Crypto Gambling – is it legal?

Cryptogambling in the World

• In the European Union, although there is no unified legislative system, Malta stands out as a leader in cryptocurrency regulation with its blockchain laws and specific regulations.
• In the United States, most states do not have laws prohibiting Bitcoin gambling, but the legality remains a topic of debate. The illegal online gambling law prohibits accepting payments related to gambling that is illegal under federal or state law.
• Some countries ban cryptocurrencies but allow cryptocurrency exchanges, such as South Korea.
• El Salvador became the first country to adopt Bitcoin as legal currency in August 2021.
• In the United Kingdom, although they recognize Bitcoin, they impose certain restrictions on cryptocurrency gambling.

Basic Data on the Legality of Gambling in Bitcoin

• There are no specific laws that regulate Bitcoin gambling uniformly.
• The attitude of authorities towards Bitcoin is changing, but most governments do not consider it a real currency and do not apply traditional online casino rules to cryptocurrency gambling.
• In countries where gambling is banned, authorities can take action against online casinos and players who bet with Bitcoin.
• Bitcoin gaming sites offer complete anonymity, but trusted operators may require identifying data for significant amounts to comply with AML and CFT requirements.
• Some gaming jurisdictions issue licenses for casinos that accept Bitcoins, which ensures the legal operation of the casino if it complies with the regulations of that jurisdiction.

How to spend earned Bitcoins?

• To use a Bitcoin casino, players must create a crypto wallet and purchase Bitcoins.
• Bitcoin casinos are not much different from traditional online casinos in terms of operation and betting options.

Should a Bitcoin Casino Have a License?

• A gaming license is necessary to officially operate and work with electronic payment systems.
• Curacao is a common choice for Bitcoin casino licensing due to its accessibility and clear requirements for operators.
• The license can enhance the casino’s reputation and promote player loyalty, although it is not currently required to accept payments.

In-Game Currency Conversion: A Way to Attract a Crypto-Focused Audience

• The in-Game Currency Conversion tool allows cryptocurrency players to play games that do not natively support cryptocurrencies.
• This tool helps operators expand their player base and increase engagement.

Where can I send complaints to Bitcoin casinos?

• Some media companies act as mediators to resolve disputes in the gaming industry.
• These mediators protect players from unscrupulous operators and casinos from slander from gamblers.

In summary

The legality of cryptocurrency gambling remains an evolving issue, but regulation is advancing in different regions. Bitcoin casinos offer benefits such as anonymity and fast payouts, making them attractive to many players. Having a license can improve player trust and the casino’s reputation, but it is not currently required to accept payments.