BITCOIN CASINO GROWTH IN 2015
Since SatoshiDice, a site which conducted gambling with bitcoins, sold in the July 2013 for $11.5 million after a year of operation, hundreds of online casinos started mushrooming around the globe in the hope of achieving similar success. As a result, the use of Bitcoins has become widespread with many online casinos operating with bitcoins as the only form of currency while others offer bitcoins as an additional form of currency. In spite of the potential risks of legislative and political restriction, the market has expanded into a multimillion-dollar online industry over the past few years.
The year 2014 saw a tremendous growth in the Bitcoin casino industry. The first quarter of the year 2015 has not shown any signs of a change in the trend and the growth is expected to continue increasing throughout the year as traditional casinos have started adding bitcoins to their list of payment options. The industry is projecting a compound annual growth rate of about 9.13% through the year.
The industry is experiencing extreme steady growth, especially in the sport betting sector. Most gamblers are being attracted to this sector due to a number of reasons which include more entertainment and a greater range of competitive odds compared to traditional sports such as horse racing, the lift on advertisement restrictions and the liberation of the market and due to the willingness of people to make fast and easy money online making many people to turn to online gambling.
The continuous growth can be attributed to:
- The anonymity of the users. This remains as the most attractive deal to most people as they can feel safe while conducting any sorts of transactions. It also makes it impossible for casinos to limit one for winning too much or to sell your credit details and reduces the risks of legal restrictions and the burden of taxation.
- Zero transaction fees and unlimited free daily transactions also attract more people when compared to the traditional casinos that tend to have transaction fees and set limits.
- Most of the bitcoin casinos require minimal user details making it very easy for people to get personal accounts and to start gambling.
- It is possible to make instant withdrawals and deposits at any given time due to the digital nature of the bitcoin currency. Users, therefore, do not have to spend a lot of waiting for the processing of their deposits and withdrawals.
- The majority of the bitcoin casinos have implemented fair systems to the majority of the games using cryptography making it impossible for both the clients and the company to know how a deck was shuffled till it’s dealt.
- It is possible to make much higher bets using digital currency due to the ability to make significant transfers efficiently and quickly at no expense, a feature that online gaming can’t achieve.
- They make it possible for small-scale gamers to make micro bets in casinos and sports events without having to worry about associated fees and payment processing companies.
Needless to say, the use of bitcoins might become the new standard form of currency for online gambling in the coming years due to the constant high returns obtained in the past couple of years.