Bitcoin Casino SatoshiDice Results Raise Eyebrows in Online Gambling Sector
The numbers don’t lie. Bitcoin casino SatoshiDice, based out of Dublin, Ireland, has recorded a daily profit of ฿135.96 (£1,527) per day, and those numbers continue to grow as more and more Web gamblers become acquainted with the alternative anonymous online currency.
Not only is Bitcoin a sort of niche currency, SatoshiDice itself falls into the niche category, making these numbers all the more impressive.
SatoshiDice is a pseudo-random number generator online dice game where the house has a 1.9 percent edge built into the system. Gamblers seem to love it based on the site’s financial results. A Bitcoin block chain can be read by the public and, as such, appears to support these numbers.
"These tiny startups are hitting some major online casino pain points, they're crushing it on those fronts and as an entrepreneur, I think that's rad -- they are leveraging a disruptive technology to try and kick a large-scale industry in the balls," Peter Vessenes, CEO of CoinLab, told Wired UK.
Bitcoin-based BitZino.com, which features a more expansive online casino and poker platform, also reported 3.2 million wagers were made during H2 2012.
"I think it bodes very well for Bitcoin casino operators that they are turning a profit and that people seem to be happy with them," Jerry Brito, senior research fellow at the Mercatus Center at George Mason University, told Wired.
BitCoins can now be purchased at participating Walmarts and 7 Elevens. The popular publishing program, Wordpress, has also begun to accept BitCoins currency.
- Aaron Goldstein, Gambling911.com
