According to one of the recently-published official reports, cryptocurrency-based illegal gambling has surged over the past few years in the Asian region due to the growing popularity of cryptocurrencies there. Moreover, in the same article, it was mentioned that over the course of the last five years, the amount of bettings has significantly risen and partly due to the global adoption of cryptocurrencies as a news means of payment.
Going further, according to the study released by Transparency International, a non-governmental organization based in Berlin, Germany, Asia’s gambling market was worth about $400 billion in 2018. That is a huge number which is most likely coming from the popularity of this digital asset in countries like China, India, Indonesia, Bangladesh, and Pakistan.
Cointelegraph News
Additionally, cryptocurrencies are now being largely adopted by online gambling operators around the world because when working with these, there is no need for an intermediary who would manage the transactions. Moreover, many fraudulent actions were proven to be operated with cryptocurrency, and not only in the gambling sphere.
Is it really the case for cryptocurrencies in gambling?
On the contrary, others claim that the adoption of cryptocurrency in the gambling industry is still very limited. Thus, regardless of the popularity crypto got in Asia, the use of cryptocurrency is highly contained without comparatively small, little-used gambling decentralized apps.
What is more, licensed operators would never accept the bet from the country where gambling is illegal. So, it is logical to suggest that illegal gambling around the globe still represents a tiny fraction of the whole market.
Comments of the popular influensers
Sulim Malook, the founder of Crypto Millions Lotto, commented:
You can get an idea of how big this is just by looking at the number of sponsorships clubs to have with sports betting partners. Players from countries like China, India, Indonesia, Pakistan, and Bangladesh can open up betting accounts legally at many online bookmakers, including the world’s largest, www.bet365.com. They don’t need cryptocurrency to do this. In fact, Bet365 doesn’t even offer cryptocurrency as a direct means to deposit.
He also added:
Card issuers have made it so difficult for people to gamble (deposit and withdraw) even when the transactions are legal. As such, it is not surprising that people are looking for alternative currencies and payment methods. Cryptocurrency is an excellent facilitator for online gambling, which is a huge industry even without it.
Furthermore, John Caldwell, co-founder of ASG Blockchain and director of advocacy of CasinoCoin Foundation, also expressed his opinion on the outbreak of concerns about the massive integration of cryptocurrencies in illegal gambling:
Methods to support illicit gambling via fiat have been tried and true for decades now, and the tools that blockchain and crypto provide to battle this should be the focus. Will politicos/governments figure this out? I am hopeful, but we shall see. Given the direction of governments toward national digital currencies, one would hope a government would see that using a digital currency and its supporting tools to shed more light on all transactions is the answer.
