Crypto Gambling in New Zealand: What You Need to Know

By Casinogurus

Does New Zealand Allow Online Crypto Gambling?

February 26, 2024 | 682 Views

The iGaming industry continues to grow with each passing day. The market may have begun as a simple subsidiary of the grander gambling industry. However, today, it is a juggernaut of financial success, generating billions annually. What is more impressive is that it has reached this achievement in only a couple of decades. 

Cryptocurrency has a similar success story. Indeed, it began as a niche internet phenomenon. Today, it is a pop culture staple, with most people knowing all about it. With both phenomena being so popular, it is no wonder that some have devised the idea to combine them. So, can you gamble with crypto in New Zealand?

Online Gambling in New Zealand

Before we delve into the meat and potatoes, we must first discuss whether gambling in New Zealand is legal, at least online. The laws are obvious and quite strict; it is illegal for NZ companies to offer online casino services. The law encompasses everything from slots to poker and even sports betting. Some may give up here and become convinced that online gambling is impossible in New Zealand. 

However, that is not the case at all. While the laws prevent companies from offering gambling options, no laws are preventing NZ’s residents from playing at online casinos. Kiwis are free to access offshore casinos available in their country. So long as proper authorities license these gambling sites, it shouldn’t be a hassle to start playing poker, blackjack, or anything else. 

What are Offshore Casinos?

Before we move on, we’d like to briefly address the topic of offshore casinos. For the unaware, offshore casinos are exactly what they sound like: gambling websites headquartered outside of New Zealand. Many are headquartered in European or Caribbean countries, but they’ve made their services available worldwide.

Crypto in New Zealand

New Zealanders have taken a liking to crypto. The country’s tech-neutral legislation has made New Zealanders a “crypto haven.” However, it is worth addressing that crypto is not considered legal tender despite its wide use in the country’s financial and tech sectors. But that doesn’t mean the iGaming industry does not widely embrace Bitcoin, Ethereum, etc.

Kiwis have access to many online gambling websites that have embraced cryptocurrency. The offshore casinos mentioned in the previous section are legitimate, safe, and licensed websites, many of which have made cryptocurrency a viable payment option. Let’s explore where Kiwis can use cryptocurrency and the pros and cons of the transaction method.

Online Casinos in New Zealand

The first crypto gambling option in New Zealand is standard online casinos. These are the websites most of us are familiar with. They offer bonuses, host all your favorite games, and let you make transactions through credit cards, often with a minimum deposit of 10. Many of them have also embraced the popular cryptocurrencies. 

If you check out an online casino, they usually list the available deposit options on the homepage. However, the front page does not list the available deposit methods. In that case, you can check out the “Payment Methods” section and review all the available deposit and withdrawal options. Often, these websites will list the most popular cryptocurrencies, such as the following: 

  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Dogecoin (not as common)

While most online casinos in 2024 have decided to embrace cryptocurrency as a viable deposit method, some still have yet to hop on the bandwagon. So, what if no online casinos in your region deal with cryptocurrency?

Crypto Casinos in New Zealand

Crypto casinos are distinct from online casinos that accept cryptocurrency. They are specifically tailored websites to deal only with crypto-based gambling. The only deposit methods available here are cryptocurrencies. If you are playing at one of these websites, you should learn how payment at online casinos works.

However, there is something you should keep in mind when dealing with crypto casinos. Many of them work without a license, so you can’t know whether notable authorities have reviewed they’ve them. A lot of cryptocurrency gambling websites are still licensed, so we’d recommend looking for those. However, if the licensed ones are unavailable, you are better off using FIAT money for gambling rather than gambling at unlicensed, non-reputable websites.  

Gambling with Crypto – Pros and Cons

For our final section, we’d like to share some of the pros and cons of gambling with cryptocurrency. Many experienced crypto traders might already be aware of the benefits and risks. However, for the newbies reading this, keep these advantages and disadvantages in mind before you decide whether crypto gambling is for you. 

The Pros

We will start with the good before we get to the downsides. Crypto casinos provide an anonymous experience for anyone who prefers to keep their online gambling private. Online casinos often require personal information, and many choose to stay private from websites. Crypto casinos do not. 

Another major pro is that crypto transactions often have low or no transaction fees. This is because cryptocurrency is a peer-to-peer system with no middlemen demanding any fees for your transactions. 

The Cons

There is only one downside worth addressing, but it is a big one. Everyone is aware of the high volatility associated with cryptocurrency. And while some may overblow just how volatile crypto is, the fact of the matter is that it is still incredibly malleable. 

This means you can make a wager and have its value change by the time the game is over. There have been instances, for example, where a gambler has wagered a certain sum in crypto, won the game, and got their payout, only to find that the market has changed so drastically that they’ve ended up with less.