The Flourishing of the Bitcoin Gambling Industry

In recent years the major sporting events attendance is waning because the quality of private home viewing has increased significantly. This trend contributes to the rapid bitcoin gambling development.

Bitcoin is a decentralized and almost anonymous cryptocurrency, which, unlike government-issued money, is not burdened with different sorts of rules and restrictions. That is why bitcoin has become so popular among gambling entertainment fans. Given the social condemnation spreading in the gambling industry, it is clear why not everyone dares to visit land-based casinos or gamble on specialized websites that accept standard currency.

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Bitcoin also allows to deposit and withdraw funds from one’s account instantly and anonymously, making the gambling process confidential as well. Moreover, the cryptocurrency makes it possible to enjoy gambling while staying at home, thus, saving a considerable amount of money on flights, accommodation and meals when visiting traditional casinos.

Sports betting market continues to gain pace

A rapid growth can be observed in another bitcoin gambling area, namely, sports betting. The organizers of the US basketball tournament March Madness suggest that the number of sports bets for the event will overcome a $9 billion mark this year. People’s thirst for gambling is growing every year, and in order to quench it many bookmakers started accepting bets in bitcoins.

Sports betting enthusiasts will be especially excited about bitcoin betting exchanges. In traditional bookmaker institutions the player may either accept the displayed odds or give up on placing bets, as opposed to exchanges where one can act as both a player and a bookmaker.

Betting exchanges provide a user platform for people who can offer their odds and accept those of other players at the same time. In other words, users can bet against each other. Such freedom of action allows them to play both “against” and “for”. Moreover, whatever strategy the player decides to choose, he can set his own odds, and others are free to accept them.

The uniqueness of this system is that players on both sides are given an opportunity to bet with odds which they consider to be the most profitable. Besides, the devotees who like predicting the outcome of sporting events should keep a close eye on bitcoin exchanges because it can help to save on commission fees. Since bitcoin betting exchanges do not take an active part in the betting process, their commission is substantially lower in comparison with traditional bookmakers.

In comparison to the commission of 5% -16% set by traditional industry, bitcoin exchanges charge only 2%. It makes gaming with them more profitable. It is high time for sports betting fans to consider the use of bitcoin exchanges.

Just over the past few years the fantasy sports betting market has turned into a multi-billion dollar industry. However, as with Poker 5 years ago, foreseeing high growth rate governments literally attacked it. The intervention of the authorities is not favored at all, since it is associated with the traditional gambling industry’s wish to protect their own interests, rather than with the government’s attempts to protect clients.

Social networks have already faced a wave of calls to integrate bitcoin into the major websites that accept bets on fantasy sports. The introduction of the cryptocurrency in the world of fantasy-gambling can be expected in the near future. So far quite a large number of reputable sportsbooks allow bitcoin bets. Nobody is deprived of choice.

Bitcoin improves the world of online poker

Gambling enthusiasts have been familiar with online poker for a long time now, and today the army of fans accounts for more than 50 million unique players. Moreover, everyone is aware of the difficulties one has to face upon the deposit or withdrawal of funds from their account on the gambling website. The time-consuming, slow, excessively regulated process can make anyone feel exhausted.

That is why many of the best known online poker sites started to accept deposits and pay out winnings in bitcoins. Players can easily participate in tournaments with a million guaranteed prize pool.

Forewarned is forearmed

Taking into account that online gambling services dealing with bitcoins spring up like mushrooms overnight, it would be reasonable to check which source to use for gambling. As in any other field, in the bitcoin gambling industry there are dishonest websites seeking to trick gullible players. To avoid cheating, one has to gather as much information as possible about the gambling website before depositing any funds.

Firstly, potential customer have to ensure whether the selected source uses the provably fair technology. Currently it is a recognized standard in the bitcoin gambling industry and serves as the game’s integrity indicator. The employment of the technology guarantees that neither the bitcoin casino nor the player will be able to cheat. Before placing a bet certain information is normally required from both the player and casino. After the bet is accepted, its data is recorded in the publicly available register and the outcome of the game can be immediately verified. Therefore, the provably fair technology guarantees the game’s integrity in the bitcoin gambling.

Secondly, bitcoin forums and websites with reviews on bitcoin casinos are valuable sources of information. This is where people who already play on gambling websites post their views about those. After reading the reviews, one can come up with a well-grounded decision about the gambling enterprise worth playing at. Besides, blogs with reviews provide useful information on the features of different casinos and their great deals and promotions for users.