Gambling is big business, and the rise of the internet over the past couple of decades has made online casinos one of the most popular pastimes among adults the world over. Like so many things, the mechanisms for online gambling are evolving faster than ever, in line with changing technologies.
First came the mobile revolution, making gambling from smartphones via specialist apps perfect for a bit of entertainment on the go. But the most recent innovation has brought big changes to the financial side of gambling. Bitcoin casinos accept cryptocurrency, and present a number of advantages over conventional funding methods. Let’s find out more.
Open to all
Take a look at a site like www.bestcasinosites.net and it becomes immediately obvious just how many online casinos are out there. However, the problem faced by a number of gambling enthusiasts is that online gambling transactions using conventional currency are prohibited under national laws. This applies to countries including the USA, Australia and Russia.
In the USA, the Unlawful Internet Gaming Enforcement Act made it illegal for US citizens to process gambling payments to online casinos using US banks. While the legal argument has yet to be fully tested, many bitcoin casinos are actively encouraging US gamblers.
One thing is for sure, the broader pool of players means bigger rewards, which has to be good news for everyone.
Bitcoin casinos come equipped with verifier software, which proves that the games are truly random. While traditional bricks and mortar casinos are subject checks and balances, you do not have the same opportunity as you do with an online gambling site to use the tool on any individual game to verify that it was fair.
Most are also externally licensed and audited by an independent certification body.
Zero percent edge
Many bitcoin casinos are promoting a one percent house edge, and one has even eliminated the edge entirely. This means gamblers collect 100 percent of their winnings. The casinos can afford to do this because banking and overhead costs are practically zero, and the industry is one that entrepreneurs and developers are willing to invest in for little or no return.
It nevertheless begs the question of how the operators can make any money. The answer lies within the old saw that if you are getting something for nothing, then you are the product. This is not a bad thing – it simply means that revenue is largely generated from banner advertising, premium paid services and data sharing.
We are all adults here, and can do what we wish. Still, for some, the fact that bitcoin casino transactions are conducted with complete anonymity from your bitcoin wallet, is a positive factor. No more awkward line items on the bank statement to explain!
Tax free revenue
Of course, it is not just nosey family members who might be interested in your financial transactions. The IRS levies taxes on conventional casinos, both physical and online. But the anonymity of bitcoin casinos means any attempt at taxing your winnings here would be futile.