No industry is benefiting more from the rise of bitcoin than online gaming. More and more players are switching to bitcoin for its simplicity, anonymity, and speed. The bitcoin casinos themselves are reaping the benefits as well.
Bitcoin in the face of online gambling regulation
One of bitcoin’s biggest advantages for players is the privacy it offers. This is especially important for people living in jurisdictions like the US where online gambling is in a grey area legally. In the past, players in these territories had to rely on unknown payment processors to get deposits into casinos. Of course, this method comes with all sorts of privacy risks and potential problems with issuing banks.
Bitcoin alleviates these concerns almost entirely. Players can now just buy their bitcoin through an exchange or private transaction and deposit them into their casino account. No personal information has to be shared, and players can know who they’re dealing with at every step of the transaction. It’s just a safer bet all around.
No more transaction costs eating away at winnings
People who play at online casinos do it to win. That’s not exactly a surprise. But many of the conventional payment processors charge fees to get money in and out of a casino account. In regions where options are limited, these fees can be as much as 15% of the transaction value.
It’s no wonder that a growing number of players are choosing bitcoin instead, and the casinos couldn’t be happier. The virtually nonexistent transaction costs of bitcoin are encouraging players to deposit more frequently. Plus, bitcoin casinos have fewer processing costs cutting down their bottom line.
Online casino players hate waiting for their money. When they win, they want their cash as soon as possible. Unfortunately for them, conventional methods like wire transfers and checks can take a week or more. Some e-wallets have emerged to process payments quickly, but players inevitably still have to wait for approval from the casino and their bank.
Bitcoin eliminates this problem. Bitcoin casinos like 7BitCasino and BitStarz Casino are typically able to satisfy players by processing withdrawals as soon as the deposit is confirmed. Plus, most players at bitcoin casinos don’t have to worry about time-consuming verification procedures.
The future of bitcoin at online casinos
With so many benefits to players and casinos, bitcoin will almost certainly continue to grow in popularity in the online gambling market. The only real issue will be whether bitcoin casinos can continue to offer anonymity to players as anti-money laundering measures are increasingly enforced.