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Wizard of Odds Analyzes Bitcoin Gambling

Written by:
Payton
Published on:
May/25/2015
Wizard of Odds Analyzes Bitcoin Gambling

Internet betting information site Wizard of Odds has been tackling the world of Bitcoin in the online gambling industry, bringing about an informational guide on the subject.

For those uninitiated to the subject, Bitcoin is a cryptocurrency used online to purchase goods and services. Bitcoin was established in 2008 by Satoshi Nakamoto, who is either a man or an alias for the developer who wanted who remain anonymous. The currency uses a long string of characters to create a Bitcoin, which can be split up any series of ways. Users of Bitcoin do so by using a wallet on their computer, which stores the information until you wish to send it. Users then pay using Bitcoin by sending a selected amount of currency to a user’s address.Funds are then instantly transferred to the recipient.

The world of online gambling has adopted Bitcoin over the past few years, bringing about a speed of financial transactions rarely seen at an online betting site. Many of the casinos that accept Bitcoin accept customers from throughout the world, allowing players from regions such as Europe and the United States to play at the same destination: a move that most traditional online casinos would never allow.

How do they do this? Many of these sites region lock games to certain countries. Some developers such as BetSoft allow for Americans to play, whereas developers such as Net Entertainment and Microgaming do not allow for American action. In this instance the casino recognizes the player’s IP address and ends up only presenting titles that are available in the particular regions. This protects the gaming firms from facing unwanted consequences related to offering blacklisted products in unlicensed jurisdictions.

Bitcoin also has some other interesting aspects that appeal to online gamblers, including the fact that it is mostly anonymous, making it very difficult for anyone to track your betting habits.Another big feature is the above mentioned speed of processing transactions, as many gamblers report having funds instantly transferred to their Bitcoin wallets, with others reporting having their funds in just a few minutes. This is in contrast to the long waits required at many American friendly casinos, which can have wait times in excess of one to two business weeks. Other benefits are healthy deposit bonuses offered at Bitcoin casinos, as some sites will offer up to a full Bitcoin for multiple deposits in the casino. Although there are many positives to using the Bitcoin currency, there are also some downsides.

The Wizard reports that many older Bitcoin sites were either unlicensed or complete scams, bilking players out of their money or up and disappearing overnight leaving players holding the bag. This has largely been alleviated in the past year or so though, and many licensed operators and developers are jumping on board to support Bitcoin, giving it a much needed credibility boost. With that being said though, there are still some Bitcoin casinos out there that can be a bit dodgy. Because of this the Wizard of Odds has taken a look at fifteen different casinos that offer Bitcoin services, spelling out the merits and faults of each one. All reviews at the Wizard of Odds consist of a look at each of the casino’s games, analyzing the odds and rules of each table game while also revealing the different bonuses, promotions, and potential player issues that may arise at each site. The amount of Bitcoin casino site reviews will continue to grow as the number of compatible casinos grows, and players can also expect updated guides as the industry evolves.

The Wizard of Odds is an online betting information site launched in 1997. The site was founded by actuary Michael Shackleford, who has made a living by analyzing casino games for both land and online casinos. For his contributions to the gambling industry, Mr. Shackleford has become a trusted source for gaming information and has been featured on television and in many gaming related articles.
 

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