Oliver Rowe from YouGov examines bettor's understanding of digital coins in comparison to their non wagering counterparts
With digital assets are gaining momentum, there are various ways to pay for things online using virtual money. Many reputable and popular casino sites now accept cryptocurrencies like Bitcoin, Litecoin and Ethereum. This goes to show how much online casino gaming and cryptocurrencies go well together.
Big businesses are looking into the worth of cryptocurrencies as many of them have started to allow coin transactions with their customers. Gambling businesses are no different. What is a typical British gambler's stance on virtual currencies?
According to data gathered by YouGov which takes into consideration more than 11% of the British adults in general, 17% of online British punters, gambling online at least once a month, are probable to use cryptocurrencies in the next 12 months. However, the study claims that gamblers still find the idea of cryptos slightly obscure. 74% of the general public lack knowledge when it comes to understanding cryptos and their use.
54% of regular gamblers, which is more than half of the people in study do not trust cryptos. This number is slightly higher when compared to the general public which is 52%.
One third of millennial gamblers say that cryptos are the future of online financial transactions with 13% saying that they will give up their bank accounts to make use of cryptos instead.
The crypto market is dominated by the highest listed coin-Bitcoin. Nearly one in seven British adults have used Bitcoin last year, 24% have used Ethereum while 18% made use of the Binance coin.
Unlike fiat money, cryptos rely on a system of trust and are not issued by a central bank or other banking authority therefore consumers aren't paying for transection fees on withdrawals and deposits. Criminal activities associated with cryptos are close to impossible
Unlike the general public, gamblers are well known to take more risks. According to the study, this group tends to say they like to take risks in the stock market more than the general population, 17% versus 12%.
Large established companies are now offering services to people interested in bitcoin transactions. This further solidifies the legitimacy to the concept of digital currencies.
The technology behind this cryptocurrency has been inspiring for lots of game developers and players. Keeping up with the latest trends, SiGMA is always looking at ways to innovate and improve the online gaming experience.
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