The Potential for Bitcoin Gambling Sites is Huge

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Thursday, December 17th, 2015 | Written by Shane Larson

Bitcoin has been shaking up the currency market for a few years now, leading many people to wonder just what other areas of business the cryptocurrency could soon revolutionize. One such area is the online gambling industry, but while a handful of gambling companies currently use the cyber money, its use has yet to be adopted by any of the mainstream gambling sites. Nevertheless, Bitcoin use has the potential to greatly benefit this hugely lucrative industry, whilst bringing important innovations to its business model.

The Speed and Ease of Bitcoin

All over the Internet, people are using Bitcoins to exchange money fast. With the cryptocurrency, it’s possible to use virtual wallet programs, near-field communications technology and QR codes to make a direct transfer of currency from one person to another. Because there are no regulations and no need to convert currency from one country to another, Bitcoin makes it possible to easily and instantly transfer money from a person located in one corner of the world to another person somewhere else on the planet.

Using Bitcoins to Gamble

Because Bitcoins greatly simplify financial transactions, it makes sense that those who use the currency would be anxious to utilize it at online casinos. While thus far most mainstream online gambling sites have shied away from the cryptocurrency, there are a small number of sites that do accept it. One example is Satoshi Dice, a site that has become very popular because of its transparency. Players can actually see how the outcome was determined based on the wager. If mainstream online casinos were to adapt this technology with Bitcoin acceptance, they could easily draw players who want to be able to see why they won or lost at games like slots, roulette and blackjack.

The Potential of Bitcoin

The possibility for an increased sense of fairness isn’t the only thing that Bitcoin has to offer mainstream gambling sites. By accepting Bitcoin, online casinos could:

– Allow for Faster Payouts: For sites with players all over the world, Bitcoin would greatly simplify payouts. No matter where players live, they would be able to receive funds almost instantaneously with no waiting periods or fees for currency conversions required. This would be a huge point of differentiation for online casinos that are among the first to introduce Bitcoin acceptance.

– Make Room for New Technologies: Many players are now using mobile devices to place bets on online gaming sites. Bitcoin acceptance would allow casinos to offer new ways for players to easily place bets from their phone, encouraging more frequent play. For example, QR codes for certain set wagers could be developed, so that players could simply scan a code to say how much Bitcoin currency they wish to bet on play.

– Offer Players More Privacy: Bitcoin allows people who wish to gamble online to be able to do so more discreetly. There is no need to process transactions through a bank account located in their home countries. While this would make it easier for people to gamble illegally, it would also eliminate the fear of financial information being compromised due to security breaches.

With Europe having officially recognized Bitcoin as currency, it’s likely that the ability to use Bitcoin to gamble online is close to being a reality. We’ll all have to watch and see what impact the move has on the industry.

Bitcoin Only iPoker Sites

Bitcoin-only poker sites which offer the crypocurrency as a customer’s only means of depositing funds have not enjoyed the best of years. At the start of 2015, sites such as Get Lucky Poker, Burnturn Poker, and BitnPlay had high hopes of success, and were preparing to make major headway in the online poker world. With the end of 2015 nearing, however, all three sites are mostly flatlining, with BitnPlay not having posted a social media message since April, Burnturn Poker’s last tweets back in summer, and GetLuckyPoker potential customers looking to sign up greeted by the message:

“Our site is currently in closed beta testing and registration is not currently available to the public.”

Garnering the most attention this year, though, was Nevada based site Seals With Clubs, which was the brainchild of poker professional Bryan Micon. Unfortunately, the attention was for all the wrong reasons as the unlicensed site was subsequently shut down by state authorities, with Bryan Micon managing to narrowly avoid a lengthy prison sentence after making a plea bargain, and agreeing to pay a $25,000 fine.

Needless to say, despite all the advantages that Bitcoin offers, the virtual currency has yet to make any significant headway amongst online poker players. Maybe 2016 will be the year when attitudes begin to change.