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Are Bitcoin Casinos Legal?

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Are Bitcoin Casinos Legal?
Reading Time: 4 minutes

 

Cryptocurrency, especially bitcoins, became trendy a few years ago. The variety of digital currencies grows every day.  If it was difficult to imagine where people can spend their tokens ten years ago, today, there are a lot of options on how to invest them or what to buy for them. Online gambling flourished last year too. Online casino bitcoin is fresh but very popular. There is only one unanswered question – is crypto gambling legal? But, first of all, it is necessary to generally describe blockchain tech and bitcoins.

What Is Bitcoin and How Does Blockchain Technology Work?

For the first time, blockchain tech was described in the 80-es of the 20th century, but only in 2008, it was realized and popularized by someone known as Satoshi Nakamoto. Blockchain is a digital technology to hold records about transactions (blocks) on different public databases (chains) connected by the peer-to-peer network. To say simple, it is a decentralized structure to protect transfers among users. Blockchains are in use not only for cryptocurrency operations today because they allow protecting every action from any tampering. It means that information in the digital ledger is under high safeguard. Also, this technology provides data transfers very quickly without a third approval party.

Bitcoin is the first and most popular cryptocurrency in the world. It is decentralized and may be submitted only as a digital currency that can be transferred or exchanged by blockchain technology. BTC is created by mining. Totally, 21 million coins can be mined. However, the pace of mined bitcoins decreases every 4 years. It means that the last coin will be mined near the 2140 year.

There are a lot of talks about the future of bitcoins and their impact on the global economy. Hence, the most interesting question is about the legal status of crypto and its use.

The Legality of Cryptocurrency over the Globe

Law always hampers with the regulation of new object reality. It is never clear which events will be longstanding and which not. In the first few years, authorities looked closely at cryptocurrency. Even now, there are many experts who say that the wave of coins will decrease soon, and they will lose most users. However, developed countries and many of their satellites (the USA, EU members, the UK, Japan, Singapore, Australia, and so on) have started regulating bitcoins’ flow the same as finance’s flow. Somewhere, the situation is contentious. For example, in Canada, bitcoins are not prohibited now, and dealers in crypto are regulated as money service businesses. At the same time, companies dealing with virtual currencies must register with the FTRAC (special regulator) and meet all requirements (one of them is to report suspicious transactions). This infringes one of the basic principles of cryptocurrency – the absence of a third party. Also, there are still countries where BTC and other tokens are prohibited, and their use is under restriction. In total, there are more than 70 countries and territories in the world where bitcoin is legal and near 15 countries with the contentious situation.

Online Casinos Accept Crypto: How Does It Work?

In September 2020, it was counted that casinos on the Internet using cryptocurrency gain an additional profit of over USD 150 million! This sum will grow in the next years. So, how does it work?

Online casino bitcoin is a gambling platform that deals mainly with bitcoin cryptocurrency. Such casinos operate with special software to minimize human intervention. It means that software has the role of a dealer in games where real players are needed. In other cases, it is an algorithm of accidental winnings like in other casinos. The main difference between an online gaming house working only with fiat money and a casino receiving crypto is that the latter provides operation based on the peer-to-peer network (blockchain principle).

Advantages of Gambling with BTC

Digital casinos dealing with BTC have many advantages over classic online casinos because of using blockchain tech.

  • Anonymity. The nature of cryptocurrency implies only secure activities between two users. All information about who sends and to who is ciphered by the algorithm. For many players, it is very important to stay anonymous.
  • Speed of transfers. The absence of the third party in transactions allows making transactions very quick. It may be important in conditions of cryptocurrency fluctuations. Also, the high speed of deposit acceptance allows starting playing faster as well as receiving withdrawals quickly.
  • Decentralized structure. In classic casinos, all money is in the hand of the casino’s owner. Bitcoin gambling platforms do not have a single center of money transfer. It helps to protect users and their stakes.
  • No additional fees. Most of the online casinos dealing with crypto do not demand transaction fees or other supplementary payments.
  • Accessibility. The digital nature of this business allows playing games for many people at one time and guarantees the approachability of games over the world.

 

Are Online Bitcoin Casinos Legal?

Not all countries where cryptocurrency is legal demonstrate similar loyalty to online gambling with bitcoins. There are three kinds of countries:

1. Where any online gambling is prohibited.

2. Where cryptocurrencies are prohibited.

3. Where crypto gambling is permitted.

 

In Estonia, Germany, Finland, and Denmark, Internet gambling with crypto is allowed with a special license given by the local regulator to both local providers and foreign ones. Hong-Kong, Gibraltar, and the United Kingdom (including the Isle of Man) have the same position.

In Switzerland, Norway, and Sweden, local gambling platforms need to receive a license, and foreign ones can act without it.

In the USA, casinos accepting bitcoins are totally illegal. Many known gambling providers are incorporated outside this country. The same situation is in Malta, even though Malta Gaming Authority gives licenses to most online casinos.

Playing casinos in the countries where it is prohibited is the liability of a player. All amenable gambling platforms always note the list of restricted countries in their Terms and Conditions.

To sum up, it is necessary to say that the situation with bitcoins and online bitcoin casinos’ legitimacy is changeable. Players may play from any place, but possible consequences are their responsibility.

 

Bitcoin

German Election Betting: Cloudbet Odds Swing To SPD’s Scholz After First Debate

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German Election Betting: Cloudbet Odds Swing To SPD’s Scholz After First Debate
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Betting odds on the German federal election swung firmly towards Olaf Scholz and his SPD party after polls indicated that he won the first televised debate of the campaign.

Markets now give Scholz a 56% probability of becoming the country’s next chancellor, up from 36% on August 23,  prices compiled by crypto sportsbook Cloudbet show. He has now taken the lead from main rival Armin Laschet, whose likelihood of becoming chancellor slumped to 44% from 63%.

Cloudbet is the only major crypto operator offering German election markets. The odds are hosted on an enriched event page that charts real-time price movements and will live-stream future debates for players to seize betting opportunities as odds shift.

The page will also contain the Cloudbet Opinion, a visual representation of which party bettors are favoring with their wagers, and a useful alternative voting indicator to opinion polls. Cloudbet first unveiled the feature to good effect ahead of the US presidential election in November. Bets placed on Cloudbet for that election were closer to the final result than official poll results, especially in predicting state-by-state outcomes.

“Betting markets can offer unique insights into how segments of the voting public perceive the election,” a Cloudbet election expert said. “We will continue to monitor movements as the debates and campaigns continue.”

Sunday’s 100-minute debate was largely uncontroversial, with views on climate change proving to be one point of difference between the three chancellor candidates. Some 36% of viewers picked Scholz, according to a Forsa poll for broadcasters RTL/ntv. The Greens’ Annalena Baerbock placed second with 30%, while Laschet was last with 25%.

Founded in 2013, Cloudbet established itself as one of the world’s leading bitcoin betting operators, with a reputation built on unparalleled security and speedy withdrawals. Players on the German site can bet with 12 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, USDT, Dogecoin and Dash.

In June this year, the operator launched a fully localised website to provide better services for German customers. It also hosts a Telegram community for German-speaking customers to engage with other like-minded betting fans.

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Bitcoin

UltraPlay expands its footprint through Nitrogen Group partnership

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UltraPlay expands its footprint through Nitrogen Group partnership
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The multi-awarded sports betting provider UltraPlay expands its footprint through Nitrogen Group partnership. Nitrogen Group (Nitrogensports.eu and Nitrobetting.eu) is a long-standing operator for its good reputation, integrity, and dedication to Bitcoin.

UltraPlay’s portfolio of advanced betting solutions is the perfect fit for Nitrogen’s sports and eSports betting offers. The crypto gambling operator has more than 9 years on the market in which it’s grown an enormous database of players and Bitcoin enthusiasts.

Through UltraPlay’s betting products, players at Nitrogensports.eu and Nitrobetting.eu already enjoy the extensive coverage of more than 34 eSports, plus 6000 pre-match and 5500 live events monthly together with a huge range of sporting events available online 24/7. Their players continue to benefit from secure, fast, and anonymous Bitcoin betting as well as from impressive futures bets, live streaming, and even niche tournaments from across the globe.

Commenting on the partnership Nick Travis, manager of Nitrogen Sports, said:

“For many years, Nitrogen Sports has served crypto users and bettors with a safe and anonymous platform featuring a comprehensive list of odds on major sports, but thanks to this new venture, they can take their action even further and bet on even more events, leagues and games, including UltraPlay’s extensive array of live betting odds, as well as a massive selection of eSports events.”

Mario Ovcharov, CEO of UltraPlay commented: “Nitrogen Sports is one of the biggest operators in UltraPlay’s network. Our commitment to offering them the highest quality betting products already records great results. We see eSports and cryptocurrencies as an important piece of the online gambling industry, and our new partner knows exactly how to be the first-choice sportsbook of the next generation of bettors.”

Together with Nitrogen Group and its ever-growing community base we’ll grow our leadership in the sports and eSports betting provision on the global gaming map”, added Ovcharov.

UltraPlay’s early adoption of Bitcoin as a wagering method back in 2011 solidly positioned the company as one of the pioneers in the crypto betting segment in the gambling industry. The company keeps on opening new perspectives of how online betting should be done according to the young generation of bettors’ preferences.

Dedicated to constantly developing and improving its sports betting products, UltraPlay earned 15 awards for its eSports betting leadership.

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Hop on the FJ race and win a Tesla Model 3!

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Hop on the FJ race and win a Tesla Model 3!
Reading Time: 2 minutes

 

The end of the summer in the Bitcoin Casino industry is set to be extremely rewarding as one of the juggernauts of the business, FortuneJack launched a massive promotion. This Bitcoin Casino Giveaway will feature on the most desired cars in the world – Tesla Model 3. The promo will run from X August to X September and anyone who’ll bet a certain amount of money will be able to get themselves lottery tickets. At the end, a lucky winner of this Bitcoin Casino will leave with the keys to a brand-new Tesla. So, what are the rules and ways to get your hands on the grand prize?

Participation

First and foremost, in order to participate, all players must register on FortuneJack and go through an easy process of verification. After that’s done, you just need to play. For every 20$ Equivalent of a wager, each player will get 1 lottery ticket. As an example, if you make a $60 bet, you’ll automatically get 3 Tickets. The holder of the most tickets will have the highest chances of winning this highly desirable car. Anyone can participate in this promotion and all the games on this particular BTC Casino apply, even FortuneJack’s own sportsbook.

Tesla Model 3 Specs

There will also be additional amazing challenges with some heavy cash and free spin prizes, but before we discuss those, let’s stop to appreciate all the glorious details of Tesla model 3. This FortuneJack Giveaway is famous for virtually all the aspects that encompass an idea of a great car. Being a fully electric vehicle, it’s mile range on a single charge is absolutely mesmerizing. It can go for more than 400 Miles at a time and its speed is on a hyper car level. It does 0 to 60 in around 3 Seconds which is lightning fast. No wonder that Tesla Cars are considered to be the total future of the car industry.

More Challenges to win yourself a Tesla

Aside from the main FortuneJack Giveaway, the casino also offers weekend challenges within the same promotion. Here all the players can participate in small tournaments revolving around highest win, highest multiplier and highest wagering races. The prize pool for each of those is €4000. Additionally, there are 1200 Free spins to be won and 2000 Tesla Giveaway tickets that can get anyone significantly closer to the main prize of the promo. There is no doubt that this Bitcoin Casino Giveaway is the hottest promotion of this year’s summer.

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