There’s no denying that the world is captivated by cryptocurrencies. So, we thought we’d take a look at the risks online casino operators could face by accepting Bitcoin deposits from players who want to enjoy their slots and table games with the convenience and privacy of Bitcoin.
The Bitcoin Risk for Online Casino Operators
Online Bitcoin casino gaming has been gathering steam for a couple of years already. We know that online gaming’s come a long way since it first emerged as a fun, safe and relevant form of gaming. So, jumping on the crypto bandwagon seems like a natural progression.
When we look at the history of online gaming, it used to be that there were no regulations in place and casinos could do what they wanted, while players could place bets on anything, anywhere. Then, regulations began to creep in, keeping a lid on such activities and bringing them into line with the regulations of the country. Now, with the changes to Sweden’s online casino gaming regulations and Bitcoin joining the gaming world party, things are certainly about to be shaken up.
When you deal with just your Swedish Krona, for example, the play tends to be stricter and you’re limited to playing and withdrawing in your own currency, very often with wait times and chargebacks. Now, with Bitcoin in the picture, you can play with your Bitcoin, withdraw Bitcoin, play anonymously and a host of other benefits.
The rise of Bitcoin in the world of online gaming has certainly ushered in a less regulated era around the world. And overseeing bodies and governments are struggling to keep up with technology. In fact, since the rise of the cryptocurrency as a fluctuating investment, it’s proved a pain-point for many online casino operators.
The Downside of Bitcoin Gaming
Imagine you deposited 0.1BTC to play with today and on the day, it’s valued at $1,000USD. You play a couple of slots, have a few rounds of blackjack and tomorrow the cost of Bitcoin goes through the roof. A jackpot game like blackjack that you were into today pays out 11BTC. Suddenly, that 11BTC is worth a great deal more. If the casino hasn’t adjusted their jackpot quickly enough, then they have to pay out a lot more than they had anticipated.
Not only do operators have to face issues with paying out in Bitcoin, the other concern is players who win and accumulate their winnings in their player accounts.
So, let’s say on Sunday the house has paid out $10,000 to a player and that player leaves their funds in their account for another week and the price of Bitcoin rises. The operator may then have to dish out nearly double that of the actual win.
As you can see, for those operators accepting Bitcoin, the stakes are high. But, there are things they can put in place to ease the pain, and no doubt, they’re working tirelessly to ensure players continue to have a great experience the house isn’t left out of pocket.