The online gambling industry has gone from strength to strength in recent years. From a market value of $58.9 billion in 2019, online casino worth has risen to $66.7 billion this year and is projected to reach a staggering $92.9 billion by 2023.
With more people playing from more countries all over the world, online casinos have been forced to diversify the types of currency they accept in order to satisfy the growing demand. With that in mind, here’s a quick rundown of four ofthe most commonly accepted currencies in online casinos around the globe.
Great British pound
According to data provided by the UK government, online casinos comprise the biggest sector in Britain when it comes to gambling. As of March 2020, online casinos accounted for £5.7 billion of the total £14.2 billion gross gambling yield (GGY) in the last year, representing 39.9% of the overall revenue.
As one of the biggest industries worldwide and home to some of the most popular casinos, it’s unsurprising that the national currency of the United Kingdom is accommodated by most online gambling sites. Indeed, it’s popular among non-British users, as well, since European players can take advantage of reduced additional transaction costs when selecting GBP as their currency of choice. It’s little wonder, then, that the pound is widely used in the world of online gambling.
Although US law prohibits online casinos from being based in the States, gambling on the net is becoming more legalised in certain parts of the country. For that reason, it’simperative that any casino wishing to service the lucrative American market offer the USD as a currency, alongside their own national currency. In this way, they can tap into a huge market and create excellent value for their customers.
Another reason why the USD is so popular is the currency’s inherent strength in foreign exchange trading. With the American economy having been the world’s largest and most powerful economy for the best part of 150 years, it only makes sense for online casinos to include the dollar in their currency offerings.
The Euro is the official currency of 19 out of 27 EU member states. This means that almost 350 million people use it on a daily basis, making it the second most popular method of payment behind the USD. As such, it’seasily one of the most commonly accepted currencies in online casinos in Europe and beyond.
Its real value is, of course, witnessed within EU member countries, where online operators appeal to their target market with specialised promotions and offers. However, many players from outside the bloc also prefer to use the Euro due to its strength and reliability as a currency.
One of the more recent developments in online gambling trends is the appearance of bitcoin in casinos. Cryptocurrencies have grown in popularity over the last decade and Bitcoin, which was the first decentralised e-currency anywhere in the world, is still the trendsetter.
In fact, bitcoin-only casinos have sprung up to meet the growing demand in recent years. As well as offering their customers more complete anonymity and security, these casinos are also able to process transactions without any of the overheads which attend traditional forms of currency. This means they can pass those savings onto their customers in the form of bonuses, offers and favourable odds.
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