Bitcoin Creeps Into Casinos
December 4, 2018 5:46 am,
In early November, a bitcoin news site took a look at how bitcoin might work inside the casino world. The article correctly pointed out that multiple gaming sites have already started to accept bitcoin, either exclusively or alongside other currencies, and it predicted that more and more casinos around the world will regard bitcoin as a valid and legitimate currency.
This is a fascinating opportunity for cryptocurrency because it represents massive business potential, yet flies under the radar for anyone who doesn’t typically interact with the casino industry. So for those of you who don’t concern yourselves with casinos, here are a few words on how this might work and why it’s a big deal.
Security & Anonymity
At some basic level, bitcoin is about security and anonymity. Yes, it was meant to replace currency as we know it, and beyond that it’s proving to have possibly ushered in a whole new form of internet, via the blockchain. However, its fundamental appeal to many is that it enables transactions between two parties without any identity or personal information needing to be revealed, and without any risk of fraud or insufficient payment. This particular appeal happens to speak directly to what casino players want. As fun as casino gaming can be, it’s understood to be a high-risk activity, and something about that makes it difficult for some gamers to trust sites, competitors, etc. Bitcoin can help to facilitate that trust simply by its nature, making it arguably the perfect form of money for the industry.
Alluring Game Features
Another reason that bitcoin’s early creep into casinos could prove to be a big deal is that online casino sites are always looking for exciting and alluring features. Casino bonuses come in all shapes and sizes, and typically involve some form of free play or matched deposit. With bitcoin, this can be all the more exciting. To put it more clearly, telling a customer that a cash deposit of up to $500 will be matched sounds exciting, but at this point – to casino gamers – it also sounds familiar. On the other hand, telling a customer that by depositing 1 BTC he or she will earn 0.5 bitcoins is arguably more exciting. It’s something new, something valuable, and something that can feel almost like some kind of tangible gaming bonus rather than simply old-fashioned cash. Say what you will about the logic of this, but it’s just the kind of trick casinos love to embrace.
The Size Of The Industry
The casino industry online is simply much bigger than most people tend to realize. It operates on innumerable websites and apps run by companies in countries all over the world, and handles billions of dollars’ worth of gaming revenue and exchanges year in and year out. It may also be about to grow fairly significantly, with eyes turning toward America. Sports betting has been legalized and states are pushing to embrace it, with more set to swarm into the industry next year. That’s not synonymous with casino gaming, but it is related, and it can be seen as one more step toward widespread casino activity in the U.S. – which happens to have over 325 million people in it. On top of all this it should also be noted that bitcoin-based casino gaming is actually something of a grey area even with casino gaming being largely illegal in the U.S. It can be argued that there is not legislation expressly prohibiting casino gaming via bitcoin. One way or another though, the U.S. market is likely to add to an already gigantic industry, with plenty of room for increasing bitcoins activity.