When you browse through new online casinos or bookies, you realise that some new payment methods have emerged, some of which include bitcoin. Whilst the rest of us, opt for the traditional e-wallet, there are still some gamblers that make Bitcoin their payment of choice, and the hype of such payments is on the increase. If we take a look at the year 2018, around 50% of all the world’s Bitcoin transactions and dealings, derived from casino payments. Apart from this, Bitcoin is used in either world, the traditional web that we currently use, and also the notorious dark web.
The rise in bitcoin bookies, or as they are traditionally called, crytpo casinos is quite extensive lately and should you be one of those lucky players who secure some winnings, the bacon you take home is also in crypto. We caught up with the people at Casino Guru who explained that the crypto gambling niche include the below variants:
Traditional Crypto Casino
Where you have the same gaming experience as other traditional casinos, and you can cash in or Cash out and play using the most traditional of crypto currencies. The traditional crypto accepting casino would definitely require identification of the player. Just like the normal non crypto ones.
Anonymous Crypto Casino
There is another niche of casinos, that we opted to call the ‘anonymous casinos’. These playgrounds do not ask for formal identification of the player. Here the only essentials needed for signing up are the traditional username, a password and your play money in the form of a crypto e-wallet. Casino Guru identifies a total of 161 casinos that are classed as cryton accepting casinos, but funnily enough only 32 can be classified as anonymous.
Question we ask over and over again, how did bitcoin casinos rise so much in popularity. The answer to that is quite simple: legislation. Whilst some countries like Malta grant you a Malta Gaming Authority Gambling License, other countries are quite strict when it comes to gambling in general, in fact in some parts of the world (including USA) gamblig is illegal. Only three states allow you to gamble in the USA, and you could pay hefty fines or even with jail time if you are caught gambling in other states.
Where there are laws, humans always tend to find loopholes, and even in the Gambling Act such loopholes are present. One of which is Crypto gambling, which is not outlined in the laws, hence if we have to be frank, you cannot get a jail fine in the USA for playing at an online casino using crypto. Other countries that have the same loophole are the following: United Kingdom, Greece, Belgium, Poland, Japan, Netherlands, Italy and Japan. All of these countries are looking for ways to amend the legislation.
If we had to continue looking at laws and regulations, the traditional casinos that accept crypto would normally have a gambling license. On the other hand, the anonymous casinos that only accept crypto casinos, currently cannot gain a legal gamblig license and are deemed as unregulated. The world still raises an eyebrow or two when it comes to unlicensed casinos, they are deemed as in limbo, or in a ‘grey area’. They are not legal, but neither illegal. Hence players that find themselves living in a country where online gambling is technically illegal, found a way to play with the crypto bookies. This is the only way that these players can enjoy playing at an online casino from the comfort of their own living room, with no name showing!
Whilst some countries still prohibit their players from some sites, especially the crypto ones, this does not stop the player from finding a way in. Just like it has never stopped anyone from accessing the dark web. All you need to do is download a TOR browser (sometimes referred to as The Onion Router) and there you go, access to Hidden Wikis, which offers you links to a string of passageways and access to these gambling sites.
But be warned, that clicking on a darknet wrong site on the dark web, is just not a pleasant experience. The place is overflowing with what we will brand as ‘not so good people’. This is a place where fraudsters. But worry not, as if you want to browse the dark web to find a crypto bookie safely, you can use a VPN (Virtual Private Networks) Other surface web casinos, the legal ones, avoid you getting into any sort of trouble, that potentially crypto only casinos can expose you to.
Having said all of the above, what are the issues tied with crypto gambling?
- When we talk about thwee dark b and all its contents, unfortunately everything is associated with criminal activity. Due to the fact that most of these sites do not offer a valid license, and restrictions and boundaries will not be adhered to. Forgetting taking a break from these types of casinos. Their only goal is to feed and pry on gamblers and all of their Bitcoins. Some of these sites are indeed: Ponzi Schemes, Fixed Games (where you winning is not on the cards) Deposit scams and even deposit syndicates.
Another attribute that is widely common and frowned up, is the money laundering that in most cases takes place in crypto casinos. The casino and also its players can be at risk here. If you know hackers well, they tend to be drawn to crypto currency, and such sites are often the most gullible and easy targets.
- Traditional gambling licenses that surface casinos host, will always ask you to stop when they feel you need a break of gambling. Such sites also offer you help if you feel you have an addiction. Not crypto sites. Problem gambling is a growing issue with Bitcoin sites, and it is just not pleasant to witness people lose their well earned money.
Traditional online casinos, the one with a reputable face, most of the time don a Malta Gaming Authority of a UKGC gambling licenses. Such licenses could halt your operation if you market gambling or tend to delve the player to the path of addiction. The other spectrum, the crypto casinos market heavily with no care in the world. They offer bonuses, that no other casinos offer, just for the main scope of getting players to sign up and play. Of course they can offer such bonuses, after all they have no tax or license fees to pay up.
With responsible gaming out of the window, illegal Bitcoin Casinos, always promise you fast payouts, quick games and even sky high no limit bets. Unfortunately, they do not promote a safe space where players can meet and play in a secure way. Their goal is to get players addicted to want more, and indeed spend all their money. All of this mixed with the notion of staying anonymous, makes these sites accessible to many, even for people who are just curious to check it out. Players do not need to self exclude here, underaged gamblers are welcome, and gambling addictions and fuelled. Such sites, and not casinos to play at, honestly.
Albeit tempting to get so over the top bonuses and play as much as you want, we suggest that you stay away from such casinos. If you feel the itch to play, we suggest choosing one of the legal sites. The ones that abide by the law, the ones where you and play with ease of mind, legally and regulated.
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