Online Casino Stake.com Doubles Crypto Offering
The online gambling market size has seen a rapid upturn in recent years. Industry experts estimated it to reach USD$57.1 billion in 2020. With more people using the internet recently, that value can rise even further in the coming years. If the current projections are anything to go by, the industry’s market size may hit over USD$97 billion by 2025.
Another factor that is likely to boost the growth of this industry is cryptocurrency. Both this new type of currency and blockchain technology have had a significant impact on online gambling in the past decade. Many people today prefer using crypto over fiat (or ‘real world’) currency because of its privacy and lower fees. It’s safe to say crypto is slowly reshaping online gaming.
Gambling in cryptocurrency has gotten even more widespread, with the world’s largest crypto casino, Stake.com increasing their crypto offering by doubling the accepted currencies on their platform. This is the largest addition of cryptocurrencies on the online casino since their inception in 2017 and showcases a growing trend of alternative coins gaining traction in real applied settings.
That said, this article discusses everything you need to know about the newly added Altcoins on Stake.com. Read on to learn more.
COPYRIGHT_WI: Published on https://washingtonindependent.com/ebv/online-casino-stake-com-doubles-crypto-offering/ by Elisa Mueller on 2022-10-11T12:39:23.979Z
Stake.com has become a household name in the modern world of crypto gambling. Most online casino enthusiasts have already come across or even interacted with this company. According to one report, the online gambling site received over 23 million visitors in August. With an average of 16 million monthly visitors, Stake.com enjoys a level of popularity its competitors only dream of having.
Stake joined the gambling industry in 2017. The brand is owned and operated by Medium Rare N.V, a multi-platform media company based in Curacao. Its operations are licensed and regulated by the Curacao government.
In December 2021, the crypto gambling giant launched its services in the United Kingdom. It currently offers different gambling services to the UK community under the regulations of the UK Gambling Commission. To access the website within this territory, you’ll need to use Stake’s UK-specific URL, Stake.uk.com.
The company has grown in leaps and bounds since its debut. It now boasts of over five million registered users, and the number keeps rising. The total annual transactions that Stake.com handles are also in the billions.
Stake.com can attribute its growth to the fact that more people are joining online casinos today. Traditional casinos still offer that unmatched excitement, but the likes of Stake.com are catching up. Although they’re unlikely to replace their physical counterparts, live casinos will definitely boast a larger market share in the near future.
But what distinguishes Stake.com from other online casinos is its commitment to enhancing crypto usage. In August 2022, the betting platform ramped up supported currencies by adding 11 new cryptocurrencies, with 19 in total now available on the crypto casino website. This is the largest growth of cryptocurrencies in the gambling industry and possibly a sign of things to come as companies scramble to expand their offering for a variety coins.
Cryptocurrency might be the most significant among all the factors that led to Stake.com’s rapid growth. During its initial years, the company had eight different cryptocurrencies they allowed gamblers to use.
Eight cryptocurrencies was a decent number at the time, considering crypto gambling was still a new concept. In fact, Stake.com’s debut came just five years after the first ever reported crypto-based casino transaction. This happened in May 2012 when Bitcoin became the first digital currency used in a casino setting.
Bitcoin is still the most popular blockchain-based cryptocurrency today. That explains why it was among the first batch Stake.com supported and was the most used despite its recent woes. Here is the initial set of the eight cryptocurrencies Stake.com supported since they accepted crypto:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- EOS (EOS)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Tron (TRX)
Stake.com added 11 Altcoins to its list of supported cryptocurrencies in a bid to widen its reach. With 19 different options that users can choose from, crypto gamblers will have an even better experience placing bets on Stake.com. As you’ll notice, some of the names on this list are still new in the industry. But there are also some of the most popular stablecoins now available on Stake.com’s website.
Here are the new Altcoins added to the initial list:
- ApeCoin (APE)
- Binance Coin (BNB)
- Binance USD (BUSD)
- Chainlink (LINK)
- Dai (DAI)
- Polygon (MATIC)
- Shiba Inu (SHIB)
- Tether (USDT)
- The Sandbox (SAND)
- Uniswap (UNI)
- USD Coin (USDC)
There are two categories of cryptocurrencies that stand out from this list: meme coins and stablecoins. Here are brief descriptions of each group so you know how one differs from the other:
Memes have shaped how people interact on social media. Today, you can barely read a couple of conversations without coming across a meme or two. Memes date back to the 20th century, but they’ve become a huge part of modern internet culture.
These humorous images shared on online platforms inspired the creators of meme coins. The first digital currency developed based on internet memes is Dogecoin. It has grown to become a high-valued digital currency available in the industry.
DOGE boasts a market capitalization of USD8.34B, making it the 10th largest cryptocurrency. It was the first meme coin included on Stake.com’s website.
The latest addition to Stake’s list of supported meme coins is Shiba Inu (SHIB). With a market cap of USD$5.95B, SHIB is the second largest meme coin and the 14th most popular crypto overall. SHIB was created in August 2020 to rival DOGE. Stake.com adopted it in August 2022 and is now available on the platform for all crypto bettors.
Another category worth mentioning is the set of stablecoins Stake.com has adopted. Stablecoins are a rapidly growing group of cryptocurrencies. Over the past eight years, the number of these cryptocurrencies has grown to over 200. But why is their popularity increasing at such a rate?
You’ll need to know how stablecoins work to understand why more people prefer them today. These digital currencies are backed by assets such as fiat currencies and precious metals. Some of them are also linked to their digital counterparts. The most popular ones are those pegged to the US dollar. They always try to maintain a one-to-one match with the current USD price, which is why many people prefer them over other digital currencies.
It’s worth noting that this subcategory of coins has also had its fair share of woes in recent months. When they first came, they were touted as the solution to Bitcoin’s volatility. To be fair, that worked pretty well for some time, until it didn’t. The TerraUSD crash in May 2022 resulting from a huge selloff left more questions than answers.
So, be sure to check the current status of these cryptocurrencies as you use them on Stake.com. That said, here is a list of options now available on the crypto betting website:
Tether is often considered the oldest existing stablecoin pegged to the US dollar. It was created in 2014 as Realcoin before adopting its current name the same year. At the time of writing, Tether was the third most popular cryptocurrency, a position it has maintained for years. Its market capitalization stands at about USD$70B and sells at approximately USD$0.9994 per token.
USD Coin is another cryptocurrency that tends to maintain a one-to-one peg against the US dollar. A group of companies called Centre launched and manages USDC. It’s the second most popular stablecoin boasting a market cap of USD$49.79B. This stablecoin is mainly available as Ethereum ERC-20 token.
Binance USD was launched in September 2019 and approved by the New York State Department of Financial Services (NYDFS). Binance created this coin in collaboration with Paxos. The creators claim that all reserves are held exclusively in cash. That means you can always redeem your funds at the same rate as the current US dollar price.
BUSD’s market capitalization sits at USD$21.05B, making it the third largest stablecoin available in the market. You can now use this cryptocurrency to bet on sports and live casino games on Stake.com’s platform.
DAI is also pegged to the US dollar and tries to maintain a one-to-one match with the US currency. DAI was released in December 2017 and has grown to become the 12th largest cryptocurrency, boasting a market cap of USD$6.93B. If you’re looking for one of the best stablecoins to use in your Stake.com betting, DAI should be one of your candidates.
Other new cryptocurrencies
ApeCoin (APE) was officially launched on March 16, 2022, and started trading the following day. Despite being one of the newest entrants in the industry, APE has already shown its potential in the past few months. Ape currently has partnership deals from Animoca Brands and nWayPlay.
Binance Coin (BNB) is the fifth largest cryptocurrency after BTC, ETH, USDT, and USDC. Since its launch in 2019, BNB has grown in market size and currently has a market cap of USD$45.9B. You can bet with BNB on Stake.com.
Chainlink joined the crypto market in 2017, trading as LINK. Its blockchain runs on the Ethereum platform. You can use the LINK coin to bet on Stake.com.
Similar to Chainlink, Sandbox also operates based on the Ethereum blockchain. This Ethereum token powers the Sandbox virtual platform. It’s now part of the 19 cryptocurrencies available for betting on Stake.com.
Another addition to the long list of Stake.com’s supported cryptocurrencies is Hayden Adams’ Uniswap (UNI). With a market cap of USD$4.95B, UNI is another popular digital currency launched in the past few years.
Dubbed as the Ethereum alternative, Polygon was launched in 2017 by three crypto enthusiasts. Kanani, Sandeep Nailwal (blockchain developer), and Anurag Arjun (business consultant) are the names behind this project. MATIC currently operates on the Polygon blockchain and has a market cap of about USD$7.2B.
You can use the abovementioned cryptocurrencies to bet on Stake.com’s online casino and sports. The crypto gambling giant has been growing its sports platform in recent months. Apart from improving the software and enhancing the payment system, Stake.com has also worked on bringing more users on board.
Perhaps the most effective techniques the company uses are their partnerships and sponsorships. Stake.com has slowly but efficiently penetrated the sports industry by working with superstars and renowned sports institutions. For instance, it partnered with the Ultimate Fighting Championship (UFC) and is currently its official betting partner in Latin America & Aisa for UFC sponsorship.
In 2021, Stake.com made its mark in the English Premier League by becoming Watford F.C.’s main sponsor. It expanded its Premier League sponsorship portfolio in 2022 by striking a multi-million deal with Everton F.C. Stake.com also became the principal partner of Mumbai City F.C. in a bid to strengthen its brand awareness in India and South Asia.
The crypto betting giant also has a number of superstar names spanning various sports. Sergio Agüero is the most popular one on the list among football fans. The former Manchester City striker is the official ambassador of Stake.com. Israel Adesanya, Francis Ngannou, and Alexa Grasso are the main UFC superstars on Stake.com’s partnership portfolio.
In 2022, Stake.com also brought on board two Formula One (F1) racers. Pietro Fittipaldi and his brother Enzo Fittipaldi signed a deal to become Stake’s official ambassadors in Brazil.
Since joining the online gambling market, Stake.com has constantly worked on enhancing its services. The most recent strategy toward that goal is doubling its crypto offering. Stake.com currently supports 19 digital coins, up from the 8 they initially accepted. This move will open opportunities in the market and attract potential gamblers from all over the world.
The new cryptocurrencies added to Stake.com’s platform include APE, BNB, BUSD, LINK, DAI, MATIC, SHIB, USDT, SAND, UNI, and USDC. If you’re a lover of stablecoins, there are a few on this list that might interest you.