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The free, one-way flow of the borderless currency Bitcoin has ensnared a wide range of online businesses. People can now buy almost anything with Bitcoin if they try hard enough, but there are still many industries that have not reached their potential.
By looking at a few stats and basic hypotheses, we can extrapolate that gambling and gaming is the next major market in the Bitcoin economy.
KPMG, one of the Big Four auditors, has noted that the largest potential markets in the world still prohibit or highly restrict online gambling - including the U.S, and large parts of Asia.In 2010, despite being regulated and banned in many places, total revenue exceeded $20 billion.
However, one needs to consider that Bitcoin has been notorious for its lack of friction when dealing in grey-market areas, unregulated space, and the unbanked. How big is the potential market if you count not only those who are still unfamiliar with Bitcoin, but also those previously cut out of the banking system?
Gambling is a dopamine driven endeavor - and dopamine is driven by novelty. What could be more novel than Bitcoin?
Examples of Successful Bitcoin Games:
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The first iconic Bitcoin game. Pictured above: SatoshiDice. The game is very similar to what it sounds like - roll the dice to win.
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More creative and involved games are being released every day. Pictured above is BitKong.com which pits you against an angry ape. The objective is to guess which field in each row contains a piece of fruit, moving up with each success. BitKong has appeared very recently, virtually out of nowhere and has already gained a strong following.
Bitcoin gambling sites offer affiliate sites much like any other gambling site, but are able to offer higher percentages due to much lower transaction and management costs.
While Bitcoin gambling is relatively unknown and nascent, return and conversion rates for existing Bitcoiners can easily approach high double digits - and the amount of Bitcoin users is steadily rising.
Source: Coin.dance
Will you be ready when the wave arrives?
