It is evident there is a bright future ahead of bitcoin in the online gambling industry With multiple casinos accepting bitcoin payments already, it is only a matter of time until the next wave of adoption comes rolling in. It appears as if the casinos who accept bitcoin already saw an average of US$4,000 worth of Bitcoin wagered every minute between February and March.
Bitcoin Casinos See A Massive Turnover
Casinos accepting bitcoin payments have a significant competitive advantage in the industry. Traditional payment methods do not allow for a global expansion by any means, due to high fees and not everyone having access to financial tools. Bitcoin, on the other hand, is all about global financial inclusion without permission or oversight from governments and central banks.
This is part of the reason why bitcoin casinos have become such a hot commodity as of late. Although the number of bitcoin casinos remains somewhat limited for the time being, the platforms accepting cryptocurrency are seeing spectacular growth. In fact, according to recent statistics, bitcoin casinos saw an average of US$4,000 worth of bitcoin bet every single minute.
Moreover, the same statistic indicates over 35 bets took place every second, all of which are made possible with bitcoin. Considering how bitcoin has only been around for nine years, this growth is rather remarkable. All of these statistics were recorded between February 1st and March 1st of 2017. It is a bit unclear as to why this period is so important to bitcoin gamblers, but that doesn’t change the facts.
To be more specific, a total of 848.05 million bets has been recorded across all bitcoin casinos tracked by The Bitcoin Strip. These bets add up to 2,93 bitcoin wagered every minute, which explains the US$4,0000 value referred to earlier. A total of 117,971 bitcoin has been wagered throughout all of February 2017, which is a surprisingly high number. It also highlights one of the strengths of bitcoin, as the average bet size was just 0.00013911 BTC. Unlike credit cards and other traditional payment methods, bitcoin lends itself perfectly for micro wagers.
As one would expect, investors also made some profit from all of this betting action taking place. A total of 169.7 Bitcoin worth of profits was recorded in February, worth over US$200,000. Although some people may point out this number pales in comparison compared to traditional betting profits, it goes to show bitcoin has earned its place in the gambling sector. Bitcoin casinos will gain more momentum as time progresses, that seems to be a foregone conclusion at this stage.
It is evident for the entire world to see bitcoin casinos are here to stay. Cryptocurrency and gambling are two peas in a pod and the sector will continue to grow over the next few decades. Bitcoin may never replace traditional payment methods in the gambling industry, but it is a payment option every casino operator needs to start considering sooner rather than later.
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