Gambling in the USA was always a tricky subject; it constantly stands in the grey zone, and people are often confused whether it’s illegal or not. Officially it is, but there are no penalties for the player if they bet in an online casino. Although Las Vegas is one of the epicentres of the gambling world, Nevada is only one out of five states to have officially legalized gambling (six if you count the Virgin Islands). That includes online casinos as well. However, the rest of the USA states frown upon the idea of legal gambling for some reason. Here are all the countries that support responsible gambling:
- New Jersey
- US Virgin Islands
Although, there are a couple of states currently in the process of legalizing regular and online betting:
- New York
- West Virginia
While a few more states are steadily moving towards legalization of gambling, most of the USA is still not even close to it.
How Did Cryptocurrencies Find Their Way In?
With the rise of the Internet also came online casinos, and it is not illegal for the American players to gamble at the offshore casinos. European casinos usually greet gamblers from the USA with open arms, but the problem emerged with the payouts. Withdrawing winnings as a player from a country that doesn’t allow gambling (for the biggest part), presents a serious obstacle for other casinos across the pond.
The casinos will usually offer plenty of withdrawal methods, such as credit cards (Master, Visa, and even American Express), Bank Transfer, E-wallets, etc. But the strict regulations often present a problem for a foreign casino to deliver your winnings to you. This made an opportunity for the cryptocurrencies to enter the market. Using virtual money lets you stay anonymous, and you also get to skip all the international currency regulations. Cyber currencies don’t belong to any country in particular, and as such, cannot be limited or regulated willingly.
The Creation of Bitcoin
The Bitcoin came to be in 2008 as the first stable cryptocurrency. In 2011, it got its first ever exchange rate — $1 equalled to 2300.03 BTC back then. Things were looking up until 2013, when Silkroad, the official deep web marketplace, got shut down by the FBI. Fortunately, in 2014, Microsoft became the first major company to accept Bitcoin as a valid currency. Fast forward to today, and it’s even the supermarkets and restaurants that accept Bitcoin. But most importantly, online casinos accept it as well.
Do American Casinos Accept Bitcoin?
First of all, any online casino operating outside of the five countries that legalized gambling stands in the grey zone. By the US regulations, this cryptocurrency is far from illegal — it owns the status of a commodity. To make it simple, by legalizing the virtual currency, the USA holds the right to tax all the investors and individuals who profit from BTC. And in case you’re an individual who gambles using Bitcoin, you fall under this category. And while most of the European countries have completely legalized BTC, some of the USA states remain strict.
It was shocking to me once I found out that California, as a state that legalized gambling some time ago, doesn’t accept Bitcoin. Although it is one of the strongest US economies, establishing your own start-up business in this state is actually quite expensive. Moreover, cryptocurrencies in California are illegal, which automatically made a lot of potential investors turn their heads the other way.
States Accepting Bitcoin
States Not Accepting Bitcoin
- North Carolina
- New Hampshire
US Cryptocurrency Gambling
Regulators are often left in the dark when it comes to cryptocurrencies. How do you control an international, virtual currency? Lately, a lot of online casinos in the USA are allowing all kinds of gambling, and that includes sports betting. What’s even worse though, is that this type of currency opened the door to somewhat confusing practices.
Have you ever decided to bet on predictions or probabilities? Well, thanks to Bitcoin, you can officially do just that. The website Augur, a prediction betting market, had the most puzzling bet going on in 2018 — The assassination of Donald Trump. To be more precise, people are betting on when the president of the USA might be murdered. Although it raised an outrage by many, including the president’s personnel, there is nothing Augur can do. It is a decentralized protocol that runs on a blockchain. So betting on president Trump’s death shall remain until the users are proven wrong. This serves as a reminder that Bitcoin is decentralized and anonymous. And as such, it cannot be stopped or controlled.
What’s in It for You?
Quite a lot actually. But first, let me tell you of all the possible dangers of Bitcoin before you set out on this path. The fact that it is anonymous and decentralized means that in case someone hacks your wallet and steals all your coins, you won’t get any refunds. Nobody will be able to track down the thief (or a hacker in this case), as there is no regulatory body. With real, physical currencies, the banks have all the insight and control all the transactions. With virtual currencies on the other hand, how could one possible track transactions if they are anonymous by all means?
Lucky for you this doesn’t happen too often — And if you’re prepared to accept this risk, then you can gamble with Bitcoin.
Here’s What You Get
Casinos that offer cryptocurrencies also offer more games. Because a lot of American casinos can’t buy so many games from the biggest software providers (these companies are still limited by the US regulations), they can’t offer as wide of a selection as their European counterparts. In addition, the European casinos very often have a vast selection of over 1000 online games. This is where cryptocurrencies jump in; the casinos that can work with Bitcoin offer plenty of fun too.
Most importantly, as there will be no banking procedures if you withdraw in Bitcoin, no bank can prolong or decline your withdrawal. Next to that, there will be no waiting period because you will probably receive your winnings very quickly, as bitcoin transactions are immediate. Things are different if you withdraw through credit cards; the soonest you will receive your money is 24–48 hours. Regular Bank Transfer usually takes up to a week or longer.
The laws are changing all the time, especially when it comes to virtual currencies. That is why a lot of states are in the process of legalizing virtual money, and as a result, US crypto gambling should be quite common in the near future.
Almost all of the online casinos offer Bitcoin as one of the depositing/withdrawal options. And considering how this currency is in no way illegal, there is nothing to stop you from selecting it. Even the UK Gambling Commission is giving its green light to virtual money. In the end, if you’re a law-abiding citizen who pays taxes regularly, there is nothing to be afraid of. Good luck out there, and remember to always gamble responsibly.