Cryptocurrency and blockchain technologies are developing at an incredible speed, and every day we see more and more options for using them in practice. One of the most important industries this innovative technology has penetrated is iGaming, also known as gambling.
According to experts, the global gambling industry will exceed $ 525 billion by 2022, which is approximately equal to $ 68 for every person on the planet. On the other hand, the cryptocurrency already has an established relationship with iGaming – currently, about 50% of transactions with bitcoin gambling.
Recently, cryptocurrency is increasingly being used by various persons (both individuals and legal entities) to carry out, first of all, financial transactions around the world. This fact is undoubtedly reflected in the development of various industries that are directly related to money.
Of course, the gambling industry is no exception in this regard. On the Internet, there are many sites offering gamblers a wide range of gambling games, where bets are accepted in cryptocurrency. In connection with the ambiguity of the regulation of such a business, the question of the legal status of such “establishments” is interesting.
In fact, all bitcoin casinos can be divided into two main groups:
1) “ordinary” online casinos that accept cryptocurrency as one of the means of replenishing an account (placing a bet) and withdrawing profits;
2) online casinos, which were originally created with the ability to accept bets exclusively in cryptocurrency, pay out winnings in the same way, that is, cryptocurrency is the only means of payment available to the user.
The first group is ordinary online casinos, which, as a rule, operate on the basis of a real legal entity and have all permits for gambling. Usually, anonymity in such casinos is absolutely not guaranteed.
The second group of online casinos is of much greater interest, namely the question of the need to obtain permits for playing games using bitcoin as the only possible means of payment. An example of this type of online gambling establishment is Satoshi Dice, CloudBet, Vegas Casino and others.
In this case, it is necessary to pay attention to the following aspects: is it prohibited to conduct gambling on the territory of this state; whether such activities are subject to licensing; and the last and most important question is the official status of the cryptocurrency in a given country.
For example, in order to determine whether the activity of organizing and conducting gambling using bitcoin in Spain is subject to licensing, one of the local law firms sent a request to the Ministry of Finance of the specified state, in which it raised several questions: is bitcoin money, and, if so, whether such activities are subject to licensing and taxation, and whether those who place bets in bitcoin should transfer funds into currency at the end of each gaming session.
Are cryptocurrencies a gamble, not a financial investment?
All payments in the United States were to be made strictly in paper money.
Crypto casino with Bitcoin games
If the casino accepts cryptocurrencies, then it accepts deposits in Bitcoin. This rule applies to all popular bitcoin gaming portals – the exceptions can be counted on one hand. If you need to quickly choose a place where it will be convenient to play for bitcoins, the following portals with cryptocurrency games are perfect for this.
Duckdice is becoming the number one choice for the vast array of crypto gamblers around the world. It is a real pleasure to play with bitcoins here, as the portal provides everything you need for a first-class gaming experience. Visitors will see a large collection of casino games, various bonuses and many special offers.
Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected]