As crypto currencies become more popular and the popularity of online gambling also increases, which it should be noted are two totally unrelated events the appeal of owning a bitcoin casino increases.
Casinos are often associated with the wealthy and the idea of owning a casino appeals to many people, however, the high cost involved in the setup of the business side of things, before even considering all of the expensive legal hoops that the gambling industry regulators require we jump through, means few people will ever fulfil the dream of owning a traditional casino.
BitVegas is a newly launched bitcoin casino that, innovatively, has been created within Minecraft. This means, while it is still a virtual casino it is not a gambling site in the traditional sense. BitVegas enables people to place bets entirely in bitcoin from within the Minecraft environment, as niche as that might sound on the face of it the casino is still one to be taken seriously; various real money (in the form of bitcoin) games are available with stakes going as high as 25BTC which, in recent times, could mean a stake of over $25k, BitVegas also seems to be the only bitcoin casino truly offering a no deposit no strings attached deposit bonus paid in bitcoin.
The gambling industry is a profitable one and the real value of a customer/client/gambler to a bookmaker is their lifetime value. When advertising and promoting a gambling website the respective marketing departments are always tasked with brining in people with a view to them becoming lifelong customers.
The people who place one or two bets and never come back or the people who simply sign up because they have seen a huge deposit bonus which they then either squander or, for the lucky few, end up withdrawing are more than subsidised by the long term clients.
This is evident when you look at some of the offers or welcome bonuses and ongoing loyalty bonuses offered by some of the larger players like betfair casino, 888 and bet365.
CardPlayer.com is the website of what was previously one of the world’s most well-read poker magazines. It was conceived as a traditional magazine way back in 1988 and is still going strong today. Not many magazines, let alone niche magazines made the transition from off to online and the ease of entry to the web VS print meant competition was so great online that many older well known publications were pushed out of business. So what does one of the most respected and well know magazines in the poker industry make of the popularity of bitcoin and the emergence of bitcoin poker sites?
CardPlayer has, over the years, mainly given coverage to poker competitions, news, results, strategy and even the poker player of the year, however, surprisingly, although they do have some content online about bitcoin poker, there is very little in the way of an expressive opinion. Perhaps they are a little too into their poker to give time to the crypto currency thing because, after all, it’s just another way of wagering and doesn’t really impact the overall game that much which is where their focus lies.
The dangers of gambling with bitcoin are really just an amplification of the dangers of gambling online.
Traditionally when people used to gamble on a sportsbook they would do so with real cash in a bookmakers, this meant that people were able to see how much money they were handing over and exactly what they won and lost.
Having to go to a bricks and mortar casino also meant that, as with the example highlighted in the sportsbook instance above, cash was also changing hands.
Two factors have contributed to this topic of discussion in the bitcoin community recently. They are:
- The emergence of bitcoin gambling outfits that allow you to wager your coin on everything from sporting events to casino games and the lack of clear legislation involving online gambling with crypto currency.
- A lack of clear legislation involving the bitcoin as well as its acceptance and usage.
The abbreviated answer to the question posted in the title of this article is “No,” so if you were considering doing something else, please feel free to leave now and start your gaming. If that isn’t the case with you, however, you can gain an understanding of the laws surrounding online gambling by reading this article in its entirety. It could very well impact how you play in a bitcoin casino. Please read on as it is important to understand local laws and how they may be applicable to you.
The recent surge in general bitcoin interest brought with it an increased interest in bitcoin gambling. This is a general crossover interest, people who like to have a bet and also have taken an interest in bitcoin naturally looked for a way to gamble with the new crypto currency.
Bitcoin gambling might appear to be a niche industry on the surface but it is one that is growing and fast. bitcoin-denominated gaming has spawned quite a few startups and in July 2013, SatoshiDice , which was the first bitcoin and arguably the largest/most successful gambling website, sold for the princely sum of $11.5 million, as with most of the enigmatic mysteries in the bitcoin community the buyer was unknown. While SatoshiDice took the lead there are now many multimillion dollar bitcoin gambling which are continuing to grow both as an industry to themselves and as a result of growing interest in the currency.