50 to 60% of Bitcoin transactions made on gambling sites
Libertarian-leaning TV host John Stossel had an interesting segment called “Want to Bet” on his show last Thursday.
 
The Stossel Show, which airs on the Fox Business Network (and is re-aired on Fox News), brought on Naomi Brockwell of Bitcoin Center NYC to talk about how Bitcoin has revolutionized online gambling — and made an activity that is illegal in most of the United States accessible to American gamblers.
 
Here are a few of the highlights:
 
On the Proliferation of Gambling Sites
 
“The gambler can actually communicate and make payments directly to the casino,” Brockwell said. “There’s very little the government can do to stop these transactions.”
 
Stossel asked whether the government had jurisdiction or even the means to shut down Bitcoin gambling sites hosted overseas.
 
Brockwell said diplomatic pressure was one option, but the market is simply too large.
 
“I think 50 to 60% of all Bitcoin transactions are actually made within these gambling sites,” she said.
 
Furthermore, she added that the transparency behind the cryptocoin economy — and sites like Provably Fair — plus the inability to charge back money with Bitcoin actually protects the gambler.