Bitcoin casinos have turned nearly five billion USD since 2014
Within just a few years, the bitcoin became the main currency for the online gambling and betting sites. Today it is clear that over 50% from all of the bitcoin transactions are related to various gambling activities. The reasons for this are quite self-explainable. Gambling with bitcoins provide a much higher privacy, and this way, the players stay safer from having their credit history messed up due to the gambling activities. Also, when winning big, bitcoin payments help quite a lot in terms of the tax optimisation. Finally, the bitcoin casinos have been showing quite some advancement in the technology, and this has led many players to opt out for these types of the casino simply due to the better in-game experience.
In the recent report from www.norskcasino.online, it has been shown that the current bitcoin gambling volumes are nearly ten times higher than the transactional volumes at the notorious bitcoin website SilkRoad. All of the above factors show us that the gambling with the bitcoins is booming now, yet the main question is whether the trend will sustain.
Even though the increased betting volumes can show us that the industry is growing very fast, it may actually be misleading. Are we, perhaps, at the peak of bitcoin gambling? The best way to find out is by looking at people that are actually willing to invest money in this industry now. The most interesting acquisition that have occurred recently is the purchase of the bitcoin gambling site Satoshi Dice for the price of 11.5 million. Yet this sale has occurred around three years ago and it may not tell much about the current state. Just a few months ago a bitcoin(dot)casino domain has been sold for 28,000 USD, which is one of the largest amounts paid for .casino domain, or, actually, any gTLD domain. While 28,000 USD is not a high price to be paid for a domain in the online gambling industry, it does point us to a clue that some people are looking to invest more in this niche.
While both the bitcoin and the bitcoin gambling is not regulated heavily, we do see some positive signs. About a year ago the UK’s gambling authority has stated that it sees the bitcoin as an equivalent of money and it will allow all of the bitcoin casinos to apply for the UK license. On top of that, it allows all of the UK regulated casinos to let its clients perform the deposits in BTCs and other cryptocurrencies.
The bitcoin has become a key asset of the online gambling, and considering that some of the governments are already looking into regulating BTC casinos, and the ever-growing volumes of the bitcoin bets despite the raise of the BTC/USD rate, it is clear that we are now witnessing just a beginning of the shift in the iGaming sectors, which is heavily powered by the Bitcoin.
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