There are several significant advantages that bitcoin based
gambling sites have over traditional online sites that use fiat currencies,
such as the United States Dollar and Euro.
Bitcoin’s attractiveness to online
gambling operators is a no-brainer.
Transaction Fees Are Basically Nothing :
Almost all bitcoin transactions are free of charge, meaning
sending bitcoins from one bitcoin address to another is the most cost effective
way to send funds available today.
Think about, if a US citizen wanted to wire money from the
United States to a friend in Asia or Europe, he would need a long list of
banking information or to send a money transfer using a service like Western
Union or MoneyGram. Not only would these methods be met with a possible $100 or
more in fees, but they would take much longer, as well. Bank wires can take
several business days or even up to a week depending on processing times.
It’s not much of a stretch to say that bitcoin has already eclipsed
the banking systems in Europe and the United States in terms of cost and
convenience to consumers. Sending bitcoins are free and available to the
recipients normally a few hours after the transaction is sent.
One of the largest costs for online gambling sites is
payment processing. While players don’t normally pay fees to deposit and
withdraw into online gambling sites, e-wallets such as Neteller and Skrill have
fees attached to each transaction. All forms of fiat currency based deposit,
and withdrawal has some sort of fee attached, whether it be checks, credit
cards, money transfers, etc. These are normally paid by the sites, instead of
passed off onto customers.
Using bitcoin makes these costs almost nonexistent, saving
the sites an unbelievable amount of money in the process. Instead of spending x
amount on payment processing each month, this money can be put back into the
sites and in turn offer better deals, bonuses and odds to players.
Lower Rake, Better Odds :
It’s not shocking that bitcoin casinos, poker rooms and
online sportsbooks offer the best odds online. Bitcoin poker rooms have the
lowest rake in online poker history along with VIP rewards programs and
rakeback. Bitcoin casinos have much higher payout rates than land based casinos
or even their fiat based online counterparts, these operators regularly have
payout rates at or above 98%. Finally, bitcoin based sportsbooks and exchanges
offer some of the best prices online.
Anonymity :
Bitcoins also allow users to do what they want with their own
money anonymously. The same can be said for most bitcoin based gambling sites
who rarely ask for any information from their clients. A screen name is usually
a must for poker rooms, but even emails are optional in a lot of cases.
All of us who have cashed out of traditional online gambling
sites know that gambling operators can ask for a litany of personal
information. Faxing documents, credit cards and utility bills are a part of the
process for nearly every type of fiat currency based online gambling site.
This is not the case for bitcoin. Withdrawals will be sent
to the bitcoin address you provide, and there will be no “account verification”
process to determine your identity or any other hoops to jump for players to
jump through before they can cash out. Not to mention having to wait weeks,
sometimes even months until payment arrives, which sadly has been the case for
many US gamblers. It is a simple no-nonsense process cashing out via bitcoin.
It is no business of the government’s to know what you are
doing online. Nor is it necessary for online gambling sites to know your
personal information, including your home address and name, let alone your
credit and banking information.
Not Vulnerable to Seizures:
One of the things that make bitcoin so remarkable is that
there is no central bank pulling the strings and that it is not tied to any
sort of government regulation or control. This is especially beneficial for
online gambling, especially in jurisdictions where offering these services to
citizens is illegal or is a grey area.
The United States is a perfect example. US citizens have had
to be careful where they keep their money in recent years, especially after the
“Black Friday” fund seizures and indictments of the two largest poker sites in
the world, PokerStars and Full Tilt Poker. These funds were held over several
weeks by PokerStars and after two years, Full Tilt’s players are only now
beginning the remission process. The amount of funds seized from these poker
room held accounts was over $350 million.
With bitcoin, this is not possible. Governments cannot seize
bitcoins like they would with traditional bank accounts because they are not
connected to any worldwide banking authority. Furthermore, they don’t have
access to the bitcoin addresses connected to online gambling.
Another legal caveat is that bitcoin, at least for now, is
not considered money by the vast majority of the world’s governments. Of
course, this may change as bitcoin rises in popularity, but at the moment it is
essentially untouched from a legal perspective.
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