Online Gambling and the Future Impact of Bitcoin

Online gambling, also known as I-gambling or Internet gambling, is a general term of gambling using the internet. The advancement in the internet and technology has made way for new forms of internet gambling. Modern technological advancements have transformed how betting is done using different platforms that are available on the internet. It has yet been identified as one of the most lucrative business. According to the UK Gambling Commission, the sector realized over 84 billion Pounds by 2007. The huge turnover is credited with the wide range of gambling options that facilitate the needs of different players.

Forms of online gambling


The poker tables offer Omaha, Seven-Card Stud, Texas Hold ‘em, HORSE and Razz. The tables also offer other tournament and cash game structures. The players play against other players other than the house. The card room makes its money via ‘rake’ and game fees.


You will find a wide variety of online casinos where you can play casino games such as Blackjack, roulette, baccarat, pachinko and many more. You will play the game against the house where it makes money since the odd outcomes are in its favor.

Sports betting

Sports betting is gaining ground where the participants or players can predict the sports results and place a wager on the results. The wager is usually in the form of money. There are three possible outcomes from a sports betting; win, lose or draw. You need to choose one possible outcome that may or may not work in your favor. However, there are sites that provide a chance for two possible outcomes to increase chances of winning.


Online bingo is normally played on the internet. Dissimilar to the balls used in bingo halls, online bingo sites employ a random number generator.


Many of the lotteries games are managed by the government and heavily protected from competition. The aim is to protect the huge taxable cash flows. Individuals and big firms owned the initial lotteries. The game has changed and now governments have passed regulations that seek to protect government owned lotteries. The regulations have discouraged privately held lotteries.

Mobile gambling

Mobile gambling is common to most mobile and computer users. It entails where you are allowed to play a game of chance or skill for money. Obviously, you play the game using a remote device such as a laptop or a mobile phone connected to a wireless internet connection.

Advanced deposit wagering

Advanced deposit wagering is a type of online gambling on the results of horse races. The bettor is only allowed to fund his or her account before placing bets. The process can be done online or using a phone. Unlike ADW, credit shops are in the trend of accepting wagers before funding; customer accounts are funded on a monthly basis. Horse trainers, state governments and racetrack owners may at times have a share in the ADW revenues.

Funds transfer

After online gambling, there are winners and losers. The winners may cash their winnings through some platforms. The players can also use these platforms to upload money to the gambling company. These platforms are:
Electronic check


Wire Transfer

Certified check

Money order

Credit card

Gamblers normally use credit and debit cards to fund their accounts and cash out the revenues directly back the card. However, most US banks regulate the use of credit or debit cards for online betting.

The Bitcoin virtual currency
Bitcoin is a digital currency making headlines in online gambling. It is decentralized with no backing from any federal reserve, central banking authority or government regulation. It is therefore thought as the internet currency.

How to use Bitcoin

The basic principle on how it operates is that once goods or services are purchased, computer powerhouses compete in computing and recording the transaction. Once the complex algorithm is solved, the transaction is recorded on the ‘block-chain’. The party that handles the equation and records the deal is rewarded more bitcoins. The process is termed as bitcoin mining. However, the process of solving the algorithm is quite competitive, and you should have some serious computation skills to compete.

Why bitcoin?

Saving factor

Transaction fees associated with bitcoins are minimal and at times free. With no government interventions and central banking regulations, you anticipate no additional or hidden costs. Clients and businesses that recognized payment using this Virtual currency win out of this deal.

It is very fast

It is a typical experience when using other payment methods such as checks and wire transfers for the bank to hold the payment for days. This is not the case with Bitcoin. The layover times are normally reduced, and the transactions may be processed instantaneously.

It is safe

Living in a digitally dynamic world of market-driven space, you are aware of scams, dangers and security breaches that may happen online. Bitcoin transactions are safe. The process entails the use of two keys one that is public and another that is private.

No inflation

Fiat currency allows reprints when banks run out of cash. However, this is not the case with Bitcoin. Bitcoin currency will not allow the creation of more than 21 million coins. After attaining the cap, the number of coins won’t grow and; therefore, inflation will not be a problem.

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