When it was first introduced in 2009, Bitcoin didn’t exactly take the world by storm. However, the whole idea of decentralised digital currencies slowly but surely caught on, and now cryptos are almost mainstream.
Online casinos played a significant role in bringing about this state of affairs, as the gambling industry was one of the first to start accepting cryptos as a payment method. In addition, the decentralised and anonymous nature of cryptos in the early days made them a perfect choice for gamblers who didn’t want their gambling habits coming under the scrutiny of others.
Nowadays, there are numerous online casinos catering to crypto customers, and this is on the increase, even though many established online casinos have yet to incorporate this new technology in terms of games and payment.
But what about land-based casinos? Can players flash their digital wallets in any actual brick-and-mortar gaming establishments? The answer is yes, and no!
What you'll learn 👉
Crypto on The Strip
The Golden Gate Hotel & Casino and The D Casino Hotel, both located in Las Vegas, decided to get in early and started accepting BTC payments as far back as 2014. There’s just one problem – you can’t use crypto in their casinos! While you can settle your tab in the restaurants, cafes and gift shops at both locations, there is no regulatory framework to allow the use of crypto on the casino floor.
The First Bitcoin-Friendly Casino
Also in 2014, The Merit Hotel Nicosia in Cyprus announced it would accept BTC payments, but unlike its American counterparts, you can pay at the Merit in both the hotel and casino area of the five-star resort.
This makes it the world’s first BTC friendly casino. The bad news for crypto enthusiasts is that eight years down the line, it is still also the world’s only brick-and-mortar casino to do so.
Even casinos in El Salvador, which is the first country to recognise Bitcoin legal tender, haven’t yet incorporated BTC into their operations..
So, what’s the problem?
The Problems With Bitcoin Gambling in Land-based Casinos
Regulation remains one of the main hindrances to the widespread adoption of Bitcoin and other cryptocurrencies in land-based casinos. Unlike online platforms, which operate internationally and often in jurisdictions with more relaxed regulations, brick-and-mortar casinos must adhere to strict local and national laws. The lack of clear and comprehensive regulatory frameworks for cryptocurrencies makes it challenging for these traditional establishments to integrate digital currencies into their operations.
Speed of payment is another critical issue facing the use of Bitcoin in land-based casinos. Cryptocurrency transactions, while often faster than traditional banking methods, can still suffer from delays and network congestion. In a high-paced casino environment, where quick and seamless transactions are crucial, any delay can lead to frustration for both players and operators. Until crypto payment systems can offer instantaneous and reliable transactions, traditional payment methods will remain the preferred choice for most land-based casinos.
Additionally, some casino operators have a lingering perception that accepting Bitcoin may not be financially viable or that customer demand is not significant enough to justify the implementation costs.
As the world of finance continues to evolve, the future relationship between cryptocurrency and land-based gambling establishments is uncertain but undoubtedly worth keeping a close eye on.
