Many believe that this digital currency will change the landscape of the existing currencies—its technology will influence how the payment system works in the years to come.
Whatever the future holds for Bitcoin, whether Bitcoin is the future of money or if it will replace the fiat currencies used across the world or should it fail, it is clear that at this early stage, it has begun modifying specific industries and businesses while creating new niches along the way.
Bitcoin makes a scene in the online gambling industry
When Bitcoin came along, the online gambling industry gradually experienced the budding market for Bitcoin gambling. Now making its presence felt much stronger, the new market nears its maturity as the technology improves, the customers increase and the gambling websites tripled in number—all in the last 18 months.
This is expected. After all, Bitcoin is perfect for the industry especially when it comes to benefiting the gambling operators on the web. Some believe that in the unfortunate event that Bitcoin misses its opportunity to succeed in the mainstream market, it will find its place in the online gambling arena.
The future of Bitcoin, even in the said industry, is uncertain; however, its effect on the business side of online gambling is vast that operators should consider adding the Bitcoin technology to the gambling services they offer.
Gambling operators are bound to benefit
The technology of the Bitcoin is what makes it unique for the market and more beneficial to the stakeholders of the online gambling industry, such as the players, the affiliates, and the operators.
Focusing on Bitcoin innovations that benefit the gambling operators, it becomes clear why more Bitcoin casinos, sports betting websites, poker rooms, and other gambling websites are launched on the market. More than 500 Bitcoin websites are listed on BitcoinGG.com—the Bitcoin Gambling Guide
Why Operators Should Use Bitcoin?
- Starting a Bitcoin gambling business is easier than indulging in the fiat-operated online gambling industry, in terms of time to market, setup costs and operation expenses.
- Bitcoin widens market reach. This peer-to-peer cryptocurrency can be used by anyone, everywhere, so long as he or she has access to the Internet. Bitcoin casinos can easily attract players from a larger pool of gambling enthusiasts in the world. Keep in mind that at the moment, laws and regulations, may hinder players to access Bitcoin gambling platforms from certain countries.
- Zero transaction fees. Well, not really zero but very small amount of the transaction, not even to compare to the fee’s we familiar with in the online gambling industry. The absence of fees for every wager enables operators to offer better odds and higher payouts on their brands and manage the payouts differently.
- All Bitcoin transactions are non-reversible, so no chargebacks. Operators will be at the advantage with Bitcoin since it eliminates the major problem real-money online gambling operators always dread—chargebacks. With Bitcoin, all deposits and withdrawals are considered final. It’s of course challenge the fraud teams, with new procedures.
- No gambling license required. Although Spain’s Treasury has acknowledged Spanish online gambling sites wishing to use bitcoins as means of transactions must apply for a license, in other countries, the Bitcoin is not yet considered as a currency meaning license is not needed, yet.
Players’ Preferred Payment Method
There is another side to the coin which is the players who have more than enough reasons to embrace the Bitcoin as a payment method for their online gambling endeavors.
Why Players Should Use Bitcoin?
- Anonymity – In Bitcoin only gambling brands the rules of “Know Your Customer” or “KYC” and “Anti Money Laundering” or “AML” do not apply. All transactions are anonymous.
- Instant transactions and no fees – both deposits and withdrawals are instant and as previously mentioned the fees are almost nonexistent.
- Provably Fair – a concept introduced by Bitcoin casinos which is actually a revolution in the making. Provably fair basically enables the players to verify the outcome of every game played and make sure the results are truly random.
- Transparency – The mechanism behind the Bitcoin, the Blockchain, makes every transaction transparent which enables the players to better control their funds.
Bitcoin’s future in the online gambling industry
The Bitcoin gambling market is expected to reach its maximum potential in few years. Until then, more revolutionary developments will take place in this growing niche, especially as the price of the digital currency stabilizes on the market.
The success of Bitcoin Gambling is imminent, but the Bitcoin technologies alone do not guarantee it. This is the reason gambling operators need the extra help in marketing and maintaining their brands. CoinPoint, a premium media and marketing agency, is a firm prepared to take the challenge and provide gambling operators with the services necessary to ensure success in the growing market for Bitcoin gambling.
Oron Barber is an internet entrepreneur, involved in the Bitcoin markets scene with bitcoin casino network, marketing services center and bitcoin integration platform.