Blockchain technology has revolutionized not only the financial ecosystem, but also the world of online gambling. Many respected betting websites have introduced the option of depositing funds with cryptocurrency, and completely new, fully blockchain-based Bitcoin casinos are starting to gain increasing popularity. But is playing Bitcoin casino games and betting with crypto fully legal?
Are Bitcoin Casinos Legal?
Generally speaking, all online casinos and betting websites are subjected to the same, very strict regulations. As long as the Bitcoin casino you’re using is operated by a legally registered company, you can be certain that the whole operation is run in accordance with the law – in other words, whether the casino accepts Bitcoin or not doesn’t affect the fact that it’s subjected to the same regulations as traditional betting websites.
It’s essential to remember that while blockchain technology is far from being adopted on a mass scale, it is no longer a fringe technology known only by a small number of tech enthusiasts. In over 10 years of existence, Bitcoin has become a serious currency, recognized by many investment firms and hedge funds around the world, and the entire cryptocurrency ecosystem is a booming industry with a total capitalization of almost $2 Trillion.
In other words, there’s nothing shady about Bitcoin and crypto – hundreds of thousands of businesses around the world accept crypto payments, from hairdressers to real estate agencies. You can use Bitcoin to legally buy everything from a pizza to a yacht, and using crypto to play casino games is no different.
How to Be Sure If a Bitcoin Casino Is Legal?
- 📰 License: The first thing to check is if the casino is licensed or not. Most of the legal Bitcoin Casinos are based in Curacao and licensed by Curacao eGaming authority. Other licensing countries include Costa Rica, Panama and Kahnawake but they are not as trustworthy as Curacao.
- 🏦 Company: The second way to be sure whether the Bitcoin casino you’re using is legal or not is to check if the casino is being operated by a legally registered company. Any respectable Bitcoin casino will feature easily accessible information about the casino owner. Usually, details regarding the casino owner are located in a footer at the bottom of the webpage, or in the “About” section.
- 🏅 Provably Fair: Another thing you can check is if their games are Provably Fair or not. If their games are Provably Fair and the games are also tested and verified by respected 3rd parties like Crypto Gambling Foundation or iTech Labs, that means the games are fair and the casinos are legit.
In most cases, you should be able to easily check in which country the Bitcoin casino is registered, and to see the precise physical address of the casino’s owner. If you can’t find this information, there’s a chance that you’ve stumbled upon a shady website which can be trying to steal your money or personal information – if you have any suspicion whether the Bitcoin casino operates legally, it’s better to be safe than sorry and look for another website with transparent ownership.
Are Bitcoin Casinos Safe?
Bitcoin itself is extremely secure, as all transactions on the blockchain are secured with military-grade cryptographic algorithms. Because of that, the chances that someone will steal bitcoins from your cryptocurrency wallet or hijack your deposits and withdrawals to a Bitcoin casino are negligibly small.
In other words, as long as you’re using a legally operating, respectable Bitcoin casino, there’s no reason to be worried about the security of your funds. You can enjoy playing casino games while being sure that your money is protected by the power of blockchain. You can find a list of Bitpunter’s most trusted Bitcoin Casinos at the table below.