Asia always has been and always will be a catalyst for all things cryptocurrency. Japan was one of the first countries ever to have its federal government recognize Bitcoin as a legal form of tender. That’s why a panel of experts recently participating in the SBC Summit Barcelona Digital discuss the topic at length.
Japan Is Both Progressive, Pensive When It Comes to Crypto Gambling
Japan is continually defining and redefining its own crypto laws in the hopes of setting global benchmarks for the way nations all around the world should regulate and refer to Bitcoin and altcoins. That’s great for Bitcoin and crypto enthusiasts, but the reality is Japan is still relatively conservative around gambling in general. Given that the United States is continuing to legalize gambling at the state level across the country, other democratic nations will have to follow suit eventually. Japan is missing out on tax revenue and all kinds of opportunities because of its conservative standpoint on gambling.
Since the country is already in favor of embracing cryptocurrencies, it makes sense to embrace investors who clearly have a penchant for a high amount of volatility and are probably more likely to hit the gambling tables with the digital assets that most people who aren’t into digital assets or gambling at all.
The Bitcoin Gambling Audience is Getting Younger
Andrea Bellezza is the VP of European and Asian operations for Kafe Rock, an iGaming platform. He finds through his own research that more and more people in Asia are searching for the term “how to gamble with Bitcoin” on search engines. But it’s not just the volume of searches that is interesting to Bellezza. He says the audience itself is getting younger and younger, which means that as crypto adoption grows and a younger audience becomes accustomed to using Bitcoin and other digital currencies on a more regular basis, the idea of gambling with them becomes a better and better idea in the mind of the average consumer.
iGaming consultant Anbutosh Chatterjee echoes Bellezza’s sentiments. His analysis however is not based on Google searches. Chatterjee instead points out that there are over 1.3 billion people in India and that 65% of those people are under the age of 35. Those individuals are part of an exponentially growing middle class in India. Not only is that middle-class much more knowledgeable about what Bitcoin is in comparison to 10 years ago, they will also have enough wealth to become interested in investing in bitcoin as they move throughout their 30s, and thus will have enough of a disposable income to consider gambling with it too. That’s a win-win.
The Future of Bitcoin Gambling Is Bright, but There’s an Obvious Challenge
As much as cryptocurrency’s are advancing at the speed of light and more and more people are getting used to the idea of using Bitcoin gambling sites, there is a challenge for gambling operators that the industry still needs to work on. That is that most gambling companies don’t have the technology stack may need in order to make their offerings more compelling to Bitcoin gamblers. Re-creating the look and feel of a brick-and-mortar casino online is something that is been done for 30 years now.
However, processing payments, creating provably fair games and monitoring everything using the blockchain is still something most operators are likely behind on. The potential for these companies to grow their reach is obvious and many in the industry are pushing innovation forward to try to capitalize. They’d be well served to do so as more and more people in Japan and in Asia at large become interested in Bitcoin, Ethereum and other cryptocurrencies and feel the itch to gamble with them.