With its recent purchase of the Bitcoin.Casino domain name for the sum of $28,000, Florida-based gambling services firm C.A.S.I.N.O. Holdings Inc. has established a new high for the “.casino” generic top level domain.
The sale, which took place on the domain name auction site Sedo on February 23, marks the most anybody has yet paid to obtain the gambling-focused .casino domain name.
In fact, according to the domain transaction tracking service LuckyRegister.com, the purchase by C.A.S.I.N.O. Holdings Inc represents the largest generic top level domain sale of any type during the month of February.
Currently the Bitcoin.Casino website offers one of the world’s largest databases of bitcoin-based online casino reviews. With reviews for more than 75 such sites, along with information to help guide users into the world of bitcoin-backed online gambling, Bitcoin.Casino is an established resource within this niche segment of the market.
Interest in .casino domain names has increased steadily since 2012, when the Internet Corporation for Assigned Names and Numbers (ICANN) opened up the application process to allow for hundreds of new generic top level domains. With the supply of original top level domains like .com and .net largely exhausted by that point, the range of web addresses was expanded with domains like .home, .art, and .casino.
Currently, the Sedo auction site lists domains like Korea.Casino and Asia.Casino with a starting bid of €50,000, while more generalized domains like Ultimate.Casino and BestBonus.casino are listed at €10,000 to begin.
While those domains have yet to generate bids as of yet, the price of $28,000 paid by C.A.S.I.N.O. Holdings Inc. to secure Bitcoin.Casino is the highest ever for the specialized web address ending.
But the buyers may well have been interested in the first half of the domain, as the cryptocurrency known as bitcoin continues to accelerate towards mainstream relevancy.
Bitcoin is a virtual currency and payment processing system – invented in 2008 by an anonymous programmer or team using the pseudonym Satoshi Nakamoto – which uses cryptography to remove the need for “trusted third parties” like banks and PayPal. Rather than use these middlemen to facilitate currency exchange over the internet, bitcoin users are able to make purchases, accept payments, and transfer currency on a purely anonymous one-on-one basis.
These qualities make bitcoin attractive to the online gambling industry, both for players and operators. From the player’s perspective, any method of payment which bypasses the intrusion of banking institutions – which regularly block online gambling transactions – is preferable. And online casinos, poker rooms, and sportsbooks are increasingly adopting bitcoin as a way of avoiding the fees previously paid to banks and credit card companies for facilitating transactions.
The price of a single bitcoin has skyrocketed over the last year, surpassing that of an ounce of gold for the first time ever at $1,290 on March 3. And while the price of bitcoin has been known to be notoriously volatile, the financial industry appears to be coming around on cryptocurrency in 2017.
The U.S. Securities and Exchange Commission is widely believed to be on the verge of approving its first bitcoin-based exchange-traded fund (ETF), which has helped to fuel bitcoin’s meteoric rise in value.
Switzerland’s Financial Market Supervisory Authority also approved the bitcoin “wallet” company Xapo to begin operations in the country, signaling a growing acceptance in the Euro-zone as well.