India Finds New Kind of Online Gambling in Bitcoin

Aug 21, 2015
New Kind of Online Gambling

New Kind of Online Gambling

India is the seventh largest and second most populous country, but a large share of its population remain unbanked. Insufficient financial intermediaries fail to meet the market’s demand. Thus, the nation’s access to traditional economic services is limited.

To give cure, a healthy banking system must be present for the growth of its economy. Without it, economic stability, inefficient infrastructure issues, and additional challenges will surface. Through Bitcoin, India can escape this rut.

Bitcoin to eliminate banking issues

The remittance demands in the country are continuing to increase. Existing Bitcoin exchanges, such as Bitcoin India and UnoCoin are already starting the campaign to recognize the cryptocurrency to relieve the Indians of their banking needs. UnoCoin is a processing platform that permits the use of Bitcoin for trading products and services on computer networks.

It is not an impossible task as India houses a user base of approximately 243 million and an e-commerce industry value that sums up to $12.6 billion. Prospects for the Bitcoin market to grow in India are monumental.

Bitcoin Adoption in India

Laws that surround cryptocurrency issues are still in the works, but are currently settling on a silent gray area. This may come off as a good sign as it means considerations for acceptance of Bitcoin are existent.

Consequently, for the decentralized system to function, merchants and establishments should work to adopt the crypto technology, encouraging manipulation of digital currency.

Gambling in India

No other country in the world houses people who love gambling as much as India. Gambling culture in the country is unique, but shares the same similarities with other gamblers around the world, and that is winning wagers.

Approximately 40 percent of Indian netizens admit to accessing gambling websites, and this demand continues to grow.

Heavy restrictions prohibit the existence of brick-and-mortar casinos in India. Apart from lottery and horse racing, which are legal, this leaves most bettors with a smaller array of gambling options.

Not every option available for them is feasible either. Players must be wary of legitimacy of certain websites, contemplate on transaction processes, and abide enacted laws.

This is where Bitcoin enters.

For the bettors

Indian sports bettors face obstacles that make foreign deposits difficult. Credit card payments are sometimes unsuccessful, and payment gateways can be costly and has the ability to freeze payment accounts. Same thing goes for bank transfers. These add another step to the process and even endanger the security of information.

Bitcoin offers online anonymity, which protects any information a player would want to conceal. Faster transactions mean fewer hurdles to surpass, and Bitcoin games that offer safer systems like provable fairness safeguard players from impartial deals.

Indian Bitcoin Market

With Bitcoin on board, local gambling enthusiasts can access the offshore Bitcoin gambling sites and explore the exciting world of entertainment and rewards. Bitcoin lottery and sports betting are available on the market, together with the classic favorites like Bitcoin slots and other table games.

Injecting the cryptocurrency technology inside bettors will expose India to a new kind of online gambling, bringing features that amplify excitement and benefits that exhibit the advantages of Bitcoin in online casinos.