This week we have a guest contribution from Oron Barber, the chief executive from Bitcoin marketing firm Coinpoint.net who talks about how the cryptocurrency is exciting from a gambling perspective. We welcome all contribution to the debate at GamCrowd, whether it is on bitcoin, blockchain or any other aspect of innovation and entrepreneurship in the gambling space. If you wish to have a say, just get in touch…
The emergence of Bitcoin in this field is a testament to the constant evolution of iGaming. It may have been created to simplify the transference of funds, but this technology has opened a new market for players and operators. Bitcoin gambling hasn’t reached its full potential yet. It still occupies but a fraction of the iGaming industry. But I wouldn’t be surprised if one day, Bitcoin becomes the standard payment mode across online casinos.
In fact, this is slowly gaining ground. Bitcoin operators like Beteast and Betcoin casino are up and running. There have been movements in the industry where real-money online casinos are integrating Bitcoin into their systems. Affiliates and marketers are also part of the picture with the likes of bitcoingg.com, bitcoincasinoaffiliates.com, askgamblers.com and others. The market is still new and growing.
Advantages of having Bitcoin in the payment system
Bitcoin makes payment transactions dramatically faster for both deposits and withdrawals. Cashing funds in for playing credits can be done with just a few clicks, while withdrawing your balance will only take a few hours’ — which is a significant improvement from several days’ worth of waiting for a fiat withdrawal.
Bitcoin payments also save both players and operators the extra fees placed on every single transaction. On the operators’ end, they can now avoid chargebacks and double spending, which are two problems common to the use of credit cards.
But the main takeaway with integrating Bitcoin is that it allows for a larger market. This means more possible customers for the casinos, as well as more choices and easier accessibility for the players. And this is why Asia is a perfect venue for Bitcoin gambling.
Bitcoin gambling in the Asian markets
Most Asian countries have warmed to Bitcoin. China continues to see the largest trading volume, Japan has recently embraced the cryptocurrency, and other countries like Hong Kong, Singapore, and the Philippines are destined to play crucial parts in the promotion Bitcoin use over time.
This region is pro-active in adopting Bitcoin, and the Asian gambling markets won’t be left out. Offshore Bitcoin casinos continue to attract local players. Anyone can own a Bitcoin wallet, fill it with funds, and use it to play Bitcoin games.
The increasing demand for Bitcoin gambling is promising to both operators and players, but it also proves attractive to affiliates. The iGaming industry is a landscape for financial opportunities in affiliation, and this could be the same for Bitcoin gambling.
While I strongly see the potential of affiliation in Bitcoin gambling, we aren’t in full swing just yet. This, however, isn’t an indication that Bitcoin casino affiliation won’t reach the same level with the iGaming industry. Bitcoin gambling, as of now, is still a premature market for affiliation. Nevertheless, this makes today the perfect time to build sources and establish a long-term platform.
What the Bitcoin gambling sector needs?
It’s still early days. I’m sure it will reach the mainstream in time, but for now, online casinos need to prepare for a wider acceptance and integration of Bitcoin. There is great potential in this market. Those who will tap this sector now can reap the payoff in the long run. And this starts with exploring the world of Bitcoin, using it in daily applications, and spreading the word about it.
CoinPoint is a digital marketing agency based in Australia. Its expertise is it provides a range of services to online brands within the gambling market and beyond. It covers search engine optimization, pay per click, branding, content and design, consultation, email marketing, and affiliation. But more than these is our expertise in Bitcoin integration, security, and processing solutions. www.coinpoint.net