Recent research by Rutgers University finds that over 50% of people actively involved with Gambling are also into trading cryptocurrencies. The study published in the journal Addictive Behaviors also finds that over 75% of traders and investors who trade in high-risk stocks also trade in digital currencies like the Bitcoins.
While digital currencies are taking over as they are becoming increasingly popular amongst young investors, for Casinos in the US to start accepting alternative currencies is not happening soon.
In an interview with Casino.org, Anthony Cabot, a Distinguished Fellow in Gaming Law at UNLV who formerly chaired the gaming law practice at Lewis Roca Rothgerber Christie said that we are not having cryptocurrencies like Bitcoins or other digital coins at the casino tables or in active gambling any time in near future. He also said that “licensed, land-based casinos will not “seriously consider” using cryptocurrency until they become more “mainstream.”
While the blockchain technology has created ripples in the fintech world by redefining the concepts of value storage and fund transfer processes and though many active gamblers trade in cryptocurrencies for alternative currencies like Bitcoin there is still a long way to go before they replace fiat currencies on casino tables and even in online gambling.
However, there are also many different illegal online casinos that accept Bitcoins and cryptocurrencies, but for the majority of it, accepting bitcoins or digital currencies remains illegal in most parts of the world where gambling is legal. For gamblers, the Digital currencies allow them multiple advantages over fist currencies, and the most important one is that they can make transactions and gamble with full anonymity. Perhaps that explains why the online gambling industry is taking a boom in the fastest emerging alternative currency markets in Asia.