Only six states, Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia, openly allow residents to gamble online. Up to 22 states have legalized some form of sports betting.
The reasons for all kinds of regulations are partially moral, but most are economical. The federal government claims that under wire law, online casinos are not illegal, but sending money to online gambling is strictly prohibited.
The Supreme Court allows all states to participate in sports betting, but online casino regulations reflect the federal government’s stance on marijuana. The federal government states that sending money to participate in online gambling is strictly illegal, but allows six states (and future states) to pursue their own regulations.
So what does this have to do with cryptocurrencies?
Well, strictly speaking, cryptocurrencies are recognized by the federal government as property, not fiat currency.
If you want to sell Bitcoin or other cryptocurrencies for profit, you still have to declare the cryptocurrency with taxes, but like the Las Vegas slogan, “What happens in Las Vegas stays in Las Vegas”, online The casino has added new wrinkles to gambling by accepting cryptocurrencies.
As far as potential gamblers are concerned, cryptocurrencies are Avoid all governmental restrictions.
Cryptocurrencies are not regulated by their backbone, and online casinos not only accept cryptocurrencies for deposits, but can also pay cryptocurrency prizes, so the government regulates online gambling using cryptocurrencies. If that is almost impossible, it is very difficult.
And for gamblers, cryptocurrencies have one big advantage over cash. Cryptocurrency prizes can be paid in about an hour, outside the casino’s own rules and requirements.
One of the big complaints about online gambling is that cryptocurrencies are the ideal payment format, as it can take 3-5 days or more to get paid.
Of course, another advantage is that cryptocurrency payments to digital wallets are unlabeled. Therefore, if the “Accept Cryptocurrency Casino” in Malta, Curaso, or the Isle of Man pays prizes in cryptocurrencies, there is no paper trail to track deposits and withdrawals.
Strictly operated Bitcoin casinos are not licensed by any state, but it is virtually impossible to regulate. After all, about 99% of online casinos operate outside the United States in the first place. You can find more information about the best crypto gambling sites by checking this list – http://www.wtkr.com/brand-spotlight-best-crypto-gambling-sites
And unless the casino sends cash payments to US players, the casino is far beyond state or federal regulations.
And something else is happening or may happen in the future. Once a casino licensed in Malta, Norway, Gibraltar, Canada, or another country is allowed to accept cryptocurrencies, it is empty to accept players from all countries unless otherwise prohibited by that license. Is the limit of.
For example, a Maltese-regulated online casino company wants to accept online gambling from North Korea’s Kim Jong Un and his associates.
Even though Malta explicitly bans players from North Korea from participating in online fun, it prevents regulated sites from creating unregulated mirror sites and from all countries around the world. We accept all visitors.
So is gambling in cryptocurrencies a good idea?
Well, probably. The first advantage, of course, is that you can gamble from almost anywhere and your movements will not be tracked, if allowed by the casino.
Visa or Mastercard cannot stop payment if it determines that it does not wish to partner. Online gambling, And if you win over $ 10,000 and it is deposited in your bank account, your bank must send a notification to the IRS. Not so with Bitcoin.
In addition, you have complete privacy. If your wife or husband opposes your online gambling, there is no paper trail that indicates that online gambling is taking place.
However, there are certainly drawbacks. For one thing, cryptocurrencies can fall by up to 10 percent in a single day. In fact, in 2022, most cryptocurrencies such as Bitcoin fell by 20%. On the other hand, cash also fluctuates, but not as much as cryptocurrencies.
So if you send a large deposit of around $ 10,000 in cryptocurrency today, by tomorrow it could be worth only $ 9,000 tomorrow.
Another drawback is the problem of addictive gambling. Virtually all regulated casinos need to be advised that they need to gambling responsibly, and most casinos have a mechanism that allows them to self-regulate themselves from gambling.
According to sources we know, many online casinos that operate solely on cryptocurrencies do not have the same or even self-regulating mechanisms to protect addicts from gambling.
Another drawback is the scale of online cryptocurrency transactions. Cryptocurrency transactions rely on blockchain technology, which worked great in the early days of cryptocurrencies. Cryptocurrencies are increasingly accepted in all types of transactions, including online gambling deposits and withdrawals, but cryptocurrencies are still subject to scalability issues. As a result, some transactions may not go as smoothly as you can imagine.
Another issue, certainly not an issue, is the type of cryptocurrency used, which is a choice. Some experts say that if the casino gives you a choice, not only will Ethereum transactions complete at super-fast speeds (15 seconds), but the fees associated with Ethereum are much less than Bitcoin. Also suggests that it may be preferable to choose Ethereum trading.
Of course, the fact that the fees involved are low does not stop some online casinos from charging the same fee for all crypto transactions, but this does allow you to do due diligence and another casino. Means you have to choose.
We generally welcome the move of cryptocurrencies as we believe that there are no restrictions on online participation.
One is to open most of the online casinos to gambling, and the other is to solve the problems of legitimate online casinos in places that are ultimately unregulated, such as the United States.