The effects of Bitcoin on online gambling
22 April 2015
Bitcoin could be a solution for the online gambling industry, especially since this industry is facing complicated regulations and the complications in relation to the payment methods available are also a major concern. Despite the complications in relation to the regulation of online gambling, the market is still booming and the online gaming industry enjoys a growing popularity. In 2012, the value of the gaming market increased to an amount of Euro 21.73 billion according to a research done by H2 Gambling Capital firm and has an estimated annual growth rate of 9.13 percent on the gaming market by the year 2015.
Limiting the payment methods
With regards to some legal systems of the gaming market, payment methods turned out to be a significant obstacle. Using the example of the US market this has been clearly demonstrated. The regulation of online gambling first took place on site in Delaware, New Jersey and Nevada. Once countries had offered their online gambling they suddenly saw many players with gambling problems which was not taken into consideration previously by the part of those responsible for it.
The players wanted to make deposits into their accounts via bank transfer, but this was impossible for lots of players since the government had banned the payments between banks and online casinos in the past. Experts see this fact as a reason why the online gambling market in America has still been struggling with the effects and even now still does not generates the expected success.
High demand for Bitcoin online casinos
In other countries Bitcoin is considered to be a good alternative to the popular payment methods and as a solution to the problems surrounding the issue of payment methods. The online casino software company Soft Swiss got 400 requests for the introduction of Bitcoin casinos in the last six months. The US regulation may play a crucial role in the future when it comes to developing Bitcoin to a respected and much-used payment method.
With this payment option national borders could be broken and therefore the speed of payouts are already now aligned to the needs of online casino players.