Is Bitcoin Gambling Legal

Gambling / Saturday, January 13th, 2018

Gambling legality is a controversial issue in the United States because different states have different laws and regulatory policies. Gambling is legal in some states and prohibited in others. When talking about online gambling, the situation is less clear. When talking about bitcoin gambling legality, there is even less certainty. However, many bitcoin enthusiasts want to get the answer to their question, “Is bitcoin gambling legal in the US?”

Bitcoin Gambling

When enquiring about whether bitcoin gambling is legal, one has to take into consideration the following:

  • State and federal legislation on gambling and on cryptocurrency transactions.
  • Restrictions of Internet provider.
  • Legality of the gambling site.

Therefore, the legality of bitcoin gambling largely depends on the area. If you live in the state where gambling is legal or at least not specified as being illegal, you are fine. However, a handful of states still prohibit online gambling within their borders. They include Maryland, Alaska, Kentucky, Indiana, Massachusetts, Oregon, and New York.  Same rule applies to bitcoin transactions. Considering the fact that it is quite a novelty in the world of finance, there are absolutely no laws that say bitcoin transactions are illegal. All things considered, you have to keep an eye on federal and state laws and regulations concerning online gambling and bitcoin. Now, let’s talk about the advantages of bitcoin gambling.

Benefits of Gambling with BTC

In order to start gambling with BTC, you have to check the legality status of online gambling and of bitcoin in the area. If everything is okay, check the policies and regulations of the casino you plan on gambling at. And you are all set to enjoy the benefits of legal bitcoin gambling! Here are just a few constantly evolving benefits:

  • Improved trust and transparency.
  • Reduced possibility of fraud.
  • Being a decentralized currency, all bitcoin transactions are anonymous.
  • Casino that allow bitcoin gambling have more customers and more games.
  • There are no issues with bank such as denying transactions.
  • No currency exchange fees.

At the same time, there are certain things that you have to be cautious about when using BTC in gambling. First, there may be restrictions or taxes levied on bitcoin cash-out in some countries. Secondly, there is no 100% guarantee that your transaction will not become a target for online hackers. When owning an unregulated currency, there is no legal entity to go to when fraud happens.

Overall, BTC gambling is much more convenient and fast than gambling with the use of fiat money. Your name never shows up and no authorities can trace, regulate, or block your financial activities. Probably, in just a couple of years, not only online gambling but the majority of transactions will involve cryptocurrency. Today, many online casinos allow Bitcoin gambling legal and it is likely to become a trend very soon.