Bitcoin was designed in 2008 and a year later began recording the record of transactions made through this new invention. It is essentially a type of digital currency that allows transactions between holders without the intervention of a central bank or central administrator.
While the legal framework to which it belongs remains quite vague, bitcoin offers immediacy, speed and extremely low transaction costs. This is the main reason why its use was accepted by the emerging industry of online casinos, always in the context of both the required development and the great competition between them.
Slots are undoubtedly the favourite game of many players, which is verified by simply taking a look at the large number of slot machines located in the halls of a land-based casino and the frequency with which visitors try their luck in them. In this context, land-based slots will be, as it turns out, the first gaming to operate with Bitcoins credits. In practice, this means that the popularity of existing slots will flourish even more than the already loyal audience, while at the same time the attraction of new players should be taken for granted.
At the same time, such a development will serve as a strong impetus for software providers to equip the market with a new range of games where they will have the opportunity to introduce new innovative and even more modern features. With the competition erupting again, the slots game itself will be the one that will further raise its shares in the “stock market” of land-based gambling. One of the oldest and most popular providers, IGT, is already in the process of obtaining a required patent certification so that its next products are compatible with bitcoin operation. We can only assume that the other strong names in the industry will follow the same path.
Statistics around the target group that attract mainly slots, have recorded that ages 25-40 are those who choose to spin the wheels more often. Exactly the same age group is the one that according to statistics has a very large stock of bitcoins. It is very easy to see that slots and bitcoins are two objects of the same age category. And what does it mean? It means how possible future acceptance of Bitcoin by land-based casinos will bring a large portion of players to land-based slots screens, as at the moment their choice seems to be necessarily focused on online casinos.
It is worth mentioning that the “marriage” of land slots and bitcoins is probably just around the corner. The first step has already been taken by the Nevada Gaming Commission, as state-owned casinos now allow direct credit to slot balances through e-wallet applications installed on a smart mobile device. There are many scenarios that want the Bitcoin Wallet to be the next to be integrated in direct transactions, a development that will probably be adopted by land-based casinos in several more countries.
At the moment, land-based casino transactions are carried out either using cash (and converting them into chips) or by debit/credit card, giving each visitor a choice. These two types of transactions may be the most common, but every business should always consider the possibilities of further development. In this context, the case of the acceptance of Bitcoin by land-based casinos is inevitably on the table. The elaboration of such a contingency focuses on the possible benefits that such a move will bring.
First of all, it is worth mentioning that the popularity of the cryptocurrency under consideration is steadily rising, something that happens in connection with the rapid increase in its value. Only land-based casinos can be detrimental if they do not allow bitcoins holders to use them in luxury rooms in the near future.
As mentioned above, bitcoin transactions exempt users from extra charges for tax or commission reasons, as is often the case with direct use of bank cards or cash withdrawals from ATMs. This gives an extra incentive for land-based casino visitors to redeem the bitcoins they probably own.
The ease of use of bitcoin is one of the key features of this virtual currency and it is no different compared to any other e-wallet. Extra privileges include maintaining the anonymity of the holders, as well as the safe and immediate processing of transactions. Based on the above, accepting Bitcoin from the best online casinos can lead to a win-win situation. More specifically, casinos will make extra profits and visitors will have another option to invest their cryptocurrencies in a highly lucrative way.