Are Crypto Casinos Legal? We Take a Look
Are Crypto Casinos Legal
Crypto casinos are the newest form of online casinos that have burst onto the market. They’re growing in popularity, especially with players who have jumped on the crypto bandwagon. However, there are many things about them that players aren’t fully aware of. We’ve taken a closer look at crypto casinos to give you a definitive guide of whether they are legal, and if you should give them a try.
What are Crypto Casinos?
Crypto casinos are essentially casinos that allow you to play, using crypto to bet with. While it’s not a part of the market that has a majority stake at the moment, it is an area that is growing rapidly. In fact, there are lots of sites online that allow players to make deposits with crypto, which makes them at least partly a crypto casino. However, there are slight differences between sites that allow this, and fully fledged crypto casinos.
A fully fledged crypto casino allows players to make a deposit with crypto, and then use that crypto to play the games. So, players might make a deposit of Bitcoin to the site, and then they would wager a portion of that Bitcoin on the different casino games that are available. These sites tend to also have crypto specific games. These are titles that are developed specially to be used with crypto, rather than standard games that just allow for crypto to be used.
A partial crypto casino works in a different way. It allows players to make a deposit using crypto, but it will then be converted into fiat currency. This can then be used to play on the different games there. When a withdrawal is ready to be made, the currency is converted back to crypto, and it is withdrawn to the player’s wallet.
Are Crypto Casinos Legal?
This is a question that doesn’t really have a definitive answer. The actual answer, is that it all depends on the crypto casino that you’re playing at, and the location you’re playing from. Some crypto casinos are completely legal, while others operate outside of the law for certain jurisdictions.
If the regulator for the casino allows for crypto deposits to be made and crypto specific games to be offered, then the site is fully regulated and completely legal. However, this only counts for the jurisdiction that the regulator applies to. So, for example, the Curacao regulator wouldn’t be able to regulate a crypto casino to operate within the UK.
What is a more likely occurrence, is to see a crypto casino that allows players the opportunity to make deposits using cryptocurrency, which is then converted to fiat. These are obviously not full crypto casinos, but they still offer the opportunity for players to play with their crypto.
Made Fully Legal?
It’s likely that crypto casinos will move to be in line with traditional online casinos in the future. As cryptocurrency becomes more mainstream, and it is regulated more strictly, it’s likely that casino regulators will be more willing to include these sites. This will ensure that players have the opportunity to fully enjoy crypto casinos without having to worry about there being a lack of proper casino regulation in place.
Of course, just because a site isn’t regulated, it doesn’t mean that it’s unsafe to play at. Just like any online casino, it’s important to explore all of the different aspects of the site before you play. So, while some crypto casinos might not be completely secure, there will be sites out there that are extremely safe to play at.
While not all crypto casinos will be completely legal to play at, it’s important to do your research before choosing which site to play. This will allow you to find either a site that is legal within your jurisdiction, or a site that’s got an excellent reputation, and high levels of security. Once you have found that, then it’s up to you if you want to make the move, and start to play casino games with your crypto.