Bitcoins Increase Casinos’ Business

In January 2014, the
Golden Gate Hotel and Casino and the D Las Vegas Casino, started accepting bitcoins as payment for non-gaming transactions. Since then, the casinos, owned by Derek Stevens, have witnessed a considerable rise in their business and started receiving more patrons from Europe, Asia, and Online gambling canada. According to Stevens, who did not reveal any numbers, the D has seen more bitcoin transactions compared to the Golden Gate.

New bitcoin ATM

BitcoinsLast year, the D became the first casino to set up a bitcoin ATM to help ease transactions. The ATM, from Robocoin, which could hold more than half a million dollars in cash, has now been replaced by Genmega G6000 machine, though Stevens was not very forthcoming on the causes for the change. Robocoin opened its first bitcoin ATM in a coffee shop in Canada and saw transactions worth a million dollars in its first month.

Currently, bitcoin is accepted in three of the D’s restaurants as well as the front desks of both casinos. Of the three restaurants that accept bitcoins at the D, American Coney Island, which serves classic American cuisine, receives the most number of bitcoin transactions. Stevens commented that a possible reason could be that the restaurant offered lower prices when compared with the other two: the D Grill and Andiamo Italian Steakhouse. Casinos online are also now accepting the currency.

Factors affecting Bitcoin transactions

The value of the virtual currency is notoriously volatile and its price at any given time determines if customers are willing to use it. Stevens also said that the local bitcoin community frequently visits the casinos in support of this method of payment. A technology conference happening in the region also plays an important role in affecting possibly affects the number of transactions taking place for this virtual currency.