Bitcoin Trends for the Online Gambling Industry in 2019
Over the past couple of years, Bitcoin has increased in viability as a banking option between gamblers and online gambling sites. Some experts consider it a “match made in heaven” because of the convenience and anonymity offered by cryptocurrencies to customers on both ends of a transaction.
In 2018, a number of the top online gambling destinations began offering Bitcoin as a banking solution. The list of best Bitcoin casinos online in 2019 is expected to expand by leaps and bounds over what the industry has experienced so far. With this in mind, here’s a few things the online gambling industry can expect to see in the coming year.
Government Intervention in the Crypto Market
It’s a good bet that 2019 will be the year foreign governments all over the world start looking seriously at putting forth regulations around the cryptocurrency market. Online gamblers in some jurisdictions can anticipate some restrictions in the way they buy and use Bitcoin to gamble. The crypto market has already seen regulations popping up in countries like India, China and South Korea, though none of these countries are currently part of the online gambling landscape. Still, a look at the regulations in these countries could be a good predictor of what’s coming in Europe and the US where online gambling is finally being legalized.
To be sure, players can further expect online casino operators to comply with any of the jurisdictional rules and laws put forth by foreign governments in order to maintain good standing with the applicable countries and the casino’s regulatory body. There’s simply too much at risk for the fast-growing online gambling industry to not comply when necessary.
Expansion Beyond Bitcoin
It’s a safe bet that Bitcoin will maintain its status as the world’s leading cryptocurrency into the foreseeable future. However, the increasing acceptance of cryptocurrency as a viable method of exchange for goods and services around the world is bringing new coin developers into the crypto arena. It would be an unwise business decision for online casino providers to ignore the possibility of accepting other important cryptocurrencies in the very near future. With the proper banking platform already in place to accept Bitcoin, the addition of other coins should be relatively seamless.
Transition Away From Bitcoin Only Sites
Over the past 2-3 years, there have been a number of Bitcoin only online gambling sites that have come into operation. The first participants in any industry will always come with a loyal following. However, major software developers Playtech, Microgaming and NetEnt still rule the online gambling industry. As these companies move forward with plans to develop new platforms and games that include Bitcoin as a primary banking option, players who prefer to use Bitcoin will get access to a number of old familiar online casino sites that offer a new look at banking. This could cause a migration away from Bitcoin only websites with limited games into the mainstream sites that are prudent enough to incorporate a Bitcoin option.
It’s incumbent on the entire online gambling industry to recognize that Bitcoin and other cryptocurrencies have now evolved way past a fad. Certain benefits will make these cryptocurrencies the dominant online gambling banking option for years to come.