Bitcoin gambling casinos are seeing a spike in popularity since they allow anonymous gamblers and provide hi-speed transactions. But operators who are looking to start online Bitcoin casinos might not be aware of the legal status of this coin. They are often worried about whether it’s a legal business or not. Let us analyze Bitcoin online casinos, why they need licenses, and where it is completely legal.
Bitcoin gambling – how legitimate is it?
Firstly, note that there aren’t any specific laws, which allow or prohibit Bitcoin gambling. There’s no country that directly states that playing games, poker, roulettes, or slots is illegal. There’s no country that has regulated Bitcoin gambling either. Therefore, Bitcoin’s legitimacy is dependent on 2 factors:
- Whether online gambling is legal in your country;
- Whether Bitcoin is legal in your country.
Countries that have restricted or banned online gambling:
- US: The laws governing online gambling differ from state to state;
- Turkey: Turkey has banned online gambling;
- Malaysia: All online gambling platforms are banned from offering their services to Malaysian citizens.;
- Israel: Israel has banned online gambling;
- India: There aren’t any specific regulations governing online gambling in India;
- China: Land-based or online gambling operators are banned.;
- Australia: Online gambling operators are banned from providing their services to Australian residents.
Whether Bitcoin is legal or not – cryptocurrencies are legal in all countries that have fully developed & attractive gambling markets. Bitcoin is currently legal in over one hundred countries. However, countries like Vietnam, Vanuatu, Saudi Arabia, Macedonia, Qatar, Pakistan, Bolivia, Bangladesh, Algeria, and Afghanistan have banned it entirely.
In certain other cases, Bitcoin online casinos are legal if the usage of Bitcoin isn’t prohibited and in case online gambling is legal as per the laws of the country.
Does a bitcoin online casino require a license
Casinos need online gambling licenses for processing payments via bank accounts. However, Bitcoin casinos don’t need them since no money transactions need to be approved. No 3rd party interference happens to be required as well.
But, online gambling licenses are still required since leading game providers demand it. They aren’t likely to provide their games on casinos that don’t own reliable gambling licenses. Additionally, an online casino that has a license can attract more gamblers since such gambling operators are considered to be trustworthy and dependable. Although secure payments are guaranteed by Bitcoin due to its very nature, players may still feel the need to go for only trustworthy casinos.
Operators should be paying close attention to Bitcoin’s legal status in the countries where they intend to expand their business to. However, cryptocurrencies are usually legal in most countries, which means that both experienced and beginner operators don’t need to be worried much about adverse movements by governments. Bitcoin online casinos can be highly profitable when done right.