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Online gambling is a considerable 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 by experts, profits from online gambling will reach €42.8 billion by 2018.
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Most transactions at modern online casinos are carried out using major international currencies such as USD, GBP, and EUR. Still, more and more people have started using the cryptocurrency Bitcoin. The online gambling niche is so competitive that even industry leaders can afford to remain stagnant and resist change. However, all online casinos can not wholly ignore the growing popularity of Bitcoin.
People worldwide use this cryptocurrency to buy goods and complete financial transactions. Now bitcoin is entering the world of gambling.
What is Bitcoin?
Bitcoin is a digital currency that allows users to send money instantly, anonymously, and with the lowest commission fees worldwide.
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. Once you have mastered Bitcoin, you can send and receive money as easily and rapidly as an e-mail.
What are the Main Advantages of Bitcoin?
One of Bitcoin's main advantages is its high degree of anonymity. This is the same as when using cash rather than credit or debit cards.
Provable fairness is another unique feature that allows users to find out instantly whether a casino supports Bitcoin technology. One reason huge casinos 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 anonymously. Cryptocurrency has also contributed to a 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 discover 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 minimal effort and in real time. Bitcoin technology is generally easier and faster than traditional bank payments, which explains its growing popularity in the gambling industry.
That's why one of the most desirable features of Bitcoin is instant transactions at a level of protection comparable to payment methods such as credit cards or PayPal.
While using Bitcoin, players can, in particular, protect themselves against prying eyes and conclude instant transactions. This feature, combined with other peculiarities such as low operating costs (which usually do not exceed a few cents, regardless of the transaction amount) and 24/7 availability, 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 unfamiliar with the concept of a hybrid casino. However, it is not as difficult as it seems. A hybrid is a combination of two things, and if we are talking about casinos, it implies a combination of 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.
To sum up, the significant 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, operating in the old way becomes more challenging since casinos risk losing 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 testing the use of cryptocurrencies.
Some leading casinos don't yet accept bitcoins, but it would be surprising if they didn't consider introducing them as a payment method in the future. On the other hand, many gambling sites, including the popular Satoshi Dice, use bitcoins. These websites have already proven that bitcoin operations are reliable and profitable.
Most countries consider Bitcoin a currency, and the Supreme European Court recognized Bitcoin as a valid 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
The market for Bitcoin-based casinos has hardly reached its infancy, but it has tremendous growth potential. Nevertheless, some pretty reputable casinos accept Bitcoin-based transactions.
| Casino | Deposit methods | Withdrawal methods | Accepted currencies | |
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+7
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+6
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$, €, ₽, ₴ | |
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+11
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+10
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$, €, ₽, C$, ¥, kr | |
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+4
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+3
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$, €, ₽, KZT | |
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+6
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+6
|
$, €, ₽, KZT, C$, kr, zł, ₴ | |
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+9
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+8
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$, €, ₽ | |
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+9
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+7
|
$, €, ₽ | |
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+6
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+5
|
$, €, ₽ | |
|
+11
|
+7
|
$, €, ₽, KZT, kr, zł | |
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+1
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+1
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$, €, ₽, KZT, kr, zł, ₴, YTL | |
|
+6
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+7
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$, €, ₽, ₴ |
Mobile Casinos and Bitcoins
Most online casino sites have already created mobile versions. Considering the growing global use of smartphones, casinos should develop mobile versions to meet players' requirements. Since 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, Bitcoin's popularity is growing. If there are a few emerging markets, there is a good chance they will compete sooner rather than later. We can see visible signs of this now since more Android casinos are accepting Bitcoin as payment.
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. Since 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.
The Internet is a global market, and significant online casinos want to have an international 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.
