From sportsbooks on the NFL or NBA to traditional casino games like blackjack and roulette, gambling has never had a higher profile than it has today. The internet has brought the phenomenon of online casinos to a global audience, which includes many individuals in locations that have traditionally prohibited gambling.
Of course, lawmakers love to take their time, and the technology has moved at a far faster rate than the regulatory process could hope to do. There are massive loopholes and ambiguities when it comes to both online gambling and the use of Bitcoin in web based casinos, which smart punters have been quick to exploit. Let’s find out more.
Online casinos and the UIGEA
Probably the most well-known regulatory morass concerns the US, where there is nothing to prevent citizens from gambling at an online casino, but the Unlawful Internet Gambling Enforcement Act makes it illegal for their bank to send any money. This has led to a variety of Bitcoin casinos throwing their doors open to new members from many locations around the world that have similar rules.
There is no restriction on using your Bitcoin wallet to make transfers to and from the casino, and similarly to problem with transfers from there to and from your US bank, so everyone is happy.
Anonymity
Gamblers also enjoy the anonymity of Bitcoin, on both a personal and pragmatic level. On the one hand, anyone else with access to a joint account will not be aware of where money is being spent, and on the other, the IRS will not be interested either, as Bitcoin winnings are not taxable.
The broadest pool of players
There are hundreds of online casinos out there, and more joining the fray every day. But the global accessibility they bring means that those accepting Bitcoin have by far the broadest player pool of them all. Availability to a truly global marketplace means more members and larger prize pots – it can only spell good news for everyone.
Speedy transactions
Whether you are topping up your online account or you want to withdraw your winnings, the last thing you want is to have to wait several days for the transaction to be completed. Delays and fees have always been a drawback to some casino sites, but Bitcoin has brought a real transformation in this respect.
Neither the operator nor the customer incurs feeds for transactions, and as it uses a peer-to-peer network, transfers are completed safely and exceptionally quickly – typically they are instantaneous, and even the longest average time reported is only around 40 minutes. When some payment methods can take days, this is an advantage that cannot be overstated.
Will Bitcoin become the norm?
While most people associate the advantages of Bitcoin with US users, it is clear from the above that the advantages apply to online gamblers from anywhere in the world. After all, who wouldn’t want faster transactions, zero fees, and anonymity? Little wonder it is becoming an accepted payment method at more and more online casinos.
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