Bitcoin is the new kid on the i-gaming block. New bitcoin-only sites are popping up at what seems to be a daily pace. It’s not a fluke. It’s not random.
Everyone is turning to bitcoin because it benefits everyone.
- Operators
- Players
- Affiliate marketers
If you fit any of those titles, and have yet to embrace bitcoin, I suggest to continue reading, then check out our infographic below.
You might be surprised at what bitcoin can do for you.
How Everyone Benefits From Bitcoin
Let’s take a couple minutes to look at how every person in the gambling chain benefits from using bitcoin.
While reading through the benefits, think about how fiat currencies work. I think you’ll be surprised at how much better bitcoins are.
Bitcoin For Operators
- No Charge Backs – Chargebacks are an expensive problem for operators. Every chargeback costs them $50-$75 in fees, and that’s on top of any shipping or restocking costs.
- But that’s not an issue with bitcoin. All transactions are final. There are no reversals, no chargebacks.
- No Transaction Fees – Fiat gambling operators have to pay 3rd party companies to process payments. Sometimes they eat the fees, and other times they pass the fees on to consumers.
- Either way it costs them money.
- But you don’t need to process bitcoin transactions. So all fees, if any, are paid by the consumer.
- Wider Reach – Bitcoin isn’t a centralized currency. You don’t have to use it in or from a particular country or region.
- This benefits operators because they can reach a larger pool of players. There’s no barrier as far as money is concerned.
Bitcoin For Players
- No Banking Fees – Players won’t have to pay fees at most gambling operators. This can save you hundreds, if not thousands of dollars, when compared to using fiat currencies.
- Instant Payments – You can transfer and receive transfers instantly. This is unlike fiat currencies that can sometimes take several weeks for your cash out to reach you and for it to clear.
- Play From Anywhere – Most countries have or are developing laws for online gambling. Since bitcoin is not regulated or backed, most laws will not apply. So, for example, if you live in a state that doesn’t say online gambling is illegal, there shouldn’t be a problem with you playing at an offshore site (using bitcoin).
- Transparency – Every bitcoin mined and transferred is recorded in the blockchain.
- Provably Fair Gaming – Because of how bitcoin works (everything being recorded), every game you play is transparent too. There’s no way for the operators to cheat and get away with it. Many platforms even let you double check each hand or round yourself.
- Peer-to-Peer Gaming – Because there’s smaller overhead for operators, and the fact that you can play for miniscule amounts of money, many platforms let players go head-to-head with their peers… without taking a cut.
- You won’t find that at a casino or poker room that accepts (primarily) fiat currencies.
Bitcoin For Affiliates
Affiliates will get the same benefits that operators and players do:
- No banking fees.
- No exchange rates.
- Instant payouts.
- 100% transparency.
They also get the added benefit of being able to use these benefits in their marketing.
So, there you have it. There are tons of reasons why bitcoin should be (and is) used in the online gambling industry, and everyone benefits from it.
It’s hard to go wrong when everyone wins
Written by: Tim Kinghan
