The Future of iGaming Online Gambling with Crypto-currency In The Mix
Gambling is one of the American industries that has a great growth potential. The online portion of this industry is still quite small - 8%, the 8% represents about $US28.5 billion. And the expected growth of this growth is about 9% annually.
At the current time crypto-currency, like Bitcoin is still a small portion of the online gambling world, however, it is expected that this will soon change. In a recent deal between the iGaming Business and GoCoin could see a greater growth in to the future. The gaming industry is fast becoming the payment method of choice as it fulfils many customers needs.
The Legal Issues
In the United States online gambling is currently only legal in three states - Nevada, Delaware, and New Jersey, each have taken different approaches to the legal regulation issues. In these three states, it is only the brick and mortar casinos who are able to get online gambling licenses.
In New Jersey and Nevada the casinos are permitted to be able to partner with any of the online gaming operators they choose, but in Delaware, the state signed an exclusive deal with two operators 888 Holdings and Scientific Games.
The gaming licenses issued to Nevada applies to poker only and in the other two states it extends to al casino games.
The Advantages of Bitcoin Compared To Flat Currency
1.Visa and MasterCard are not available in 60 countries - Bitcoin is internet based and thus available worldwide.
2.Other payment methods of flat currency are susceptible to complicated regulations which vary from country to country - Bitcoin is not restricted by the different country regulations.
3.Flat currencies are sometimes faced with privacy issues - Bitcoin is quite convenient as its not faced with these issues, Bitcoin transactions do not contain sensitive information therefore there is no chance of any third party being involved, government or otherwise.
4.Centralized payment networks are faced with disallowed or broken merchant category codes (MCCs) - That never happens with Bitcoins
5. Central banks and government entities can confiscate or impose an embargo on payments - They cant do that to Bitcoin payments because Bitcoin is decentralized it has a public ledger.
6.Processing fees for traditional payment methods are quite high - Bitcoin fees are user-determined and are significantly lower.
7.Traditional payments can take days before the transaction is complete - Bitcoin payments are almost immediate, both directions, confirmation cane take about an hour. This speed is welcomed in the gaming environment.
Spreading the word about Bitcoin
Bitcoin faces the biggest challenge because users are not familiar with it, most people are familiar with Credit Cards, Paypal and some e-wallets, but Bitcoin is still new and it will take some time for customers to get used to using it.
Mny companies have already begun to invest in the education of customers regarding the technical and legal aspect regarding Bitcoin. Those companies who come in early will, of course, have the advantage.
Innovation
Bitcoin has changed the online gaming industry, in terms of funding and the games themselves. An example, sites, such as, Just Dice didn't exist until Bitcoin was introduced and what ultimately revolutionized the gambling investment is they allowed users to make investments with a gambling operator - this means that basically it has crowd-funded the casino.
Bitcoin being relatively new does not mean that there is not future to it, in fact, the future is Bitcoin in the gambling industry. Its going far as its uniquely suited to the needs of online players and casino, this is a match that can only get better.