High Rollers Prefer Payment Choice Is Bitcoin
Posted: Nov 20, 2018
The Acceptance Of Bitcoin At Casinos
It may have been a difficult year for the price of crypto but that has not stopped the amazing developments that are using this groundbreaking technology to transform industries. It has proved it is here to stay and now the market is worth over 100 billion dollars. Land-based casinos have been slow to act when it comes to Bitcoin but with the demand along with vast profits that can be produced by BTC and other cryptos, they have started to start accepting it at their establishments.
To attract new players land-based casinos are even offering cryptocurrency promotions to tempt punters to visit their establishment. Due to the fact that it is possible to send transaction amounts of any value, it means that these players can gamble huge amounts should they desire which is why you will find amazing bitcoin bonuses for these types of deals.
One of the main reasons why casinos have not started to accept Bitcoin is due to it becoming the preferred currency for gambling with high rollers. This is due to having to pay in other formats costing a great deal with gamblers having to pay expensive fees to middlemen. By using BTC or other cryptos that can avoid the middleman plus enjoy far great privacy which is something that is very attractive to the rich.
In the gambling mecca of Asia, Macau, it is common for high rollers to hire junkets to arrange their trips for them. This service includes the handling of money which can cost as much as 7% of the total amount. In other gambling capitals such as London and Las Vegas, it is not as common for punters to hire these forms of services.
Another reason why punters are starting to prefer Bitcoin is the fact that it enables extremely fast money transfer. When making overseas bank transfers it can take a long time plus is the amounts are large it could cause questions being raised from authorities. It is possible should the player wish to stay completely anonymous using crypto if implemented correctly making it untraceable along with completely private.
Due to the cost savings, ease of transportation, privacy, and speed of transactions Bitcoin continues to grow in popularity with high rollers. It is most popular in Asia due to the cryptocurrency marketplace been the largest in the world.
A large percentage of land-based casino establishments still do not accept Bitcoin due to been worried about laws and regulations. Due to the fact that it is a new technology the legal framework is still being put in place which has caused a lot of uncertainty in the sector. This is gradually changing, however, and over the next few years it is expected that most will offer this option to its punters due to the convenience and other benefits it offers when used for gambling purposes.
It is highly possible that land-based casinos will release their own cryptocurrencies in the future that will be used as an alternative to fiat money. The blockchain is going to have a major impact on the gambling industry and unless these types of casino establishments start accepting Bitcoin and other cryptos they will be left behind. The use of cryptos will help to make it safer for punters to gambler along with saving them money and greater privacy so expect this trend to increase greatly over the years ahead.
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