Why Casinos Started to Pay Out in Bitcoins?

[tyz]

In July 2017, Bitcoin hit a new all-time high against the USD, earning any Bitcoin bettor a whopping $3,000 for every coin traded. According to the CoinDesk Bitcoin Price Index, BTC crossed the mark sometime in the month to set the all-time high against most of the major currencies. And with an increasing number of people continuing to use the Cryptocurrency globally, the value is set to increase more.

Considering the near global and industry adoption of the currency, favored mostly because of its decentralized system, it’s no surprise that there are people, and bettors are continuing to adopt this method of payment for online casino games, too.

Check out five reasons why casinos started paying out in Bitcoins.

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[Mike Mayor]

It's not so much about what they paying out but rather what they are paying in. The casino can earn money faster and players can gamble faster. This is why casinos can have such a low house edge. It's well compensated for by the sheer volume and speed of bets.
I also say it's more about paying in because paying out doesn't need to be a rush but paying in it does because you can't play until it's deposited and confirmed which with Bitcoin is relatively faster.

[Tenderino]

One reason to offer bitcoin deposits and withdrawals is surely because operators don't need a license for this processing method and the fees are lower compared to Fiat money payment processors.

Alone to possibly save the license fees will give the gambling site a huge financial advantage!

[FlightyPouch]

I think rather than those five, another reason is that they trust bitcoin and it will be more profitable in the near future.

Many casinos started the same time bitcoin is starting to build up it's popularity. Many gambling sites sees bitcoin as a digital currency that will be used widely online, it is volatile so it is obvious that they predicted that the price will be having a lot of pumps.

[Junko]

Bitcoin casinos don't have to deal with credit card chargebacks or credit card fraud. They also don't have to deal with any of that pesky AML KYC compliance stuff.

[npredtorch]

IMO it's because of the reason that bitcoin is the first and foremost coin to be accepted by the community (if the question will be why bitcoin and not some alt coins). It's already been a routine for people to use bitcoin as a bet for their gambling activities and will stay as it is as of this time. Moreover, bitcoin is widely known for its availability of rich contents/tutorials on how to use it which give bettors an easy access to start betting.
As for the bitcoin vs fiat, I guess the biggest reason why they choose bitcoin is that it have a faster confirmation and don't require any third party to cash in/cash out.

[Jewell]

Bitcoin casinos don't have to deal with credit card chargebacks or credit card fraud. They also don't have to deal with any of that pesky AML KYC compliance stuff.

in fact most of the casino has now providing opportunities tor online gambling therefore it is more convenient for them to use using bitcoin which is already using in all over the world and in fact bitcoin has the same price through out the world therefore they are using bitcoin instead of any other currency.

[EdenHazard]

Bitcoin casinos don't have to deal with credit card chargebacks or credit card fraud. They also don't have to deal with any of that pesky AML KYC compliance stuff.

but they have to deal with the high fee now and also a long time to get confirmed.

but yes it is far better than have to use fiat as currency to gamble. at least it is much more easier and safer to use bitcoin. you could always move your funds from a casino to another easily right? there's a lot of benefit using bitcoin in online gambling world.

[joebrook]

Payments in bitcoins is quicker and i think cheaper since there will not be a lot of charges on the part of the Casino's,Most casino's and even forex companies are leaning towards bitcoins due to the fact that it totally removes fraud from the system and there protects the customer and the house at the same time.

[phr0stbyt3]

The biggest myth of all time casinos never pay out they only take in. The point is the real life casinos are really hard to manage you have pressure from the government to pay high amount of taxes , to start a casino you need various permissions, varuous other problems involved for the online ones all you need is a script and domain because of bitcoin they are free to function the way they want

[mrcash02]

I agree with most points, but I don't think it's totally safe and secure. Bitcoin casinos are very risky, as it's decentralized we can only hope the owner is an honest person, otherwise he can run away with everyone's money anytime. What sustains the decentralized world is the "Trust Pact" between its users, if it's broken, everything is in Crypto-Currency is broken.

[MinerHQ]

The biggest myth of all time casinos never pay out they only take in. The point is the real life casinos are really hard to manage you have pressure from the government to pay high amount of taxes , to start a casino you need various permissions, varuous other problems involved for the online ones all you need is a script and domain because of bitcoin they are free to function the way they want

Yes, because of easy to set up a business without much hard work bitcoins are more useful. Players also don't want to play with their credit cards and prefer to play anonymously online so gambling with bitcoins has become more easy and famous recently. For both casinos and players, it is more easy and safer way to handle their money and transactions compared to fiat currency.

[romero121]

The biggest myth of all time casinos never pay out they only take in. The point is the real life casinos are really hard to manage you have pressure from the government to pay high amount of taxes , to start a casino you need various permissions, varuous other problems involved for the online ones all you need is a script and domain because of bitcoin they are free to function the way they want

Yes, because of easy to set up a business without much hard work bitcoins are more useful. Players also don't want to play with their credit cards and prefer to play anonymously online so gambling with bitcoins has become more easy and famous recently. For both casinos and players, it is more easy and safer way to handle their money and transactions compared to fiat currency.

I don't think that it's easy to setup, but what I understood is that even if the development is quiet complicated the further process takes place without much difficulty. This makes more casinos to start payout in terms of bitcoin. Another thing is that the confirmation time is much important in online gambling which is perfect with bitcoin than other sources.

[machinek20]

It is a great thing that casino is aware of bitcoin, bitcoin provides a good solution for gamblers that dont want to verify the identity and the casino earn the opportnity to drag more customers, and by using bitcoin, casino and gambler dont need to be headache about the regulation

[6Asmodeus6]

Well in my country it was a big profit from taxes for casinos and gambling sites.Our goverment doesn't know much about Bitcoin yet they are trying to stop who uses it.They started blocking gambling websites and eventually they will do something about bitcoin users.

[traderethereum]

It is a great thing that casino is aware of bitcoin, bitcoin provides a good solution for gamblers that dont want to verify the identity and the casino earn the opportnity to drag more customers, and by using bitcoin, casino and gambler dont need to be headache about the regulation

i think this is why the casino makes many programs to attract customer which is making a bonus for deposit. i think both side will make benefit from using bitcoin, the owner can start their business with safe and the gamblers can cover their identity while they only want to playing gambling. the casino owners thinking that if they used bitcoin, they can easily to earn money from their customer and beside that, bitcoin price is always increase and makes the owner make big profit too.

[btc-facebook]

Bitcoin open many opportunity for many service for example gambling industry.
For some country forbid fiat transaction will choose bitcoin as fiat complement as bitcoin is safe,fast, and anonymous
I'm sure that many gambling industry will expand and accept bitcoin on the future

[bering]

those five reasons was very makes sense for me that lately this is might be the cause why bitcoin casinos grow pretty fast because gambling use bitcoin makes the casinos and the players itself are felt comfortable and on my view in the future there is a chance bitcoin gambling sites will dominate gambling sites in the world

[avatar_kiyoshi]

Bitcoin have more chance to be the future of online gambling, it's proved bitcoin make it easy to do a transaction and have secure system.
Recently new bitcoin gambling site pop-up, it's proved the business is promising because bitcoin makes it easier for both parties (player & house). Beside that, AFAIK intertops casino who established since 1996 already accept bitcoin.

[stergium]

Bitcoin casinos don't have to deal with credit card chargebacks or credit card fraud. They also don't have to deal with any of that pesky AML KYC compliance stuff.

in fact most of the casino has now providing opportunities tor online gambling therefore it is more convenient for them to use using bitcoin which is already using in all over the world and in fact bitcoin has the same price through out the world therefore they are using bitcoin instead of any other currency.

in fact most of the casinos has transferred their business to online casino and they want to attract more and more people therefore they are introducing bitcoin and so many other purposes;

[joromz1226]

In July 2017, Bitcoin hit a new all-time high against the USD, earning any Bitcoin bettor a whopping $3,000 for every coin traded. According to the CoinDesk Bitcoin Price Index, BTC crossed the mark sometime in the month to set the all-time high against most of the major currencies. And with an increasing number of people continuing to use the Cryptocurrency globally, the value is set to increase more.

Considering the near global and industry adoption of the currency, favored mostly because of its decentralized system, it’s no surprise that there are people, and bettors are continuing to adopt this method of payment for online casino games, too.

Check out five reasons why casinos started paying out in Bitcoins.

Because it is less cost, and many of the payers in the gambling world are bitcoin players already. Then, bitcoin was decentralized that's why bitcoin don't have any taxes and others. So the casino, can't be touch by any of the government sectors.

[Wipro]

In July 2017, Bitcoin hit a new all-time high against the USD, earning any Bitcoin bettor a whopping $3,000 for every coin traded. According to the CoinDesk Bitcoin Price Index, BTC crossed the mark sometime in the month to set the all-time high against most of the major currencies. And with an increasing number of people continuing to use the Cryptocurrency globally, the value is set to increase more.

Considering the near global and industry adoption of the currency, favored mostly because of its decentralized system, it’s no surprise that there are people, and bettors are continuing to adopt this method of payment for online casino games, too.

Check out five reasons why casinos started paying out in Bitcoins.

Because it is less cost, and many of the payers in the gambling world are bitcoin players already. Then, bitcoin was decentralized that's why bitcoin don't have any taxes and others. So the casino, can't be touch by any of the government sectors.

Still there are lot of active gambling site being paid to poker room members to play a poker games. Recently US government blocked many poker site.
Bitcoin payment preferable to every people which will increase in rate wise every time.

[xuan87]

There are a lot of things that suitable between casino and Bitcoin, all of the Bitcoin feature like anonymity, fast transaction, accepted worldwide and easy to setup a wallet, are really suitable for world wide casino, and as I know since casino accepting Bitcoin, their profit and revenue is increasing, so Bitcoin gives very positive affect for casino, no wonder casino accepting bitcoin

[BitcoinSupremo]

It is a perfect combination, casinos are free of charge backs from the likes of Paypal, Skrill and Credit Cards, all major payment systems in FIAT casinos. Players are free from being forced to show their identification papers in order to play in FIAT casinos. End result ? Both parties are happy to have Bitcoin as their only payment system. It ensure users privacy and the casino is free of charge backs and if the casino is a believer in Bitcoin future rise in price ,this is another advantage for the casino.

[BlockEye]

There are a lot of things that suitable between casino and Bitcoin, all of the Bitcoin feature like anonymity, fast transaction, accepted worldwide and easy to setup a wallet, are really suitable for world wide casino, and as I know since casino accepting Bitcoin, their profit and revenue is increasing, so Bitcoin gives very positive affect for casino, no wonder casino accepting bitcoin

It is the easiest way to deposit amounts in gambling casino. Btc and any alts were the new form of tokens in order to play in casino. Lucky those gamblers who are too busy that can't go in real casino ,when they have spare time they can play anywhere anytime through btc. It's the newest trend on doing gambling ,playing in via phone or at home.

[mondobitcoin]

1. Because bitcoin has become popular and the casinos want to offer to people another choice for deposit money
2. Because its clear and without "tracking" of your deposits/withdrawals , nobody can trace you, with credit card or others method there is trace of your movements, a lot of people dont like this, they want privacy, and casinos understand this

[LuanX3]

Because bitcoins are easier to work with than the regular channels. Think about it, if you are a casino, it is super easy to implement a bitcoin deposit and withdrawal system. You don't need to get a visa, mastercard, paypal, whatever payment method license or whatever procedure you need to do. All you need is code and you're ready to accept it and pay withdrawals with it.

[Slark]

I read this article and one reason is still: cheap transaction fees - what a nonsense is that? According to bitcoinfees21.co -
'For the median transaction size of 226 bytes, this results in a fee of 101,700 satoshis' - which is currently around ~$4.5.
This is a feasible fee for whales, who are spending hundreds or thousand in one gambling session. People who play with peanuts won't like that fee...