Online casinos have been thriving for many years, but they are always looking for innovative ideas. The games are the main consideration when choosing an online casino and the bonuses are also a key factor when selecting on online casino to join. Recently, deposit and withdrawal methods have also become a talking point when determining which online casino to join. Bitcoin is one of the latest additions to online casinos in 2022.
Not only have we seen established online casinos adding Bitcoin and other cryptocurrency as deposit methods, but we have also witnessed the introduction of online casinos with a focus on cryptocurrency. These online casinos have brand names associated with cryptocurrency, including Bitcoin and often use the word ‘bit’ in the name of the casino. Pressure is growing on the big-name online casino brands who have yet to add Bitcoin as a payment method to move with the times and make it happen.
If we take an online casino Ireland, such as Casumo, they offer a range of deposit and withdrawal methods, using many of the most popular options. Visa, Mastercard, Skrill, Neteller, Paysafecard, MuchBetter, Mobile Billing, Instant Banking, and PayPal are all available but there is currently no sign of Bitcoin. Most players in Ireland will be happy to use one of the deposit methods currently available at Casumo but it will be interesting to see if they decide to add Bitcoin soon. At this stage, it is unclear if online casinos without Bitcoin are losing a lot of players to those that do offer cryptocurrency payment methods.
Looking at the online casino scene in the United States, it is illegal to play real money games at online casinos in the country. However, some online casinos are finding a way around that by using Bitcoin. Most of the online casinos offering Bitcoin in the US are operating from outside the country, so you must be careful if you reside in the states and want to use an offshore online casino.
Chainalysis, a blockchain analytics company, found about 70 crypto-friendly casinos currently operating in the United States but not one of them has an official license to provide their services. The study showed the crypto-friendly online casinos received an estimated $2.8 billion by mid-April in 2022 and the industry as a whole generated $10 billion. The $10 billion in 2021 was a 64 percent increase from 2020 and underlines the growing market for Bitcoin casinos in the US.
Social media accounts providing advice on how to play at a Bitcoin casino are readily available online. There are videos with step-by-step instructions on how to avoid being blocked by using a virtual private network. To play at some cryptocurrency casinos, all you need is an email address to get started. There is no requirement for any personal information, and this makes the entire process fast and, in the most part, anonymous. If any issues arise when using a Bitcoin casino with a VPN, it is often problematic because the casinos are not licensed or regulated, meaning they have no reason to help.
However, thanks to the speed of registration and anonymity of Bitcoin casinos, they are only going to increase in popularity. When unregulated, it is a problem and can be harmful to those who suffer from gambling addictions as there are no regulations in place. This may lead countries to introduce licensing for Bitcoin casinos and offer them in a safe way, but cryptocurrency is not always easy to regulate. So, it is possible to have a lot of fun playing online casino games using Bitcoin, but it is worth checking the regulations before you begin.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
