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Bryan Cooley At Bitcoin South: Bitcoin Casinos: The Final Frontier In Online Gaming

Bryan Cooley, CEO of Virtual Empire, Talks about Bitcoin & Digital Currencies being used for Online-Gaming and Gambling as he outlines the advantages and risks of operating a Bitcoin Casino.

Bryan Cooley: Bitcoin Casinos; The Final Frontier In Online Gaming

Presented at Bitcoin South; Speakers list and videos

Talk Synopsis:

Bitcoin Casinos have several advantages over their traditional online counterparts.  In addition to a faster signup process, they also allow for faster deposits and cashouts with no charge-back risk and lower fees.  These improvements in transaction costs and time in turn allow Bitcoin Casinos to offer lower house edges to players.  Bitcoin Casinos also provide in many cases full transparency by showing results for game play of all users and many are also provably fair in that they provide the algorithm and means for verifying random results of all games played.

Despite all of the advantages of Bitcoin casinos, there are also some specific challenges and drawbacks.  The market is already very saturated and given that advertising gambling sites is already very hard, then needing to also educate people about Bitcoin presents some additional challenges.  Bitcoin casinos are also subject to many new kinds of attacks that are not seen on other Casino sites and hence have some additional risks given they provide lower house edges.

When deciding to invest or play in a Bitcoin Casino, there are several factors to consider.  Is the game play real or is the operator doing in-house betting?  How much traffic does the site receive?  Is the site scalable?  Running a Bitcoin Casino is exceptionally hard and players should take that into account when selecting the provider they want to interact with.


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