What Will the U.S. Online Gambling Industry Do About Bitcoin?
February 22, 2021
Over the last four months, Bitcoin has made a tremendous move into the financial stratosphere. On October 8, 2020, Bitcoin was priced at $10,923 per coin. In just over four months, the world's favorite cryptocurrency has defied the odds of reaching its all-time high of $58,330. For people who are interested in math, that's an insane increase of 434% in just over four months. Who wouldn't want to hit a bet that paid that kind of odds?
At this point, it's important to remember that investing in bitcoin is a highly speculative venture. While it does have some viability as a means of exchange, it's still not as reliable as it may be in the future. The future of Bitcoin is where the U.S. online gambling industry is focusing.
The one thing everyone knows about online bookmakers and casinos is they prefer a "sure thing" to speculation. The last thing they want to do is starting accepting Bitcoin as a deposit option only to get caught holding large amounts of the cryptocurrency when it crashes. Online gambling providers can't stay in business if they lose money.
At issue is what gamblers want. Keeping in mind that most gamblers are risk-takers, there is some level of assurance that the day online gamblers want to use crypto to fund their gambling accounts is coming. Before that is going to happen, the top online gambling providers have got to figure out how to handle the risk and the government regulation that is certain to come.
When questioned about their position on Bitcoin, key representatives from FanDuel and DraftKings took a hard pass. They simply didn't want to talk about it. That could mean one of two things. Either they are exploring the possibility of accepting Bitcoin as a viable casinos deposit option, or they intend on staying completely away from it like a plague. A guessing man would say it's the latter for the time being.
Wouldn't it be ironic if bookmakers developed a betting option around the pricing of certain cryptocurrencies? It would certainly open a few eyes, but it might also make Bitcoin the star of the show when American sports is supposed to hold that distinction.
Who knows what the future brings. Right now, merchants throughout the world are trying to figure out how fast they can convert Bitcoin into fiat currency. If it's Nanoseconds, the likelihood increases that Bitcoin would gain momentum as a viable means of exchange throughout the world. If that were to happen, online bookmakers would be pressed to make a decision about something they are clearly not ready to make a decision.
One gets the feeling that online gambling providers are well aware of what's happening in the world of crypto speculation.