Making up more than an estimated 50-60% of all transaction in the virtual currency, Bitcoin gambling is fetching big money in unregulated markets.
Bitcoin gambling venues are popping up all over the internet to facilitate largely unregulated and very lucrative markets.
With sending and receiving transaction costs
at a bare minimum, the practice is incredibly lucrative. It manages to evade legislators as well as limits on the frequency and size of bets. Some operators offering Bitcoin betting services
have managed to facilitate over $2 billion worth of wagers
in only a single year of operation. Many stylize themselves after dice-rolling games, while some have gone so far as to develop lottery, slots and poker variants.
Fans of sports betting have gambling outlets in Bitcoin as well. The crypto-currency is again preferred by punters as a result of anonymity and the near instant transaction time versus traditional payment methods.
However, the lifespan of a Bitcoin bookie tends to be short-lived. The quick come up on easy-to-fleece depositors is just too tempting for some, but there are always exceptions to the rule. Legit Bitcoin bookies are out there and can pay off big when you know how to wager.