Friday, January 17, 2020

The Future of Bitcoin in Brick-and-Mortar Casinos

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

The Future of Bitcoin in Brick-and-Mortar Casinos

As Bitcoin is taking over the way different industries conduct their transactions, brick-and-mortar casinos are no exception. While we talked about how cryptocurrencies are unlikely to impact land-based casinos in our previous article entitled ‘Will Cryptocurrency Gambling Kill Land-Based Casinos?’, it seems that now, some casinos are looking to adopt it into their services. This comes as no surprise. As traditional casinos are slowly losing revenue to online gambling sites that offer cryptocurrency options, it makes sense to let go of old practices and go with innovation. After all, as the saying goes: “If you can’t beat ‘em, join ‘em.”

Given the appeal of Bitcoin, it comes as no surprise that consumers will start to prefer it to holding cash. The decentralized nature ensures direct and safe transactions and bypasses any need for intermediaries such as banks who could halt the process. Not to mention, the low transfer fees and faster transactions make everything easy and seamless, which is why it comes as no surprise that Bitcoin is so popular in the online gambling world.

That said, how are traditional and online casinos making an effort to implement Bitcoin in their practices? And what kind of future does Bitcoin have in brick-and-mortar casinos? Let’s take a look.

The scope of Bitcoin and casinos today

Cryptocurrencies already have a history with casinos — the online ones in particular. Known as ‘Bitcoin casino’, Coin Insider defines these as any online casino or sports betting agency that accepts Bitcoin either by preference (or alongside) fiat currency. In the U.S. and Canada, where online gambling is prohibited, such casinos have allowed them to play in online casinos that operate from different corners of the earth while being assured of their savings.

Not only has this made online casinos more popular than land-based casinos, but the mobility that online gaming provides allows players to enjoy their favorite multiplayer games — like poker or roulette — on the go. The convenience and customizability is appealing as well, especially for the new generation of players. In fact, PPPoker’s LinkedIn profile highlights how playing poker online makes it highly customizable — from creating private clubs to playing with your friends, there is a myriad of options at the players’ fingertips. Not to mention, online gaming casinos offer welcome bonuses to new players, which traditional casinos fail to provide.

Only a small number of brick-and-mortar casinos accept Bitcoin on their gambling floors, namely Merit Hotel Nicosia in Cyprus and the Princess Casino network. While there are more casinos that accept some form of Bitcoin payment, such as The Golden Gate Hotel & Casino and The D Casino Hotel in Las Vegas, they have yet to let the cryptocurrency onto the platform.

What the future of Bitcoin and gambling looks like

It’s safe to say that Bitcoin is likely to hit more gaming floors in brick-and-mortar casinos in the future. With its fast implementation in online casinos, this is definitely a must for physical casinos to keep up and remain competitive. Not to mention, this can also open the doors to online players switching over to casinos in Las Vegas to gain the full experience!

The technology to implement this is already available, and there’s no shortage of people who are going to find it a convenient and highly social opportunity— it only takes a single forward-thinking casino to truly apply it.

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