Whether you’re a fan of Bitcoin or not, it’s inevitable that you’ll come across the cryptocurrency in the near future – particularly within the gambling industry. Already, we’ve seen the likes of Bitcoin being used within an array of online casinos, offering players the anonymity that they desire when placing their bets on poker or baccarat. However, for some, this just isn’t enough. There is an atmosphere that only brick and mortar casinos can provide, but people are still missing their beloved cryptocurrencies in these live environments. Whilst Bitcoin has been a huge hit in the online gambling industry, will it make its way into our favourite live casinos?
Firstly, Why Use Bitcoin Anyway?
As we’ve already briefly touched on, using Bitcoin as a payment method is a great way to maintain privacy over your purchases, as every transaction carried out with the cryptocurrency is completely anonymous. Via the online casino platforms, using Bitcoin as a payment method has allowed avid gamblers to maintain this level of anonymity in countries where online gambling is strictly illegal, although this shouldn’t be encouraged. Alongside this, because every single transaction is stored in a blockchain, you can ensure that you don’t spend more money than intended, which is excellent for casinos considering the slippery slope that can be gambling all of your money away. Therefore, if you haven’t considered using Bitcoin in the casino, this is your chance to do so – it also offers lower transaction fees as well as seamless security.
Some Live Casinos Already Adopt The Cryptocurrency
Despite its rapidly rising popularity, Bitcoin is still young and unfamiliar to many industries and organisations, which is why we rarely see the cryptocurrency being used in live casinos. However, it isn’t unheard of, and in fact some live casinos are already using Bitcoin as a payment method today. In Nevada, the likes to the D Las Vegas Casino and the Golden Gate Casino announced the acceptance of Bitcoin in 2014, and who knows how many others have jumped on this bandwagon over the last 3 years? Having said this though, there is quite a large reason as to why many casinos have decided against accepting Bitcoin. For a start, the gambling industry is one of the only markets that completely rely on cash as a means of staying put, and whilst Bitcoin is extremely valuable now, it cannot offer the certainty that fiat currencies offer – but that’s not all.
There Are Legal Issues With Bitcoin In Live Casinos
Sure, Bitcoin has been adopted by millions of people, but several governments across the globe have failed to properly regulate the cryptocurrency. Due to the lack of legislation surrounding Bitcoin, live casinos struggle to introduce the cryptocurrency into their midst. Some countries have made progress with Bitcoin, such as the UK and Malta, however in the US in particular, regulations are still mainly at the conceptual stage, which, as you can imagine, affects the giant gambling industry present in Las Vegas. The gaming industry can suffer from quite the tarnished image, which is why it’s paramount that live casinos follow all regulations put in place. Therefore, due to the lack of legislation surrounding Bitcoin, it’s near impossible for them to introduce the currency until regulations are put in place.
Why Live Casinos Need To Accept Bitcoin
Now that technology has adapted and developed to an undeniably high standard, live casinos are struggling to keep up. The primary attendees for live casinos are the older generation, with very little regular attendance from the millennials. This is a threatening concept for brick and mortar casinos, as it means that once the Y generation move on, there will be no one to follow. Nevertheless, just because millennials don’t attend the live casinos, doesn’t mean their involvement in gambling is non-existent – they have free, easy access to hundreds, if not thousands, of online casinos. And what edge do these online casinos have over the live ones? Bitcoin. The emergence of cryptocurrencies has proved most popular with the younger generation, making them essential to the future success of live casinos. If they fail to adopt Bitcoin soon, they could find themselves suffering in the near future.
As with everything, the future is very hard to predict, but we can safely say that not many live casinos will be using Bitcoin any time soon. Without crystal clear regulations in numerous countries, adopting the digital currency would prove very risky for many organisations, with the potential to destroy their image. Having said this, Bitcoin provides live casinos with a huge opportunity to attract a younger demographic – we’ll have to wait and see what happens.