While cryptocurrencies are still in their infancy stage, their influence extends in various sector’s, including gambling. As a result, more punters are wagering using digital currencies with different online bookmakers, creating a multi-billion-dollar industry. However, there are several things you must learn before you bet with BitCoin, Ethereum or any other digital currency.
Is Crypto Gambling Legal?
While there aren’t clear rules and regulations on betting with crypto in many countries, you can wager using digital currencies from anywhere in the world. Here are some fundamental aspects to help you understand the legality of crypto betting.
- Cryptocurrencies are still; a new area for most countries, and therefore no clear laws embracing or prohibiting the use of crypto.
- The attitude towards the use of digital currencies varies from one country to another, with some jurisdictions being very optimistic about the assets and viewed as the future of the monetary denomination. However, some countries strictly limit the use of cryptos.
- Several jurisdictions are licensing the establishment of crypto casinos. That includes the famed United Kingdom Gambling Commission and the government of Curacao. These legislative bodies accept the responsibility to control crypto gambling operations for establishments that commit to a jurisdiction’s chosen regulations.
Where to Bet with Cryptocurrency
With cryptocurrency’s popularity rising by the day, more and more punters are starting to consider wagering using their digital currencies. Fortunately, many sports bookies are taking note of this trend and creating more licensed crypto betting sportsbooks by the day. Here’s how to choose the best crypto betting site.
- Check the gambling license
Every legit crypto sportsbook will have the appropriate license from a recognized authority to offer gambling services using digital currencies online. Players who sign up on unregulated sites expose themselves to the risk of losing their cash and even personal information to advertisers and other third parties. Remember, not every license carries the same regulatory or legislation standards.
- Variety of games
While many crypto sportsbooks offer thousands of games, you need to make sure the site you choose features your favourite gamers, leagues and tournaments. Choosing a site that supports all the major leagues in the world also helps, as it opens you to more wagering opportunities 24/7. However, beginners are advised to stick to their favourite competitions and games before exploring other avenues.
- Bonuses and other promotions
Most crypto sportsbooks offer punters a welcome bonus on their first deposit. The bonus may vary from site to site, just like the wagering requirements. That means it’s a good idea to examine each offer and the wagering requirements before you can commit.
How to Gamble using cryptocurrency
After choosing the crypto sportsbook you want to have fun with digital currencies, here is how you can start enjoying everything in a few steps.
- Open a crypto wallet
- Purchase or transfer some digital coins into the wallet
- Navigate your casino’s deposit page and choose the crypto option
- Choose a game
- Place a wager, but mind the value
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