In just over a decade the online gambling world has exploded with companies branding a continuous stream of new sites ranging from online casinos, crypto gambling sites, sports betting platforms, interactive poker game forums and even virtual horse-racing.
Online gaming companies have invested an insane amount of money to test, push and improve the online gaming world by boosting visual animations, licensing popular brands and partnering with well-known Hollywood trademarks to entice clients.
What is shocking however, is the lack of investment being pushed into diversifying payments on most of these sites. The nature of gaming has improved tenfold, but the payment process remains outdated and stuck in the dark ages.
Where are most of these crypto gambling sites based?
Gamblers have an endless pick of sites ranging from casinos, online poker and sports betting sites. Favorite crypto gambling sites and casinos that accept bitcoin payment include popular sites such as:
With bitcoin and alt-coins being a new favorite way for players to deposit and receive payment it’s shocking the late response and failure to accommodate preferences. As great as the new user bonuses and interactive platforms may be, it’s necessary for companies to keep up with developing trends, and cryptocurrency is here to stay.
But, some smaller markets don’t have many crypto casino online yet
As more and more international online gaming websites have adapted to the new trend of casinos that accept Bitcoin and other cryptocurrencies as an additional method for payment and withdrawal, smaller markets, like Italy, are still behind the trend. Still accepting traditional payment methods Italy is struggling to compete.
This struggle is due to the strict and notoriously well-known gambling laws and regulations put into effect by Italy’s gaming commision the AAMS (Amministrazione Autonoma dei Monopoli di Stato – Autonomous Administration of State Monopolies) which fails to facilitate rapid changes that would allow blockchain currencies in casinos.
As the online gambling and betting industry has seen a significant spike in new registered users, and with over 51 million estimated bitcoin traders worldwide, it’s only a matter of time before the market sees crypto gambling sites as the new norm.
Let’s take Italy as an example
So why are some markets soaring with new bitcoin promotions, fast and easy bitcoin deposits and withdrawals, and low fees while other markets, like that of Italy, are slow to approve casinos that accept bitcoin.
Unfortunately, the implementation of new regulations, mandatory licenses and certification is keeping some markets unable to meet the demand of their bitcoin paying players.
The AAMS has come under fire as one of Europe’s most strict regulatory divisions placing hurdles, mandatory certifications, advertising bans and other restrictions on crypto gambling sites. It is for this reason there are a limited number of AAMS casino that have managed to acquire certification.
In conclusion let’s see some Pros and Cons of casinos that accept Bitcoin
These are some pros and cons related to cryptocurrencies payments in online casinos:
- High level of security and anonimity: hackers cannot steal your data as crypto transactions are anonymous and they cannot even create fake coins.
- Low fees: doing cryptocurrencies transactions does not have the same fees of a bank transaction as there’s no intermediaries.
- Fast transactions: Bitcoin and other cryptocurrencies transactions are instant.
- Tax free: as cryptos are not emitted by a bank, as of today are not taxed.
- No location restrictions: with Bitcoins and other alt-coins it is possible to bet in casinos located in other continents, allowing citizens of countries where gambling is banned to play.
- Better casino bonuses: playing with crypto in most online casinos allows the gambler to access greater bonuses then while playing with normal currencies.
Cons of playing with crypto on gambling sites
- High Volatility: Bitcoin is an ever fluctating market difficult to make long-terms predictions making players suceptible to drastic losses. An increase in the number of casinos and online gamming platforms accepting bitcoin will likely steady the volatility of Bitcoin.
- Transactions are immutable: once funds have left your virtual wallet you are no longer able to retrieve that money or reverse the transaction. With the likelyhood of human error this can be challenge.
- Unfavorable Minimum Withdrawal Requirements: one of the most common catches to casino bonuses are the imposed restrictions on amounts needed to be able to wagger. Also with the withdrawing of winnings there can be unfavorable minimum withdrawal requirement.