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Will the gambling industry embrace Bitcoin?

I’m actually quite a keen poker player (when I get the time), so I was interested in  bitcoin slot machines being down the same road. The big problem with all online gambling sites is simply the worry that they are out to get your money – which frankly – anyone who uses them must know. However the chances of winning a small prize on these sites is much higher than winning say the UK lottery.

The more payment types a company takes the more sales they make, may be true, especially where discretion is of the essence. That’s why Silk Road (the illegal drugs/guns site) made so much money so fast. But there is a nicer side to using Bitcoin and other cryptos in that it avoids tax (well at least until you withdraw your winnings).

Ofcourse Paypal is so tightly regulated (due to the amount of Fraud) that it’s unusual to ever see them on any kind of site like this. But I wonder if they are missing a trick, especially when Skrill are embracing more and more cryptos (although they are quite expensive to use). Skrill cleverly scoop up the market that PayPal don’t give out.

So will Bitcoin continue to grow in the casino world? Who knows. But it does give people freedom to play more without having to complete seems of paperwork just to play a slot machine.

Is gambling addiction a problem? Yes. But in regulated gambling it’s a problem, just by shifting platforms or payment systems it’s not going solve the problem of the addicted gambler.

 

2 Comments

  1. jason jason January 10, 2019

    a few companies are getting on board with bitcoin but they seem like the shadier companies. Paypal is an option for UK players though! Alternatively neteller is a wallet system like paypal which accepts bitcoin deposits

    • UK Bitcoinblog.com UK Bitcoinblog.com Post author | January 10, 2019

      Yes some sites don’t in fact take UK players. (which you can get round with a VPN), the advantage of the Crypto based one is you can play without anyone knowing its for gambling.

      Which in one way is good, and the other is bad :-).

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