Scarce Banking Services Can’t Stop Online Gambling
Strict regulations are the primary barrier impeding the rise of online gambling. Beyond the restrictive government control, however, the lack of banking services also hinders people from finding entertainment from luck-based games played on the web.
A decentralized, peer-to-peer digital currency, Bitcoin emerges as the top solution to exempt the online gambling community from the factors that delimit their ability to wager and win on the Internet. This, therefore, explains Bitcoin’s vital role in the spread of online gambling in the developing markets, such as Africa.
According to reports, South Africa, Nigeria, and Kenya exhibit high market potential in the iGaming industry, with all three expected to generate an offline and online gambling sector worth $37 billion by 2018.
Unfortunately, this market prediction may not materialize due to the poor banking services across the continent, leaving a large portion of its population unbanked. Kenya’s largest mobile money service called M-Pesa proves to be an effective platform for the money to circulate, but Bitcoin is better suited to push for a larger market of online gambling in Africa, especially with the Bitcoin warning in Kenya released by the country’s central bank.
Bitcoin plays a crucial role in bwin.party’s expansion
A collection of popular games, a sizeable customer base, and a strong market presence make bwin.party a solid brand in the industry. Its plans of venturing into other markets outside Latin America, specifically to Africa and Asia, may face a tough hurdle, but may push through with less struggle should Bitcoin be accepted.
Bitcoin has created a stronghold in the iGaming industry over the years as more entrepreneurs and online gambling enthusiasts realize the benefits of using the digital currency. Quick withdrawals, player anonymity, and safer games are the prime features Bitcoin gambling forwards that are lacking in real-money gambling.
Adding Bitcoin to the accepted currencies may help bwin.party achieve its goals. Otherwise, the online sports betting market it aims to establish in the developing countries, especially in Africa, may eventually fail to take off and to meet the expected returns.
Should this happen, it would be a wasted opportunity since bwin.party could be another industry player that offers a variety of online gambling services, including sports betting, poker, casino, bingo, soft games, and even financial spread betting.
Can Bitcoin truly save the day?
The growth of the Bitcoin gambling industry is a testament of the need for an alternative medium through which online bettors can gamble. Bitcoin slots, poker, table games, sports, and more are available in the cryptocurrency niche, and are best experienced in casinos and other betting sites showcasing the benefits of Bitcoin in online gambling.
Bwin.party and other gaming companies can learn from the successful brands on the Bitcoin market like Betcoin.ag, as well as those that initially offer real-money gambling but eventually accepted Bitcoin. An example of this is Americas Cardroom, Winning Poker Network’s flagship online poker room that integrated Bitcoin into its system early this year.
With a stable environment for gambling online with Bitcoin, the next step would be to expose more people to cryptocurrencies and the special functions in today’s society. After all, despite the absence of proper banking services, an unbanked individual can still explore the world of gambling entertainment through Bitcoin.