Biz Journals – t looks like the immovable law of the land may have finally met its match, up against Bitcoin, the encrypted, nationless, currency that disrupts every industry it touches. And now that Bitcoin casinos have had their first major acquisition, an $11.5 million deal, no industry better embodies the unstoppable nature of Bitcoin than gaming.
“The most interesting thing about Bitcoin is how it almost seems tailor made for Internet gaming,” said Stuart Hoegner, managing director of the Gaming Counsel, a law firm representing gaming interests in both the United States and Canada. Specifically he cited low transaction fees, quick deposit-to-play ability, and the lack of chargebacks (customer initiated payment reversals) among the top fortunate side effects of Bitcoin on the gaming economy.
An international gaming lawyer specializing in cross-border transactions, Hoeger said calls from entrepreneurs considering opening Bitcoin casinos have tripled over the last year.
One such entrepreneur, 28-year-old Dariy Margaritov of Bulgaria, founded online gaming company Ultraplay in 2008 as a traditional gaming company that has partially evolved into a Bitcoin casino.
Margaritov told Upstart Business Journal in an email that he thinks Bitcoin is doing so well for reasons in almost perfect alignment with Hoegner’s statement.
“Casino operators love Bitcoin because of the fact that transactions are completely irreversible, there is no risk of chargeback fraud and Bitcoins cannot be frozen by any third party,” Margaritov wrote.
