Latest Developments in Bitcoin Gambling
Gambling is one of the most popular use cases for Bitcoin. This sector has seen a rapidly expanding userbase over recent years, and Betcoin – one of Bitcoin gambling’s market leaders – has so far secured hundreds of thousand of players at its online casino. That trend is certainly looking to continue – the price of Bitcoin recently broke its all time high, and the resulting media attention was enormous; searches in Google have shown a significant growth in Bitcoin gambling when compared with recent years, and traffic to Bitcoin gambling sites like ours has soared.
With such a positive outlook for the online Bitcoin casino and gambling markets, what can we expect for the next 12 months? Here are some of the latest developments:
DirectBet.eu Wins Best Bitcoin Gambling Site on BitcoinTalk.org
When it comes to gambling with Bitcoin, dice is by far the most popular game. Bitcoin dice betting is a unique gambling concept that is new to Bitcoin, allowing players to bet anywhere from micro amounts (0.001mBTC – about $0.01) through to half a Bitcoin or more. SatoshiDice was the first to start this trend when it launched in 2012, and many other Bitcoin dice sites have been founded since.
DirectBet.eu is another site that offers Bitcoin dice, and has been extremely popular for doing so. Not only do they offer dice, but they also offer sports betting and a casino too. Bitcoin and Ethereum deposits and withdrawals are accepted, and payouts are made immediately – earning them top position on BitcoinTalk.org’s poll for the best Bitcoin gambling sites.
Esports Betting with Bitcoin
Bitcoin and esports are two new markets that are rapidly expanding in dozens of countries across the globe. They are also perfectly married together in the form of Bitcoin esports betting, a sector that is likely to replace Bitcoin sports betting in the coming years. Last year, top brands like Coca Cola spent a total of $325 million in esports, with esports intelligence agency Newzoo estimating that total spend to increase to $800 million by 2019. It has also been allegedly reported that Red Bull plans to increase their esports advertising budget by 700% in 2017, likely a result of Monster’s domination in this market over the last several years.
Bitcoin esports gambling is an underrepresented market at the sportsbooks that we list here, although that is rapidly changing and we expect it to be a major feature of all leading Bitcoin sportsbooks by the end of this year.
Cryptocurrency Gambling ICOs
An “Initial Coin Offering” (ICO), taken from the phrase “Initial Public Offering” is the distribution of a cryptographic coin (cryptocurrency) as a means of fundraising. Investors purchase the new coin on the expectation that if the network for that cryptocurrency increases in value, then their future earnings will increase inline with this. ICOs are popular because they are accessible to anyone in the world at a low cost, and are secure in the fact that coin supply cannot be (easily) increased.
As with all new technology, the risks can be extremely high. While some gambling ICOs have been completed successfully, a handful of Bitcoin/Ethereum based casinos and dice sites, including BetKing.io, Etherroll and Betbase.com have all failed to deliver on their ICOs. 2 of the 3 sites listed have ceased operation shortly after their ICO announcement, highlighting the enormous risks that come with gambling ICOs.
We fully expected gambling ICOs to be a force within the cryptocurrency gambling market, but it may be some way off before anyone can safely invest in such an asset.