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Growth in Online Gambling Present Bitcoin, Crypto Opportunities

articleStartImage In a press statement, the researchers estimate the global online gambling market to grow at a CAGR of 10.5% during the period 2018-2022. “One trend in the market is the introduction of Bitcoin gambling. Bitcoin is a type of cryptocurrency that allows peer-to-peer payments on the Internet. With the growing popularity of bitcoins, many vendors are adopting gambling with the use of bitcoins as a currency. This is due to advantages offered by cryptocurrency over normal currency,” the statement reads. According to the researchers, the gambling industry is one of the growth drivers of the economy with its significant contribution to the market. It added that the gambling industry is a major contributor to the rise of the host country's economy. In 2017, gambling contributed 0.91% to the US GDP (gross domestic product). It added that the lottery industry, a significant segment of the global gambling market, has contributed to job creation. However, the report recognized the market is faced with the challenge of high-risk factors. “Although the profit margins are high, one of the major factors hindering the growth and expansion of the online gambling market is the huge risk involved in running the business,” the statement added.

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Quebec Superior Court Rules Against Blocking of Online Gambling Operators

Except that never really happened: While Loto-Quebec added poker and online slots and other casino games to their offerings, the rake was higher than that found at many unofficial sites, and Quebec’s gamblers stayed away in droves. By 2014, Loto-Quebec’s overall revenue was pretty much the same. Yet they eyed all this other traffic, much of it admittedly illegal under Quebec law, and decided on a power move that turned out to unconstitutional. Arguing the fallacy that it was a public-health concern, regarding the scourge of gambling addiction, Loto-Quebec authored a plan to force the province’s ISPs to block all “illegal” sites, via a blacklist created by Loto-Quebec, periodically updated and sent to all ISPs operating in the province. Changes to Quebec law authorizing this scheme went into effect in early 2016 and were challenged, as one might expect, by a group of the province’s ISPs. That battle has been working through the provincial system until this week’s ruling.

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