Bitcoin in online gambling – why players and operators need it more than anything else?

If you’re operating your own real-money gambling website facing rather hard times, today there aren’t really that many possibilities for you to make your business fully competitive again. The truth is, while your competition are reaping the benefits of the latest innovations in the field, you may loafing time away not being market-flexible enough to survive the unbeatable odds of intense rivalry in the online gambling industry. One of such reviving winning solutions may be the launch of Bitcoin payments for your players, and if you have already thought about it at least once, now is the time to think again. The cryptocurrency, with all its numerous advantages for both players and gambling operators, is capable of mobilizing millions and millions of new, previously idle, gambler troops, so losing this chance of a lifetime is simply reckless.

The first thing that makes Bitcoin payments so incredibly popular among online casino players is their anonymity. You don’t need to provide any personal or banking details to initiate or receive a fund transfer, i.e. a deposit or a payout; just a valid e-mail address to sign up with a gambling website, and your BTC wallet address. Now, you should also be aware that your Bitcoin transactions are chargeback-free, meaning their reversal cannot be initiated by any of the parties without the consent of the other party, and that is just so unlike the case with “traditional” payment systems. On top of that, BTC payment processing costs are so vanishingly small you wouldn’t really believe your eyes, particularly if you play online casino games or make sports bets regularly.

But how easy and cost-efficient will it be for you to mould your online casino business into a Bitcoin gambling portal? Compared to establishing a licensed real-money virtual casino it’s simply a walk in the park. By the way, you can still have players’ Bitcoin payments converted into fiat currencies if you need to – there’s nothing impossible for modern technologies. With Bitcoin, there are no payment commission fees and extra charges for you at all, and that’s a great possibility to cut expenses and invest the amounts saved into new games and options for gamblers. Plus, in many counties you are not obliged to obtain a gambling license to operate a BTC casino, and gamblers residing in countries where traditional Internet casinos are officially banned will be more than just glad to sign-up with your casino or sportsbook to enjoy the betting activities they love so much.

Considering the multitude of mutual benefits, one wouldn’t be surprised learning that Bitcoins are currently used by over 14 million online shoppers and gamblers all over the world, with the latter expected to be joined by some 7 million more, considering the total BTC mining limits in effect today. As of 2014, almost half of the total number of fund transactions conducted in the online gambling industry was made in Bitcoins, and this statistics is probably self-explanatory.

Bitcoin may be still completely banned or legally restricted in some of the jurisdictions, but in most states it’s now absolutely free to use it in parallel with local currencies, although there may be still certain state regulation issues. BTC devotees worldwide expect authorities to find compromise settlements for aspects thwarting Bitcoin’s overall progress and expansion, and then it will be capable to finally outgrow its current status of being the unofficial online gambling currency to become a genuine globally recognized means of payment.