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Cryptocurrencies: The New Way to Gamble?

Various news sources have identified cryptocurrencies as the next logical step for the future of sports betting and other online gambling activity.

In the last 12 to 18 months, the bitcoin gambling market has spiked, with the 2018 World Cup giving rise to many cryptocurrency gambling hubs, as well as current fintech trends prompting top online casino operators to include cryptocurrency alongside traditional payment forms.

Unlike traditional gambling websites, bitcoin casinos accept bitcoin as its primary form of payment. As blockchain technology is still relatively new, there are currently no regulations in place to restrict or control gambling activity across these websites.

Existing users of bitcoin and other cryptocurrency-based casinos have praised these new systems for their accessibility and transparency. As blockchain technology records all transactions that have ever been made on the network, the casinos must remain honest and fair to their players.

While traditional gambling websites require players’ bank details and/or contact information, those gambling with cryptocurrency are not required to part with any personal information in order to play. This grants the players anonymity, as well as the knowledge that their transactions will be difficult to trace and unrestricted.

Due to cryptocurrency’s lack of regulation, however, the safety of players is not guaranteed. Coin Clarity - a cryptocurrency-related resource collection - urges players using these casinos to be wary of giving out personal information. They further suggest that players should be vigilant against spam or phishing sites, which imitates these websites and attempts to steal login details.

Expert Gambling Regulation Advice Solicitors, London

Selachii is a law firm based in Kensington, London. We have a wide knowledge of areas of the law which relate to gambling laws and digital currency, allowing us to offer the best advice to our clients. Working with both businesses as well as individuals, our team of experts provide tailored and unique advice to all our clients. To speak to a member of our team about a consultation, complete our online enquiry form and a member of our team will get back to you right away.

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MLA 2017 18 Shortlisted 2