Over the last few years, some of the biggest international online casinos are exploring unregulated markets like Brazil and India. In these countries, there are no laws that prohibit online gambling, but there are also no laws that regulate them. However, these countries are becoming increasingly important for online casino brands since they have a lot of potential and very little competition.
One of the challenges for online casinos in unregulated markets is providing payment methods compatible with these countries. Due to this, there has been a rising trend of online casinos entirely based on cryptocurrencies to online casinos adopting them as a payment method.
This article looks at Bitcoin casinos and why they are the new rage in countries like India.
Bitcoin Casinos and the perks of playing on them
The main reason why Bitcoin casinos are becoming popular in countries like India is that it is a great option for international transactions without compliance hurdles. International payment services like PayPal come with a lot of restrictions which makes cryptocurrency a viable alternative.
Other perks of playing on Bitcoin Casinos include:
- Faster transactions
The most popular bitcoin casinos in India process cryptocurrency transactions within just 15 minutes. While other payment methods can match this when it comes to depositing, the same cannot be said for withdrawals. For example, bank transfers can take up to 2 to 7 working days to go through.
- Greater degree of financial anonymity
Even though cryptocurrency exchanges and online casinos have KYC processes, paying with Bitcoin allows users to mask their financial activity to a certain extent. A lot of users prefer this since they might not want any gambling transactions on their bank accounts, given the unregulated nature of the market.
- A great deal for cryptocurrency investors
Coincidently, countries like India and Brazil have seen an uptick in cryptocurrency investments due to the weak local currency and the high rates of inflation prevalent in these countries. Bitcoin casinos allow these cryptocurrency holders to use their cryptocurrencies. Given the gambling-like nature of investing in these markets and the wild gains, it is very likely that crypto investors are willing to gamble with some of their returns.
Why Bitcoin can be the best option for unregulated markets
Cryptocurrencies like Bitcoin could remain a popular method of payment for unregulated markets like India. However, we also feel that as regulations come in, players would shift to more traditional payment methods as they might be more user-friendly.
For example, we are already seeing this in India as the biggest online casinos have started adopting a free and instant payment method called Unified Payment Interface (UPI). Since it solved the problem of expensive fees and delays, a lot of Indians prefer using that over Bitcoin these days.
Regardless, cryptocurrencies have always played a large role in gambling since their inception and it is exciting to see where the technology goes and how the world reacts to it.