25 Aug '13, 12am

Firm says online gambling accounts for almost half of all Bitcoin transactions

Firm says online gambling accounts for almost half of all Bitcoin transactions

Even though I'm "not allowed" to visit this site, lots of people are gambling with Bitcoin online. It's no secret that online gambling has been lucrative for a few pioneering companies . Even though it's been illegal in the US since 2006, companies have made relatively large sums serving customers who are either placing bets outside the US, through a VPN, or by simply sending a Bitcoin amount to a fixed address corresponding to a “game” which will return a player's money with various probabilities. One of the biggest Bitcoin gambling sites, SatoshiDice, stays on the up-and-up with US regulators by blocking IP addresses coming to its site from the US, but in January 2013 it reported ฿33,310 in profits in 2012, which at the time reflected $596,231 (although today it would reflect much more). SatoshiDice also reported that it made an average actual profit of ฿135.96 per day (...

Full article: http://arstechnica.com/business/2013/08/firm-says-online-...

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