The online gambling industry has witnessed significant transformation over the past decade, with cryptocurrencies being the main driver of this change. Bitcoin, the world’s most popular cryptocurrency, has played an instrumental role in modernizing the aging internet gambling sector. The anonymity, prompt processing times, and low fees associated with Bitcoin transactions made it the darling of many gambling sites. This has led to the birth of a whole new gambling segment, known as Bitcoin gambling.
Yet, as the industry expands, a critical question continues to reverberate: how to identify which sites operate within the legal boundaries? Various countries have differing regulations concerning cryptocurrency and gambling, making it complex territory to navigate, both for operators and players. Here, we delve into the complicated legal landscape of Bitcoin gambling and spotlight several Bitcoin gambling sites noted for their regulatory compliance.
Churning through the Legal Landscape
The legal landscape for Bitcoin gambling is a rapidly shifting, intricate arena, dotted with diverse national laws and varying degrees of acceptance around the world.
Within the U.S, for example, online gambling laws are largely determined by each state. While some institutions interpret Bitcoin as money, offering Bitcoin gambling falls under the states’ scope to license and regulate. States such as Nevada, New Jersey, and Delaware currently have friendly stances towards Bitcoin gambling.
However, some countries are more Bitcoin gambling friendly. The UK and Malta particularly have clear regulations when it comes to online gambling and cryptocurrencies. In these countries, gambling sites must be licensed by the respective gambling commissions.
Regulatory Differences and Compliance Issues
The legal status of Bitcoin gambling usually depends on two factors: gambling legality in a specific country or zone and the legal status of Bitcoin. For instance, in nations like Russia where online gambling is prohibited, it goes without saying that Bitcoin gambling sites are also illegal. On the contrary, countries like the UK recognize the legality of gambling and Bitcoin, allowing these sites to operate freely, provided they have the necessary licenses.
Which Sites Operate Within Regulatory Compliance?
Three platforms have come to prominence for their unwavering commitment to regulatory compliance and their catchy, innovatively-designed user interfaces: BitStarz, FortuneJack, and 7Bit Casino.
1.
BitStarz
The first in the list, BitStarz, is a Bitcoin casino registered and regulated under the laws of Curacao. They’ve earned trust in the Bitcoin gambling industry not only for their legal standing but also by providing provably fair games and SSL encryption.
2.
FortuneJack
Another noteworthy name is FortuneJack, controlled by Nexus Group Enterprises and regulated by the government of Curacao. The site hosts a variety of games, all of which are provably fair and utilize leading security measures to protect user data.
3.
7Bit Casino
7Bit Casino is third on our list, supervised under Antillephone N.V—a respected regulatory body. They present a broad range of games and commitment to the security and privacy of their users.
While these are just a few examples from a bustling industry, remember that it’s paramount to understand the legal landscape in your specific location before delving into Bitcoin gambling. The legal standing may vary, law enforcement differs, and, most importantly, new regulations continue to crop up as cryptocurrencies gain more acceptance.
As exciting as Bitcoin gambling is, maintaining lawfulness should always be players’ and operators’ priority.
_With the vast complexity of worldwide regulations and the inherent anonymity that Bitcoin provides, ensuring that a Bitcoin gambling site falls within the regulations and laws of a particular region is not a simple task. The onus is on individual players to be informed about the legality of their actions._
Sources:
[1] Bitcoin and Online Gambling. (2017, November 10). Jurisdictional regulations of Bitcoin. Retrieved from https://bitcoin.org/en/vulnerability#_citation-16
[2] Lampert, Allison. (2021, June 7). Explainer: The U.S. crackdown on ‘mixing’ services that obscure Bitcoin transactions. Reuters. Retrieved from https://www.reuters.com/business/finance/us-crackdown-mixing-services-that-obscure-bitcoin-transactions-2021-06-15/
[3] Thomson, Amy. (2021, June 8). Cryptocurrency Regulations: A Look at Crypto Across the Globe. CPO Magazine. Retrieved from https://www.cpomagazine.com/cyber-security/cryptocurrency-regulations-a-look-at-crypto-across-the-globe/
[4] Bitcoin Magazine. (2018). The State of Bitcoin in the United Kingdom. Retrieved from https://bitcoinmagazine.com/guides/state-bitcoin-united-kingdom
[5] UK Gambling Commission. (2020, November). Virtual currencies, eSports and social casino gaming. Retrieved from https://www.gamblingcommission.gov.uk/public-and-players/news/post/virtual-currencies
[6] BitStarz. (2021). About Us. Retrieved from https://www.bitstarz.com/about-us
[7] FortuneJack. (2021). About FortuneJack. Retrieved from https://fortunejack.com/about-us
[8] 7Bit Casino. (2021). About 7Bit Casino. Retrieved from https://www.7bitcasino.com/about-us
