Over the last three years, a number of top online casinos have added Bitcoin as viable banking options for its customers. While the addition seemed to be well received by the gamblers who were interested in such an option for a variety of reasons, there now has been a noticeable slowdown of casinos that are currently showing an interest in moving that direction.
At issue would seem to be market forces in play in the overall cryptocurrency space over the last years or so. Actually, there would seem to be two major issues that are prompting the slowdown. First, the market had high expectations for Bitcoin in 2019. After starting year at around $3,800 per coin, the market saw a big run up to near $12,000 by midyear, a move that prompted some investment analysts to proclaim that run could be the start of something monumental. Notably, the move up was short-lived, leaving Bitcoin hovering between $7,100 and $9,300 for the rest of the years. The disappointment was clear, leaving many people, including online gamblers, sitting on the sidelines.
The second issue involved concerns about Bitcoin not moving forward as a widely accepted mode of monetary exchange between parties. Due in large part to security issues and regulatory problems, the general acceptance of Bitcoin around the world seems to be temporarily wavering. It is quite possible Bitcoin is still being viewed as a speculative investment option as opposed to something people can used to purchase goods and services.
The Effect of Bitcoin on the Online Gambling Industry
It makes sense that at some point in the future, Bitcoin would be the perfect banking option for online gamblers. There’s great appeal that comes from the low processing fees and anonymity afforded to online gamblers by using Bitcoin. The appeal is evident enough within the industry that a couple of Bitcoin only online casinos have already come to the marketplace. Unfortunately, there’s nothing to suggest the use of Bitcoin by online gamblers is gaining momentum.
At this point, it’s fair to say that a lot of the industry’s top online casino operators and software developers are still on the fence about adding Bitcoin as a deposit option. By all estimates, only 10% of the industry’s online casinos will currently accept Bitcoin. That’s the same number the industry saw by the end of 2018. That doesn’t mean the future is bleak for Bitcoin advocates. From this extensive list of UK online casino sites, there could be some casinos ready to make the move.
It would seem industry officials are looking for a sign that the world’s top governments are ready to accept and regulate Bitcoin for use by its respective residents. That would signal to online gamblers that they can expect to have access to moving Bitcoin back and forth with their favourite online casinos without any need for concerns.
For now, the industry might see a retro casino site or two that’s willing to go the Bitcoin route. However, a real breakthrough doesn’t seem possible until sometime a little later in the new decade.