In recent years there has been a dramatic increase in the demand for online gambling & online casino sites using crypto currency. The reasons have to do with what makes crypto currency appealing in the first place, namely that it can be quickly transferred from person to person, and that it can be moved to and fro without the use of banks.
The demand for online gambling is ever increasing as is the demand for safe transfer of payment. Bitcoin appeals to online gamblers for just this reason. Money can be moved easily across international barriers too. In addition, crypto currency provides a way around restrictions on gambling using other currencies.
Because the currency experiences high volatility, some casinos waver back and forth over whether or not to feature bitcoin in their online platforms. Other concerns are the potential for security hacks and lost bitcoins through online theft. In 2014, although Seals with Clubs lost roughly 42,000 passwords, no bitcoins were lost. Still, the online gambling industry boasted its worth to be about $30 billion as of 2014 and is only expected to grow from here.
It is due to the concerns over safety that online casinos continually work to better their software. When bitcoin was introduced it was done so largely to improve the security and ease of transferring money. The strategy apparently worked because gambling online with bitcoin quickly gained interest from gamblers as more and more casinos worked to offer dealing in bitcoin.
It has been shown that many long-time gamblers have switched over to bitcoin and that half of all bitcoin transactions in 2014 were involving SatoshiDice. To get an idea of how much demand there is for online bitcoin casinos, SoftSwiss CEO, Ivan Montik has said that he received 400 requests for online bitcoin gambling during a six month span and that at any given time he had 3 to 5 casinos in the process of being set up. The only thing prohibiting faster growth, according to Montik, was the lack of resources. Total monies transferred through the Softswiss platform total $10 million worth of bitcoin.
Online crypto currency gambling has seen the rise of other online gambling platforms, such as Cloudbet, which is a casino that allows users to deposit, withdraw or use money to place bets instantly. In addition, it has changed the way users gamble, now causing dice to outnumber both roulette and blackjack. Online sports betting is also seeing a surge in platforms using crypto currency.
Bitcoin has opened up the world of gambling to markets previously unreachable, increasing traffic in existing online gambling casinos. Bitcoin continues to be a draw for people all over the world as they seek to spend money in online casinos without the usual constrains that come with transferring other currencies. Only time will tell to what extent the market will continue to grow.