$2.5 million investment says Bitcoin is a serious online casino currency

  • Major investment will largely be invested in new player bonuses
  • Playamo cite lack of competition as one major motivating factor

Playamo are set to make a major play in the world of ‘cryptocurrency’ online casino gaming, making a $2.5m investment into Bitcoin.

Playamo is making a $2.5 million play for the bitcoin online casino market
Playamo is making a $2.5 million play for the bitcoin online casino market

The online casino platform, which attracts most of its custom from Turkey, Russia, Sweden and Norway, will begin taking bitcoin payments from customers in a significant move which makes a statement as to the seriousness which the major players now treat the sometimes-volatile cryptocurrency.

Angelo Sacco, Playamo’s commercial director, clarified the reasoning behind the decision by pointing out the potential benefits and the relative lack of competition. Sacco said: “The first time we heard about Bitcoin market was at a gambling conference in Amsterdam. We were quite shocked to know about the huge market size and realized how poor the competition is.”

Emerging markets

Playamo’s strategy for attracting players is to offer large bonuses and its rapid growth in a very short space of time has been in part put down to this tactic. Since their launch in 2015, they have already attracted over 80,000 registered players. Sacco also confirmed that a large part of the Bitcoin investment would be in player promotions, in a bid to attract new customers.

“Our goals are tremendous and that is why our partners invested more than €2.5 million in this market. The biggest part of this money will go to promotions for our members and guarantees of payments for high rollers. We are going to become trustful partners, the same as we are in Sweden and other countries where we work.”
Angelo Sacco, Commercial Director, Playamo

As Sacco points out, there is a relative lack of competition in the online casino world when it comes to Bitcoin and other cryptocurrencies. Whether the investment will have any significant impact on the future of the industry by inspiring other casinos to follow suit remains to be seen.

OUR VERDICT

The use of bitcoin in online casinos is becoming more and more common. With the news recently that bitcoin now is worth more than gold it is clear than online casino operators are sensing an opportunity. More competition in the bitcoin casino market can only be a good thing for the players, and the more money that gets poured into it, the more choice and opportunities there will be for the online casino fan.

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