Within just a few years, Bitcoin has been able to revolutionize the industry of online gambling completely. Are there any issues with it still remaining?
Today, gambling business is one of the biggest global entertainment industry sectors, with its online division having been strong enough to become the world’s most rapidly growing market area. According to the recent research published by H2 Gambling Capital, one of the casino gaming industry’s major financial data, intelligence, and consulting companies, the worldwide gambling market was estimated at more than impressive €21.7+ billion some three years ago already. The total value growth forecast for 2015 is over 9%, with the industry’s overall gross win potential measured at magnifical €28.2+ billion.
Although currently the Bitcoin gambling sector alone makes up a relatively inessential part of Internet casino gaming in terms of the total profit generated, it has a set of undeniable advantages over real-money gambling portals, including cost-efficiency, player’s anonymity, and instantaneous transactions, meaning the cryptocurrency has almost everything it takes to change the trends in the online casino gaming area in the immediate future already. Expectedly enough, the viability and performance of Bitcoin gambling performance are contingent on certain key aspects, with the issue of legality and state control being one of the most crucial ones. Even some of the leading BTC casinos are unable to offer their services to the U.S. players owing to the country’s strict anti-gambling legislation.
Things even came to such a pitch in 2006 that the United States Justice Department, in its attempt to set the limit to the new gambling websites emerging, issued the infamous Unlawful Internet Gaming Enforcement Act depriving domestic casino gamers of the opportunity to use the services of the American banks to make gambling fund transactions. Still, there have been some clairvoyant Internet gambling related figures like Seals of Clubs’ Bryan Micon whose perseverance in his efforts to keep Bitcoin casino games legal for the U.S. players is highly commendable. Micon describes his company as “open to the world”, with “no banking at all done on the site”. In his opinion, it is “trivial to circumvent” the bans like the one imposed by the U.S. government, while “it’s only been a few years for the legal world and there’s nothing at all that says anything about [Bitcoin]”.
As it’s obvious to us, Bitcoin is all about revolutionary tech and innovations, and this served the cryptocurrency well in many aspects. The advanced technical solutions being the cornerstone of the very concept of the cryptocurrency played a key role in the establishment of ground-breaking virtual casinos like BitCasino.io and others, offering massive ranges of Bitcoin casino games and other entertaining activities.
Nevertheless, there are still certain partly unsolved problems that Bitcoin gambling industry and its stakeholders encounter daily: legal issues, market strategies, reliability, and relatively poor acceptance. Chances are really high, though, the solutions to all of them will be found anytime soon in the coming years.