Although signing up funding crypto casinos is a straightforward process, onboarding new crypto users is an industry bottleneck.
There is no doubt that cryptocurrency is increasingly becoming popular, with adoption growing every year. However, within the iGaming industry, crypto casinos are still facing issues with onboarding new players.
The onboarding isn’t the casino platforms themselves, as signing up for a crypto casino membership takes little more than half a minute. We have first-hand experience of these fast sign-up processes, as all crypto casino sites we’ve reviewed here on Casinoplusbonus require us to sign up and play.
Also, these casinos have wallets at the ready, so you can transfer into the casino using a number of cryptos. For example, BTC, XPR and USDT TRC-20 are some of the cryptos we often use to test these platforms.
What is the issue with mass adoption?
According to a report in Cointelegraph titled Crypto adoption still faces major obstacles, mass adoption is still an issue. In the report, some of the key issues are security fears, regulatory uncertainty and complex technology continue to deter mainstream users.
One point I think the report also misses is taxation in some countries. For example, in India, if you win at a crypto casino, you need to claim your winnings as capital gains, which comes with a 30% capital gains tax. The US is similar, which we don’t cover here on Casinoplusbonus, but all the same, it is a major market for cryptocurrency gambling entertainment sites.
Of course, other countries like the UK, Ireland, New Zealand and South Africa allow you to claim casino winnings tax-free, unless gambling is a profession and therefore a source of income.
The big question is, how will the already hugely saturated cryptocurrency market continue to grow when publications like Cointelegraph report that mass adoption is still an issue?
Survey Reveals Security as a Main Concern
A Web3Auth survey, featuring over 3,300 respondents, said that security is their main concern, which, of course, then means this is the main barrier exchanges and casinos need to get around. Furthermore, blockchain security firm Immunefi reported that more than $200 million was lost to hacks and rug pulls in 2024 alone, reinforcing the perception that the crypto sphere is still the ‘wild west’ of finance.
Robert Hoogendoorn of DappRadar told Cointelegraph that while user interfaces have improved, the industry still struggles with basic cybersecurity education. Password reuse, lack of two-factor authentication, and poor wallet management all create major vulnerabilities.
How do some crypto casinos make onboarding easier?
One successful measure crypto casinos have put in place to make onboarding easier is card-to-crypto fiat currency on-ramps.
This is perfect for those who don’t have a wallet. However, players cannot use the same method to cash out.
If you want to withdraw crypto winnings after using a card to fund your casino balance, you still need to open a crypto wallet. This is because casinos do not convert crypto to fiat currency. It is a system that some gambling platforms could implement, but this would undermine the purpose of introducing a cryptocurrency in the first place.
Other solutions crypto casinos offer are third-party fiat on-ramps that can also be used as an off-ramp. For example, the MoonPay wallet.
Crypto Gambling Surges to $81.4 Billion Despite Restrictions
A recent analysis of a Yield Sec report suggests that global crypto casinos generated $81.4 billion in gross gaming revenue (GGR) in 2024, though not everyone agrees with that figure, as Yolo Group’s Tim Heath disputes the estimates, saying that the crypto gambling market is worth $20–30 billion. Regardless of the true number, the explosive growth of crypto casinos shows that players are willing to overcome onboarding hurdles, so they can reap the benefits of privacy, anonymity, and faster transactions.
However, for the crypto market to grow, onboarding onto exchanges and crypto wallets seems to be a bottleneck preventing the indsutry from growing faster.
Casinoplusbonus Opinion
I can certainly see why adopting cryptocurrency is an issue for some people. As for crypto casinos themselves, they make it super easy to create an account and gamble, so there’s not much they can do to improve.
Therefore, the issue with mass adoption, which would mean switching gamblers from fiat to crypto, is with the fiat to crypto process itself, and possible the crypto back to fiat process, too. Without creating a survey myself, I can speak from personal experience about what I see on the ground.
Being the social animal that I am, I personally speak with people aged 40 and above, and they are still clueless as to how cryptocurrency works. If I’d put an estimate on it, I would say 9 out of 10 people I speak to in Canada or the UK, as I live in both countries, don’t understand cryptocurrency. Under 40, I would say 5 out of 10 people I speak to understand cryptocurrency.
Although I can move the figure for those under 40 up to 7 out of 10 for those who use Revolut or eTorro to buy and sell crypto, and not for commerce or casino gaming.
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