Gradually taking up positions globally as an alternative means of payment, Bitcoin was more than just quick to come to the online gambling industry: the very first Bitcoin casinos, sports betting websites and portals offering basic video games appeared at least several years ago.
Among numerous benefits usually attributed to this cryptocurrency, its cost-effectiveness is undoubtedly the most appealing, and because Bitcoin transactions are so comparatively cheap to perform, the number of online gambling companies considering this great opportunity to prune away their operational costs is growing rapidly.
BitCasino, one of the most popular Bitcoin casino websites, has been offering gambling services to BTC devotees since 2013. As of today, the casino boasts a rich selection of 600+ virtual games of all kinds, and that is much more than any other operator can possibly offer. Last year, the company managed to generate an impressive $5 million turnover in just 3 months, and their estimated targets for this year are even more optimistic.
Unsurprisingly, BitCasino has become a star to steer by for dozens of other gambling companies and operators still groundlessly hanging in doubt about introducing Bitcoin payments, as there are at least several great reasons for them to start accepting the cryptocurrency. First of all, Bitcoin casinos have the problem of chargebacks eliminated as such, and that seems one of the biggest issues for websites accepting payments in ‘traditional’ forms and currencies. Secondly, BTC payments, including deposits and payouts, are completed instantaneously -usually, in seconds or minutes, not days and weeks, as in case with ‘old-school’ casinos. On top of that, Bitcoin transactions are final, and, as already mentioned above, very cheap to perform. Bitcoin as such costs almost nothing to produce, which makes its integration an excellent opportunity for companies to cut down on expenses and substantially minimize transaction and commission fees charged.
An additional point is that Bitcoin casinos, by reason of being relatively easy to set up (everything you may possibly need are programming skills and a computer), seem to be threatening their non-cryptocurrency competitors. Every month, there are at least several new Bitcoin gambling portals, poker rooms and bookmaking websites launched, although only some of them take the trouble to apply for a gambling license. As a matter of fact, it may take legal online gambling operators certain time to think about introducing the Bitcoin payment option on their websites, but now that dozens of major companies and corporations like Dell, Tesla, Virgin, and Microsoft accept Bitcoin payments and find it highly efficient and convenient, their future choice is apparent.
Thanks to Bitpay, Coinbase and other BTC payment service providers, there is a good financial alternative for those companies wishing to accept Bitcoin payments from their customers, but still unwilling to hold any cryptocurrency amounts for some reasons. The BTC payments they receive can be instantly converted into euro, dollars, or any other hard currency they need. Unlike traditional settlements, btc payments contain no remittance information, card number or code, which means scammers will be having a hard time trying to steal the necessary transaction data.
2014 was a really significant year for bitcoin, as many states decided to legalize the cryptocurrency and make it an alternative payment tool existing alongside their national currencies. 1/5 of all transactions made to and by online gamblers was made in bitcoin, which makes the overall bitcoin casino payment amount the biggest of all industries.