryptocurrency transactions are verifiable on the blockchain, users can track their funds from their crypto wallet into their betting account.
While crypto gambling sites do not charge any processing fees, standard fees may apply when transferring funds from your wallet.
4. High Rollers Prefer Privacy and Anonymity
Crypto casinos have a few special features that make them attractive to high rollers, including increased security, anonymity, and privacy.
When using cryptocurrency as a payment method, all transactions are anonymous, allowing users to retain their privacy. They are also secure and transparent, as all transactions are recorded and verifiable on the blockchain.
Since cryptocurrencies are deregulated, many crypto gambling sites also do not require personal identity verification. Users can simply open an account and transfer funds from their crypto wallet into their online gambling account.
5. Global Positioning with Fewer Restrictions
Cryptocurrencies can be bought and sold nearly anywhere in the world.
Unlike fiat currencies, cryptocurrencies are not backed by or associated with banks or governments from any country or region.
That gives crypto gambling sites access to bigger markets, allowing their user base to grow at an exponential rate.
In fact. global crypto users are expected to approach the 1 billion mark in the near future.
The deregulation of cryptocurrencies also means that the crypto betting apps do not face the same geo-restrictions in some regions, making them more accessible to a greater number of players worldwide.
This allows crypto gambling sites to offer the same benefits to players worldwide, allowing for improved brand messaging and customer retention rates.
6. Fewer Costs and Barriers To Entry
Entering the regulated sports betting market in some countries is not cheap.
In the US, gambling is regulated at the state level, meaning operators have to pay taxes to each jurisdiction and face several other costs just to enter the market.
In New York, sportsbooks were forced to pay $25 million upon approval of their application. Meanwhile, operators spent $450 million on gambling initiatives Proposition 26 and 27 in California but voters rejected both ballot measures.
Since cryptocurrencies are deregulated, crypto betting sites do not have to factor in these costs, allowing them to achieve profitability faster and ultimately become more profitable.
What Is The Best Crypto Casino For New Players?
For players that are interested in accumulating more crypto, Lucky Block Casino and Sportsbook is the best place to gamble online.
Powered by its own native token, LBLOCK, the Lucky Block platform was launched less than a year ago but it has already established itself as a major player in the space. Since then, the cryptocurrency platform has secured sponsorships with boxers like Dillian Whyte, Florian Marku, and Savannah Marshall.
To celebrate the launch of its crypto gambling site, Lucky Block is giving away 15% cashback on all losses for the first seven days, plus a chance at a $10,000 LBLOCK Airdrop in December.
At Lucky Block, casino players can choose from over 100 separate game providers or cash in on thousands of betting markets at the Lucky Block Sportsbook.
With excellent betting odds, exclusive games, and 24/7 customer support, Lucky Block has established itself as one of the top-rated crypto gambling sites.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.