In the last decade or so, quite a few industries have gone through major changes due to the developments of technology. Some also changed as a result of the major events in the world that shaped the last few years. If we had to pick one huge thing that happened in recent memory that influenced the world the most, it would have to be cryptocurrencies. However, they did not come alone as cryptos also brought a whole wave of novelty approaches and systems that can be implemented elsewhere. Thanks to the blockchain technology and the decentralized nature of the whole idea, numerous other industries and areas are benefiting.
Digital currencies have changed both the IT sector and the economy, and they are by far the most valuable asset to invest in. It should not be a surprise that there are now numerous ways in which one can obtain a batch of crypto and make their financial situation better. Among the newest and most interesting is crypto gambling. Similar to regular gambling, this variety implies depositing and withdrawing cryptocurrencies instead of traditional money. Simple enough, right? Well, in theory it should be but reality is often disappointing.
Right now, not even cryptos themselves have yet been regulated enough around the world, let alone gambling with them. Most of it is done online, much like the usual online casino gambling you may have been a part of. If you are interested in crypto gambling, know that there are some major geographical limitations involved. In this article we talk about this in greater detail particularly about the situation in the United States. Read on to learn more about cryptocurrency gambling in the US and be sure to check this page to find out and try some of the best crypto gambling sites available.
A Divided Country Unregulated
Right off the bat we are going to say that crypto gambling in the United States is not prohibited or regulated by any laws in the majority of the states. This means that you can freely gamble using cryptos and withdraw your winnings as such in most of the states. However, some regions do have special laws and practices just like when traditional gambling is concerned.
There is no denying that the USA is big on gambling, and that it always has been. They have the gambling capital of the world in Las Vegas after all. However, in terms of online gambling, things are not as easy. In Nevada for example, online poker and online sports betting are allowed, but online casinos are not except for sweepstakes. On the other hand, cities and states like Delaware, New Jersey, and Pennsylvania allow online gambling in its entirety. Moreover, the biggest casino resorts also have their online services and websites which are practically web-based casinos.
Then there are states that have only legalized online sports betting so far, so there may be some issues with crypto gambling depending on what games you mean to play. In Oregon, Rhode Island, Indiana, and West Virginia, you are not allowed to play casino games online, only sports wagers. The rest of the states prohibit all online gambling.
As you can see, it is not really the matter of online crypto gambling in the USA, but the online gambling. Crypto online casinos are therefore not prohibited outright, but they are not in the clear either.
What About Other Countries?
So what about the rest of the world and their takes on crypto gambling on the web? Is the situation so dire all over the world? Well, it depends. For example, there are places where cryptos are outright banned in their entirety, like in Pakistan and Bolivia. South Korea allows crypto exchanges but the currencies are prohibited.
Whether or not this makes sense is not important here. On the other hand, in August of 2023, El Salvador became the very first country in the world to start accepting bitcoin as a legal currency state-wide. It is safe to say they have no problem with it being used for online gambling, provided that they allow online gambling as we know it.
In the United Kingdom, a country that is big on gambling and sports wagering, bitcoin is quite common as a value and numerous merchants and stores accept it. However, there are restrictions on gambling with cryptos. The casinos have to make sure they can deliver on all fronts before they are allowed to do this form of business.
China and Russia have been on the fence with the whole crypto industry for about a decade now and they are unsure where to stand on it. Before you decide to participate in online gambling with digital currencies, you have to make sure that your government allows it and that you can actually deposit and withdraw in a certain crypto token.
How does it Work?
Gambling with a virtual currency is not that harder or more complex than using credit cards, bank transfers, or internet payments. You must have a crypto wallet of course and some crypto balance to your name.
Once you choose a casino and register there, you simply use your wallet address and keys just like you would for any other transaction. Easy peasy. The casinos are the same as any other. You place bets and hope for the best. If you win, you get more bitcoin if that is what you bet with. The software is almost identical and so is the general approach from you as the player. There is nothing much to it except the different type of funding.
What are the Benefits?
So why would somebody want to gamble with cryptos instead of traditional currencies? Are there some benefits and what are they? There certainly are advantages with this form of gambling, and they are largely the same as the general advantages of cryptos over fiat currencies.
They revolve around anonymity and privacy, little to no fees, security, transaction speeds, transparency, and no possibility for inflation. These are all amazing benefits no matter the industry you are dealing with, let alone something as big and valuable as gambling. Therefore, it makes perfect sense why both the casinos and the players want more of crypto online casino gambling in the future.