With cryptocurrencies taking the world by storm, there’s no denying that it has become a popular payment option that is now accepted by various online and offline stores, including traditional and online betting platforms. Its popularity is no doubt brought on by its extra security features, efficiency, and anonymity which it provides its users.
The use of cryptocurrencies for online gambling has brought about a phenomenal transformation for online bettors, as many online casinos have adopted crypto pay. Looking at the start of cryptocurrencies and where it is today, one can only predict that even with its ups and downs, there will be a substantial increase in crypto pay for online casinos in the years to come.
Countries That Enjoy the Perks of Crypto Gambling
While regulations differ from country to country, many countries around the globe have recently adopted crypto betting via online platforms. Here is a list of countries that enjoy the perks of crypto gambling:
Because crypto assets are legal in Australia, residents can use various online casinos to bet using crypto as a form of payment. Although there are a few exceptions, Australians can also enjoy various types of gambling games on crypto casino platforms. The Australian government declared all digital currencies legal in 2017, and they consider them as property. Because of the declaration, there are capital gains taxes on cryptocurrencies which bettors should be aware of.
According to Nick Pappas, Thailand has strict rules and regulations in place around online gambling in the country; however, many savvy players find a way around these rules by opting to use crypto for their gameplay. There are a number of reputable online platforms available for players in Thailand who want to take advantage of betting with crypto. Thailand has a very vibrant gambling culture and an ever-rising interest in cryptocurrencies, making it a winning combination for many bettors in the country.
- United States
Although online gambling has been banned in most States in America, there are well over 70 crypto-friendly casinos available. However, many of these online casinos are not regulated, which poses concern not only to gamblers but also to the US government and the American Gaming Association (AGA). Savvy players opt to play at online casinos in states where gameplay has been legalized or find a reputable offshore platform, of which there are many.
Crypto gambling has not always been popular in Brazil. However, with the launch of BetCoco (a new crypto casino introduced by Crystal Wealth Group) in 2022, crypto gambling is becoming more popular in the country. The site offers users various eSports, sports, and live casino betting. Due to the high inflation rates, there is also the fact that Brazilian citizens receive incentives when they buy cryptocurrencies instead of the US Dollar to help hedge against inflation, making it a top choice for some.
- United Kingdom
The United Kingdom (UK) has always been one of the world’s top gambling countries. It is a country where residents can bet on almost anything from esports to horse racing. It is no wonder that they have so many online crypto-gambling sites.
Canada is also one of the world’s top online gambling countries and is predicted to enter a period of sustained growth going forward. Cryptocurrencies are also of high value to Canadians, so it’s no wonder the two industries are combined, as residents can now enjoy fast, effective, and safer deposits and withdrawals while betting online.
As one of the few Asian nations that allows online gambling, Japan is taking the lead as the most crypto-friendly country in the world. Japan is known for its innovative approaches to technology and betting. Also, with the added privacy, safety, and lower transaction fees that digital coins offer, residents of the country can enjoy all the benefits of crypto gambling.
Italy is known for many things, especially its good food and its beautiful scenery. However, it is also known for its ever-growing gambling industry, with over 111 billion euros in bets placed in the period up to 2021. It is no secret that most Italians love a good wager but in recent years, the country’s online gambling industry has been invested in bringing cryptocurrencies and all its benefits to its citizens.
- The Netherlands
The Netherlands is currently one of the countries with a legal and transparent gambling market. The country has a positive outlook and a healthy online gambling industry that benefits both the players and operators. Since gambling has been made legal, a lot of online casinos have implemented crypto gambling into their payment offerings, making deposits and withdrawals much easier for players in the country.
Switzerland is a country that is well known for its strong financial sector and innovative approach towards technology. It is a progressive country that has embraced crypto gambling, and most online casinos in the country allow the use of digital currencies like Ethereum, Litecoin, and Bitcoin.
The Malta Gaming Authority (MGA) and the Malta government have embraced using virtual currencies and blockchain technology. There are quite a few regulated and licensed online casinos that accept cryptocurrencies due to their safe, easy, and legitimate features.
Even though online gambling and cryptocurrencies aren’t legal in Belgium, there are a few online casinos that accept cryptocurrencies, making it a little easier for bettors and online sites to work around the authorities. Using crypto while gambling allows users to stay anonymous with little to no interference from third parties like banks, financial institutions, and the government.
What are the Advantages of Crypto Gambling?
There are quite a few reasons why online casinos have started to lean toward cryptocurrencies. Some of these reasons include:
- Higher Security Features:
Because of blockchain technology, cryptocurrencies are one of the most secure ways to perform online transactions, and only you have access to your digital wallet, so there is no third-party interference.
- Extra Rewards and Bonuses:
Online betting and gambling platforms are very competitive; most offer exceptional bonuses and rewards, and even better if you use cryptocurrencies. For example, the standard welcome bonus can be up to 100% for a top-up deposit of up to $1,000. However, this is different for all betting sites, so please read the terms and conditions of the betting site before you register or make a deposit.
- Quicker Transactions and Lower Fees:
Depending on the casinos’ terms and conditions, most transactions can take at least one day to process withdrawals and some even have high transaction fees for certain payment methods. With crypto gambling, transaction times are reduced and fees are limited.
- High Deposit and Withdrawal Limits:
A lot of online casinos have restrictions on deposit and withdrawal limits and this can be very frustrating for bettors. However, casinos that use cryptocurrencies have lesser to no restrictions on deposits and withdrawals.
- Anonymous Transactions:
Most payment methods like bank transactions have an obvious paper trail which can have certain downfalls. When using crypto betting, there is no paper trail, as only you have access to your crypto wallet and transaction details. The privacy afforded by crypto makes it a popular choice among bettors.
The Disadvantages of Crypto Gambling
Cryptocurrencies have a lot of great advantages for players, but it’s not a flawless system. Here are a few disadvantages to consider:
- Crypto Scams
Because cryptocurrencies are decentralized and have very few regulations, it makes it easy for scammers to attack you. So, before you register on any online sites, make sure to read detailed reviews on whichever crypto gambling sites you wish to join.
- Making Mistakes
You cannot afford to make any mistakes when using cryptocurrencies, especially when making deposits through crypto wallets. If you accidentally send your crypto to the wrong address, there is little to no chance of you getting it back.
Like any other currency, cryptocurrencies also deal with fluctuations from time to time. It might not be as heavy, but it still makes the currency very volatile.
Because of strict regulations and laws, cryptocurrencies are often used as a backdoor to take part in illegal gambling. You need to check the legal status of crypto gambling in your country.
Crypto Gambling Games
Even though it has been around for a while, the term ‘crypto gambling’ is still fairly new to some players. Online crypto gambling games allow players to use assets or tokens to exchange into fiat currency. These tokens can be used to either create NFTs or assets that you can sell at a later stage and exchange for fiat.
Although there are not many restrictions to the type of games you can play, crypto games do have a few pros and cons.
Crypto Game Pros:
- You do not have to reveal personal information
- You can stay anonymous and keep your privacy by using blockchain technology
- You get a higher RTP and there are lower house edges
- There’s a variety of games to play and a lot of free spins
Crypto Game Cons:
- Some games are limited to specific coins
- Some games have higher wagering requirements than others
- You need to have a basic understanding of crypto and its technology to ensure the best gameplay experience
- Some in-house tokens have low values and their use is limited outside of the game
Conclusion: The Evolution of Crypto Gambling
Online gambling and cryptocurrencies have come a long way from where it all began, and each one has grown exponentially and still has ample room for more growth. With all the great features both have to offer online bettors, there is no doubt more people and gambling sites will incorporate crypto gambling in the future. Regardless of this growth, you should always put caution in the forefront when making decisions to take part in any form of online gambling or betting and only use safe and regulated sites.