Crypto gambling regulations vary generally depending on where the casino is located. Blockchain, the technology behind cryptocurrency, is constantly updating its own digital money and has been recently considered by more and more software developers. And while many states regulate online gambling only a few regulate crypto gambling. It is worth mentioning that the new innovative nature of crypto and its sudden emergence means that there are a few areas concerning clarity on regulations that require more attention from gamblers and regulatory bodies.
In the US, established Las Vega Casinos are starting to accept cryptocurrency but regulatory attention is still unclear. Cryptocurrency is also regulated in other countries such as the UK, where their UK Gambling Commission allows gambling using bitcoin and digital currency is accepted by several platforms. Additionally, there are many cryptocurrency casinos based in Curacao and Malta.
The current state of cryptocurrency
Since crypto gambling allows propel to bet using cryptocurrencies, many people deem it safer than other forms of gambling. This is because it stores all transaction data on the blockchain. Blockchain entries are unchangeable once validated, which can help protect crypto gamblers from being scammed. But what about the legality of it?!
One of the questions most likely to pop in the minds of those interested in crypto gambling. Unfortunately, there is no straightforward answer to that. In the US, the Justice Department made a ruling early in 2019 that “prohibits online gambling involving interstate transactions.” Analysts speculate that since it’s difficult to guarantee payments aren’t getting routed through other states, the Justice Department ruling is more likely to affect the online gambling industry as a whole.
The difference between all the casinos on the Las Vegas strip and cryptocurrency casinos is that the land-based casinos are bound by local regulations, while for crypto the story differs. For instance, the vast majority of cryptocurrency casinos have licenses in Curacao, where getting regulated is cheap and quick.
Operating cryptocurrency casinos based online from a relatively remote location could pose many risks for players with disputes. But despite the possible risks of gambling with cryptocurrencies, more and more people are taking interest in it. On some blockchain platforms like TRON, most of the transactions are directed at decentralised gambling apps.
Finally, keep in mind that there are no best cryptos to use for gambling. since some people prefer to use the ones connected to the blockchain platforms that most often handle gambling transactions. Additionally, since bitcoin is the first and most well-known cryptocurrency it’s likely the most widely accepted option at established casinos allowing it.