Is It Legal to Gamble with Bitcoin?
Bitcoin gambling has been a subject of active debate for quite a while, with most arguments revolving around the legality of playing at cryptocurrency casinos.
Today Bitcoin is one of the most recognizable, fastest-growing, and widespread digital currencies, so it was only a matter of time until casino operators began experimenting with it. However, some continue to believe that the decentralized nature of Bitcoin makes it illegal to use on gambling sites since crypto transfers cannot be tracked by the financial supervisory authorities. On the other hand, this is exactly what players around the globe have been begging for – anonymous and cost-effective gambling.
Gambling at Bitcoin casinos is no different from that on traditional websites. The only difference is that you bet with BTC instead of real money. And while crypto is aiming to become a major trend, conventional banking options are still considered the safest. So you are into classic casino experience, feel free to play online at Casino Cookie.
Legal status worldwide
Some Bitcoin gambling websites have to block players from certain countries due to legal matters. For instance, crypto casinos are illegal in the US, so all online venues you may find there are registered abroad. The same goes for Malta, although its gaming authority is one of the most famous in the industry.
Several European countries, including Estonia, Germany, Denmark, and Finland, rely on local regulatory authorities that permit Bitcoin gambling. Norway, Switzerland, and Sweden allow foreign crypto websites to operate without a license.
A website that accepts BTC for depositing and withdrawing may be illegal even in those countries where crypto is not prohibited. In most countries, Bitcoin is viewed not as money but as a commodity, although there are exceptions to this rule.
If you still doubt the legality of Bitcoin gambling in your country, be sure to read more about the legal status of cryptocurrency in your particular case.
One cannot be too careful
The very fact of accepting crypto does not make a casino website shady, and you certainly will not face criminal prosecution for playing with Bitcoin. Cryptocurrency gambling rules, guidelines, and standards are essentially the same as those for traditional currencies. Moreover, Bitcoin has a legal status in several countries.
However, the legality of Bitcoin casinos does not negate the need to be careful when choosing a venue. Always be sure to familiarize yourself with terms and conditions and take some time to get acquainted with game rules before playing.
How Bitcoin has affected the gambling industry as a whole
Overall, crypto has boosted casino independence from the requirements of regulators and payment systems. It also reduced harsh competition among developers since major game providers that receive the main profit from regulated casinos ignore this market segment. According to Google trends for Bitcoin casinos, there is a steady increase in interest in this topic.