Blockchain markets are having an increasing influence on gambling markets around the world and it is no different in China.
Asia’s rising power has been developing a stronger interest in digital currency for a few years now and it is ahead of the curve compared to many of its global rivals in this department.
The growth of the internet in developing nations such as China is expected to be huge in the coming months and years, opening up huge new audiences for the gambling sector.
Online casinos are well placed to take advantage of this boom in the number of potential customers and blockchain markets are going to be involved in the process as well.
Gambling and the law in China
One major blockage to gambling blockchain markets is the country’s strictly enforced rules against online gambling.
Laws on the practice have been relaxed in countries such as the United States in the last couple of years and it is not out of the question that China could opt to follow suit. The state-owned national lottery is currently the only form of gambling that is permitted for Chinese consumers. As it stands, many different websites are blocked to users logging into the internet in China, although many people use a virtual private network – or VPN for short – to get round the firewall.
CEO of blockchain online casino BlockDraw and cryptocurrency expert Darin Oliver does not feel the law is going to stand in people’s way of accessing online gambling in China. “When you have these new opportunities for a financial industry to occur, and you have growth occurring in certain sectors, it represents an incredible opportunity which is why I’m very bullish on online gambling, particularly crypto-only online gambling,” he told Inside Asian Gaming recently.
There could be 120 million new internet users in China within the next five years, so the potential for growth mentioned by Oliver is absolutely huge. Gambling companies, including those who have opened the doors to blockchain…