Listen to this article:Bingo has always been a popular pastime in a number of countries around the world, especially in bingo halls and land-based venues, which can provide an enjoyable social occasion.
Over the last decade, though, we have witnessed a considerable boom in the popularity of online gambling, and online bingo sites are no exception. The increased sophistication of mobile technology, which has taken multiple strides forward, quickly led to software providers realising the potency of online bingo — especially with the development of unique apps. However, completely new brands also emerged, with companies realising that customers like variety
The evolution of the online bingo industry over the last few years has been considerably progressive, and there is more demand than ever before.
Technology has been the main driver behind the significant growth of the industry aided particularly by the emergence of the fintech sector, which saw many more payment methods developed to offer customers more choice as well as convenience.
Almost adjacent to the fintech sector is that of digital currencies, with Bitcoin being the first to break ground before more followed.
Indeed, the last couple of years have seen a number of crypto-focused online gambling platforms emerge, though, more specifically, the bingo niche has also started to see the birth of crypto bingo brands.
The cryptocurrency craze has really taken off since the start of the new decade, especially after Bitcoin peaked in 2021, before dipping and then rallying recently to its highest-ever level.
Over the last couple of years, gambling companies have really jumped on the trend, developing a number of new crypto-dedicated brands, particularly online bingo. There is somewhat of a considerable crossover between online bingo players and crypto traders; naturally, the creation of crypto-dedicated bingo sites was inevitable and, it does make sense.
Numerous advantages make compelling enough reasons for players to sign up for online crypto bingo sites, arguably the most important being security and privacy. Utilising blockchain technology means that all transactions are not only secure but also anonymous. The appeal is certainly evident
Online security is a major concern for many people regardless of their browsing interests; however, this has never applied more than to online gambling. The ability to use crypto bingo sites provides customers with peace of mind that their transactions are completely secure.
In addition, there is the fact that using crypto bingo sites can, for some people, be an investment and not just from the perspective of potential winnings. The value of cryptocurrencies, compared to FIAT currency, is dependent on supply and demand, in contrast to inflation. Should players win, when it comes to them making a withdrawal, the value of the cryptocurrency that they have used to play games could well have increased – especially if this is on a curve. Alternatively, players can leave their winnings in their bingo account until the value of this particular cryptocurrency soars and then withdraw.
Speed plays a major part in bingo sites that are run on the blockchain. Both deposits and withdrawals are instant, making this a significant attraction while also helping to explain the increasing popularity of these. At some FIAT bingo sites, withdrawal times can be as long as five to 10 days, depending on a number of factors, such as your payment method and bank. Using crypto bingo sites means that withdrawals from sites are almost instant, even if it is a national holiday.
Popular culture also helps to explain the increase in the popularity of crypto bingo sites. Thanks to mass social media trends surrounding the crypto boom, this has led to relatable industries that can be taken into account, such as online bingo. No one likes to be left out, and all it takes is a couple of social media posts to really start the hype.
It is expected that the ‘FOMO’ (fear of missing out) factor will likely drive many into signing up for bingo crypto sites as these look set to offer multiple gaming benefits, such as better welcome packages, more innovative games and potentially better returns.
Some of these new operators have also found an ingenious way of raising awareness, utilising celebrities as brand ambassadors to help them gain traction. In doing this, they know that these celebrities have their own following whom they are likely able to influence into signing up for the particular site
Over the last 12 months, we have certainly seen an explosion in the number of options available to new potential customers looking for online bingo cryptocurrency sites. It is a firm indicator that this niche is on the rise, and investors are clearly recognising this as a definitive option to not only diversify their portfolio but also get a significant return over the next few years.
The growth of the sector over the last few years has been substantial, and it appears that this curve is still in effect, especially having combined this with a crypto offering – perfectly timed due to the surge in popularity and performance of many digital currencies.
As a result of this, possible new customers now have a wider array of choices, which will only increase over the next few years.
Right now, the opportunity for bingo sites that offer the chance to use cryptocurrency arguably has more advantages than traditional ones. The sale of tickets using cryptocurrency can generate substantially more for bingo brands, which could lead to the creation of newer ones over the next few years – especially if the price of digital currency continues to rise.
In addition, bingo brands that are run on the blockchain also provide the opportunity for much more creative ways of designing in-game deals due to the flexibility. The sale of NFTs in a game is just one potential source of revenue that a crypto bingo brand could pursue, with the possibility for these to soar in value, thereby generating significant profits.
Events and tournament sponsorship is another way – especially because these are primed to become hot commodities over coming months and the exposure of these will only be beneficial in the long term.
It’s crucial to note that the UK Gambling Act lacks explicit provisions concerning the utilization of cryptocurrencies. Operators that facilitate crypto payments still necessitate licensing under current regulations.
There is no doubt that cryptocurrency bingo sites will increase significantly in popularity over the next couple of years and certainly throughout the coming months. Obviously, the demand is definitely there, as is the interest from an investment standpoint.
Just like online bingo has exploded in popularity over the last couple of decades, this is set to do the same, particularly in the US, which is witnessing bigger and faster growth than ever before.
The next generation is also more technologically savvy, which will also assist in helping the growth of the industry moving forward, and this aligned with the use of appropriate celebrities as brand ambassadors, will only help to onboard new customers.
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