Crypto Gambling Legitimacy: Are We There Yet?

By Casinogurus

Crypto Gambling Legitimacy: Are We There Yet?

January 12, 2022 | 416 Views

It is no mystery that the online gambling industry hasn’t stopped evolving over the past 20 years. Despite a period of opposition in the late 1990s when the first casinos extended their doors electronically and originally negative projections for an industry saturated in brick-and-mortar history, online gambling has developed at speed. As a result, it stood at an international significance of over 260 billion US dollars in 2019.

The global Covid-19 pandemic, which in 2020 initiated waves of lockdown periods all over the world, only served to force even more gamblers to the only other outlet as physical casinos remained shuttered for months, effectively proving that digital gaming sites were no longer an option but a necessity to keep access to the enterprise alive.

More comprehensive access and better privacy

Access becomes even more necessary to discuss when you consider that gambling stays quite restrictive in many jurisdictions, particularly in most Asian countries, where banks and regulatory authorities make it challenging to deposit as little as $10 in online casinos – even though it could be permitted, it results in transient blocks and improves, time-consuming, regulatory reviews.

This is where famous cryptocurrencies have made it far more convenient for people to access gaming markets, mainly when most crypto-accepting casinos are happy to take deposits immediately, allowing gamblers to play. 

Another benefit of crypto use in gambling is the counted level of privacy that gamblers appreciate. Depositing using a bank transfer or credit card may leave a trace of their pursuit on their statements — unnecessarily notifying their bank that they gamble. While the Bitcoin blockchain is publicly available, private wallets aren’t easily associated with people if used with the proper privacy protection. In this way, players can use crypto to bet while enjoying added tiers of privacy not afforded by traditional payment methods.

With adoption comes recognition

Although crypto was, in history, associated with illegal activity, including illicit gambling, the same cannot be said in current years as crypto’s standing has remarkably enhanced mainstream gambling.

The most observable example of this is the multi-billion dollar sports industry, where crypto-accepting or crypto-based casinos and sportsbooks are now prominently shown on jerseys and stadium billboards of international brands football (soccer), basketball, and even MMA’s.

From European footballing giants like PSG and MMA champions to American e-sports teams, crypto casinos and sportsbooks are sponsoring sports teams, arguably better prominently than traditional casinos.

As more and more jurisdictions acknowledge cryptocurrency as legitimate assets, giving valid remittance and trading rights to exchanges and revenue providers, modern online casinos now deliver crypto payment options right next to conventional ones for their users.

The exclusive use of cryptocurrencies offers unique benefits when corresponded to gambling with fiat:

  • There are no modification calculations, fees, or commissions for deposits.
  • There are no compromises: deposits are instant, and withdrawals need no “cooling off” time.
  • There is less economic finality and security limitation for highly-secure networks like Bitcoin and Ethereum.

This makes its crypto-only functions no less fair. Many crypto casinos are now wholly licensed and run a regulated process. 

Nevertheless, we should point out that many jurisdictions have yet to determine the regulatory requirements for accepting payments with cryptocurrency, so additional licensing and limitations may not apply in many places yet, and crypto may not be subjected to the same generic economic regulations.

There may have been a time in history when crypto gambling may have been viewed as confidential and below the radar. But today, crypto gambling is fair for most people, as long as they take care that in the country they live in:

  1. Online gambling is not banned
  2. Cryptocurrencies are not forbidden
  3. Crypto gambling is permitted

Remember, apart from the casino’s commitment to comply with the provisions of its Gaming License; it is also solely the duty of individuals playing in these online casinos to ensure that this activity is not prohibited for them. Therefore, like any action you wish to participate in, it is always advisable to inspect, understand and approve the full Terms and Conditions of the crypto casino.

Best CryptoCurrency Online Casinos: 

  1. Bitstarz Casino: Welcome Bonus up to 5 BTC
  2. mBit Casino: Welcome Bonus up to 5 BTC
  3. 7Bit Casino: Welcome Bonus up to 5 BTC
  4. CryptoWild Casino: Welcome Bonus up to 4 BTC
  5. Betchain Casino: Welcome Bonus up to 2 BTC

Conclusion

As understanding the benefits of crypto gambling becomes more evident, alongside growing adoption and credit through lawmaking, the number of gambling operators, including crypto betting opportunities, will only expand in the future.