EOS-based gambling platforms are now turning over in excess of $25 million USD in weekly trading volume, according to blockchain analytics site Dapp Radar.
The figures are further evidence that, whilst blockchain-based technologies still await their so-called “killer app” (a common term used within blockchain circles to refer to the application which will take cryptocurrencies to the masses), there is nonetheless strong organic growth in the use of cryptocurrencies, particularly amongst gamblers.
Usage Remains Modest
The daily combined turnover across all public blockchain gambling platforms currently stands at around $15 million USD – although the lion’s share of this figure is eaten up by the WINk platform, formerly known as TronBet.
These figures, however, remain a drop in the ocean in comparison to the combined annual turnover of traditional online gambling sites which raked in around $50 billion USD in 2018 alone.
And usage statistics – currently clocking in at around twenty thousand users across the top ten blockchain gambling platforms currently in existence – are no less modest and largely confined to Asia. “The majority of the dapp gambling audience is Asian, and these users are mainly Chinese …. because most gambling is banned in mainline China,” stated Jon Jordan, spokesperson for the Dapp Radar project, in conversation with Odds Digest.
EOS – Gambling Dapp Magnet
Dapp Radar figures also indicate a strong presence of gambling dapps on the EOS blockchain – five of its top ten dapps are gambling-focused, as are ten of the top twenty.
According to one observer in the EOS dapp development space, the specific attractions of the EOS blockchain for developers are its absence of transaction fees and high transaction speeds.
For most users, on the other hand, it is largely the anonymity of blockchain-based gambling platforms that presents the biggest attraction along with immediate pay-outs and the absence of house limits.
With blockchain applications still in their infancy, however, it is still unclear whether such applications will achieve general adoption, particularly given the uncertain regulatory journey that lies ahead for most blockchain-based gambling platforms.