Gaming Authorities to Recognize Bitcoin in 2016

Published at: Jan. 11, 2016

MGA (Malta Gaming Authority) and other gaming regulators will possibly recognize Bitcoin in 2016. That step will help popularize Bitcoin among both online casinos and gamers. It will also attract to Bitcoin casinos that use fiat money.

The Bitcoin online gambling market will continue developing in 2016. Bitcoin casinos are working hard to make their clients’ experience even more pleasant and exciting. For example, NASCasino.com now offers provably fair games and they are able to redirect savings on processing fees / fraud into player bonuses and marketing. Casino representative, Stephen Turk, told Cointelegraph:

“I think bitcoin casinos are beginning to get a market share as Bitcoin has been very stable and indeed is rising in value. Bitcoin has shed it's silk road reputation and serious contenders have started building their operations around Bitcoin payment rails”.

Bitcoin Going Official?

However, the most anticipated thing on the market is the possibility of the MGA and other gaming authorities adopting Bitcoin. Malta-based Bitcoin casino BitStarz thinks it would open lots of opportunities for spreading cryptocurrency in the industry. Sasha Jade, marketing manager at BitStarz, told Cointelegraph that “the problem is that majority of current fiat money casinos who are still holding 99% of the gaming market are not accepting Bitcoin”.

“There are hundreds of online casinos based in Malta but none of them licensed there can accept Bitcoins due to MGA’s regulations. However there is a lot of casinos there that would love to offer this possibility to their players”.

The adoption of Bitcoin by the MGA and other gaming authorities will allow fiat casinos to adopt Bitcoin which, in turn, will raise trust in cryptocurrency and raise its reputation among players. Sasha Jade added:

“My point is that real money fiat casinos will in 2016 start adding also bitcoin as payment method which will in turn cause the bitcoin gambling adoption to raise as more gamblers will learn about this new form of payment method”.

BTC in Fiat Casinos

Bitcoin could really open a lot of possibilities for fiat casinos, making their services more instant and available worldwide. mBit casino also states that Bitcoin will be adopted by gaming authorities in 2016 which “will allow Bitcoin to get on the global gaming market and expand into Asian and Russian markets”.

They also emphasize that Bitcoin will be adopted by “the same authorities that are currently backing FIAT currency casinos as they will start understanding that Bitcoin is the way forward when it comes to gaming as it eliminates the risk of chargebacks and allows for instant deposits and withdrawals for users around the globe”.

Linda Murphy, VIP player manager at mBit, stated to Cointelegraph:

“Bitcoin brands like ours will be able to offer players higher rewards than casinos that only offer FIAT possibly can, which will cause a shift in where players prefer to play.

We personally will be expanding our VIP program to something that hasn’t ever been done before, fueled by the ever expanding adoption of bitcoin by merchants worldwide”.

Are you interested in the theme of this article? Look at our ratings of blockchain companies in top of Bitcoin and Gambling

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