| ||Thread Tools|
|24th January 2013, 07:31||#1|
Join Date: May 2010
Bitcoin casino makes $500,000 in six months
Bitcoin casinos seem to be making a killing. SatoshiDice and BitZino recently released their earnings reports and they suggest that we are in the wrong business.
SatoshiDice is an elaborate online dice game, based on a pseudo-random number generator. The house has a 1.9 percent edge built into the system, so it is bound to do quite well. The outfit made ฿33,310 during 2012, the equivalent of $596,231 and players put down a total of 2,349,882 bets.
BitZino is an online casino. It offers a wider choice of entertainment, including poker, blackjack, craps and roulette, but it did not disclose its earnings. However, the company claims it paid out $495,000 in winnings and that 3.2 million bets were made in the second half of 2012.
In an email exchange with Ars Technica, BitZino founder Larry Taad praised Bitcoin, saying that most users donít keep a balance on the site and that such behavior would be impossible with any other kind of payment.
ďUsers don't have to trust us with their funds any longer than necessary,Ē he wrote. ďIf you compare this to traditional online casinos, which can take weeks to send you your winnings, the benefit is obvious.Ē
However, Taad was quick to point out that the company was not profitable in 2012, but should be in the black this year.
The advantages of Bitcoin are becoming more appreciated across the industry, and some companies are starting to accept Bitcoin despite its rather shady legal status. The digital currency probably wonít go mainstream until its legal status is sorted out and until itís properly regulated. On the other hand, keeping it unregulated might not be such a bad idea. The US banking sector isnít exactly struggling, yet itís practically unregulated.
|Thread||Thread Starter||Forum||Replies||Last Post|
|Bitcoin miners build their own chips||Stefan Mileschin||WebNews||0||7th December 2012 07:08|
|LEPA Casino, Vortex and 70D Fans 120mm and 140mm Review||Stefan Mileschin||WebNews||0||18th October 2012 09:11|
|Ecomaster Lepa Chopper and Casino fans @ PureOverclock||Stefan Mileschin||WebNews||0||17th October 2012 09:32|
|Lepa 120mm Vortex/Casino/Chopper Fan Review @Hi Tech Legion||Stefan Mileschin||WebNews||0||14th August 2012 09:02|
|Craigslist Crew Attempts Casino Heist||Stefan Mileschin||WebNews||0||24th May 2012 09:34|
|Microsoft knew about IE6 flaw for months ?||jmke||WebNews||4||22nd January 2010 19:41|
|Six Months with ATI CrossFireX Technology||Massman||WebNews||0||27th June 2008 08:50|
|Intel X48 chipset delayed one~two months?||jmke||WebNews||1||18th December 2007 23:59|
|ATI Claims No Physics for 9 to 12 Months||jmke||WebNews||2||2nd July 2006 18:51|
|hwbot, 18 months later||RichBa5tard||Hardware Overclocking and Case Modding||23||10th January 2006 08:50|