In the blink of an eye, the crypto industry has gained worldwide popularity while expanding into several online industries, including online casinos.
Over the past few years, there have been many suggestions that online is the next big thing, but there have been difficulties with legalities and other stumbling blocks.
More recently, industry experts have wondered how certain developments may change how the online casino industry is perceived. One of these factors is how the streamers have affected crypto gambling and its growth.
Let’s look at the industry as a whole and the impact of streamers on crypto casinos.
Incredible Industry Growth
In 2020, the global iGaming market generated $66.9 billion in revenue, and the belief is that it will rise to $93 billion by 2023. The industry has shown a phenomenal growth rate of just under 11.5% per year.
With such a high-value market, there came the attraction of new ideas relating to cryptocurrency transactions and blockchain functionality. The thing to remember is that the online gaming industry remains an ever-evolving platform that thrives on new technology.
According to the data, the best development in the industry is taking place in the northern hemisphere, where the global market size reflects its economic prowess. Europe is the hub for the most recent growth, while Northern America is proving to deliver the most rapid growth.
During the recent crisis, the industry saw incredible growth worldwide thanks to the closure of land-based gambling establishments. This led to a new ‘generation’ of online players, which boosted online revenues and ramped up global online gambling participation.
The global obsession with Bitcoin and the potential of cryptocurrencies increased interest in crypto gambling. Crypto casinos were initially slow to gain users but gained momentum as the blockchain became a household topic of conversation.
What Drives Player Interest?
Crypto casinos offer online and mobile gamblers several important benefits compared to their fiat-currency peers. These benefits can include low-cost cross-border transactions, increased security through anonymity, and incredibly fast withdrawal times.
Many players cite the ability to exclude their local government’s from monitoring how they spend their money as an important reason to play at a blockchain-based casino.
The Impact of Streamers on Crypto Casinos
There’s no denying that influencers impact just about every part of life, especially regarding what we do online.
This is especially true for the online gambling sector when discussing crypto-casinos. While Twitch streamers initially worked with fiat-currency casinos, the past few years have seen them shift to cryptocurrency-based sites. It is reported that they have earned millions of dollars in commissions from these promotions.
According to a Wired review, 64 of the 1,000 top Twitch streamers have streamed crypto slots or advertised sponsorship deals from crypto gambling sites. One of the most lucrative of these partnerships is believed to be the offer made to Adin Ross. Duelbits is rumoured to have offered Ross, a top gambling streamer, up to $1.6 million monthly to stream their online slots on Twitch.
The challenge for several would-be casino streamers is the fact that they live in the USA. Popular streamers NikNam and Lengyel got into trouble using VPNs to bypass local gambling restrictions. Another well-known gambling streamer, TrainwrecksTV, simply moved to Canada, allowing him to legally gamble on-stream. A smart move, given that his streams attract up to 40,000 viewers per session, and he streams up to 10 times per month.
There will always be good and negative feedback regarding these types of deals between brands and influencers. But the fact is that these partnerships drive enormous brand awareness for the casinos and provide a lucrative income source for the influencers, which ensures that both parties are driven to make it work.
Always Play Responsibly
Whether it is to comply with the regulations in the countries they reside in or to keep Twitch from shutting down the popular slots category, across-the-board streamers are vocal about responsible gambling.
Beyond this call for safer gambling, it is important to remember that these streamers are being paid to play. Recent interviews have revealed that these streamers receive exorbitant hourly rates, cash bonus money, and large loss rebates.
They can afford to place huge bets online as they are not spinning using their own money, nor do they have to stress about losing their own money. While you can always join a casino your favourite streamer promotes, we do not recommend copying their bet levels.
Your objective should always be to have fun responsibly with a budget you can afford.
Twitch and Legalities
While the streamers on Twitch live in regulated markets or in regions where online gambling is not explicitly illegal, there are some community-driven concerns about their audience.
The main concerns center around the fact that Twitch streams can be viewed by anyone. Since there is no accountability at a Twitch account level, there is a real chance that at-risk groups could be watching these streams and have it trigger their compulsive behaviours.
With these users in mind, the rules need to be updated, and users need to be better monitored. Partnerships and stream deals need to be clarified to ensure a win-win outcome for all parties while staying within the regulatory framework.
What the Future Holds
With the continued regulation of online gambling and a growing understanding of the blockchain, crypto casinos' future looks bright. Even more controversial issues like the recent taxation of NFTs by Pennsylvania and Washington are a step toward mainstream adoption of the technology.
Far from being concerned by these decisions, we welcome a safe and mature online gambling sector which necessitates the regulation of crypto gambling.
We cannot deny that gambling streamers, especially those focused on offshore crypto-casinos, play an important role in advancing player interest and adoption. The only question that remains unanswered is whether their growing influence will bring them under a regulatory spotlight which ultimately hinders their ability to promote this growing gambling niche.