Bitcoins are extremely appealing when it comes to online gaming and gambling due to their cheap, efficient and low-maintenance way of transferring money back and forth. On top of this, with lower fees and chargeback risks, Bitcoin was quickly looking to be the future of online money transfers. However, it appears that the use of Bitcoins in the casino isn’t all that it is cracked up to be – with the only use being found in little-to-no regulated gambling environments such as Curacao and Malta. In the US however, the implementation of bitcoin seems to still be in a very conceptual stage due to the strongly regulated gambling environment found there. With heavy regulations and the ideal of ensuring the public are protected, it appears that bitcoins won’t be implemented for a very long time in US casinos both online and offline.
Bitcoin offers a huge potential to keep younger, tech-savvy players in the loop, as well as keeping the process of transferring money in an online casino and on a casino floor a lot easier – the less actual money there is in the building, the less risk there is of things like theft or cheating. While the potential is huge however, the ambiguity is one of the things that is putting a lot of US regulators away from these crypto currencies.
A report by CoinDesk showed that chairman of the Nevada Gaming Control Board said: “There are multiple types of digital currencies, whereas there is only one US dollar.” This shows that the ambiguity is one of the reasons why consumer and operator demand isn’t as high as it was expected to be.
Las Vegas Acceptance
While some licensees are allowed to operate bitcoin kiosks in Las Vegas, this can only be used for non-gaming purposes, and there are two hotels that have been experimenting with it. the D Las Vegas Casino and Golden Gate Casino Hotel both began to implement the use of Bitcoins on their property for hotel rooms, restaurants and vendors back in 2014. This is a huge step for Las Vegas in terms of moving away from the sole purpose of casinos and gambling and more into entertainment and hospitality as a whole.
However, one of the biggest reasons why Las Vegas casinos are unlikely to begin implementing Bitcoins into their casinos is due to the fact that 95% of transactions carried out on the casino floors are made in cash. In addition to this, a huge range of law enforcement agencies such as the Financial Crimes Enforcement Network have put a lot of pressure on casinos in order to keep all of their cashflow credible and regulated in an attempt to reduce any money laundering. The implantation of Bitcoin could very quickly undo all of this work because the potential has not yet been fully explored.
While we may not see Bitcoins heading to the US in the near future, we may begin to see some of the less strictly regulated casinos begin to implement this form of cryptocurrency in casinos around the world.
If you’re looking to try out your casino games before you head to a live casino, then take a look at our casino reviews to find the best one for you.