As far back as four years ago, there was a lot of discussion about whether or not Bitcoin would catch on as a viable banking option with online casinos and sport books. While the jury is still out, the industry is moving closer to an answer.

For now, about one in seven online casinos are accepting Bitcoin and their number is getting bigger all the time. The truth is, there are still a lot of major operators, that are not convinced yet, that cryptocurrencies will stand up to the scrutiny being put forth by federal governments all over the world. The question is, “what will it take for an online casino website like casumo.com to begin accepting Bitcoin players. We shall see in the coming months.

The Benefits for Customers

For a lot of understandable reasons, online gamblers are becoming increasingly sensitive to deals with online casinos and bookmakers over banking problems. This is the end of the second decade of the 21st century. Technology has delivered conveniences that were difficult to fathom even a decade ago. Among these conveniences was a peer-to-peer payment option called Bitcoin.

Every aspect related to Bitcoin and cryptocurrencies, in general, seems to be a perfect fit for the online gaming industry and specifically, people who want to gamble online. The benefits of using a cryptocurrency like Bitcoin are immediately apparent. First, players are tired of paying outrageous fees to process deposits and withdrawals going to/from online gambling websites. It eats away a small portion of the bettor’s bankroll, which is unacceptable to someone with limited resources. Bitcoin transactions cost next to nothing to process. The process of a customer giving their Bitcoin directly to the casino’s Bitcoin account removes at least two steps in the transaction processing operation.

Another thing that really bothers gamblers is having to wait for days to have their withdrawals processed. It’s nerve-racking to wonder if the online casino is finally going to do the unthinkable, not process the payment at all. The reality is online casino operators should be concerned about security issues when dealing with banks and credit card companies. They can ill-afford to send withdrawals to the wrong people at the wrong time. With Bitcoin, there are built-in Bitcoin security features that remove most if not all of an online gambling sites concern. Without concerns, the online operator is able to immediately and efficiently process withdrawal requests, leaving all parties satisfied and happy.

Finally, Bitcoin offers something no other banking option offers, something most gamblers want and sometimes need. It offers them anonymity. If someone wants to play blackjack or bet on sports without scrutiny, they should be able to do so. It’s neither the bank’s, casino’s nor government’s business who is gambling online.

Will Bitcoin Move Forward to Online Gamblers in 2019?

The answer to this question is complicated. It appears a number of top online casino operators are poised to start accepting Bitcoin at some point in 2019. However, there are a number of important countries that still have to figure out how to deal with the whole crypto phenonium.

In America, some states are actually accepting Bitcoin for tax payments. With that said, the US federal government is still busy trying to figure out how to track customer transactions for tax purposes. The UK and China are still on the fence. Crypto price instability is keeping other nations at bay. With so many issues unresolved, a lot of casinos are moving forward but doing so cautiously. Why? Fiat currencies are backed by governments or gold. Bitcoin and other cryptocurrencies are backed by nothing more than faith they exist and have the value stated online. For some online casino operators, the level of risk associated with dealing in cryptocurrencies is still a little too high to justify taking the chance.

Yes, we can expect a lot of online operators to start accepting Bitcoin while trying to stay competitive within the industry. However, all eyes will be on government regulators that are expected to hand down important rulings in the next 12 months.