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Off the beaten track: Bitcoin as a payment method for online casinos

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Off the beaten track: Bitcoin as a payment method for online casinos
Source: Unsplash

The basic principles of Bitcoin as a so-called cryptocurrency are very well known by now. We learnt all about how it works and what it is all about and people all over the world use it for all kinds of transactions on a daily basis. Some like the advantages of the blockchain and the security it comes with, others value the anonymity it offers to its users. For whatever reason people decided to make their payments with a Bitcoin transaction, the currency remains a true success story.

That becomes even more evident when looking at the recent spike in value that the Bitcoin experienced. Now, let’s take a closer look at this fascinating product and all its perks – did you know for example that you can use Bitcoin to win money online when playing casino games such as fruit machines?

Bitcoin is accepted as an official payment method

Over the past few years, Bitcoin has been adopted as an official payment method by a growing number of stores and countries. However, products and services cannot only be paid for with cryptocurrency on the internet, it is also accepted as a payment option by physical businesses. You can for instance pay for your brand new car or making an investments with your bank using Bitcoin. You can use Bitcoin to pay for almost anything, restaurants, airlines, insurance companies and real estate firms. It is even possible to donate to well-known NGOs via Bitcoin.

The rise of the currency started, however, in the online world. Here, the foundation for the current success has been laid. One area we are sure you did not know about before is online gambling, also called iGaming. Due to its high security standards, independency from governing bodies and super-fast speed, Bitcoin has proven to be the ideal method of payment for many gamers and gamblers in the casino community. Until recently, Steam, one of the biggest gaming service providers, had Bitcoin listed as a payment option on their website. Even providers of online casino games started to accept that Bitcoin is here to stay and added the currency for payments and withdrawals from and into players’ accounts.

Hitting the jackpot with Bitcoin

Gambling with Bitcoin can be massively rewarding. The cryptocurrency has established itself next to prestigious payment service providers such as VISA, Mastercard or eWallet like PayPal, Skrill and Neteller. Players benefit from fast and secure deposits and withdrawals completely free of charge. A recently introduced Bitcoin lottery even allows players to win in Bitcoin and receive a potentially skyrocketing sum for their win in the future.

Bitcoin can also be used to play fruit machines and popular card and table games such as blackjack, roulette and poker and can even be selected as a payment method for placing sports bets with certain providers and bookmakers. Jackpots in online casinos regularly climb up to over 20 million euros with every bet placed contributing to the overall prize pool.

What’s in store for the future

As Bitcoin kept on climbing in both popularity and acceptance as a payment method, there were also bumps on the road to the top. Since the currency started a rapid decline in value last year, the words “crash” and “Bitcoin in free fall” have been adopted by the media hinting at what was about to come. People stopped investing in Bitcoins and some even avoided using it at all.

Companies like Nvidia reported a decrease in sales for cryptocurrency equipment and cryptocurrency service providers informed that only $ 60 million have been paid into accounts in May 2018. But there is also good news. There are clear indications that the currency is on its way to recovery. On January 15th, within one day the entire crypto market went from $ 120 billion to $ 123 billion. Many analysts predict a time of recovery and accumulation for 2019, similar to the path the market took after the crash in 2015.

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Legislation of Casinos: Places that are taking steps towards complete Legalization of Gambling in 2019

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Legislation of Casinos: Places that are taking Steps Towards Complete Legalization of Gambling in 2019
Source: Pixabay

More and more people are seeing any form of gambling as morally acceptable. In a 2009 poll by The Gallup, only 58% of people in the US seem to accept this industry. With an update for 2018, the percentage has raised to 69%.

There could be multiple reasons why people still have different opinions about gambling, whether it’s through the form of playing a casino game online or in any establishment or betting on any sports and games. Opinions could be formed because of a person’s religion, income, and race, and educational attainment.

The legalization of gambling could also affect how people see it. With more and more places all over the world taking steps to legalize any form of gambling in their area, people are becoming more accepting of this industry. In here are some note-worthy updates about the legislation on gambling all over the world.

Regulation of Online Gambling in Ontario, Canada

Any form of gambling was made illegal in Canada half a century ago and it was in 1969 when the provincial and federal government of the country were allowed to host lotteries. Then in 1985, each province was then allowed to legalize any form of gambling that they choose.

With all of those updates on Canadian law regarding gambling, there wasn’t really anything that targets online gambling until recently, when a press release from the Canadian Gambling Association [CGA] was spread.

With this, online gambling laws in Canada seem to be taking its shaped. CGA has noticed how much Canadians, particularly in Ontario, has been wagering on online gambling websites outside the country. More than $500 million are spent by the people of Ontario in gambling each year.

Because of this, CGA and the local government see the need to have their country put in place an online regulated system to allow their citizens to place wagers on any gambling sites safer. For now, the CGA is looking forward to taking part in the government’s planned dialogues with this industry’s stakeholders.

Pennsylvania’s Online Gambling Launch

Pennsylvania will be the fourth state in the US to launch and legalize online casinos. It was previously announced that PA online casino and poker servers should be up in at least the first quarter of 2019.

However, because of the recent DOJ interpretation of the Wire Act of 1961, the PA’s Gaming Control Board decided to delay the launch for a bit.

It is expected that most online casinos in PA will then be launched in mid-2019, where the earliest target date is in mid-June. This was as instructed by the PA’s Gaming Control Board, and they expect online casinos to comply.

For now, if you’re in PA but can’t wait to play online casino games, you can check the top betting sites online. There are some casino sites that can give you insights about the best casinos you can find on the web. This site will also let you know whether an online casino will accept bettors from your place.

Remote Gambling Bill in the Netherlands

Like a lot of European countries, the Netherlands is deemed lax when it comes to their laws about gambling in any form. However, before 2012, when it comes to online gambling, the Dutch community seems to be restricted about playing casinos online.

Back then, the Dutch people are allowed to place their bets online, but this was only through local servers, which at that time was limited. However, even if more and more websites are starting to get based in the Netherlands, there are still Dutch people who’re place their bets on foreign casino websites that go unnoticed.

Because of this, a bill was submitted to allow Netherland’s government to issue licenses to foreign websites and let them legally accept wagers from the Dutch citizens.

On the 19th of February, the Netherland’s senate placed votes on the Remote Gambling Bill, which already passed the Ditch parliament three years ago. The result was much anticipated and is now good news to foreign online casinos.

Sometime next year, the Dutch government will start to issue online gambling licenses to foreign casino websites and end the monopoly of online gambling in the country. Analysts shared that the process of issuing online gambling licenses might start in January 2021.

Next year may only be the start of application requests from foreign and local stakeholders. The only problem that some foreign casinos that may have to face are the “cooling period”. This is a proposal by the Dutch Minister of Legal Protection that would not allow operators who have been accepting bets from the Dutch citizens prior to the legalization for two years.

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