Online gambling is a huge business that follows the path of innovation and adapts to new technologies. Its growth rate is impressive. For instance in 2003, the global revenue from online business reached €6.6 billion.
In 2014 it rose to €32.5 billion. It is expected that the online gambling market will grow very quickly over the next four years. According to estimates of experts, profits of online gambling will reach €42.8 billion by 2018.
The majority of transactions at modern online casinos are carried out using the major international currencies such as USD, GBP, and EUR, but more and more people start using the cryptocurrency known as bitcoin. Actually, the niche of online gambling is so competitive that even industry leaders can afford to stand still and resist any change. However all online casinos can not completely ignore the growing popularity of bitcoins. This cryptocurrency has been used by people all over the world to buy goods and to conclude financial transactions. Now bitcoin is entering the world of gambling.
What is Bitcoin?
Bitcoin is a digital currency that provides users with the opportunity to send money all over the world instantly, anonymously, and with the lowest commission fees. Bitcoin is not controlled by any government in the world. It is not issued in any bank. Only users can control it. This means that only two parties participate in the transaction: the sender and the receiver. As soon as you have mastered Bitcoin, you will be able to send and receive money as easily and rapidly as an e-mail.
What Are the Advantages of Bitcoins?
One of the main advantages of Bitcoin is a high degree of anonymity. It is the same as in the case of the use of cash compared to credit or debit cards.
Another unique feature that allows users to find out whether a casino supports the bitcoin technology instantly is a provable fairness. One of the reasons why such huge casinos as Omni Casino Slots and Jubise Casino started to accept Bitcoin is that players can now fully realize their advantages. In addition, bitcoin allows players to make rapid deposits and withdraw money in a completely anonymous way. Cryptocurrency has also contributed to the fairer gambling industry.
The concept of provably fair casino games has become so popular that it is virtually impossible to ignore its advantages. For the first time, players can see that the outcome of each game is not known in advance and find out how the random number generator operates. Without going into too much detail, we should mention that gaming sites can use the blockchain to allow users to ensure that the casino does not have an opportunity to find out the event's outcome before it occurs. Instead of doubting the fairness of the online casino and writing complaints of unfair RNGs on gaming websites, players can be sure that the casino plays honestly with them.
In many respects, bitcoin is a quick and easy way to transfer money between two parties. Thanks to virtual wallets, QR codes, and NFC, funds can be transferred with the minimal effort and in real time. In general, the bitcoin technology is easier and faster than traditional bank payments. This fact explains its growing popularity in the gambling industry. That's why one of the most desirable features of Bitcoin is the instant transaction at the level of protection comparable to such payment methods as credit card or [LINK 1]PayPal. While using Bitcoin, players can, in particular, use the protection against prying eyes and they will be able to conclude instant transactions. This feature in conjunction with other peculiarities such as low operating cost (it does not usually exceed a few cents, regardless of the transaction amount) and availability 24/7 gives bitcoin a distinct advantage.
To sum up, users can enjoy the following advantages of bitcoins:
- Complete privacy.
- Minimum expenses for operations.
- Instant deposits.
- Provably fair games.
- Nobody can freeze your assets.
- You can conclude transactions 24 hours a day and 7 days a week.
Internet casino + Bitcoin = Hybrid casino
Many people are still not familiar with the concept of a hybrid casino. However, it is not as difficult as it seems to be. Hybrid is a combination of two things, and if we are talking about casinos, it implies a combination of the digital currency (bitcoin, in this case) and the world's major currencies (for example, USD, EUR, and GBP).
What are the advantages of hybrid casinos? Users may fund accounts in a higher number of ways. However, there is one big advantage concerning the withdrawal of money. Customers can buy bitcoins using any currency and then exchange them for the currency of a hybrid casino. This provides maximum freedom and accelerates your transactions. Thus, you don't need to keep your money in a casino. Users can withdraw bitcoins instantly and without commission fees: they simply send money to a Bitcoin-based casino account, and if they win, they immediately receive the winning bet plus their payouts to Bitcoin-based accounts. Thus, customers will always have the complete control over their money.
As an example, we can offer BitStarz that is the first casino, that started to make operations with international currencies in addition to bitcoin. Here you can fund your account using credit cards, wire transfers, Neteller, Skrill, and, of course, bitcoin.
To sum up, the major advantages of hybrid casinos include:
- They are suitable for those who prefer standard currencies and bitcoins.
- Instant money withdrawal for bitcoins and other currencies.
- No minimum deposit.
Online Casinos: Hotbeds of Innovations
Online gambling industry leaders have resisted the idea of switching to bitcoins. Even now, the majority of casinos do not allow players to make deposits using this cryptocurrency. However it becomes more challenging to make operations in the old way, since casinos have a risk to lose current customers, who will be forced to replace the gambling establishment due to the conservatism of their favorite casinos. Therefore, even the most conservative online casinos are considering the possibility of testing cryptocurrencies' use.
Such leading casinos as 32Red, 888, and Betfair don't yet accept bitcoins, but it would be surprising if they don't consider the possibility of introducing bitcoin as a payment method in the future. On the other hand, there are a lot of gambling sites that use bitcoins, including the popular Satoshi Dice. These gambling websites have already proven that bitcoin operations are reliable and profitable.
Bitcoin is considered a currency in most countries, and the Supreme European Court recognized Bitcoin as a true currency. This happened thanks to the large group of people who use bitcoins. No wonder that it has happened since there are top technologies that simplify their use. Online casinos that have made the necessary adjustments receive significant profits from the influx of customers, primarily from those countries where gambling is prohibited. The local authorities of these countries almost don't have the opportunity to influence the online casinos that use this cryptocurrency and ignore anti-gambling laws in those countries.
Current Leaders among Bitcoin Casinos
At the moment, we can conclude that the market of bitcoin-based casinos has hardly reached its infancy, and it has the tremendous growth potential. Nevertheless, some pretty reputable casinos conclude Bitcoin-based transactions.
Users can find information about three current leaders below:
- Coin Palace. The availability of software released by SoftSwiss gives players the opportunity to play slots, roulette, blackjack, poker, and other table games. This casino is available on desktop and mobile devices.
- Omni Slots. This casino specializes in slots and uses software manufactured by Microgaming, Betsoft, and Endorphina. Players are invited to play over 200 slot machines and other table games. There are progressive jackpots and other exciting features.
- Propawin. This casino has a great range of table games and video slots released by Playtech, Microgaming, and GamesOS.
Mobile Casinos and Bitcoins
Most online casino sites have already created their mobile versions. Considering the growing global use of smartphones, casinos should develop to meet the requirements of players. Since more and more Android customers have started using their mobile devices to play at online casinos, there is a huge market of potential clients. At the same time, the popularity of bitcoin is growing. If there are a few emerging markets, there is a good chance that they will cover each other rather sooner than later. Even now, we can see visible signs of this since more and more Android casinos are accepting bitcoins as payment.
The most popular Android casinos that accept bitcoins are Bitcasino, Cloudbet, and MBit Casino. They offer almost all casino games for mobile phones, except for poker games.
The representative of Bitcasino.io reported:
We are still trying to be the number one for players of bitcoin-based casinos. We've added a mobile version of our most popular game - blackjack, as well as the other 20 games, including Quickfire's, Bridesmaids, Atlantis World, Cleopatra Jewels, etc. Our portfolio provides the highest gaming experience for our customers who play using bitcoins and mobile devices.
It is interesting to know whether both mobile gambling and bitcoin gambling markets will be able to grow simultaneously.
Wide Open Market
Switching to bitcoins will be very easy if you are used to playing in land-based casinos. The only thing you will fail is to hold bitcoins in your hands, but you can enjoy all the other advantages of cash and use it at your discretion instead of following the rules that casinos dictate. That's what you used to miss before at online casinos, but fortunately, bitcoin is already filling the vacuum, providing you with complete control over your funds, as it should be.
Ivan Montik, the CEO of SoftSwiss, which manufactures software for online casinos that support the use of bitcoins in gambling, states:
Over the past six months we have received about 400 applications for the creation of bitcoin-based casinos. We always test from three to five casinos, and if we had more resources we would have more. The total amount of wagered bitcoins on all sites running on the platform of SoftSwiss is $10 million per month.
Considering the facts mentioned above, we can conclude that the use of bitcoins will grow, increasing the probability that reputable gambling sites and leaders of the online gambling industry will use this cryptocurrency. The opportunity to provide players with the security, reliability, and convenience of transactions makes using this cryptocurrency too tempting. Especially if you consider that these sites accept payments in numerous currencies, including GBP, USD, or EUR, adding another payment method from a technical point of view is not difficult.
t the Internet is a global market, the major online casinos want to have a global presence, i.e., they want to be available in countries where gambling is illegal. Implementing bitcoins will allow them to achieve this goal and ensure the reliability of gambling services to players of all countries worldwide, regardless of local legislation. Simply put, the future of Bitcoin and significant gaming sites seems excellent.