How the US Online Gambling Market Has Changed

PaymentsThe U.S. online gambling market has changed quite a bit within the last year or so due to recent events.

Namely, the Panama Papers incident was especially impactful and made operators’ lives difficult. Many operators have been forced to start pushing Bitcoin payments to their customers instead of doing it the old way via checks, bank transfers or money transfer services (such as Western Union and Moneygram).

In other words, while much of the gambling industry laughed at Bitcoin a year ago, many now consider it the preferred method, or at least the most viable option since U.S. operators struggle to process standard withdrawals in a timely manner.

It’s possible that operators are making standard withdrawal methods less-appealing on purpose. Think about it: if they truly want the industry to switch to Bitcoin, it may make sense for them to increase withdrawal times and processing fees for the other methods – at least momentarily – in order to force the customers to look for other options.

For customers, the alernative option to using standard deposit and withdrawal methods is therefore Bitcoin, and that’s when your transfers are processed for free and delivered within a few days instead of you paying tens of dollars per transaction and waiting for weeks or even months.

The more likely scenario, though, is that operators are struggling. They seem to have survived the Panama Papers fiasco but are increasingly worried about similar events in the future. They see virtual currency as a way of avoiding trouble or at least softening the blow – if it comes. And it probably will.

Transferring real money has not only been challenging but costly to online gambling operators that accept customers from the U.S – yet another reason for them to switch to Bitcoin. If they can successfully get rid of those costs, it will not only make their lives easier but improve their bottom-line as well.

Ironically, considering Bitcoin’s volatility and the possibility of being hacked, the virtual currency indeed seems to be the safest option for gambling operators.