Ever since cryptocurrencies started to get some traction and popularity, many industries have started to look for a way to utilize this technology in their offerings. One of such is the online gambling industry where it seems both online casinos and sportsbooks have caught on to the fast-moving trend of crypto.
If you are interested in gambling, chances are that you’ve already seen some crypto sportsbooks promoting their services. At first, glance, offering a non-traditional way where you can bet using cryptocurrencies and enjoy the benefits such as privacy, security, and faster transaction might look appealing to you, but there are a few things to consider first.
First of all, is crypto sports betting legal? Let’s dive down into the confusing world of regulating crypto gambling and find out more about whether or not you are allowed to place bets on sports events in cryptocurrencies.
Is Sports Betting With Crypto Legal?
The short answer is, yes. Gambling with Bitcoin or any other cryptocurrency is considered legal in areas where online gambling is also legal.
However, it is important to mention that there are no clear-cut answers to this question since this is still a relatively new industry. With that said, the opinion and look toward cryptocurrency gambling is rapidly changing thanks to the mass adoption of this fast-moving trend.
There are new crypto sportsbooks that are opened every day and that offer a Bitcoin bonus on the first deposit. Countries still struggle with how to regulate the world of cryptocurrencies. As of today, there are no specific laws regulating crypto gambling, therefore, it is not allowed nor prohibited.
The problem with crypto sports betting is in how governments define cryptocurrencies. There are different points of view toward cryptocurrencies. Some countries, don’t consider them as ‘real’ currencies and others apply the same regulating principles as traditional (fiat) currencies.
So, how to know if it is legal to place sports bets with crypto?
Well, since there are no clear regulations on this new technology, people are left to set their own rules of engagement. Crypto casinos and sportsbooks are known for being decentralized, which helps them bypass some of the geo-restrictions. This means that they are available in every part of the world despite the laws and regulations in particular countries.
Since such establishments are available and no country or organization can ban cryptocurrencies, why should we worry about whether or not the process is legal?
Well, countries where gambling is strictly prohibited, may still take strong measures against crypto gambling, which means that you might get in trouble if you place a crypto sports bet.
Additionally, since crypto betting operates on the Blockchain, it is far easier for the government or any other organization to track every transaction in the process and possibly fine all the players that have been involved in crypto gambling.
However, since there are no clear regulations for crypto gambling, it is safe to say that if you stick to the basic rules of engagement, you won’t get into trouble. The basic rules suggest that you should first check whether or not online sports betting is legal in your country.
If this gambling option is legal, there is a good chance that crypto betting would be legal as well.
Since all of the sportsbooks that offer crypto gambling are not from the United States, they are not affected by American legislation. This means that there won’t be any legal restrictions if you place bets on such websites.
How does Crypto Sports Betting work?
At first glance, the entire crypto betting industry that involved complex technologies like blockchain might look difficult to understand, but as you start to dig deeper you’ll find crypto sports betting to be quite straightforward.
Every transaction made with crypto is stored on the blockchain, which adds another layer of security, and since there is no central bank involved in the process, people can transfer funds more freely.
But how to start gambling with cryptocurrency?
Well, the process is quite simple. First of all, you need to find a sportsbook website that allows you to place bets in crypto. Once you do that, you need to set up a crypto wallet (usually on an exchange), where you can purchase some crypto and transfer it to the website. Remember, in order to participate in crypto betting, you need to have a crypto wallet and connect it to the website.
The next step is to send the Bitcoin or any other cryptocurrency from your wallet to the website you are placing bets on. This is quite a straightforward process and it depends on the website you choose to play. In most cases, you’ll get a wallet address that can be copied/pasted in the exchange and the amount of crypto will be available in your sportsbook wallet in a couple of minutes.
The crypto gambling industry offers many benefits, which is why many people try out this new way of gambling. So, if you still haven’t tried crypto sports betting, this might be the perfect time for you.