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22/02/14 - Is Bitcoin suitable for Betting? No, it's perfect!

After reading another article this morning by another non-gaming industry body concerning Bitcoin in the gaming industry, we think it has to be said.

 

The negative hype surrounding Bitcoin?

 

OK, let's talk about cash. A man get held up at gun point for cash, counterfeit cash discovered, cash value has dropped/increased due to political reasons, businesses accepting cash payments to avoid paying taxes, money laundering cash in casinos, cash used to buy drugs/weapons!

 

All day to day and very regular headlines. So, we give up on cash?

 

Credit cards then. Credit cards forged, credit cards stolen, credit cards cloned at ATM's, Credit Cards encouraging debt and the big daddy - chargebacks!

 

Considering how much money the CC's make on each transactions from the merchant/customer we should have given up on these a long time ago.

 

So lets talk about volatility then! Now then, this is the cruncher. Anyone who has worked in gaming or can remember ever working in an actual casino or online gaming company can clearly remember that in the gaming industry we work in chips, tokens, credits and Tito barcodes. These can change their value at any time. 

 

In Bitcoin, one day the customer can decided to play at 1.0 value or the next at 0.0001 value. Surely this is firstly this is true customer service, letting the player play at the value suitable to them (no minimum bet) but more importantly it doesn't matter what the cash exchange rate is, the customer can decide on what his value is. A business model we wish the landbased and present online operators would adopt and that the regulators should enforce.

 

What about the poor operator who may have to go out and buy Bitcoin at a higher exchange rate to pay out a winner? (all say ahhh). 

We are going to let you into a secret... Gaming operators make money due to 
1). the house edge that ensures they win over a period of time 
2) because for every  1 winner there are about 5 losers behind them who make up the winning payout. 
However, anyone who is a legitimate operators should have in his reserve sufficient stock of funds to pay out winners on a roll.

 

Along with the ability to consolidate players wallets at end of day, please wake up, casinos and betting are the only industries where Bitcoin volatility does not come into the equation!

 

 

So anyone interested in operating their own landbased casino and online betting business in Bitcoin & cryptocurrency, please feel free to ask us;

1) How you are going to authenticate each player 
2) How you are going to market to your customers globally, segmented and individually 
3) How you going to convert your players into Bitcoin at ease
4) How you are going to give your players better value for money
5) How you are going to operate more transparently that will be a regulators dream and holiday
5) How you are going to fulfill and more your social responsibilities
6) How you are going to minimise and eradicate your risk
7) How you are going to protect your customers and staff against security issues
8) How you are going to delight your regulator with all of the above and more..
and 9) How you are going to increase your bottom line!

 

For details on our Sportsbetting platform for sale click here

 

And for the industry "experts" than have never worked at tables, slots, online customer service, telebetting, online payments, marketing,surveillance, online fraud and KYC please think before your next article.

 

Find out from LinkedIn the latest information regarding BITCOIN in the BETTING business

 

Casinos for sale

 

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