It’s absolutely crazy what’s happening in the Bitcoin and cryptocurrency markets right now and gamblers have to be loving it too. Same goes for Bitcoin gambling sites that are profiting from all of this hoopla. With gambling operators turning a profit hand over fist, they now have the capital to tackle some of Bitcoin gambling’s most pressing challenges as we move towards 2021. In this post, we’ll aim to highlight those challenges and discuss what gambling operators can do to give gamblers like you a better customer experience and a better opportunity to walk away a winner.
Increasing Access to Mobile Gaming with Bitcoin
Statistics website Statista.com estimates that more than 3.5 billion people own a smartphone today. Think about that for a second. There are an estimated 7.5 billion people on the planet right now and nearly half of them have a smartphone. Of all those users, it’s estimated that 2.2 billion people use their smartphone to engage in mobile gaming.
You can bet that a fair number of those users, particularly young males, might be inclined to throw down a wager through an app directly connected to their phone. This represents an amazing opportunity for Bitcoin gambling sites. The problem is that most Bitcoin gambling sites, even the ones that have been around early on in the Bitcoin revolution, don’t necessarily have an engaging mobile app experience to offer their customers.
Now of course, this doesn’t mean that gamblers who aren’t using a mobile app aren’t going onto a computer to place Bitcoin bets using a good old fashion web browser. But still, there is a big opportunity here for Bitcoin gambling operators to come around and make it even easier to get in the game. The challenge here is there need to be on ramps directly connected to apps and operators all in one place so that placing a bet is as easy as clicking your thumb on the Bitcoin gambling app of your choice.
That idea is likely still a year or two away from really grabbing hold of the Bitcoin gambling sector.
An Ever-Changing Regulatory Environment
Trying to deal with regulators is something that has been plaguing both cryptocurrency and gambling for decades. The good news is, regulators are progressing in their acceptance of gambling (especially in America) and in their understanding of cryptocurrencies and how allowing investors to access them is actually a good thing for the future of the global economy.
That said, there is no one way to approach cryptocurrencies or gambling universally. It’s not like there is a global commission dedicated towards advancing both.
This means that Bitcoin gambling operators are left to their own resources as far as understanding where and how to do business. The where part is the easy part. Most gambling sites are licensed in islands like Gibraltar, Curacao, Malta, the Cayman Islands or the United Kingdom for example. For gambling properties already doing business in these places, accepting Bitcoin is more a matter of understanding the technology and how to integrate it through wallets than it is a matter of regulatory concerns.
However, no two countries are the same in their approach to gambling or cryptocurrency. If you’re going to launch a Bitcoin gambling site, you’ve got to be willing to understand the red tape so that you can figure out how to navigate it.
The Explosive Growth of Direct and Indirect Gaming Competitors
Gamblers may or may not throw down some crypto on an e-sports or virtual reality competition once in awhile. But the truth is, even if you’re not betting on e-sports, Bitcoin gambling sites are still hoping you’re going to choose gambling over spending money on consoles and games. The appeal of potentially earning a full-time living as a professional video-game player is becoming a reality for more and more gamers every year. Virtual reality offers a different dynamic that the gambling industry probably isn’t ready to compete with just yet.
The bottom line is whether you gamble for a living or just for entertainment, the industry as a whole is always competing for your entertainment dollars. If you’re spending those dollars on virtual-reality or video games, you’re likely spending less on gambling sites.
That said, 2021 also brings with it plenty of opportunities for Bitcoin gambling operators to further entrench themselves as a staple of your entertainment life. The industry has advanced rapidly over the years and will continue to do so going forward. Hopefully you’re on the right side of history as you continue your Bitcoin gambling journey.
May the profits continue to be yours.