There’s no denying that the gambling industry has been growing rapidly in recent years throughout the world.
In the United Kingdom alone, the total gross gambling yield in 2018 was a whopping £14.3 billion. Other statistics that serve to convey the size of the industry include the fact that there are over 185,000 gaming machines in Great Britain, and 31.1% of people claim to gamble weekly.
Online casinos and bookmakers have made betting increasingly accessible to the general public. You no longer need to visit a brick-built establishment and can even bet on online markets from your phone while you’re in the stands of a sports game.
Online gambling is made even easier because many websites now offer a range of markets to cater to all kinds of customers – a great example of which is the fact that you can bet on live sports, virtual sports, slot machines, and even play online roulette here under one brand.
In recent years, customers have noted several issues with traditional gambling websites. One of the most obvious is the fact that certain bookmakers and casinos have been reported as violating rules on a regular basis.
A clear example of this can be found when looking into 1xBet, a bookmaker that was operating within the United Kingdom and being advertised at Premier League football grounds until it was shut down in 2019.
1xBet was reported to have withheld withdrawals, refused to pay winning customers, and even offered strange markets on things such as children’s football matches.
Not only this, but many casinos face issues with payment options. Some are known to charge deposit and withdrawal fees, and certain payment options are no longer valid. For example, as of April 2020, gambling businesses in the United Kingdom are banned from accepting credit card payments.
In its most simplistic definition, Bitcoin is a digital currency – often referred to as a cryptocurrency – and is totally virtual.
Bitcoin is stored in a digital wallet and can be sent and received instantly to anyone in the world. Importantly, every transaction is recorded on something called a blockchain, which serves as a ledger that is visible to all, eliminating interference, reverse charges, and even hacks.
Bitcoin has increased in popularity in recent years and this has led to its introduction into online gambling. Many people would argue that it is improving the overall gambling experience for a variety of reasons:
No Fees – As there is no middleman involved in Bitcoin as is the case with banks and standard card transactions, there are no fees involved for the casino or the customer. Transactions are made in a peer-to-peer format.
Faster Transaction Times – Likewise, bank transactions can take a few working days to complete. This is not the case with Bitcoin transactions that are made instantly and confirmed in a short amount of time.
Increased Transparency – As Bitcoin transactions are recorded on the blockchain for all to see, it is not possible for a casino to act in a shady way. You can immediately see transactions taking place and winnings being credits. These cannot be altered or reversed once confirmed.
Improved Security – Traditional online casinos tend to require a lot of personal data including your name, address, account numbers, and even photographic identification. On the contrary, the blockchain stores no such data.
More Accessible – Bitcoin casinos allow people from all over the world to take part as no commission or state is in control over blockchain transactions. This means you can log in and play wherever you are, whenever you like.
Disclaimer. This press release is for informational purposes only and should not be viewed as an endorsement by CoinIdol. We take no responsibility and give no guarantees, warranties or representations, implied or otherwise, for the content or accuracy. Readers should do their own research before investing funds in any company.