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How crypto online casinos are regulated in the USA
The online crypto gambling industry has been around for a while. But not every country has legalized online casino activities. So, knowing if your place of residency accepts online gambling is very important.
In this article page, we will look at the different principles of cryptocurrency gambling sites in the USA industry.
What is online crypto gambling?
Bitcoin was first launched in 2009. But it was only introduced into the iGaming market recently. So, not many people know about gambling with crypto coins.
However, with technological advancement, many casino brands are now accepting popular cryptocurrencies for deposits and withdrawals. You can now use Litecoin, Ethereum, Dogecoin, and many more to play the classic casino games directly from your fingertips.
One of the major perks of online crypto gambling is that they offer privacy, a wide range of games, and low transaction fees (most of the time). Most brands also offer exclusive bonus offers to new players as part of the welcome package, similar to normal online gambling houses. The main difference between the two of them is simply the transparency and the games offered.
Is Bitcoin online gambling legal in the USA?
First, let’s look at the legalities of online gambling as a whole in the USA.
Well, in the US, every state has its online gambling laws. In Nevada, for example, you can play sports betting and online poker only. But full online casinos are not allowed.
On the other hand, states like New Jersey, Pennsylvania, and Delaware allow all forms of adult entertainment. Some of the most popular land-based casinos like MGM Grand and Tropicana run multiple online casinos in these states. What’s more, they usually report huge profits yearly, thus contributing to these states’ revenue.
Also, in the USA, you must be of the legal age of 18 years to play at an online casino. However, this age may vary from one state to another.
So, when it comes to Bitcoin gambling, it’s not necessarily illegal or legal. This is because the legislation on crypto coins is still in the balance. The United States does not recognize digital currencies as legal tender. So, they are referred to as just commodities.
But at the same time, if a casino brand offers cryptocurrencies for deposits, they will be charged taxes on their profits. Also, there are so many regulations about online gambling in the US. So, there are operators who do not accept players from the States.
Another thing to note about online crypto gambling is that some sites will offer the coins for deposits as they are. But other websites will allow you to deposit using the coins but convert them into FIAT money like USD to be able to play at the casino site.
Benefits of playing at a crypto gambling site
Although online crypto gambling laws are not very clear, several perks come with casino sites that accept these digital currencies.
In some online casinos in the USA, you are only required to withdraw your winnings in person. So, with Bitcoin casinos, you can receive your money in your wallet address from wherever you are. With Bitcoin gambling, you also get to enjoy anonymity. Unlike credit card transactions, your casino deposits and withdrawals will not be reflected on your bank statements at the end of every month.
Another thing, you will not incur any transaction fees or wait for up to three working days to receive your winnings, unlike with bank transfers. This is because these casinos don’t charge for withdrawals and process payments within minutes. So, if you are a USA player looking to start crypto gambling, just make sure to read through your respective state laws before signup for an account at any casino to comply with the regulation in your own state.