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Bitcoin is Accelerating Online Gambling into 2018 and Beyond

There are statistics that show that online Gambling has increased over the years. The sole reason is the interplay of Bitcoin giving them the convenience of play and assurance of safety. This has confirmed the words of the police, that the use of Bitcoin has hindered their plans of cracking down Gambling centers outrightly.

In a statistics released this year, 337 bets are wagered per second in Bitcoin making it $4.5 billion in Bitcoin wagered since 2014.

Online Gambling websites started making use of Bitcoin as a payment option since its creation in 2009, but it is becoming a requirement instead of option starting from 2016. Bitcoin has become a requirement for Gamblers to deposit and withdraw payments. Bitcoin has therefore disrupted online Gambling.

The nature of Bitcoin does not require Gamblers to go to a specific center to make a deposit, but deposit can be made with phone and any other electronic device. The only requirement is that the device should support internet. Online Gambling platforms such as Mars Casino has a separate category for BTC games.

Bitcoin Gambling accounted for 50% of all Bitcoin transactions in 2013.

This alternate way of Gambling has become an issue throughout the world due to the fact that Bitcoin is decentralized and difficult to trace.

In the case of Italy, they do not seek to crackdown online Gambling sites but they seek to arrest online Gamblers who violate offences. Some of these offenses are using the website for illicit activities, disregarding licensing requirement and not paying the appropriate taxes.

Finding the offenders to impose the necessary punishments is also a different issue on its own.

Others have acknowledged the fact that no regulation can control the Bitcoin online Gamblers. Their view is that Online Gambling existed before the creation of Bitcoin and it will continue to exist even when Bitcoin is regulated to prevent people from using it.

The United States of America, for instance, recognize online Gambling as illegal, and they have targeted the providers of the online Gambling services since that seems to be the best option.

Lucrezia Ricchiuti, Democratic Party Senator explained to reporters that Bitcoin has made it possible for operators to open Gambling sites within a short time. “According to research conducted by the Financial Information Unit (FIU), it is possible to open a gaming site based on Bitcoin in a short time, operating in the absence of controls and in complete anonymity,” Ricchiuti said. “This means there’s more and more of a need to refine strategies,” she added.

The price of Bitcoin continues to rise attracting more interest from people to get involved. It is likely that the online Gambling will continue to rise and authorities will be more troubled unless they come out with a strategy to identify the persons behind every Bitcoin transaction.

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One comment

  1. thanks for review

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