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Cryptocurrencies Are Devouring the Asian Gambling Market

2 June 2021, 17:48
Votes: 1

Given a significant spread of mining in the Asian region, more and more illegal gambling sites have begun to accept popular cryptocurrencies. The Asian Racing Federation (ARF) claims that players using Bitcoin, XRP and Ethereum for their gambling activity contribute to the law violation and help criminals launder money.

Cryptocurrencies Are Devouring the Asian Gambling Market

The Asian online gambling industry processes billions of dollars from contribution in betting on various sites each month. In the past, these gambling platforms for sports, racing, esports and various casino games cooperated with services like Neteller and Skrill. However, the cryptocurrency rate spike has attracted new payment providers to this market.

Cryptocurrencies cover hundreds of sites

According to a recent report, over 780 offshore gambling resources accept at least one of the top cryptocurrencies. These are XRP, Ethereum, Bitcoin and a few others. Moreover, 284 online casinos accepting sports bets allow customers to make deposits in Bitcoins. More than 229 million gamblers have visited these sites since 2018, and over 20% of this audience is Asian.

Another significant factor of cryptocurrency accepting sites is active advertising. Reportedly, these gambling platforms hire specialists to attract Asian users on influential social media platforms like YouTube and Facebook.

ARF argues that such a rapid adaptation of illegal betting sites to modern technology can hurt gambling organizations complying with the law.

Read more: What do Australians think about cryptocurrencies?

Read more: Why do crypto-friendly merchants attract more customers?


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