Bitcoin Gambling to go Mainstream in 2016
While the general public will be unfamiliar with bitcoin, those in the gambling market are not. Over the past 5 years bitcoin gambling has matured into a multi-million dollar industry that stretches from the United States to China. The anonymity and accessibility that bitcoin provides to gamblers has proven unstoppable, and this year we may see the top gaming authorities in the world officially recognize bitcoin as a legitimate currency for gambling. With the market totally dominated by fiat-only gambling sites, official recognition of bitcoin could make this new crypto-market explode into a frenzy as mainstream casinos move to adopt the new currency.
Malta Gaming Authority (MGA) Speculation
Malta is home to the largest online casinos and gambling sites in the world, and it is also hostile towards bitcoin (not allowing its use under an MGA license). However senior figures at a number of leading casino providers including BitStarz have speculated that the MGA may consider opening up their license to allow for the use of bitcoin.
While there has not been an official statement from the MGA, the growth in the bitcoin gambling market is likely to provide a strong incentive to begin opening up licenses to use bitcoin.
Should Bitcoin-only Providers Be Scared?
Some fear that if fiat operators begin to accept bitcoin, there could be a mass exodus from bitcoin-only websites to these better-established mainstream platforms. However the reality of this may be quite the opposite – these larger fiat platforms could act as an enormous marketing machine, introducing millions to bitcoin literally overnight. As a result, players at these new fiat/bitcoin hybrid websites may opt to move to bitcoin-only platforms; and players who had never heard of bitcoin would also be searching for bitcoin gambling sites.
Should the MGA recognize bitcoin by allowing casinos to operate using the currency, it is likely that the bitcoin industry would benefit enormously. Do you think bitcoin could become mainstream this year? We certainly do.