NETELLER May Expand Bitcoin Casino Market Reach
In an unexpected turn of events, international payment processor NETELLER now accepts Bitcoin deposits.
Now that it has finally opened its doors on the digital currency, the question is: will this serve as the gateway for more players to experience betting with bitcoins on a wider market?
Gambling bitcoins beyond the niche
According to reports, NETELLER provides services to almost 90 percent of the gambling businesses on a global scale. Therefore, its acceptance of Bitcoin may enable more players from different countries to place bets and win.
This becomes more significant to the Bitcoin casino enthusiasts who are restricted to wager online due to certain laws or legal complications. However, it remains to be clarified whether or not this feature will allow US bettors to play both real-money and Bitcoin casino games on the web.
Deposit bitcoins through Bitpay
When the Bitcoin deposit feature appeared, some users quickly explored the new addition and discovered that this process is powered by Bitpay, a payment gateway that powers businesses to accept the digital currency.
Bitpay, which is currently the Bitcoin payment processer used by Microsoft, will be responsible for transacting all the deposits sent to NETELLER.
With this processor on board for the Bitcoin deposits, it is unclear, however, if withdrawals will also be added as an option.
Implications of Bitcoin integration
When NETELLER expressed its disapproval of Bitcoin payments, Isle of Man Group General Counsel Solicitor Paul Davis believed the risks related to Bitcoin are the primary reasons.
There was even a speculation that NETELLER viewed the cryptocurrency as a potential rival should the latter develop on the market.
Today, however, many are left interested and curious about the rationale behind the acceptance of Bitcoin deposits, especially now that NETELLER was previously reported to have bought Skrill, thereby gaining control also of other businesses like PaySafeCard and Ukash.