First of all, exactly what is Bitcoin? You may have heard about it in the news, but what is it? The definition of Bitcoin is that it is a form of currency which is digital. It is currently under no one’s control. It is not a physical currency so you cannot actually possess it. It is basically a form of currency that could be called a crypto currency. It is worldwide and there are no banks or institutions which control it anywhere.
As most people already know USA casinos are not accepting Bitcoins for gambling. Very recently one Las Vega casino did start using Bitcoins but not for gambling, just for use in the hotel. This is a big step as it does at least get the ball rolling in that direction. It should only be a matter of time before Bitcoin casinos are using them for gambling as well.
PayPal has recently decided to get back into the online gambling arena. They had withdrawn in 2003 as partners with eBay when the infamous ‘Black Friday’ event occurred. Since becoming separate from eBay they are rethinking their stance on gambling and want to become a participant in the online industry. Recent studies of the gambling business within the U. S. estimate that even with only three states having legalized gambling the market could very well attain over $5 billion dollars in the next few years.
One of the side considerations to are that all the transactions are anonymous as well. So in reality a consumer could gamble on European gambling sites and use their PayPal accounts for payments or winnings and it would not show what these transactions were for. This is also true for the gamers that are outside the three states that do have legalized gambling.
USA casinos could benefit from the use of Bitcoins in many ways. It will definitely increase the amount of consumers who have taken part in the growth of the Bitcoin boom. No matter what the laws of the land may do people will always gamble. To think that over $5 billion dollars will be spent on gambling in the three states in America where it is legal is astounding. What could it be if legalized from coast to coast? Much of this business was lost when internet gambling was outlawed in 2003 and the use of Bitcoins is now allowing much of that type of activity back into play.
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