Tron Cryptocurrency Gambling Hits $1 Billion

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The Tron cryptocurrency (TRX) is enjoying a great popularity with online gamblers, both in and outside of top Bitcoin casinos. According to recent estimates, the young digital asset may not be growing in value as fast as some other cryptocurrencies are but that doesn’t stop it from being one of the several coins to turn to when you want to gamble more privately online. As recent numbers show, the coin is now responsible for a billion in USD transactions related to online gambling.

Millions Gambled in Q1 Alone

Tron officially began trading around September 2017 and like all cryptocurrencies that year, experienced a peak in interest around December when Bitcoin hit its record value of approximately $20,000. While most traders may easily overlook the coin as it can’t offer the same earning potential as other digital assets can, gamblers have obviously found value in using TRX to place wagers across specialized casinos online.

According to EuropeanGaming, TRX coins have been responsible for more than $1 billion in gambling transactions in the first quarter of 2019 alone, with much of the gaming done on decentralized casinos and gambling dApps. As the online portal reports, casinos based on the Tron blockchain have processed over $80 million combined in the last week alone, with the most successful of the specialized sites reaching a volume of $43.5 million during the said period, or 1.5 billion TRX coins.

On the other hand, dApps based on the TRX blockchain have generated a turnover of more than $1.6 billion with the help of over 430,000 users. As 64% of Tron dApps are related to gambling, that roughly estimates to $1.024 billion in gambling-related transactions alone.

These numbers may not sound too impressive but when you consider the casinos that generated them, they are certainly to be applauded. Even with the limited range of games offered at Tron-based casinos, these operators have managed to generate a turnover that could compete with a variety of fiat-money websites. Just imagine what they can do if they improve their offers more.

Bitcoin Still a Leader

While Tron’s success in the online gambling scene is nothing you can easily overlook, it’s still just a small part of the success of the global industry. The leader in cryptocurrency gambling is still Bitcoin, with the coin accounting for approximately $24.5 billion in bets made over a two year period, according to latest reports. And even this achievement is relatively small when compared to the value of the overall online gambling sector.

As a report from Coherent Market Insights show, the global online gambling industry was valued at a big $46.9 billion during 2017, thanks to the fast growth of internet users around the globe. With 2019 numbers showing that over half of the world’s population has access to the internet and the advance of mobile gambling, online casinos across the globe are not only expected to continue growing but the industry is also expected to hit a value of $100 billion by 2016. What portion of this value will be taken up by cryptocurrency casinos, remains to be seen.