When New Jersey launched its six online gaming websites last year, they expected a hefty cash windfall around $1.2 billion in the first year. As New Jersey’s online casinos near their one-year anniversary, they will likely fall short of the $100 million barrier, more than 10 times shy of the initial goal of $1.2 billion. Though New Jersey gaming officials remain optimistic and are calling for patience, it is not too early for them to think about cryptocurrencies as a payment option.
Ultimate Gaming to Cease Online Operations
Ultimate Gaming, one of the six online casinos in New Jersey, recently ceased operations after bringing in only $4.9 million – the least amount among the six gaming websites that launched last November. It is the latest setback to the once-promising industry, which has seen four physical casinos – Trump Plaza, Revel, Steamboat and The Atlantic Club – close earlier this year. Gaming in New Jersey — online and physical — is in rough shape.
3 Big Benefits of Cryptocurrencies and Gaming
At the recent Crypto Valley Summit on the Isle of Man, a discussion ensued during a presentation how cryptocurrencies were ideal for online gaming. The benefits of cryptocurrencies are many and it is something New Jersey officials and banks need to start considering.
- No Chargebacks: Since cryptocurrencies are peer-to-peer with no “middleman” involved, transactions are direct and final. There are no chargebacks.
- Fluid Transactions: Part of what has hampered online casinos in New Jersey is the credit card companies such as Visa and MasterCard blocking gaming enthusiasts from placing bets. Cryptocurrencies require the use of a digital wallet, likely on a person’s mobile phone, allowing the easy withdrawal and deposit of funds.
- No Friendly Fraud: It occurs at an alarming rate: Online gamers who lose a few hands of poker contact their credit card companies to claim it wasn’t they who were playing; that their cards were stolen and used for gaming. With cryptocurrencies, as stated above, all transactions are final.
Instabill Embraces Cryptocurrencies
As Instabill officials recently attended the inaugural 2014 Crypto Valley Summit, it was evident throughout the conference that cryptocurrencies are here and will only grow despite banks reluctance to recognize them. As a forward-thinking, cutting edge merchant services provider, Instabill currently offers Bitcoin merchant accounts to cryptocurrency enthusiasts, which was met with a good amount of fanfare at the Summit.
To find out more about Instabill’s cryptocurrency options, speak one-on-one with an Instabill merchant account manager at 1-800-318-2713.