Online gambling industry: no future without Bitcoin

By June 22, 2015Bitcoin Business
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Online gambling industry: no future without Bitcoin

Nowadays, Bitcoin is more often than not called a virtual gaming chip that perfectly suits the needs of both gamblers and operators. Even though this can be true, many of us still have little understanding of the cryptocurrency’s real capacities in the iGaming industry. To begin with, as we are dealing with businesses offering virtual entertainment services, the primary stakeholders whose requirements definitely need to be met first are their customers, i.e. gamblers. Any single player wants their gambling experience to be fun and flawless in all respects, including blinkingly fast fund transfers that they could officially keep the lid on, and all that is absolutely understandable. In their turn, operators are looking forward to a legitimate way to get your funds and avoid returning them to you, which is why they need non-reversible transactions on their websites. Bitcoin has all these boxes ticked.

It may easily happen so that after a few years at least half of the market’s ten major virtual gambling services providers will be offering no other payment option to their players but Bitcoins. Yes, today fiat currency gambling operators don’t seem to be preoccupied with switching to BTC payments, but they may have good reasons for that – after all, their businesses have been successful for a certain time already, and a slight loss of audience is not a trigger for concern.

Speakers and experts at iGaming conferences are rather insincere when speaking seemingly highly of Bitcoins and other cryptocurrencies as prospective means of payment for virtual gaming, as they just don’t mean it. Well, okay then. When one day it happens so that real-money gambling portals start kicking themselves for not introducing BTC payments at least as auxiliary payment method, they will be well of aware who is responsible for the recession in the mainstream gambling market.

No, Bitcoin should not be seen as something tailored specifically to suit the requirements of major gambling operators. Quite the opposite, it works much better with smaller companies smart and far-sighted enough not to step on real-money portals’ rakes. Now the latter may be realizing they could have made payment conditions for lots of their players much more convenient, as no one knows how the trends can change in the years ahead. Apparently, millions of online gamblers globally are better aware of their needs, otherwise gambling online with Bitcoins wouldn’t be that increasingly popular. And what operators get with Bitcoin is the substantial reduction or even abolishment of operational charges, all because there is no need for them to use traditional banking services to get fund transfers from players. Some BTC gambling companies even pay salaries in cryptocurrency to their employees. Then, Bitcoin casinos are able to launch provably fair online games like blackjack and roulette that are very in-demand among safety-concerned gamblers who want to know who they trust their gambling funds to. Plus, there are lots of people all over the world who would like to play casino games and make sports bets on the Internet, but are unable to do so because of government-imposed real-money online gambling restrictions in their countries. Bitcoin can be a universal solution for them too.

With technologies so powerful and revolutionary behind it, Bitcoin seems to be the perfect tool to modernize the virtual gambling industry, but there are certain aspects of BTC payments introduction and usage that operators need to pay special attention to, like the ratio of Bitcoin and regular currency expenses in an online casino, the choice of accepted wallets, processing functionality and other no less important things.

Being launched in 2009, BTC seems so young and immature compared to the existing fiat currencies. So far, it has nevertheless become the unofficial common currency of the iGaming world, with more than 40% of the total number of Bitcoin transactions sent and received by customers of Bitcoin gambling portals. Among about 150 BTC casinos and betting websites offering their services, there are real player magnets like BitCasino.io known for their highly-innovative approach, and currently boasting a mind-bendingly vast choice of over 6 hundred HD-games of all kinds.

There is a good advice for you if you’re running a traditional fiat currency online gaming company, and considering adding or switching completely to Bitcoin payments: never listen to what regulatory bodies say. They are very likely to know too little about the real capabilities of Bitcoin to be able to judge about its real use for your business. No one knows better than you what your clients need the most to feel totally satisfied. So don’t be afraid to give them what they need the most to stay loyal you, and bring along thousands of new players to your website as the token of their gratitude.

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