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Why Online Casinos Should Consider Adding Bitcoin Payment Option

Avatar Yashu Gola 4 years ago

New online casinos find themselves evolving at a much better rate than their older counterparts. While one cannot argue that almost all of them offer almost a similar gaming experience, what actually matters to customers — in the end — is the simplifications in depositing and withdrawing funds. That is why, online casinos tend to introduce the easiest and fastest payment methods on their platform.

The quest of improving customers’ payment experience however put additional liabilities on these casinos — mostly legal. Many third party payment services often find it troubling to offer services to gambling websites, for they are bound by regional laws. In the US itself, the laws concerning the legalization of online gaming industry differ from state-to-state. Online gaming is still a gray area for banks and other payment service providers.

There can be no better example to explain this but PayPal. The world’s leading payment and remittance company, back in 2013, had announced that it will not offer its services to online gaming industry, citing prevailing regulatory concerns. However, the company recently shifted its stance following the legalization of online gambling in some US states. PayPal, meanwhile, was providing services to every online casino that wish for.

With this said, online casinos and their payment services are hugely influenced by the jurisdiction they serve. So, a player from New York cannot possibly access PayPal to play online, while the one from New Jersey is given such privileges. This overall regulatory hurdle somewhat restrains casinos from offering the best services to its customer base. PayPal itself finds itself bound by laws, despite being one of the most safest and fastest mode for paying and withdrawing funds.

Bitcoin Offers an Alternative

Online casinos looking to attract customers could always look for alternatives to traditional payment methods. Over the past few years, many new entrants have thus started allowing Bitcoin payments/withdrawals to circumvent complex regulations. A mere search on internet can put us forth a large bitcoin casinos list.

The reason why Bitcoin is gaining adoption among casino businesses is its ability to stay independent of any jurisdiction. The technology underpinning this digital currency is completely decentralized and borderless. Furthermore, using it does not require casinos to obtain personal information about the players. This attracts customers as they prefer to maintain their privacy while gambling.

From the casinos’ point of view, Bitcoin also proves to be a viable alternative to traditional payment methods, for its transaction fees is much lesser than that of PayPal, Wire, and Credit Card payments. The digital currency can also be converted to local fiat currency with the help of local exchanges and individuals, thus becoming a solid dealmaker for casinos, as well as players.

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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