The gambling industry is amongst the most profitable industries in the world and much of its success can be found in the online sector that is constantly growing. The online betting and online casino have followed all major online trends and now, the time for Bitcoin has come. Bitcoin has received a lot of attention in the past several years and has found its use in numerous settings.
Security and Anonymity
Bitcoin is based on blockchain, a distributed ledger. This means that it is a decentralized system, meaning that there is no central authority such as a bank that governs all of the data and transactions. This is why bitcoin is perfect for online betting because if data is decentralized, it is harder to compromise it because it is not located at one place but at numerous spots over the web. Additionally, bitcoin provides anonymity to its players and also the transactions are anonymous.
Completely blockchain-based operators will only require an email address on sign up which increases the anonymity of the players since regular signups will require a player’s personal data, bank account, and much more.
Low Transaction Fees
Since bitcoin is decentralized, the lack of central authority means that transaction fees are pretty much none. This will benefit both the players as well as the online operator. Additionally, since there is no third-party, transactions take minutes and not days to be processed.
The online companies pay a lot in transaction fees so bitcoin would help them truly save a lot of money. They could use these savings to further improve their website, provide more opportunities, bonuses, and so on.
The Emergence of a Mobile Sector
The mobile industry is quite large and all major and serious online betting companies have their own applications that players can use to bet instantly. Bitcoin is always available as a payment method with the only prerequisite being internet availability which is why it could be perfect for the mobile sector.
At the moment, some operators provide bitcoin and other cryptocurrencies as a payment method but they are not based entirely on blockchain meaning that the players will still have to provide their info on sign up. There are also entirely bitcoin operators where players only need to provide their email address in order to sign up.
Bitcoin is already finding its way across the online betting industry and it will be interesting to see how things unravel in the following couple of years. Anonymity and security gained through the payment method benefit both the operator and the player.