How Bitcoin changes the Online Gambling Industry

How Bitcoin changes the Online Gambling Industry

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Online gambling is a big business that follows the path of innovation and adapts to new technologies. The pace of his growth is impressive. So, if in 2003 the global income from gambling online business was 6.6 billion euros, in 2017 it increased to €40.5 billion. It is expected that over the next four years the online gambling market will develop no less rapidly, and by 2021, according to experts, the profit of online gambling will grow to €52.8 billion.

 The vast majority of transactions in online casinos are now conducted in the largest international currencies such as USD, GBP and EUR, but more and more people are starting to use the crypto currency known as Bitcoin. In general, the niche of online casinos is so competitive that even industry leaders can’t afford to stand still and resist change. However, online casinos can’t completely ignore the growing popularity of Bitcoin. Crypto currency is already used by people from all over the world to buy goods and perform financial operations, and now it is beginning to enter the world of gambling.

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What is Bitcoin?

Bitcoin is digital cash that gives you the ability to send money around the world instantly, anonymously and with minimal commission. Bitcoin is not controlled by any government in the world, it is not issued in any bank, but is managed only by users. This means that when making a transaction there are only two parties involved: the sender and the receiver. After you have mastered Bitcoin, sending and receiving money will become as easy and fast as sending an email.

 What are the advantages of using Bitcoin?

One of the main advantages of using Bitcoin is a high degree of anonymity – the same as when using cash, compared to purchases using a credit or debit card.

Another unique feature that allows users to instantly find out whether the casino uses Bitcoin technology or not is a demonstrable fair play. One of the reasons why some major casinos started to accept Bitcoin is that players can now fully realize their advantages. In addition to the fact that Bitcoin allows players to make quick deposits and withdraw money with complete anonymity, the crypto currency has also become the driving force for a more equitable gaming industry.

The concept of provably fair casino games has gained such popularity that now it is almost impossible to ignore its advantages. For the first time players can see that the result of each game was predetermined in advance, and how the random number generator works. Without going into too much detail, gaming sites can use blockchain to allow users to make sure that the casino had no chance of knowing the outcome of the event before the event occurred. Instead of doubting the validity of online casinos and filling game forums with complaints about unfair RNG, now players can be sure that the casino plays with them honestly.

In many ways, Bitcoin is a quick and easy way to transfer money between two parties. Thanks to the use of virtual wallets, QR codes and NFC, the tools can be transferred with minimal effort and in real time. In essence, Bitcoin technology is simpler and faster than traditional bank payments, that’s why its popularity in the entertainment industry is growing. That’s why one of the most desirable features of Bitcoin is the instant transaction speed at a comparable level of protection with such payment methods as credit cards or PayPal. When using Bitcoin players, in particular, will enjoy protection against prying eyes at an instant transaction speed. This, combined with other features such as low transaction costs (usually not more than a couple of cents, regardless of the size of the deal) and 24/7 operating mode, gives Bitcoin an undeniable advantage.

In summary, for users, the advantages of using Bitcoin are:

  • Complete anonymity.
  • Minimum transaction costs.
  • Instant deposits.
  • Proven honesty.
  • No one can freeze your assets.
  • You can make deals 24 hours a day and 7 days a week.

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Online Casino + Bitcoin = Hybrid Casino

 Many are still not familiar with the concept of a hybrid casino, but it’s not as difficult as it seems. A hybrid is a combination of two things, and if we are talking about a casino, it is a combination of the digital currency (Bitcoin in this case) and the major world currencies (for example, USD, EUR, GBP).

What are the advantages of a hybrid casino? It’s clear that you immediately have more opportunities to replenish your account. But there is another great advantage when it comes to cashing your money. Since you can buy Bitcoin in any currency, and then exchange them later for the currency of a hybrid casino, this gives you maximum freedom and speed in the passage of your payments. In this case, you no longer need to keep your money in the casino, and the withdrawal of bitcoins occurs instantly and without commission: users simply send money to the Bitcoin account of the casino, and if they win, they immediately receive a bet + win on their Bitcoin account. Thus, you will always have full control over your money.

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Online casino: centers of innovation

 Industry leaders of online gambling have long resisted the idea of switching to Bitcoin, and now most of the casinos do not allow players to make a deposit in the crypto currency. However, it becomes increasingly difficult for them to work the old way, as they risk losing their existing customers, who will have to change their casinos due to the conservatism of their favorite casino. Therefore, even the most conservative online casinos are currently considering the possibility of at least experimenting with crypto-currencies.

Bitcoin is now recognized as a currency in most countries around the world, and the highest court in Europe has in fact recognized Bitcoin as a genuine currency. This was due to the large number of people who use Bitcoin, which is not surprising, since there are top technologies that make it easier to use. Online casinos that have made the necessary adjustments, now receive great benefits from the influx of customers mainly from countries where gambling is prohibited. Local authorities of such countries have very few opportunities to influence online casinos that use crypto-currencies in order to circumvent anti-gaming laws in these countries.

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Thus, we can conclude that the use of Bitcoin will only grow, increasing the likelihood that the crypto currency will use authoritative gaming sites, leaders of the online gambling industry. The ability to give its players security, reliability and convenience of transactions makes the use of crypto currency too tempting to abandon Bitcoin. Especially if you consider that these sites already accept payment in several currencies, for example GBP, USD or EUR, then it will not be technically difficult for them to add another payment method.

Given that the Internet is a global market, large online casinos want to have a global presence, that is, they want to be available in those countries where gambling has been found to be illegal. The implementation of Bitcoin will enable them to achieve this and ensure the reliability of the provision of gaming services to players of all countries around the world, regardless of what local laws dictate. Simply put, the potential for Bitcoin and the main gaming sites is huge.

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