Online Gambling Industry Shows Growing Adoption of Bitcoin

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by Polina Chernykh · 3 min read
Online Gambling Industry Shows Growing Adoption of Bitcoin
Photo: Justin Brown/Flickr

Bitcoin’s presence in online casino market is getting wider, as more gambling websites integrate the digital currency.

Nowadays, bitcoin gambling holds only a small share of the overall online gambling market in terms of revenues. However, it is showing steady growth in the online gaming industry with more and more websites integrating digital currency payments.

At the time, the market offers a large number of websites for bitcoin gambling. There are a lot of aspects that should be considered by the players while choosing the best one.

There is a kind of bitcoin casino guides helping to select the online casino that better suits your criteria. Such websites are sources of reliable information on the main internet bitcoin casinos, poker rooms and sportsbooks.

They provide a list of secure gambling websites and brands appealing to every taste. Besides, some of them unveil the latest news on gambling and bitcoin. Website thoroughly examines the main features of the gambling websites, including the level of security and the reliability of the software providers.

Today, some gambling websites accept payments only in digital currency, thus simplifying the process of making payments. Such websites benefit from providing just one payment option as they don’t have to process a wide range of different currencies.

Bitcoin’s benefits, such as low cost of payments and high speed of transactions, encourage players and casinos to embrace the digital currency. The use of cryptocurrency relieves people from the necessity of waiting too long until the payment is processed, what applies both to transferring and depositing bitcoin. Decentralized nature of digital currency means you don’t have to pay high transaction fees.

Still, there are some factors, constraining the growth of the bitcoin gambling market. Strict regulation is among the main ones.

The government of the US, which accounts for the largest share within the online gambling market, is toughening up gambling laws in the country. In 2006, the government approved the Unlawful Internet Gaming Enforcement Act, which makes illegal for players in the country to process payments through US banks.

In the meantime, some US states are softening their attitude towards gambling. In 2013, Delaware gamblers were allowed to play poker, roulette and blackjack online, provided that they’re registered through one of the state’s three casinos and are located in Delaware.

The same year the government of New Jersey signed a legislation allowing internet gambling for the state’s residents. Meantime, Nevada, the mecca of gambling in the US, took a step forward in regulation by legalizing interstate online gambling.

Many world countries do not have regulation on bitcoin gambling at all, as they don’t consider bitcoin a currency. Some countries even decided not to be involved in the cryptocurrency industry and let it to be freely used by people. Given these factors, bitcoin becomes the best option for online gambling.

Security and the risk of hacker attacks are another challenges encountered by global bitcoin casinos. Besides, it is getting more difficult for new companies to promote themselves in the market due to high competition.

With the expansion of digital currency, the world of online casinos is likely to see exciting developments in the years to come.  Moreover, the number of gambling websites offering the option of bitcoin payments is constantly growing.

Bitcoin News, Cryptocurrency news, News
Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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