Gambling is big business, and online gambling represents a significant and growing proportion of that business – about 8% currently. Research company H2 Gambling Capital, which values the online gambling market in terms of gross winnings, put the global market value at €21.73bn ($28.54bn) in 2012. Furthermore, the firm expects a 9.13% compound annual growth rate through 2015.

Right now bitcoin gambling only accounts for a tiny percentage of the total of online gambling revenues. However, it is clear that the opportunity exists to make significant income within the industry and, with bitcoin’s advantages in terms of low-cost, speedy payments, cryptocurrency-based gambling firms are doing their best to do just that.

The bitcoin world loves to gamble, in one form or another. In his book, The Anatomy of a Money-like Informational Commodity, Tim Swanson points out that half the transactions on the bitcoin network were being used to transmit bets to SatoshiDice, one of the earliest bitcoin betting sites, created by Eric Voorhees.

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Further, an analysis in August 2013 showed that roughly 5% of the value of all bitcoin transactions in June that year were flowing through SatoshiDice. That means lots of very small transactions, which is, after all, one thing that cryptocurrencies are very good at.

Ivan Montik, CEO at SoftSwiss, provides online casino software for entrepreneurs, and its solutions support fiat and bitcoin gambling. “We’ve got about 400 requests for the launch of a bitcoin casino in the last six months,” he said. “We constantly have three to five casinos in the set-up phase, and could have had more if we had more resources.” Not all bitcoin bets are low in value. Montik said that there are some high rollers in crypto-land.

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Singapore’s latest exchange, CRXzone, has become the first platform to offer both litecoin and bitcoin trading in the country. Like others in the Asian region, the exchange aims to attract an international customer base by offering additional bitcoin services beyond trading.

One of CRXzone’s key strategies to attract a wide customer base is its range of account funding and withdrawal options. As well as the usual bank transfers, the exchange offers international payment processor options like OKPAY, Egopay, and PerfectMoney.

CRXzone CEO Pawan Kumar tends to refer to other payment networks as ‘digital currencies’ too, blurring the line somewhat between cryptocurrencies and widely-used international payment networks. This is probably due to his 25-year experience in the IT industry, experience with online businesses and involvement in digital payment networks “since the time of E-gold”.

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While all offer speed and cost advantages over traditional currencies, Kumar said that bitcoin’s decentralized nature made it an attractive option. “I personally feel […] bitcoin will slowly takeover all other digital currencies and remain a useful tool for digital payments which are growing day by day.”

One of CRXzone’s selling points is its litecoin trading option, despite the popular altcoin’s image taking a battering following its recent price slump to $5 and lower. “We still believe that litecoin will survive the current downward trend. It is well known and widely used crypto after the bitcoin [sic]. Leverage trading seems to be a reason for the current price slump, as per my personal judgement.”

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Air Lituanica is now accepting bitcoin for flight tickets as part of its ongoing bid to embrace new and innovative methods of serving customers. With the news, the two-plane, Lithuania-based airline becomes the second airline, and second in eastern Europe, to add bitcoin payments following airBaltic’s July announcement.

In a blog post, Air Lituanica director of commerce Simonas Bartku illustrated the benefits bitcoin can bring to travel businesses, writing: “Bitcoin payments are highly beneficial for the aviation market – this currency helps to attract more buyers from abroad as bitcoins can be used anywhere in the world.”

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Air Lituanica’s statements provide the latest evidence that bitcoin is gaining traction beyond the airline industry in the wider global travel industry, and that a growing number of consumers and businesses in this sector are looking to tap digital currency as a solution.

Long term, digital currency proponents believe the technology can provide real convenience to travelers due to the hassles and high fees associated with currency conversion as well as the high risk of fraud international travelers face. Further, it seems a growing number of businesses are looking to help the community test its prediction.

In addition to appealing to existing travel companies like Air Lituanica, bitcoin is also helping savvy entrepreneurs gain a foothold in the space. For example, just last week, Bali-based travel booking agency BitcoinTour launched with the goal of making it easier for travelers to use bitcoin to visit the popular island.

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