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Gaming Authorities And Bitcoin: What Happens Next?

Gaming Authorities And Bitcoin: What Happens Next?

Chris in Bitcoin Gambling published on 15, January 2016

Online casinos should consider reinventing their structure this year.

The development of Bitcoin gambling for the past months made remarkable progress that the possibility for the gaming regulators to recognize Bitcoin in the next months is not far from happening.

Year 2016 certainly holds optimistic promises for Bitcoin growth as Bitcoin casino operators view the digital currency inching closer on equal footing with fiat currencies in the iGaming industry. This posits that gaming authorities from Malta, Isle of Man, and other regions may soon add Bitcoin to the list of accepted and regulated payment systems.

How this progress will impact online gambling does not only reflect Bitcoin’s tenacity to break out in the mainstream but also the evolution the iGaming sector is willing to take.

Bitcoin Adoption

Combining Bitcoin and fiat money

This concept, however, has already materialized with the rise of the multi-currency casinos—online gambling websites accepting both real money and Bitcoin—so seeing these two kinds of currencies together for bets and payments is not new.

7BitCasino, LimoPlay, and Princess Star are some of the online casinos that are classified in this category. They allow their players to play with fiat money, but their systems are structured for Bitcoin gambling. Thus, player anonymity, quick withdrawals, and provably fair gaming are readily available in these casinos.

The rise of multi-currency casinos already initiated the spread of information regarding Bitcoin, but the adoption of the gaming regulators will put Bitcoin to a better position in iGaming. But up to what extent will the Bitcoin adoption be for regulators?

An interesting question has been raised in the community, though, in regard to the role Bitcoin will take as a payment service under the regulators.

While some online real-money casinos already accept Bitcoin, they stop at receiving Bitcoin deposits. These funds are converted to fiat money, which is also what players receive upon withdrawal. In essence, the digital currency is not fully accepted, limiting the Bitcoin features and services online bettors can experience.

Bitcoin in Online Gambling

Regulators’ adoption to promote Bitcoin gambling

Online gambling is a thriving industry with stakeholders from across the world. The recognition of Bitcoin among gaming authorities will therefore boost the cryptocurrency’s role in this trade.

Knowledge of Bitcoin will spread among online gambling enthusiasts, and this will showcase the benefits of using the digital currency within and outside iGaming.

The blockchain technology will also be given the spotlight as real-money bettors begin to grow curiosity over the platforms and ways at which Bitcoin transactions are processed.

More than showcasing Bitcoin and its features, the adoption of the gaming authorities will also serve as a channel for mainstream players to be exposed to Bitcoin casino and other gambling websites.

The mere presence of Bitcoin on the list of the regulators automatically serves as a recommendation for players to use bitcoins for online betting.

This will significantly help this niche market to gain more ground in the iGaming industry and possibly generate a larger following to keep it thriving and improving.

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