FinTech Bitcoin and Online Casinos

Published Tuesday, October 18, 2016 -
FinTech Bitcoin and Online Casinos

The big news about the called off deal between the William Hill firm and Canada’s Amaya Gaming seems to be on every front page and then there is the interesting announcement about the first online gambling operator licensed in the U.K. to accept Bitcoin for transactions. Bitcoin has been called the ultimate currency for online betting. Using this virtual money and the technology behind it is putting a very different spin on economics when it comes to the growing use of the virtual coinage for wagers. With the fluctuations in the Bitcoin’s value when traded for hard cash in whatever currency it becomes a little harder to keep track of the actual cost of trading with this form of money. Bitcoin has had a rolling history that has included the loss of Bitcoin digital wallets but it has maintained a constant upward trend in its use.

There are certainly advantages in using Bitcoin because your transaction in the digital world is immediate and secure. Depositing virtual money to an online casino account usually involves smaller fees compared to deposits using traditional standard payment methods.

The FinTech sector is growing in leaps and bounds as the demand for Bitcoin access continues to grow. The Financial technology economic industry made up of firms that use technology to make financial services more efficient. The proof that the use of blockchain has created an interest is clear in the stats from Wikipedia. Global investment in financial technology increased more than twelvefold from $930 million in 2008 to more than $12 billion in 2014.  EY known formerly as Ernst & Young did a report for the U.K. Treasury early this year which compared seven leading FinTech centers. California USA was first for 'talent' and 'capital', the United Kingdom came in at the top of the list for 'government policy' and New York number one for 'demand'. The online gambling industry is part of the growing demand for Bitcoin with more online casinos willing to participate.

Related news

Return to Latest News