How is the synergy between iGaming and Cryptocurrencies born? Here is Short History of Bitcoin Casinos.

When the Bitcoin (BTC) network came online in January 2009, promising to be the next evolution of money, it was clear that this new currency would make quite a stir on the market.

Many still consider it a superior currency, as Bitcoin comes with many benefits that traditional cash cannot match.

The gaming and gambling industries have benefited a lot from this new type of currency. They both have a history of adapting and growing and are always willing to try out new technologies and ideas.

Just take a look at the original one-armed bandits and compare them with the modern versions of slots – it’s easy to see the gaming industry has rarely missed an opportunity to innovate.

Who Was The First?

It took some time for Bitcoin to become a legit payment method in online casinos, despite the obvious benefits the industry now has from using it. However, when exactly it all started is still a bit unclear. 

Some enthusiasts argue that It was not until 2015, when the Isle of Man officially allowed it, that Bitcoin found its way into casinos. Others say it happened even earlier – in May 2012, as suggested by a recorded transaction in a ledger.

What is certain is that Golden Gate Hotel and Casino started accepting Bitcoin as early as 2013, and several online casinos already had a BTC profit by the end of 2012.

Since then, the popularity of Bitcoin casinos has grown exponentially. Nowadays, every fourth online casino accepts Bitcoin as a payment method, and the number continues to grow on a daily basis. 

Currently, one can find numerous casinos which accept Bitcoin as a payment method.

7-bit Casino presently offers around 4,000 different Bitcoin-specific games, Bitzstart has more than 3,000 Bitcoin-based slots, and you can even place sports bets in BTC at casinos such as Bovada.

The list of casinos accepting Bitcoin is bound to expand even further in the years to come.

The trend is unlikely to stop anytime soon.

Every second, online gamblers execute around 337 cryptocurrency transactions, and it is estimated that approximately two-thirds of all crypto trades go through online casinos and sportsbooks.

Why Is This Combination So Successful? 

There is a natural link between gambling and cryptocurrencies. Considering the volatility of the crypto market, investing in Bitcoin and other cryptocurrencies is a gamble in itself and one with uncertain outcomes. 

To be successful at both gambling and crypto investments, you need to overcome your fear of losing and be ready to invest big. That’s why it was easy for casinos to jump on the bandwagon and add Bitcoin transactions to their business model. Crypto and gambling enthusiasts have some similar traits, which is why the two industries ended up working so well together.

Another factor is the unprecedented security and privacy features of Bitcoin, which appealed to gamblers who wanted to remain anonymous while gaming online. Lower fees and almost instant transactions are also tempting for just about everyone.

The possibility of bypassing traditional gambling laws and regulations allowed many players around the world a chance to play where they otherwise wouldn’t have been able to. 

Together with a system that allows for the creation of provably fair games, all these Bitcoin features are the secret ingredients behind the success of BTC in online casinos.

It’s undoubtedly a very successful collaboration that only looks to improve with time. 

By DOMENICO DRAGONE

iGaming expert - with over 10 years of experience in the retail market in Italy and knowledge of global online gaming. In the past he has worked with the largest national gambling companies and he managed some land-based shops on their behalf. Entrepreneur, investor and enthusiast of difficult challenges, in 2015 he founded The Betting Coach Group, an international news and social marketing agency geared towards sports, esports and gambling companies. He is currently the C.E.O of The Betting Coach and is a consultant for Loginbet.it Mr. Dragone collaborates with providers (game developers) and event organizers with the aim of helping them develop networks and business across continents. Passionate about journalism, he is the creator and promoter of iGaming Cafè, the first talk show in Italy, dedicated to companies and delegates from the gaming world.