online gambling and crypto
It’s no secret that the online gambling industry has grown unabated over the last 20 years. Despite his period of resistance in the late 1990s, when the first casinos opened their doors electronically, and initial negative predictions for an industry steeped in brick-and-mortar history, online gambling grew rapidly, with 260 We maintain a global value exceeding US$ billion in 2019 (Statista).
The global Covid-19 pandemic that caused a wave of lockdown periods around the world in 2020 has forced even more gamblers to their only other outlet as physical casinos remained closed for months. was helpful. An alternative, but necessary to maintain access to the industry.
Wider access and better privacy
Given that gambling is still highly restricted in many jurisdictions, especially most Asian countries, it becomes even more important to discuss access. Banks and regulators make it difficult for banks and regulators to deposit as little as $5 into online casinos, even though it is legal. , which results in temporary blocks and enhanced time-consuming regulatory checks.
This is where cryptocurrencies like Bitcoin have made it much easier for people to access the gaming market. Especially if most cryptocurrency accepting casinos are happy to accept deposits almost instantly, allowing gamblers to play while subsequent checks take place in the background.
Another advantage of using crypto in gambling is the added level of privacy enjoyed by gamblers. For example, depositing money by credit card or bank transfer can leave traces of your hobbies on your statement. This means you are unnecessarily letting the bank know you are gambling. While the Bitcoin blockchain is publicly accessible, private wallets cannot be easily associated with individuals when used with appropriate privacy safeguards. In this way, you can use your cryptocurrencies for gambling while enjoying an additional level of privacy not offered by traditional payment methods.
Recruitment comes with awareness
Cryptocurrencies have been associated with illegal activities in the past, including illegal gambling, but the same cannot be said in recent years as the status of cryptocurrencies has greatly improved mainstream gambling.
One of the most striking examples of this can be found in the multi-billion dollar sports industry. In this industry, crypto-based or crypto-accepting casinos and sportsbooks are prominently displayed on jerseys and stadium signs for global football (soccer) and basketball brands. , and even mixed martial arts.
From European football giants like PSV and MMA champions like Israel Adesanya to American esports teams like Evil Geniuses, crypto casinos and sportsbooks sponsor sports teams.
As more and more jurisdictions recognize cryptocurrencies as legitimate assets and issue valid money transfer and/or trading licenses to exchanges and payment providers, modern online casinos now offer users immediate access to traditional methods. We offer crypto payment alternatives next door.
Casinos like CryptoGames actually offer their own benefits by using only cryptocurrencies compared to gambling with fiat currencies.
- No deposit conversion calculations, fees or commissions.
- No payment. Deposits are instant and withdrawals do not require a “cooling off” period.
- At least with highly secure networks like Bitcoin and Ethereum, there is less financial finality and less burden of security.
This makes a crypto-only operation justified. Many cryptocurrency casinos are now fully licensed and therefore operate regulated.For example, Crypto.Games is an internationally recognized game license You must comply with all regulations issued by the Government of Curacao and related to its jurisdiction, including anti-money laundering (AML) compliance.
Nevertheless, many jurisdictions have not yet specified regulatory requirements for accepting payments in bitcoin and cryptocurrencies, so additional licenses and regulations may not yet apply in many places. , it should be pointed out that cryptos may not be subject to the same regulations. General financial regulation.
However, with recent developments such as El Salvador legalizing Bitcoin as legal tender, that could change in the near future, and many countries are expected to make significant strides in crypto gaming legislation. .
There may have been a time in the past when crypto casinos and crypto gambling were considered secretive and unremarkable. However, nowadays crypto gambling is legal for most people as long as they are aware of the following in their country of residence:
- Online gambling is not prohibited.
- Cryptocurrencies are not banned.When
- Crypto gambling is allowed.
Apart from the casino’s responsibility to comply with gaming license requirements, it is the responsibility of the individual playing at these online casinos to ensure that this activity is not prohibited. We always recommend that you review, understand and agree to the casino’s full terms and conditions.
As awareness of the benefits of crypto gambling becomes more apparent, the number of gambling operators that include crypto betting options will only increase in the future with increased legal adoption and recognition.
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