2016 witnessed the largest volume of revenue in online gambling. With over $45.86 billion generated in the online gambling industry, experts expect this number to rise in 2017. Some bitcoin followers believe that this number is only a fraction of what can truly be captured in this market.
Bitcoin has made it possible for more privacy-centric gathering, and also, quicker ways to fund casino accounts. Not only that, it has also allowed easy access to jackpot and reward players as witnessed in the last few months with huge payouts on very low volume bets.
The use of bitcoin in the online casino games rises annually with many people placing their bets on it daily. Statistics proves that throughout sixty cryptocurrency based gambling sites; people are placing an average of 337 bets per second. Also, 3 BTC are wagered every minute on these online gambling sites. The average player is making just under 1 BTC per hour.
In 2013, bitcoin betting accounted for more than 50% of all bitcoin transactions. A report released by researchers confirmed this, that online gambling represented at least 10 times the transaction volume of the previously shut down Silk Road and other bitcoin-based Darknet marketplaces.
Bitcoin Strip is known for their track record of providing reliable statistics on online bitcoin casinos. According to them, over $24,500,000,000 in total bets have been placed with bitcoin over the past two years.
Bitcoin and altcoin casinos have taken in 3,750,166 BTC with a profit of around 16,386 BTC between December 21, 2014, and April 10, 2017. Between these years, an average bet of 0.00015294 BTC was made.
The popularity of bitcoin continues to grow in 2017 as there are now hundreds of bitcoin casino platforms on the web. In addition, 3.7 million BTC has been wagered which sum up to $4.5 billion as at now since 2014.
Bitcoin-based Casino-style Gaming Sites are Hot Commodities
The founder of Shapeshift, Erik Voorhees sold his website, Satoshi Dice, for more than $11.5 million (126,315 BTC) in 2013. An interesting thing about the Satoshi Dice was that it was traded on the MPEX publicly before it was finally bought. MPEX is a bitcoin-denominated stock exchange.
A domain called bitcoin.casino sold for $28,000, a record sale for the dot casino extension portal. Casino Holdings, a Florida-based firm bought the bitcoin casino domain. The website hosts reviews of bitcoin gambling sites found online. The price for the domain was vindicated as statistics has shown that searches for the .casino extension have been on the rise this year.
As bitcoin spearheads the growth of online Casinos like bitkup, regulations also come into the scene. Currently, the US has significant regulatory policies against the general operation of online gambling in the country. The restrictions are believed to have stemmed from the Unlawful Internet Gaming Enforcement Act which was introduced in 2006.
Unlawful Internet Gaming Enforcement Act “prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law.” This act has led to the refusal of a vast number of bitcoin casino sites to operate in the US even till now.
The rule exempts certain participants from the requirements to obtain policies and procedures. The exempt participants are not actually identified. All participants in the designated payment system are rather exempt from the requirement of the law. This is only possible when they are specifically enumerated from the rule as non-exempt.
The law defines a participant as “an operator of a designated payment system, a financial transaction provider that is a member of or, has contracted for financial transaction services with, or is otherwise participating in, a designated payment system, or a third-party processor.”
Bitcoin Casino to Grow Beyond 2017
Prime Minister Joseph Muscat of Malta believes that there is a need for European Countries to embrace the cryptocurrency.
“My point is that rather than resist, European regulators should innovate and create mechanisms in which to regulate cryptocurrencies, in order to harness their potential and better protect consumers, while making Europe the natural home of innovators,” said Muscat.
To make Europe which has shown no interest in the topic of the Cryptocurrency, the home of bitcoin is risky. However, it will be very interesting if Muscat’s suggestion is considered by the European regulators.
The use of bitcoin to play casino games like roulette, dice, blackjack and much more will surely increase in the coming years when statistics are considered. Even though residents of countries with stricter rules concerning online casino may not be able to participate, other countries are seeing growth in the sector.
Despite the regulation enforcements against online casinos, bitcoin gambling continues to rise every year, and 2017 is no different.
The fact that 3 BTC are wagered in every minute shows that the cryptocurrency and the online wagers are coordinating well.