Why Thai casinos are embracing Bitcoin: trends and insights
Crypto casinos, in general, and Bitcoin casinos, in particular, have drawn considerable attention in the past few years. However, in many countries, there exists a blanket ban on casinos or gambling. Thailand is one such country where gambling is largely illegal and is allowed in a restrictive manner.
In Thailand, gambling was allowed only for horse races and those offered by state-sponsored lotteries. However, very recently, the government in Thailand has brought in new legislation that will give a boost to the gambling industry in the country. In this blog post, you will read all about the gambling laws that are prevalent in Thailand; you will also learn about the factors that could give a boost to the คาสิโนบิทคà¸à¸¢à¸™à¹Œ industry in the country. Further, you will also learn about the latest trends in the Thai Bitcoin casino industry.
The Growing Popularity of Bitcoin in Gambling
If you are to understand the growing acceptance of Bitcoin gambling in Thailand, you must first understand the growth of crypto casinos as a whole.
How Is Crypto Changing Online Gambling Worldwide?
Cryptos are changing gambling worldwide, and there are significant advantages of using cryptos or blockchain-based technology in general that have led to its widespread popularity. Some of these reasons are discussed below.
The use of crypto takes care of the privacy of the players. Cryptos are blockchain-based currencies, and the significance of this technology lies in the fact that it is not centralised. So, unlike traditional financial systems, blockchain-based financial transactions are decentralised. Hence, if players do not want all their transactions to be tracked, it is obvious that they will choose modern crypto-based payment methods.
Apart from the privacy aspect, cryptos offer quicker transactions, and that too with lower transaction fees. The lower transaction speed is especially useful for international players who usually have to pay high conversion fees when they convert their winnings to their local currency.
Cryptos have universal acceptability, which increases the demand for crypto casinos. Finally, blockchain-based casinos make it possible to execute smart contracts, which do away with the need to involve many intermediaries in the working of a crypto casino.
Key Trends That Are Helping The Growth Of Thai Bitcoin Casinos
Here are some of the reasons why Bitcoin-based casinos have started becoming popular in Thailand.
The New Laws
The government in Thailand realised that their strict laws regarding gambling made the players go underground but did not stop crypto gambling in the country. So, they brought in a new law that would govern the licensing policy within the country so as to discourage the growth of illegal gambling activities that were taking place in the country.
Proverbial Fair Outcomes
Some of the major reasons why casinos are not promoted by countries or are seen as taboo is because of the risks or the perceived bias seen in the working of casinos. However, the anonymous, peer-to-peer verification system that backs the blockchain ecosystem generates a lot of trust for crypto-backed casinos. So, many people in Thailand are being more receptive to online Bitcoin casinos like for the proverbially fair outcomes they seem to offer.
The Rising Value Of Bitcoins
The rise of Bitcoin and its value has been quite surprising. When the currency was launched, it was valued at less than 1 USD, but at present, its value has touched 100K US dollars. So, despite the volatility associated with Bitcoins, people want to earn and own the currency given its high worth, and players in Thailand are no exception.
Growth In Mobile Phone Users And Internet Penetration
Data suggests that the year-on-year growth in the number of mobile phones shipped to Thailand has shown a 17% increase in 2024. Moreover, with the growth in mobile phone users, there has been increased internet penetration. These two factors together have led to an increased preference for online Bitcoin casinos like Bitcasino.
NFTs and Tokenised Rewards
Crypto casinos have brought a revolution in the way in which people perceive gambling rewards. With these modern online casinos, people do not associate their payout in terms of dollars; instead, they like rewards in the form of tokens and NFTs. These tokens or NFTs can later be exchanged for higher value depending on the market trends and the demand for the tokens or NFTs.
Trends From Other Countries That Could Influence Thai Policies
Now that you have learned about the reasons for the rising popularity of crypto casinos, you must also know about the countries or regions where Bitcoin casinos have done quite well. The trends, positive as well as negative implications, as observed in these countries, could be useful for the Thai administration.
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The United States Of America
The federal form of government in the USA ensures that the state governments largely regulate the laws, including those for gambling. So, there are multiple laws that apply to casinos and Bitcoin casinos in the USA. However, a rising trend is that, despite regulations, online Bitcoin casinos have been on the rise in the USA. In many cases, the locals have started using VPN services to set their country location to other places where gambling is legal. So, in the future, many Thai locals may start using VPN services, and the government may need to formulate specific laws for VPN users.
2. Canada
Canada has been one of the frontrunners when it comes to online Bitcoin casinos. The laws in Canada are such that they allow the provinces to make laws regarding gambling, and these laws have mostly encouraged crypto gambling in the country.
3. Countries Within The European Union
First is Malta; in Malta, the crypto casino industry has flourished the most. In fact, it has become a global hub for blockchain-based gambling.
In the United Kingdom, the UKGC, which is the gambling commission of the country, regulates cryptos, and the casinos do not accept cryptos. However, many offshore crypto-based casinos are growing popular in the UK.
The third country is Estonia, which has been a champion of promoting the use of new-age technology like Bitcoin in the running of online casinos.
The Future of Bitcoin Casinos in Thailand
Here are some of the changes that are likely to happen in the crypto gambling space in Thailand in the next few years
More Regulatory Changes
The new laws have been more welcoming to online Bitcoin casinos. However, with time and the growing popularity of Bitcoins, there is a possibility that the laws will be relaxed further and more licenses will be given out, including to foreign operators.
Growing Competition
As the demand for these Bitcoin casinos grows, the competition grabs a greater market share. So, the local companies, especially the smaller ones, will face tough competition, and they may even be driven out of the market if there are no laws to protect them. Therefore, in the future, the Thai government may need to have separate licensing rules for local establishments and foreign ones.
Innovations In The Industry
The crypto gambling industry in Thailand will integrate more technological changes with time. So, the use of AI, the use of digital wallets, and the sharing of NFTs will increase with time. As new technology gets incorporated people will need newer gambling tips to win in these online casinos.
The Bitcoin casino industry in Thailand is relatively new. So the Thai government, as well as the local casino owners, can learn a lot from countries like Canada, the USA, and Malta, where the crypto gambling industry is already quite well established. Changes like the new gambling law in Thailand, increased use of mobile phones, and penetration of the internet have given a major push to the industry. Yet a lot more needs to be done for greater adoption and the growth of this industry in Thailand. Moreover, with time, new trends will emerge, and these casinos are quite likely to adopt AI technology and NFTs with time.
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