With the immeasurable growth of cryptocurrency, other industries have found ways to take advantage of the surge in popularity. One such industry is the betting industry, which has, for more than a year, given its audience the ability to deposit, bet, and in some places, withdraw funds using cryptocurrency assets. However, the somewhat complex and anonymous nature of the cryptocurrency industry has left some bettors wondering, ‘is crypto betting legal?’
We’re here today to get to the bottom of that question; to determine whether or not crypto betting as a practice is a legal one. There have long been concerns regarding safety, reliability, and security in the world of cryptocurrency, but what about legality? If you bet on sports or esports using crypto, are you breaking the law?
Let’s find out.
Is Crypto Betting Legal or Not?
With the sharp uptick in crypto betting platforms, you’d be surprised if you were to learn that the practice itself was illegal, right? Today, some of the best crypto betting sites offer unparalleled levels of service, security, and support – but are they operating within the confines of the law?
It’s something of a tricky question to answer with a single word, but for the most part, yes, crypto betting is legal.
Although you can answer the question by looking at it from another perspective – it’s not illegal to gamble with crypto. It’s something of a grey area, as there are no laws permitting or restricting the act of gambling with cryptocurrency assets. While some countries – such as the United States – have some prohibitions on how cryptocurrency betting can be carried out, there are no laws or statutes that confirm anything either way.
Why is that, though?
At the moment, the world of cryptocurrency is loosely regulated, being as it is a decentralised realm. That’s the fundamental purpose of cryptocurrency and the blockchain that it lives in – it’s not tied to a central bank or financial system, so it isn’t bound by those traditional laws. There isn’t a central regulatory body overseeing the world of cryptocurrency, so there’s nobody to enforce laws on it.
But, with that information in mind, there are some jurisdictions that do offer licenses to betting platforms that trade using cryptocurrencies. Within these regions, so long as the platform is following the rules and regulations of the awarding body, the license is legit, and their crypto betting operations are legal.
Is Crypto Betting Safe?
Let’s look at this question from another perspective.
Is crypto betting legal? Yes, it is – but is crypto betting safe?
That’s another discussion, and it’s one that we’ll address immediately. When you’re getting into gambling for the first time, you might be wary of parting ways with your money. However, because you (likely) understand banking and finances, you’ll feel safer knowing the level of regulations and the restrictive governance layer that surrounds online gambling. If you’re only just learning about betting with bitcoin, for example, you might feel unsafe when you find out how unregulated the whole practice is.
However, it’s definitely worth putting your mind at ease – as long as you’re using a reputable platform and following several unwritten rules, crypto betting is safe. While this isn’t a full-fledged crypto betting guide, we can offer a few nuggets of advice.
Firstly, make sure to use a prolific, popular, and well-reviewed platform for your crypto betting habits. Further to that, try to only use reputable wallets and exchanges to store, buy, and trade cryptocurrency. These days, it’s a diverse world, with the introduction of altcoins, NFT betting, and the metaverse, and that complexity can lead to confusion.
So, with that in mind, take the time to learn about what you’re getting involved with before you get involved with it.
Why Bet With Crypto?
Now that you know that crypto betting is legal, and more importantly, safe, you might be wondering why you should bet with crypto at all?
It’s worth bearing in mind that we’re living in a world that is becoming increasingly digital. In the last few years, cryptocurrency has seen a staggering rise across the board, and top-tier crypto coins are worth thousands. Not only that, but the nature of the blockchain promotes security and anonymity, and in the best-case scenarios, cryptocurrency assets will rise in value over time. If you gamble using bitcoin and hit the big time, you could end up sitting on a princely investment as opposed to a traditional win in dollars, for example.
When you gamble with cryptocurrency, you’re opening the door to diverse funding methods, faster withdrawals, and wider options, geographically. There’s a huge demand for crypto-based betting options around the world, and many top-tier platforms are servicing that demand.
If you’re a sports or esports bettor, consider getting on board in the near future.