In some countries, bitcoin is seen as a legal payment platform, whilst in others, there are regulations pertaining to how betting with cryptocurrency operates.
Some other countries have chosen to be quiet on the issue and have not made any attempt in allowing or not allowing it. In countries where Bitcoin is not considered legal, you cannot fund your gambling wallet with cryptocurrency.
Only very few countries have come out in the open to address cryptocurrency gambling. Some of the countries that have made crypto gambling legal, or at least with regulations include the US, Poland, Greece, Italy, Belgium, and the Netherlands. In this article, we make predictions about some countries that have the likelihood of allowing crypto betting, so if you are in any of the countries outlined, then your dream of betting with crypto might just come sooner than you expect.
How Does Cryptocurrency Gambling Operate?
There are two ways by which the Best 2020 Olympics Bitcoin Sportsbooks operate their cryptocurrency gambling. Some offer the on-chain gambling method, whilst others offer the off-chain gambling method. Off-chain crypto gambling involves land-based casinos and casinos online which accept crypto as a method of making deposits. They make use of third-party bitcoin custodians like BitPay, and turn your cryptocurrency into fiat, or vice-versa, or just purely accept the bitcoin payment.
The on-chain method involves smart contracts on the blockchain which utilizes a backend code on a blockchain network. Most of such casinos using the on-chain method blocks out IP addresses, so that countries without crypto betting legalization would not be allowed to use the casinos.
What Differentiates Cryptocurrency Gambling From Fiat Casino Betting?
In the old times, people gambled for the fun of it, and as a means of entertainment. In recent times, it will be rare to find somebody who is into gambling, just for that reason. Cryptocurrency can still be considered new, but fiat has been in existence for years, and the same applies for gambling methods.
Gambling is now seen as a means of investment, hence with crypto bets, you have higher returns, unlike fiat. In countries in Africa, with a lower value for their respective currencies, it is only expected that they would prefer gambling in crypto due to the monetary benefits, and other benefits that would be discussed in the next section.
What Are The Benefits of Cryptocurrency Gambling?
One of the major benefits of cryptocurrency gambling is the privacy it offers users. You do not need to provide your personal info whenever you make use of crypto betting, although when converting from and to fiat, you might be required to share your identity. Another benefit is the protection, or security, which coins give to game players.
Unlike the fiat currency, in which gamers are usually being scammed on a daily basis, the bitcoin blockchain allows you to see how the casino company is making use of your deposit. So your security is guaranteed, as you would know if the casino site is trustworthy or not, and if crypto regulations can spread across the different countries of the world as it would, much more security would be guaranteed.
Which Countries Might Soon Allow Crypto Betting?
As we have said earlier, not all countries have allowed for crypto to be used as a payment method in their online casinos, and to their detriment too. Japan, for example, has a gambling industry whose revenue is rated at over $4 billion more than Nevada, which is supposed to be the biggest earner in casinos.
Imagine, what more can be generated, if a country like that allows for crypto payments. Below, you will find some countries including Japan who we foresee would allow crypto betting to be legal. Our foresight is based on the legislation currently going on, or other signs that we believe lead to such a conclusion.
Japan is making huge amounts in form of revenues, and even though cryptocurrency gambling has not been legalized, we see that the House of Representatives in the country are looking into it. Japan still needs more clarity as to the importance of cryptocurrency, if for anything, an increase in its revenue. With top payment companies, like Paypal, already transitioning into acceptance of the bitcoin payment, countries like Japan just have to hop on the train. If the Financial Instruments Exchange Act and the Payment Services Act can be signed, then their regulation of crypto casino houses would be in place in no time.
India has a more friendly approach to the acceptance of crypto. It became more pertinent when the question of whether or not to legalize sports bets turned into a huge debate. India’s law commission has been studying the feasibility of the currency coming into sports gambling in their country.
It is of key importance to note that the country is slowly coming to the realization that virtual is better, and can be made even better with cryptocurrency being added as one of the modes of payment. The report made by the commission states that all transactions made on gambling just has to be cashless like the regular online transactions made online. Such methods like credit cards, debit, e-banking, etc should not be the limit to which sports betting can be set. With this said, we have the assurance that the country will see to it that cryptocurrency, as a means of payment, and withdrawal gets activated in their sports bet centres.
South Africa has one of the most advanced economies in the whole of Africa and based on this position, they also have been looking into how they can join the world powers in using cryptocurrency. We discover that the National Treasury has given a proposal on changing laws that would help to recognize the payment method. Currently, the Crypto Assets Regulatory Working Group is in charge of any laws that will be put in place to allow the legalization of the currency. However, the South Africa Reserve Bank has not issued any law to accept virtual currency.
There are many forex trading companies in this island country. These forex trading countries are duly registered, and laws guiding the use of cryptocurrency in sports betting are currently being looked into.
Just like Mauritius, Ghana has already prepared itself to accept the world’s most popular virtual currency. A memorandum was shared to banks in the country about the country looking into all aspects of cryptocurrency trading and that more information would be released when all the research has been completed. This is good news, as bitcoin casinos keep recording increases in their profit margin, if this profit goes back into the country’s economy, the GDP would invariably increase.
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