Are You Considering an Online Casino Conversion?
One of the hottest topics in the current casino economy is the prospect of converting a number of successful Internet Casinos into Bitcoin Casinos. As the old adage goes, “if it sounds too good to be true, it probably is.”
These sorts of conversions are more or less new to the world of online casinos, and yet they are quickly becoming more popular. One reason for this is that the technology involved is quite simple, and a number of Casinos have already been converted to accept the electronic currency as payment.
What’s the benefit to converting a successful Internet Casino to accept Bitcoin? Not only is the exchange rate relatively low at the moment, but there is also no transaction fee. These factors, along with the presence of PayPal on the Internet, make it an attractive option for many Online Casinos that is looking to improve their bottom line and turn a small profit.
In addition to these two reasons, there are also a number of other reasons why online casinos may want to convert to accept Bitcoin. However, just as any conversion or change of allegiance is likely to have some effect on an online casino’s gambling public relations and customer base, so too will such an event have a positive or negative impact on the profitability of an online casino.
As we have already noted, because Bitcoin is not a regulated currency by the government, it is not free from risk – in particular, as such a currency is used in large denomination transactions and many online casinos do accept Bitcoin as payment for goods and services. As is common with any company, it is far easier to lose money when using a non-regulated financial instrument, and Bitcoin will become a popular choice as a method of payment for services in the future. As such, it is quite possible that some of the early adopters of Bitcoin will leave the casino industry altogether, just as they would if they were purchasing cigarettes or alcohol from an online casino.
Although there is no danger in losing money through conversion, there are also no guarantees that the conversion will always be a success. This is especially true for online Casinos that are not accustomed to handling a currency, and are still in the process of learning how to convert their revenues to accept the digital currency. Conversion will likely result in a decline in profits for these Casinos, as the conversion is likely to push them into the red for the year.
It is unlikely that a Casinos that wants to make the most of the conversion will be swayed by the risk involved. In fact, the more risk involved in the conversion, the more profit is likely to be made through the use of the conversion. For example, if a conversion is successful, the casino may receive a large amount of revenue, while converting to an unregulated currency will likely result in a decrease in profits.
If you are looking to convert an online casino, the most important consideration is whether the conversion will be a successful conversion. While the exchange rate between Bitcoin and American dollars may be relatively low, there is also no guarantee that the conversion will succeed.