It goes without saying that the online gambling industry is a very profitable sector, yet one can definitely agree that not so much has been done lately to bring up the industry to the next level. While the games are getting better in terms of graphics and sound quality, we have not seen a major breakthrough since the introduction of the Live Dealers. Having said this, there is one particular niche that actually evolves very quickly and has all of the chances to revolutionize the iGaming sector significantly. Of course, we are talking about the bitcoin gambling.
The recent findings suggest that during the month of March 2017, there has been a total one billion bets placed at various bitcoin gambling websites. When looking at the dollar volume of the transactions, the bets translate into over 150 million USD in terms of the turnover, all within just a month of March. What has happened in the first week of April is even more exciting. There has been a total of three billion bets for the total amount of 520 million USD.
So you may ask a logical question, what makes the bitcoin gambling so popular? Similar to what we see now in the financial technology sector, the blockchain (the technology behind the bitcoin) is majorly used to bring in transparency in the complex environment. When it comes to casino and betting, the players are fully aware that they participate in a risky activity. Yet it is of a paramount importance for a casino to actually demonstrate that it provides perfect fair-play conditions. And the best way to achieve is by accepting the bets in bitcoins.
Apart from this advantage, bitcoin gambling has much more to offer. It is pretty hard to assign a certain bitcoin wallet to someone’s identity, and this way a casino player can benefit from the enhanced privacy. Next to this, as a payment system, bitcoin offers a better speed of transfer with very low transaction fees.
Finally, we also see some major gambling regulators, like UKGC, taking positive steps into allowing bitcoin casinos to get a proper license. All of these factors tell us that the bitcoin is becoming the major currency for the iGaming operators and it seems like we are just at the beginning of the new era.