Australia’s ‘Hottest Bitcoin Market’ May Dictate Bitcoin Gambling Popularity
Gambling online with real money in the Land Down Under is legally prohibited, but using bitcoins to play the Bitcoin casino games on the web is not. Players, therefore, should not have any trouble wagering on any cryptocurrency betting website, even more so in a Bitcoin-friendly country like Australia.
Although a law that formally recognizes Bitcoin is still non-existent, this country easily passes as the one with the most promising Bitcoin market, trailing behind the more established leaders like the US and China. With a growing sector for the digital currency, it is only logical that Bitcoin businesses—online gambling included—will boom.
Australian Bitcoin market sizzles
According to published reports and data, Australia comprises 7% of the global Bitcoin market, which constitutes to $5 billion. Although such percentage seems small relative to the rest of the players in the worldwide usage of Bitcoin, this is already a significant and remarkable figure, considering that its population ranges from 20 to 30 million only.
This presents the fact that there are more Bitcoin transactions made within a smaller population of users. If maintained, it is safe to say that numerous Australians tend to pay for their basic needs or special products with bitcoins.
The future of Bitcoin casinos in the south
There is a possibility that Australia will gladly embrace the digital currency as the Senate is already proactive in planning out what the future of Bitcoin will be for their country. Likewise, a brighter tomorrow awaits the free Bitcoin casino market.
Although Australia passed the Interactive Gambling Act in 2001, this law only covers gambling websites that offer services operated in fiat currencies. Therefore, Bitcoin casino brands that cater to the Australian citizens in exchange for the digital currency are exempted.
As Bitcoin becomes more widely accepted and supported, there is a possibility that betting on sports and casino games with Bitcoin will further push the growth of Bitcoin in Australia. This, in turn, will help speed up the global adoption of Bitcoin.
When will its Bitcoin casino market boom?
Despite the fact that this year sees Australia to have the ‘hottest Bitcoin market,’ only time can tell exactly when the Bitcoin casinos and sportsbook will become the residents’ primary go-to venues for quality gambling and entertainment. This is not far from happening, though, since Australians love to gamble.