Bitcoin in online gambling: shouldn’t be afraid to go for it

By June 22, 2015Bitcoin Business
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Bitcoin in online gambling: shouldn’t be afraid to go for it

Frequently enough, Bitcoin is referred to as the perfect chip for online gambling. It may truly be so, but what makes the cryptocurrency so special then? First and foremost, as we’re speaking about the industry of the virtual gaming entertainment, it’s all about the convenience for players, i.e. the customers. It doesn’t really matter if you play on an Internet gambling portal or in a real-life ‘offline’ casino – you still want your gaming experience to be positively unforgettable, as well as your fund transactions to be instantaneous and inaccessible for other parties. Among the things that gambling business owners want the most are final, non-reversible, payments. With Bitcoins, you get all of that.

As experts and economists assume, in just a few years, about five of the ten world’s leading online gambling websites will only offer BTC payments to their customers. The case may be seen differently by real-money virtual casinos, but, after all, they have been successfully operating in the market for some time already, so there is seemingly no reason for them to abandon the established business models. The thing is, although their businesses are least likely to start deteriorating from within, there may be something crucial on the ‘outside’ they failed to react to in due time.

BTC and altcoins may be praised at major online gambling-themed conferences as having great potential to become a kind of alternative means of settlement, but in reality few of the speakers really mean what they say. Major mainstream Internet casinos, poker rooms and sportsbooks seem not to take cryptocurrencies in virtual gambling too seriously, but such carelessness may backfire on them in a couple of years.

As of now, however, you shouldn’t think of Bitcoin as being meant for big gambling companies. Its real use will rather be appreciated by market newcomers learning from the mistakes of major operators now being prisoners of real-money payments. The unwillingness of the latter to go for Bitcoin to modernize their websites and in such manner make life easier for their players is very likely to play a low-down trick on themselves over time. For hundreds millions users in the world, the benefits of introducing BTC payments are apparent. For one thing, Bitcoin allows operators to cut down greatly on banking and operational expenses, as they don’t need to have a bank account at all to receive payments from gamblers, or pay wages to staff and commission to their affiliates. Alternatively, if any operators of Bitcoin gambling online decide to have provably fair games on their websites, they are capable of attracting many more potential players who care about online gaming safety and house trustworthiness. Another numerous global player community that BTC payments can mobilize consists of people residing in jurisdictions where real-money Internet gambling is banned or restricted for one or another reason.

Bitcoin is definitely a kind of innovation capable of modifying the whole industry of online gambling globally, but there is one thing about it that still stays out of stakeholders’ view: BTC-based virtual gaming predefines the development and availability of special skills and services. There are certain crucial aspects and choices related to the establishment of Bitcoin payment systems that the leaders of fiat-currency gambling market need to consider, including Bitcoin purchase and payment processing options, the types of serviced wallets, BTC/real-money operational expenses ratio and other vitally important strategic entities.

Bitcoin may be only six years old, but it has proven itself to be mature enough to become a valid online gambling currency with great potential. According to 2014 statistics, Bitcoin gambling industry accounted for about 2/5 of the total amount of payments made with the help of Bitcoin system. Currently, there are well over a hundred of Bitcoin gambling portals on the Internet offering their services globally. As of early 2015, of all popular gaming websites offering cryptocurrency payments, Most famous Bitcoin casino, with its record-breaking 3-month turnover of $5,000,000 and their selection of 600+ hi-end Bitcoin casino games, has been a real players’ favorite.

If you’re an operator of a newly-emerged Bitcoin gambling business, one of the things you should be doing for a significant period of time for your website to start gaining momentum is brushing aside state regulation. Oftentimes, regulators have very little understanding of how Bitcoin system functions and why it is of such great importance for the industry on online gaming. The best thing you can do for your project is make it as technologically advanced as you possibly can, and it’s really hard to think of a bigger progress-thwarting actor than regulatory bodies.

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