The Bitcoin Casino Evolution: Crypto Gambling is Here to Stay.
The global gambling sector was valued at around $449 billion in 2018, having grown at a 4.1 CAGR (compound annual growth rate) since 2014.
It is estimated to grow up to $565 billion at a 5.9% CAGR by 2022.
In 2018, casinos in Las Vegas boasted a revenue of $11.9 billion.
Online gambling is also looking upward. The new market is expected to double by 2024 with a value of around $94 billion. Bitcoin gambling is still a minor yet exotic part of the industry that has taken digital gaming to a different level. With the further development of blockchain technology, it is predicted to gain more popularity and also a major chunk of the market share percentage.
There are around 60 cryptocurrency-based casino sites with players placing 337 bets/second and wagering 3 BTC/minute. The fastest-growing BTC gambling market is North America, while the largest in Europe.
A Brief History and the Impressive Rise of Bitcoin Casino.
Year Notable Events August 2011 The first-ever Bitcoin payment in e-gambling was made on the poker gambling site Switchpoker.com. April 2012 Satoshi Dice was launched; the site accounts for half of all the exchanges on the Bitcoin network. June 2013 Just Dice became the first-ever crowdfunded crypto casino. July 2013 Satoshi Dice was sold for $11.5 million to an undisclosed buyer. September 2013 A player named "Nakowa" won a massive 11,000 Bitcoins ($1.65 million in fiat money) on a dice game; a major bitcoin casino landmark in BTC gambling history. February 2014 The first registered Bitcoin casino Bitcasino.io made its way. It was licensed and regulated by the Curacao Gambling Licensing Authority. August 2014 Altcoins were implemented in the Bitcoin casino crypto games. July 2015 Beginning of new play restrictions and regulations around Bitcoin gambling started taking shape thanks to the UK government. August 2016 The United Kingdom starts accepting BTCs as a payment method for Bitcoin casinos. October 2016 NetBet becomes the UK’s first government-licensed Bitcoin casino. January 2017 Monero and Ethereum start gaining acceptance in Bitcoin casinos.
Since then, Bitcoin casinos are growing at a comfortable pace.
There are seven factors that make an excellent Internet casino:
Design (load time, action buttons noticeable, easy registration process, easy navigation, interactive widgets, smartphone accessibility) Game choice Variety of payment options Easy deposits and withdrawals Live chat, phone, and email support Good Promotions, higher rewards, and new bonuses Cryptocurrency acceptance.
A few years ago, the seventh factor would not have had much value. But, with Bitcoins growing in popularity, it is almost mandatory for any online casino to possess the ability to accept payments in cryptocurrencies.
For gamers, especially the new ones, sites that work with BTCs are associated with high-degree privacy, faster payment processing time, and innovation. To play at an iCasino would mean they could showcase their talent via digital credentials, linking them numerous opportunities in the wider gambling world.
What is a Bitcoin casino?
In simple terms, a web casino that accepts Bitcoins or any other digital currencies as a method of payment to deposit and withdraw assets. BTC casinos operate worldwide and are subject to local laws. Through BTC transactions, these casinos allow gamers to play games from a variety of options including:
Gambling games Casino games Online lotteries Spread betting Sports-based betting.
Key Advantages of Bitcoin Gambling.
Anonymous deposit and withdrawal of money (even Bitcoin founder’s identity remains a mystery till date) Play with lower amount No third parties Provably fair gaming platform Pay and cash out with BTCs Bets are easily placed ID verification not needed Accessible globally round the clock Become operational in just 2 to 3 weeks Can be customized with tweaks in the game rules Tax-free.
Operations of a Bitcoin Casino
Popular and large Bitcoin casinos with a substantial user base run their own gaming software, while smaller operators use either purchased or rented software versions that are customizable.
Human intervention is minimal since the software manages and runs the games. In a few cases, to convince players about the legitimacy of their business, Bitcoin casinos sometimes publicly disclose the workings of their software algorithms in an attempt to establish trust.
For the rest, the uniqueness of the game or peer-to-peer reference works just fine.
Do casinos accept Bitcoin?
Well, it depends on the state. While a majority are yet to open up to Bitcoin casinos, a considerable number does. If online gambling is banned in a country, then chances are Bitcoin gambling is prohibited too. Regulated means regulation of Bitcoin and/or web gambling. Unregulated refers to the fact that BTC is legal but not subject to any laws.
Guidelines are in place in many countries with regard to Bitcoin payment but most need further interpretation. The major exception to this is Japan, whose gambling sector is regulated with an iron hand, and is worth around $15.8 billion (i.e., $4 billion more worth than Nevada’s gambling).
Bitcoin Casino Regulation Worldwide.
Country BTC Legality BTC Gambling Legality The United States Yes (Regulated) No (Considered legal in only certain states) The United Kingdom Yes (Regulated) Yes (Regulated) Australia Yes (Regulated) Yes (Regulated, gamers are allowed to play in foreign online casinos but local web casinos are banned) Japan Yes (Regulated) Yes (Unregulated, gamers are allowed to play in foreign online casinos but local web casinos are banned) France Yes (Regulated) No China Unregulated and Unclear (BTC trading is allowed but banks are prohibited from bitcoin transactions) No Canada Yes (Regulated) Yes Italy Yes (Unregulated) Yes (Regulated) The Netherlands Yes (Unregulated) Yes (Regulated) Greece Yes (Unregulated) Yes (Regulated) Germany Yes (Regulated) No Denmark Yes (Unregulated) Yes (Regulated, gamers are allowed to play in foreign online casinos but local web casinos are banned) India Yes (Unregulated) Yes (Regulated) Finland Yes (Regulated) Yes (Regulated, gamers are allowed to play in foreign online casinos but local web casinos are banned) South Africa Yes (Unregulated) No Turkey Yes (Unregulated) No Belgium Yes (Unregulated) Yes (Regulated) Spain Yes (Regulated) Yes (Regulated, gamers are allowed to play in foreign online casinos but local web casinos are banned) Kong Kong Yes (Unregulated) Yes (Unregulated, gamers are allowed to play in foreign online casinos but local web casinos are banned) Portugal Yes (Unregulated) Yes (Regulated, gamers are allowed to play in foreign online casinos but local web casinos are banned) Norway Yes (Regulated) Yes (Regulated, gamers are allowed to play in foreign e-casinos but local web casinos are banned) Poland Yes (Unregulated) Yes (Regulated) The Czech Republic Yes (Unregulated) Yes (Unregulated, gamers are allowed to play in foreign e-casinos but local web casinos are banned)
The countries that have completely banned Bitcoin and related activities include Algeria, Bangladesh, Morocco, Ecuador, Nepal, Saudi Arabia, Nigeria, Qatar, Afghanistan, Bolivia, Kyrgyzstan, Columbia, and Vietnam.
Top Regulators of BTC Casinos.
The Bitcoin gambling industry has grown considerably in the last 10 years and has witnessed many new e-casinos getting onboard every year since its inception. One of the cardinal aspects of lobbying for casino operators is developing a website that the gambling community trusts.
It is vital that recognized licensing and regulation authorities are set up to monitor the money-spewing market. They are responsible for ensuring all casino operators they license offer games that are secure, fair, and random for crypto gamblers to enjoy.