Online gambling is a big business. And BTC seems to have been specially designed to become a perfect currency for gamers. Are we seeing the dawn of Bitcoin gambling?
So far, the heavyweights of online gambling industry have been just eyeing up this phenomenon, but when they finally decide to move to Bitcoin payments, this switch can be rapid and global.
Currently, BTC gambling takes up a tiny fraction of the market: even the most-well known Bitcoin casinos rank outside the TOP-100 gambling websites. However, it is absolutely clear that there is great potential for introducing digital currency in the industry.
Online gambling came along with the free and open Internet in the early 90’s. Gambling industry was an early adopter of all new online technologies, from video conferencing and virtual reality to mobile devices. Online games were meant for everyone.
Now the pendulum has swung in the other direction, and people have to fight for their right to play, as governments are seeking to impose restrictions on online gambling. In many countries, regulations for Internet casinos, poker rooms and bookmakers are constantly tightened, and the result is people can’t spend their own money to play whatever they like. But if users and providers took proper precautions, it would be very difficult for the state to prevent them from accessing Internet gambling services. If you live in an area where gambling is heavily regulated or banned, you can easily play casino games online, using Bitcoin as a payment method.
The decentralized nature of Bitcoin allows users to make bids which exist in a distributed blockchain only, without any threat of failure associated with the central domain or server. They key advantage is that Bitcoin transactions are very cheap. Low costs favor a sustainable business model with low commission fees; as a result, entrepreneurs enjoy multi-million profits.
Another important aspect is transparency: the transactions are visible in blockchain and available for verification. Still, this does not mean that your gameplay in every BTC casinos is 100% fair. At least, you can’t be sure it is, unless you use third party-generated random number sequences instead of those provided by the casino itself.
We wonder how soon Bitcoin gambling is going to establish itself globally to stay for long.