Many Bitcoin enthusiasts around the world are still upset and shocked about the number one Bitcoin poker site SealsWithClubs shutting down so abruptly. Despite all of that, SWCPoker was announced little over 24 hours, which will try and fill the void that was left behind due to SWC closing up shop. But there is even more positive news, as Bitcoin and digital currencies seem to be experiencing a very large growth in online gambling on a global scale.
Bitcoin & Online Gambling – A Few Pointers
When we look at websites from established brands in the online gambling space, there are very few Bitcoin-oriented platforms available right now. However, we are seeing an emerging trend of existing sites enabling digital currency payments next to more traditional payment methods such as debit or credit cards, or even Paypal in some cases.
Depending on what you want to find in your quest for Bitcoin online gambling, it looks like casinos are most prone to start accepting this disruptive digital currency as a payment method. In second place, there are the sport books platforms, which also see the added value of accepting Bitcoin [and sometimes other digital currencies] in order to attract more customers.
As the list of platforms for your Bitcoin-related online gambling needs grows larger and larger, it becomes more difficult to determine which site suits you best. On one hand, you have several gambling sites which – besides their games – also offer the latest news in regards to both gambling and Bitcoin [or other digital currencies accepted by the platform].
But there are some other factors to keep in mind as well. Seeing how Bitcoin users are becoming a high value target for hackers and hoodlums – both online and offline – online gambling platforms need to provide users with top notch security in order to keep funds safe. An online gambling website that offers two-factor authentication would be a preferable choice in this regard.
Provably is a term we come across on nearly every online gambling website these days, but don’t be mistaken in thinking that, just because the website claims to be provably fair, it actually is the case. As we have seen with the popular dice game website 999Dice, they cleverly hid the provably fair hash from users in order to cover up their massive house edge.
Regulatory Uncertainty Hampers Growth
One of the main reasons why not every major online gambling website is jumping on the Bitcoin bandwagon has to be attributed to the regulatory uncertainty in most countries. There is no fixed regulatory stance towards Bitcoin in most countries, and as this situation can change at any given moment, most business prefer to “wait and see” what happens with Bitcoin and digital currency.
The United States host most of the online gambling websites in the world, and this is where the fragmented regulation on Bitcoin proves to be a hassle. Certain states do not require online gambling website operators to hold a specific license, others do and some are still uncertain about whether you will need one or not. As long as there is no country-wide consensus regarding Bitcoin regulation,, the number of businesses accepting Bitcoin for online gambling will be relatively small for the time being.
Outside of the United States, we see a very similar story. Most countries do not treat Bitcoin as a currency (yet), and have no regulation in place right now. But that does not prevent certain countries from forbidding all Bitcoin-related activity. But on the bright side, some countries openly state they will not get involved with digital currency, yet they leave citizens the choice whether or not they want to start using these currencies.
Regardless of how you look at it, Bitcoin and online gambling seem to be a match made in heaven. Analysts expect to see continuous growth in this market, and we at BTCFeed will be keeping an eye on this trend.