Bitcoin Gambling – Is The Bubble Going to Burst?

The amount of money generated by gambling is not news. However, many will be surprised to know that online gambling has been gaining a huge market share among gambling revenues. Recent statistics show that online gambling makes up around 8% of the entire gambling market in the world. The global market is valued at around $29 BILLION. This is expected to grow by around 10% by 2015, with a large part of those gains coming through Bitcoin gambling.

Bitcoin Gambling

Bubble –

There are some who believe that Bitcoin gambling will become a bubble in the same way as mobile app companies. That is inaccurate. There is no “bubble” for Bitcoin gambling. This is a legitimate aspect of online gambling with the potential to grow astronomically.

Maybe a tenth of online gambling revenue comes from Bitcoin gambling. That means most people do not use this method when spending money on gambling sites. Given the fact that Bitcoins are low in cost, very quick to process, and completely anonymous, there is no doubt they are underutilized.

If Bitcoin gambling can be marketed correctly, it has the potential to dominate the online gambling market. The CEO of SoftSwiss, a company that facilitates online casinos, said that they received around 400 new requests this year for Bitcoin online gambling sites. This number is expected to rise in 2015 and 2016. The demand is there, but now it is time for companies to deliver.

Obstacles –

The biggest obstacle to Bitcoin gambling may come from people who do not trust this online currency. There are many people who do not understand Bitcoins, or believe it is a fad that will soon cease to exist. It is up to the Bitcoin community and Bitcoin gambling sites to create that aura of credibility around the currency.

In addition, getting more established gambling sites to allow Bitcoins will help with exposure. For example, if sites such as William Hill, Ladbrokes or Sky Bet began allowing Bitcoins, the general public would have a greater trust of that currency.

When people realize that Bitcoins are a safe, easy to trade, anonymous way to spend money on the internet, Bitcoin gambling will become a huge part of the world’s overall gambling market.

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