Casinos And Bitcoin
Bitcoin is the perfect currency for gambling and not only does it offer advantages for players but also the operators. It is therefore surprising not to see more land based casinos offer players the option to withdraw or deposit in BTC. If they were to use Bitcoins and not cash it would cut down financial transaction fees along with helping the business to be more efficient. If the trend of cryptocurrency adoption continues there will at some point in the near future have to offer this service to cater for their customer need. Below I explore the reasons why land based casinos do not offer Bitcoin payments.
One of the main barriers that needs to be overcome is the laws in certain jurisdictions do not allow Bitcoin as a payment method. They do not see it as real money but things are changing fast. Japan has taken the lead and recently announced it as legal tender for payments. If it is successful others around the world will follow Japans lead and this should help relax casino laws that presently do not allow it.
A large number of land based casinos would like to offer Bitcoin as they see it opening the doors to a brand new market. There are lots of young tech savvy players that use BTC and it is an area that casinos would like to exploit. It would also make casinos safer as there would not be mountains of cash flowing around the floor. It is estimated that up to 95% of transactions are in cash. If there were to start using blockchain technology and Bitcoin payments, they would have a transparent ledger and not a bag full of cash.
Read the full article below from Coin Desk about Bitcoin and Casinos by clicking the link below:
As shown by a Google search for ‘bitcoin casino’, bitcoins and gambling go together like two pedals on the same bike. Bitcoin’s appeal as a cheap, efficient and low-key means of transmitting money has made it a hit among both online bettors and operators seeking reduced fees, lower chargeback […]