Bitcoin Making Waves In Online Gambling World

Wherever legislators stick their noses in to make our lives difficult, there is always an in” novative solution proposed by open-minded thinkers. In the online gambling world there is a fascinating topic that is catching the attention of many. While online gambling is still illegal in many countries for real money, the use of Virtual currency is now being used to offer gamblers a legal solution to enjoy the rewards of internet gambling.

As many know bitcoin is a virtual currency that was created in 2009. What makes it unique is the fact that there is no physical bank or government involved like with other currencies and as such wagering online bets is legal. In countries like the U.S.A. and other jurisdictions where online gambling is illegal, Bitcoin is seen as a viable alternative to standard currencies until the legal situation allows otherwise.

In a report in Forbes Magazine there are examples of gambling sites reporting triple digit growth rates with the use of Bitcoin. SatoshiDice is currently the leading Bitcoin gambling site when it comes to bets wagered. SatoshiDice reported an impressive 78% growth rate from May to December 2012. Players bet a total of ?1,787,470 in 2,349,882 individual bets.

Even more impressive was bitZino who offer online casino games like roulette, video poker, blackjack and others with the bitcoin option.They reported first year earnings from wagering of ?10,137. During the year, players bet a total of ?664,192 in 3.2 million individual bets. They reported an increase from 3,087 unique user count in June to 8,737 in December 2012. This in numbers means a triple growth rate of 183%.

These are just two examples of how popular bitcoin is becoming. Many believe it is just a matter of time before other online casinos begin utilizing Bitcoin as a playing option for their users. It remains o be seen if the legality of the use if Bitcoin will be challenged in countries like the U.S.A.  In the mean time this innovative solution will enable the online gambling community to grow even bigger.

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