New Era of Gambling Now with Bitcoins
It is not a secret that more than half of the bitcoin transactions have been related, at least somehow, to the online gambling activities. This has been a trend for already some two years. Nevertheless, recently the online bitcoin gambling has marked an important step in its history, in March 2017 the total amount of the bitcoin bets has reached a very impressive number – one billion. Reports that there was a total of 22831 bitcoin bets per minute, and 380 bets per second. This gives us an idea that the bitcoin gambling is actually getting very popular despite the limited number of the bitcoin casino operators.
While these numbers look very exciting, the month of April has shown an even better dynamics. Just in the first week of the current month, there has been a total of three billion bets placed with the bitcoins, and their total value amounted to more than 520 million USD. While the BTC/USD rate keeps on growing (meaning that BTCs become less accessible), the gambling volumes go up. This clearly shows an increased interest in gambling with cryptocurrencies.
Even though this information can get someone by the surprise, some entities were expecting such a slump in the bitcoin gambling already a year ago. For example, the United Kingdom Gambling Commission has identified the growth of the bitcoin gambling sector and has stated that it sees the Bitcoin and other cryptocurrencies as an equivalent to money. Because of this, it has allowed the operators of the bitcoin gambling sites to apply for its license. And UK is not the only country that looks at the bitcoin gambling this way.
It is clear that the bitcoin gambling offers a larger set of benefits when compared to regular online casinos. First of all, gambling with the bitcoins is much more transparent. All of the BTC transactions are tracked, which allows a player to see the payouts from the casino. Besides that, depositing and withdrawing in bitcoins is much safer for the player’s credit score, as connecting such bitcoin transactions to person’s identity is a challenging task.
There are more bitcoin casinos appearing and quite a few of the regular online casinos are adding the bitcoins into its set of supported currencies. This gives us a clue that we are now seeing the a major update in the gambling industry.
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