Is it legal to gamble with Bitcoin?

May 29, 2015

is it legal to gamble with bitcoin

There has long been a sharp global debate on certain aspects of BTC gambling, with the issue of legality of BTC casino gaming being among the most sensitive ones.

Legal Bitcoin gambling – yes or no?
Bitcoin, today’s most recognized, widespread, and promising virtual currency, has undoubtedly become the most efficient payment system for virtual casino game fans all over the world. Still, many tend to think BTC, because of its decentralized nature, is somehow illegal to be used for gambling purposes, as transactions in it are impossible to track down for authorities and financial supervisory bodies. Our question here is: hey, isn’t it what you expected online gambling to become eventually: anonymized and cost-efficient?

In many respects, betting with bitcoins is no different from virtual gambling in its ‘traditional form’. Just as in real-money Internet casinos, on BTC gambling portals you still make wagers on games of all kinds using certain amounts of funds. Your final goal is not just winning your money back, but merely augmenting it, i.e. winning a money prize. The only basic difference is the currency you use to wager: in place of dollars, pounds, euros, pesos, yuans, roubles, and other conventional kinds of money, you operate with bitcoins, or milli-bitcoins (1 Bitcoin = 1000 milli-bitcoins/mBTC).

Now comes one of things you really wanted to read here: the very fact bitcoins are used for making bets instead of traditional fiat currencies doesn’t necessary turn the casino offering such bets into a shady black-market gambling house, neither it makes you a criminal prosecuted under the law. BTC gambling regulations in their essence are pretty much the sames as the standards and guidelines that real-money online casinos are ruled by, and that is something you need to be aware of. Consequently, there is absolutely no reason for you to stay away from Bitcoin casinos and gambling portals if you would like to try BTC gambling for real. After all, Bitcoin is legal in most of the world’s countries, so there is simply nothing to be afraid for you, especially if real money gambling portals are not banned or restricted in your country or jurisdiction.

Bitcoin casinos are legal, but is there anything else you should know?
Of course, among the first things you should do before starting to play casino games for bitcoin on a BTC gambling portal, is your obligation to read and fully understand all their terms and conditions, not to mention the rules of every single game you are eager to try. Usually, this information is available on such websites as a separate page, section, or directory, but it is, nevertheless, easily accessible from the main page. It all may be a bit difficult to comprehend on the first read, but it is very essential for you to be aware of the full spectre of a website’s gaming regulations in order to play lawfully and seamlessly, with a clear understanding how wagers should be made, and how prizes and bonuses are paid out.

In light of all of the above, a player should be aware that terms and regulations in real-money and Bitcoin casinos may vary deeply, but in both cases these are compulsory for gamblers to observe if they are willing to play any games on these websites.

It should be also noted that many gambling portals impose restrictions for players residing in certain countries, e.g. players from the US where gambling on the Internet for money is prohibited. Bitcoin casino portals are no exception in this respect, as bitcoins are deemed money by some legal institutions, and therefore there is no possibility for the American players to gamble on such websites even using bitcoins, not USD or other fiat currencies.

On the other hand, players from the US are as welcome as gamblers from other eligible countries on lots of other Bitcoin casino portals, meaning one can always find a proper gaming website to make wagers with BTC without any discrimination. If Bitcoin is legal as payment method in a certain jurisdiction, gambling with it should also be legal for anyone in it. And it’s even better for Bitcoin casino website visitors, as they can virtually access the whole variety of gambling services it offers.
Likewise, many BTC betting portals have a strict gambling age policy, so that for players that are under age there is simply no possibility to engage in any gambling activities available, but then again, many Bitcoin casinos consider you fully eligible to play if you have a Bitcoin wallet, and that’s all you need to start playing there and get your winnings.

Bitcoin gambling legality: the verdict
All in all, our main idea here is that Bitcoin gambling is absolutely legal in the countries where Bitcoin itself is not prohibited or restricted by the state. In most cases, governments treat Bitcoin as a commodity, not money, although it is used by way of the latter. So, if you have any doubts whether playing in Bitcoin casinos in your country is legal, try to learn more about the authorities’ stance on it. With great probability, you are likely to encounter no legal obstacles in this sense, just remember to fully observe your country’s legal acts and regulations on (online) gambling.

 

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