They may be the kings of today’s online gambling industry, but real-money online casinos had better lock their eyes on the looming competition. And no, it is not their close rival betting sites.
With the advent of cryptocurrency led by Bitcoin, the online gambling arena has never been the same. The past few years witnessed the rise of Bitcoin casinos, poker room, sportsbooks, and an array of websites geared toward crypto betting. Although their number is still small relative to the fiat-operated sector, they should not be dismissed since the technology they run on offers distinct advantages to both merchants and players.
The online gambling community continues to realize the perks of using Bitcoin, and this pushes more operators and entrepreneurs to venture into the said business. The question is: should real-money casinos accept Bitcoin now?
Benefits too hard to ignore
The traditional payment methods through credit cards, wire transfer, and e-wallets are widely used across the world, but these come with problems and challenges that prove to be somewhat burdensome for the websites and their customers.
With Bitcoin, merchants need not to worry about chargebacks since cryptocurrency transactions are not designed to require extra fees to cover for fraudulent or disputed transactions, except for the infinitesimally small fees. The absence of chargebacks clearly makes Bitcoin as a payment system cheaper than the conventional payment methods.
Moreover, online businesses can expect instant payments—some within seconds even—enabling them to process deposits and cashouts much faster than the typical three-to-five-day clearing period.
The inevitable switch or adoption
The features of the Bitcoin payment system have already convinced some real-money gambling sites to open its doors and take its chances with the addition of the digital currency to its supported deposit and withdrawal methods.
US-friendly online poker site Americas Cardroom recently accepted Bitcoin deposits after Winning Poker Network decided to adopt the latest technology and further boost the market of its affiliated online poker rooms.
Likewise, DerbyJackpot, an online racebook operating in selected states in the US, treated the Bitcoin horse race betting enthusiasts to its acceptance of the digital currency in time for the Triple Crown races this year.
In fact, there were even talks that the premier online poker site PokerStars was to include Bitcoin to its recognized modes of payment.
As the iGaming industry gradually witnesses the strength of Bitcoin, along with the continuous adoption of the top companies following the steps of Microsoft, Overstock, and Expedia, it is only a matter of time when online casinos realize the reasons to use Bitcoin.
Bitcoin integration made easy
Operators of real-money betting venues online can simply avail themselves of the services provided by select Bitcoin payment processors and gateways like Cubits, Bitcoinpaygate, and Coinbase.
These third-party companies are responsible for fully integrating Bitcoin into the business, making possible for the use of the digital currency on different platforms. With these on board, online gambling sites will have the option to accept Bitcoin and get paid in fiat currencies like EUR and USD. These transactions will be automatically processed, from the conversion up to the security.
The availability of Bitcoin payment processors and gateways eliminate the excuse merchants can make in evading the acceptance of the digital currency. In fact, this makes the adoption much easier and more reasonable. After all, jumping ship at a later time may cost the operators more risks in losing profits and customers as compared to embodying the features commonly found in a Bitcoin casino. Time can tell when the fusion of real-money and Bitcoin casinos will be.