The online gambling industry has been growing rapidly around the world as the availability and usage of smartphones and PCs has increased as well. Online gaming application are being developed daily, bringing better graphic, thematic and monetary features to games.
However, the regulations concerning online gambling have been less optimistic in most countries where gambling is legal. H2 Gambling Capital reported that in 2012 the online gambling industry was estimated to be of around $28 billion in value and this number is to increase with around 10% each year.
Lack of Reforms of Online Payment Methods for Gambling
One of the jurisdiction issues that has become an increasing problem for online gambling is the smoothness with which players can pay or get paid. There have been many examples for the past few years, especially with the local authorities refusing to ease the payment systems with which the online gambling industry operates, making it less attractive and user-friendly to players.
For example, in some states of the U.S., such as Nevada, Delaware and others, online gambling was allowed, yet players found it very hard to put money in their online accounts as many banks and government operators were not permitted to transfer money if they are to be used for online wagering. Gambling experts have noted that problem as one of the major issues of why the U.S. has not seen positive growth in the online gambling sector as in many other countries.
Can Bitcoin Solve The Payment Methods Issue?
Concerning this issue, Bitcoin has been suggested in a number of other countries as a substitute payment method to real currencies. The software developer SOFTSWISS reported that there have been over 400 requests during the last 6 months from a number of online operators, which insited on making some bitcoin casinos.
The company’s Chief Executive Officer Mr. Montik explained that the bets which were made by such casinos were not necessarily low: ‘On one client website, launched just about a year ago, there are single wagers reaching 200–400 BTC. The total amount of bitcoins wagered on all of the sites operating with the SOFTSWISS platform is equal to $10m per month.’
Will the U.S. Government Accept Bitcoin?
There are a few reasons why the U.S. Government may consider accepting Bitcoin as a solution to the online gambling payment issue. Bitcoin is a globaly universal digital currency which is known for very fast transaction speeds which are what players and gambling operators are in need of right now.
There might be a complication though. Last week, the online currency saw its lowest exchange rate for this year, after declining by almost 20%. The online community is showing signs of distress concerning the future of Bitcoin and whether this decline is going to continue.
Some experts say that the current low is due to some irrelevant tradings done with the currency which will not affect its core value. At the end of the weekend, Bitcoin was trading for $300, and increase of 5% compared to a day earlier.
