The online gambling market is quickly growing even more due to the rise of people who have access to mobile internet. However, this industry remains very divisive. Each side has its own point that needs considering. For one thing, it brings additional tax revenue and promotes trade on an international level. However, many feel that this is just another vessel for addiction and a front for business fraud.
Regardless, blockchain betting is going to grow continuously, so it's good to know a few things about this form of gambling as it gets increasingly relevant.
It’s as simple as it sounds. This method works just the same as regular sports betting, where you bet on different players and teams in the current matches. The only difference is that instead of using the regular currencies for your transactions, you have a sports betting bitcoin, a form of cryptocurrency. This falls under blockchain betting, where every record of the games, bets, results, win amounts, and payouts are stored in the blockchain.
The blockchain sports betting industry for bitcoin is highly competitive, as seen from the hundreds of different websites that offer this service.
Bitcoin gambling, as the name suggests, often exclusively uses bitcoin as its main currency for transactions. Many are attracted to this form because of its convenience and the privacy that it offers.
Because the competition increased in recent years, competitive websites are trying to one-up each other by offering benefits and bonuses to attract more users.
Bitcoin sports betting is becoming highly attractive to many gamblers because of its fast withdrawal and deposit times, large sports selections, low fees, and accessibility.
Bitcoin gambling legality in the US is ambiguous at best. Many sites have opened their services for US citizens for many years without much issue. However, things changed when the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) was passed, and this changed the online market to an extent.
While it didn’t make this form of gambling illegal, financial institutions can no longer process transactions between the sites and US residents. Many site creators saw this as an indication of the US government taking a negative stance towards it. As a result, most of them have stopped transactions with the US players.
There are still a few remaining operators that welcome American players. They argue that if they were presently licensed and based within a legal jurisdiction, then they aren’t technically breaking any law. Some people choose not to risk gaming on the internet, while many still continue to do so.
For the UK, it is well regulated and legal. Many sites that operate in and out of this region can provide their services for the UK citizens, just as long as they have been licensed by the UK Gambling Commission of UKGC. This was introduced by the government not too long ago in 2014.
Before that, every licensed site within jurisdictions that are white-listed can accept the UK customers. A white-listed jurisdiction is a gambling service that can advertise themselves inside UK territory. The tight regulation and clear-cut legislation make the UK region a great market for online operators, with a downside of paying higher taxes.
Laws in Australia that tackle online gambling are mainly covered under The Interactive Gambling Act (IGA) established in 2001. This act only allows for lottery games and sports-related gaming such as bitcoin sports gambling, with others being illegal if an Australian company offers them to local residents.
This regulation is both carried out by the local and central governments. Currently, no law prohibits an Australian citizen from using a site situated in other countries. However, the Northern Territory Racing Commission or NTRC has issued a ban against online wagering using cryptocurrency last year.
The legislation for online gaming in New Zealand is under their Gambling Act, established in 2003. It lays out everything that lies within the realm of legality and those that don't. The majority of gaming and betting are illegal, but only for region-based companies. New Zealanders are free to enjoy sites that are based overseas without fear of any legal repercussion.
One of the British Crown's self-governing lands, the Isle of Man, is also famous as Bitcoin Island. It is so named because it has become a center of online currencies like bitcoins, bitcoin cash, and many others instead of regular currencies. This resulted in a rise in online crypto gaming.
The Gambling Supervision Commission or GSC regulates and controls the local market. Online casinos that use bitcoin can fill an application to this commission as an extra safety measure for their players. Currently, the Isle of Man is looking for ways to implement blockchain in its industry to further enhance its operations and improve the safety of online transactions.
This island situated in the Caribbean has created legislation related to online gambling way back in 1993. In the succeeding years, Curacao's Gaming Control Board turned online gambling into a prime industry in their region. Their e-Gaming License Authority is currently accommodating one of the biggest demands for gaming licenses all over the world.
It is relatively easier to obtain a license in this region, making it possible for smaller casino ventures and start-ups to be legally recognized. They also offer hosting support and an IT infrastructure for members. Presently, getting a license is relatively cheap and not too hard to acquire, so Curaçao is the place to be if you’re looking to launch an online gaming business with a license.