The price of Bitcoin is currently skyrocketing as PayPal is confirming that both its flagship platform and its other payment processing brand Venmo are officially going to make it possible to buy, sell and hold cryptocurrencies. The announcement means that customers will be able to hold onto not just Bitcoin, but also Bitcoin Cash, Ethereum and Litecoin. They will also have access to more than 26 million merchants through their platform.
What this means for the gambling world is that gamblers inclined to find convenient ways to get some value down on tonight’s sports action or a wide variety of table games like blackjack or Sicbo will now be able to do so without having to learn how to use a cryptocurrency exchange directly. Aside from convenience however, there are a few other reasons that the PayPal announcement might make gambling with Bitcoin easier.
PayPal Accepting BTC Means More Liquidity for Gambling Operators
If 26 million merchants are accepting payments through PayPal, how many of these merchants have a direct link to gambling? Probably a few one would think. This means that now crypto enthusiasts who want to engage in Bitcoin gambling doesn’t have to convert their PayPal holdings to Bitcoin and then send it to a gambling site.
Instead, they can purchase their cryptocurrency right on a gambling operator’s website and have that gambling operator credit them with Bitcoin. This means the operator can keep gamblers on their own platform without having users leave their website. More time spent on a given platform means more engagement. In the Bitcoin gambling world, the word engagement is a synonym for placing bets. Bitcoin gambling operators have to love that idea.
Bitcoin Gambling Sites Don’t Have to Do Business with PayPal
Perhaps its a crazy thought for Bitcoin gambling operators to not want to do business with PayPal given how many consumers and merchants depend on it to take care of their payment processing needs. There is however a fundamental ideology that comes with choosing to build an entire business around cryptocurrency (especially if you’re a business owner that did so before it was popular). That ideology revolves around taking money out of the hands of big companies and central authorities.
Some Bitcoin gambling operators may not want to do business with PayPal or Venmo due to the fact it means both the customer and the operator will have to not only pay fees to a third-party payment provider that eats into their winnings and their profit margins, but also that the customer will have gone through a Know Your Client verification process with PayPal. Even if they don’t use PayPal through the gambling operator’s website directly.
Gamblers who want to remain private won’t use PayPal, whether PayPal is integrated directly into the gambling operator’s website or the customer themselves logs into PayPal, purchases Bitcoin and then goes to their gambling platform of choice.
In short, choosing not to use PayPal to access Bitcoin provides customers and gambling operators with the freedom to choose cost-cutting and privacy rights over convenience.
More Crypto Adoption Equals More Interest in Bitcoin Gambling
At the end of the day, the freedom to choose, the freedom to save money, the freedom to exchange value away from the watchful eyes of central authorities, and the opportunity to invest in the future are the main reasons both gamblers and gambling operators alike adopt Bitcoin in the first place. That’s true even if their main interest revolves around gambling.
Greater cryptocurrency adoption means that the market for gambling with Bitcoin is growing too. That means the value of Bitcoin itself will continue to rise going forward. It also means gambling operators will continue to be more and more profitable, and gamblers themselves will enjoy more and more thrills using crypto to place bets.
Given the flood of institutional investment and positive news surrounding Bitcoin and other cryptocurrencies this year, there may be no better time than now to join the likes of PayPal and Venmo and start betting on (and with) Bitcoin.