Bitcoin Casinos Report 2023

• Stake is the largest Bitcoin Casino in the world, followed by Freebitco.in
• United States has 29.2% of the total Bitcoin casino traffic, Brazil is second with 23.4%
• 62% of online gamblers use mobile devices

With the Global Casinos market size currently at over a quarter of a trillion dollars, it’s no surprise that Bitcoin Casinos are growing in popularity. Today, crypto payments represent roughly 25% of all online gambling payments and is the fastest-growing sector in gaming. For the past ten years, bitcoin gambling has grown in popularity due to its unique advantages. Bitcoin gambling involves using Bitcoin or other cryptocurrencies to wager on the outcomes of various games and events in an online casino or betting platform.

Methodology for Analyzing the Bitcoin Casino Landscape

The Challenge: Navigating the Black Box

Crypto casinos generally operate in an obscure landscape, devoid of annual reports, transparent leadership, or official corporate data. As a result, garnering accurate information is a complex challenge. For instance, Freebitco.in is listed on Crunchbase with 1-10 employees, but around 300 people on LinkedIn ambiguously state they ‘work’ at the company, typically accompanied by an affiliate link. This anomaly indicates that conventional methods of data collection are largely ineffective.

• Initial Screening:We began by scanning review sites specializing in crypto casinos. While many such platforms focus more on bonuses than providing comprehensive insights, we found Cryptolists.com and LCB.com to be useful starting points for a list of relevant crypto casinos based on the scale of listed casinos.
• Community Insights: To gain user perspectives, we turned to Bitcointalk.com, one of the most reputable and longstanding crypto forums. By filtering threads for those most discussed and viewed, we scrutinized over 500 pages of community dialogues to gauge user opinions and trends.
• Core vs Non-Core: We applied additional qualitative filters to differentiate authentic crypto casinos from platforms merely integrating crypto payments or experimenting with NFT projects. This allowed us to separate platforms that are fundamentally crypto casinos from those merely touching upon the ecosystem.
• Data Validation: Tools like Similarweb were employed to validate our initial findings, cross-referencing our list with traffic data and other metrics.
• Quantitative Metrics: Finally, we harnessed Semrush to extract data related to website traffic, audience demographics, and regional coding. We corroborated this data using multiple sources updated for 2023.

Key Insights:

• Importance of Community: The prominence of Bitcointalk.com in our methodology signifies the value of user-generated content in assessing the crypto casino landscape.
• Data Validation: In the absence of revenue or employee publicly available data, hard metrics like traffic seem a better indication of overall market dynamics.

Geographical Disparities in Bitcoin Casino Traffic: The Surprising Leaders and Laggards

In the global landscape of Bitcoin casinos, North America dominates with a significant 35.7% of all visitors, closely trailed by South America with 30%. What is surprising, however, is Europe’s lower-than-expected traffic at 12% trailing significantly behind Asia’s 16.6% despite Europe’s advanced regulatory framework and higher levels of cryptocurrency adoption. 

Africa and Oceania are at the lower end, with 5.25% and 0.67% users respectively.

1. Economic Size and Infrastructure:  The United States, with its robust economy, has been at the forefront of several technological adoptions, including cryptocurrencies. Brazil, as South America’s largest economy, also possesses an extensive internet infrastructure. These factors make it easier for residents of these countries to access and use Bitcoin casinos. Think of it like internet usage. Countries with advanced infrastructure and economies were among the first to have high internet penetration rates.

2. Regulation & Legal Environment: The regulatory environment can significantly influence Bitcoin casino adoption. While some countries have stringent regulations or outright bans on online gambling or cryptocurrency usage, others may have a more lenient or unclear stance. If a nation’s regulations are supportive or at least not restrictive, businesses and consumers might feel more confident participating in Bitcoin gambling.

3. Cultural Affinity to Gambling: Cultural attitudes towards gambling can vary. The US has a long history with gambling, with places like Las Vegas being globally renowned. Brazil, with its various popular lotteries and other forms of betting, also has a notable gambling culture. Just as Spain is known for its ‘El Gordo’ lottery, certain cultures have deep-rooted gambling traditions.

4. Crypto Awareness & Adoption: Both the US and Brazil have shown increasing interest in cryptocurrencies. The US houses many major crypto exchanges and has a burgeoning crypto community. Brazil, too, has shown significant interest in digital currencies. Higher awareness and usage of cryptocurrencies can lead to more residents exploring crypto-based services, including casinos.

5. Economic Conditions: Economic hardships or volatility can sometimes push individuals towards alternative ways of earning or increasing their income. With its economic challenges in recent years, some Brazilians might see Bitcoin casinos as an opportunity. During economic downturns, people might look for alternative income sources, and for some, online gambling becomes an option.

62% of online gamblers use mobile devices

According to the data, 62% of users access the platform via mobile devices. While leading in total users, North America has a comparatively lower percentage 49% of mobile users. In contrast, South America has fewer total users but a much higher proportion—76%—accessing via mobile. Asia follows a similar trend, with 75% of its users on mobile. Europe has a relatively modest 47.23% mobile user rate. Africa follows the trend with 66.11% of users on mobile, while Oceania rounds off the list with 38.95% mobile engagement rate.

The data highlights an interesting pattern: emerging markets like South America and Asia are leading in mobile engagement, possibly due to mobile-first internet access in these regions. Developed markets like North America and Europe are less inclined towards mobile use for crypto casinos, perhaps indicating a more diversified set of access points, including desktops and tablets.

30% of global crypto casino traffic comes from the U.S.

When examining the global traffic in the crypto casino space, two nations emerge as clear leaders: the United States and Brazil. Together, they command an overwhelming 52.6% of the global market, relegating other countries like India—which comes in third at around 5%—to the sidelines.

The United States represents a significant portion of the global crypto casino market, accounting for 29.2% of the total traffic. With a total of 46 million visits, 12.5 million unique visitors, and over 23 million mobile players, the country is leads the crypto casino industry.

Stake (with both Stake.com and Stake us) and Freebitco.in are the main traffic sources, but Bovada.lv and Mybookie.ag also contribute significantly, showing a diverse range of platforms attracting U.S. users.

 23.4% of all Bitcoin casino players are from Brazil

Brazil is a key player in the world of crypto casino market. With 36.8 million total visits and 9.6 million unique visitors, Brazil showcases an impressive mobile engagement of 82%. 

Key Insights:

• Mobile Dominance: With 82.26% of players engaging via mobile, Brazil is predominantly mobile-first.
• Significant Market Share: Holding 23.4% of world’s total crypto casino traffic, Brazil represents a crucial market for industry stakeholders.

Brazil’s burgeoning crypto casino market is highly competitive, with distinct traffic distribution across multiple platforms. Blaze.com dominates with an astounding 92.46% of its traffic sourced from Brazil, clocking 20.7 million visits and 4.9 million unique users. Its mobile share is an impressive 87.74%, showing a strong tilt toward mobile-based engagement. 

Now, we acknowledge that Blaze is not a Bitcoin-first casino in the way Freebitco.in might be classified. But not only have they enabled Skrill payments that offer crypto, but they also engage with the Bitcoin community. For example, with the launch of their game “Slide,” they generated a chain of 10 million unique numbers and committed to use a future Bitcoin block to verify the game’s random outcome.

With a projected market growth at a CAGR of 18.4% in Latin America, Brazil is well-positioned to lead the industry’s growth in the future. Its highly engaged, mobile-centric user base and significant regional market share make it a prime focus for crypto casinos, regulators, and investors seeking to understand or penetrate the South American market.

Top websites in the world for Bitcoin Gambling

The top crypto casinos globally, ranked by monthly visits, showcase the growing popularity of Bitcoin in the online gambling sector. Leading the pack is Freebitco.in with over 28 million visits, followed by Stake.com with over 21 million visits. But Statke.US also commands more than 8 million visits, which puts the company in a slight lead overall.

These platforms, along with others like MyBookie.ag and BC.Game, attract users by offering a mix of traditional casino games, sports betting, and unique crypto-based games. 

Stake – the global Bitcoin casino giant

Since its inception in 2017, Stake.com has pioneered the crypto casino domain, now supporting 18 diverse cryptocurrencies for betting. Beyond the well-known Bitcoin, Ethereum, and Ripple, it embraces a variety of other cryptocurrencies, reflecting the vast spectrum of digital currencies globally. 

1. Location: Headquarters in Curaçao with global offices in Serbia, Australia, and Cyprus.
2. Revenue 2022: $2.6B
3. Founded: 2017 by Ed Craven and Bijan Tehrani.
4. Leadership: CEO – Mladen Vučković.
5. Game Offerings: Traditional casino games like slots, blackjack, roulette, and sports betting with live dealers.
6. Transactions: Primarily in cryptocurrencies with an exception for the UK site which deals in fiat currency.
7. Significant Events: Launch in the UK in partnership with TGP Europe, legal challenges
8. Notable hack: in September 2023 with over US $41 million stolen from one of the Ethereum wallets.
9. Sponsorships: Various, including UFC fighter Israel Adesanya, football teams, and the Alfa Romeo F1 Team

From widely recognized ones like Litecoin and Bitcoin Cash to lesser-known cryptocurrencies like The Sandbox and Shiba Inu, Stake extends a broad palette for crypto-enthusiasts looking to gamble.

Freebitco.in – A Glimpse into the Crypto Gaming SuperApp

Freebitco.in is a notable platform in the cryptocurrency gaming industry, offering users a chance to earn bitcoins through various games. It is a prime example of how cryptocurrency is changing the face of online gambling by offering a decentralized platform where users can bet and earn bitcoins. 

“We are the one of the best free online casino games because of these reasons: 1-Click Sign Up, No KYC, Free Bitcoin Faucet, Free Bitcoin Wallet, Provably Fair Gameplay, Instant Payouts & Withdrawals, Extensive Promotions and Exciting Rewards!”

1. Location: Belmont, California, United States. According to Crunchbase, Freebitco.in operates from Belmont, California, United States, with its roots deep in the technology-driven Silicon Valley. This location situates Freebitco.in in a technologically advanced region, facilitating its operations in the online gaming and gambling industry​.  
2. Revenue 2022: N/A
3. Founded: 2013 – CasinoGuru mentioned it’s registered in 2013 by InterGlobal Limited.
4. Leadership: N/A
5. Game Offerings: Freebitco.in offers a plethora of games allowing users to earn bitcoins. This gaming platform amalgamates the thrill of betting with the earning potential of cryptocurrencies, thus creating a unique gaming environment.
6. Transactions: Bitcoin, cryptocurrencies
7. Significant Events: Launch in the UK in partnership with TGP Europe, legal challenges
8. Notable hack: N/A
9. Sponsorships: N/A

Marketing and Contact email: [email protected]​

Gavin Andresen: The Architect Behind Bitcoin’s Ascension

While Satoshi Nakamoto is credited with birthing Bitcoin, it is Gavin Andresen who significantly contributed to shaping the cryptocurrency into its modern form. Handpicked as Nakamoto’s successor, Andresen spearheaded the development of the open-source code that established the regulations of the Bitcoin network, alongside crafting the essential software for utilizing BTC.

His initial venture into Bitcoin coding was quite unconventional by today’s standards – launching a faucet website that gifted 5 BTC to every visitor. During a period when acquiring and popularizing BTC posed challenges, this initiative wasn’t as absurd as it might seem now. Back then, BTC had minimal value and required a nudge to capture attention.

The Bitcoin Faucet Initiative

In 2010, Andresen introduced a pioneering concept termed ‘The Bitcoin Faucet.’ By simply completing a captcha on the website, visitors were rewarded with 5 BTC. The rationale behind this endeavor was to transition Bitcoin from a modest notion within a tight-knit community to a globally recognized entity, by ensuring a broader audience had access to and could engage with the cryptocurrency.

The strategy proved successful.

From its commencement until its cessation in 2012, The Bitcoin Faucet distributed over 19,700 BTC to its visitors, gradually propelling Bitcoin towards its initial price surge.

Satoshi acknowledged the impact of Gavin’s project stating, “Excellent choice of a first project, nice work. I had planned to do this exact thing if someone else didn’t do it, so when it gets too hard for mortals to generate 50BTC, new users could get some coins to play with right away.”

Inspired by Andresen’s faucet, platforms like FreeBitco.in, Cointiply, and Faucethub emerged, further propelling the proliferation of websites accepting Bitcoin payments. In retrospect, The Bitcoin Faucet significantly contributed to molding Bitcoin into what it is presently, with Andresen being a pivotal figure in this transformative journey.

The rise and rise of bitcoin casinos?

The Google Trends data gives us a visual representation of the burgeoning interest in bitcoin casinos and related terms over the last two decades. Notably, from the year 2008 to 2022, we can observe distinct search trends. The term “Bitcoin Casino” witnessed an explosive spike in search interest around 2018, suggesting a pronounced shift in online users’ curiosity or perhaps a correlation with wider cryptocurrency market movements during that period. On the other hand, terms like “Crypto Casino”, “Bitcoin Game”, “Crypto Bonus”, and “Crypto Gambling” have also seen varying degrees of interest, with “Crypto Casino” demonstrating a notable upsurge in 2022.

Diving deeper, while the term “Bitcoin Casino” remained relatively stable in searches from 2008 to 2016, its meteoric rise in 2018 signifies a pivotal moment for the crypto gaming industry. Meanwhile, “Crypto Casino” has gained steady traction, especially post-2020, echoing the broadening acceptance and adoption of diverse cryptocurrencies in the gaming world. Interestingly, “Bitcoin Game” and “Crypto Bonus” tread along similar patterns, revealing users’ quest for gaming experiences and incentives in the crypto domain. The undulating graph for these terms not only marks the evolving dynamics of crypto-related online searches but also underscores the potential avenues for businesses aiming to capitalize on these trends.

FAQ

What is a ‘Bitcoin casino’, and how does it differentiate from Casino’s accepting bitcoin?

A crypto casino primarily operates with cryptocurrencies and is often built around blockchain technology. It may offer provably fair games, allowing players to verify game outcomes’ integrity. Transactions in crypto casinos are carried out solely in cryptocurrencies. They may operate in a regulatory grey area or non-disclosed jurisdictions due to the nascent state of cryptocurrency laws and the nature of the crypto economy. They might be accessible globally, sometimes even in regions where online gambling is restricted, similar to some crypto exchanges. Crypto casinos often offer higher levels of anonymity and privacy. Their game offerings may be similar to traditional casinos, but they can also offer unique games designed for cryptocurrency users. Bonuses in crypto casinos may be more geared towards cryptocurrency users. They often leverage blockchain technology for various aspects like transactions, game outcomes verification, and smart contract functionalities. The primary target market for crypto casinos is cryptocurrency users and blockchain enthusiasts.

On the other hand, a casino that accepts Bitcoin operates like a traditional online casino but accepts Bitcoin alongside fiat currencies. It might not offer provably fair games or use blockchain technology extensively but it might have the odd crypto slot. Upon deposit, Bitcoin may be converted to fiat currency for gameplay, and re-converted to Bitcoin upon withdrawal. Apart from that, it’s business as usual.

What are some advantages and characteristics of bitcoin gambling?

• Anonymity and Privacy: Bitcoin gambling platforms often provide a level of anonymity and privacy that traditional online casinos can’t match due to the decentralized nature of cryptocurrencies.
• Provably Fair Gaming: Many Bitcoin casinos adopt a provably fair gaming algorithm which allows players to verify the fairness of the game outcomes. This transparency builds trust between the platform and the players.
• Lower Transaction Costs: Bitcoin transactions usually have lower fees compared to traditional financial systems. This can be beneficial both for the casino operators and the players.
• Quick Transactions: Cryptocurrency transactions can be processed quickly, allowing players to deposit and withdraw funds with less waiting time compared to traditional banking methods.
• Global Access: Bitcoin gambling platforms can be accessed globally, allowing players from countries where online gambling is restricted to participate.
• Variety of Games: Bitcoin casinos often offer a wide range of casino games including slots, poker, blackjack, roulette, and sports betting among others.
• Regulatory Landscape: The regulatory environment for Bitcoin gambling can be complex and varies significantly from one jurisdiction to another. Some regions have embraced it, while others have imposed restrictions or outright bans.
• Risks: Bitcoin gambling comes with risks such as the volatility of cryptocurrencies, potential lack of consumer protections, and the aforementioned regulatory uncertainties.
• Promotions and Bonuses: Many Bitcoin casinos offer lucrative bonuses and promotions to attract and retain players.