Bitcoin Makes Betting on Sports and Poker Easy for Americans
It is common knowledge that gambling in the US hasn’t yet been regulated in all states. What’s more, states like Washington still have a 100% ban on online gambling.
In addition to that, the Unlawful Internet Gambling Enforcement Act clearly prohibits “…gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet, and that is unlawful under any federal or state law.”
In short, players from the US are not in danger, but gambling operators might get into trouble for accepting payments coming from the country. Plus, due to strict rules and regulations, punters from the US encounter problems when it comes to gambling in offshore casinos as well, as many gambling operators are not willing to endanger their businesses and risk being prosecuted
Just when we thought there’s no way out of this, Bitcoin, the most popular cryptocurrency, jumped in and made online poker and sports betting much easier for Americans. Let’s find out why Bitcoin has been a revolution in the online gambling space.
Why Bitcoin is so Significant for US Players
When Bitcoin appeared, people were a bit skeptical about everything it represented. However, once they discovered the benefits it offered, things changed drastically, especially in the US. But what makes Bitcoin a vital part of online gambling?
The first two things are security and privacy. Thanks to blockchain technology, Bitcoin keeps your funds safe at all times. Also, Bitcoin does not use any of your personal data. To create a Bitcoin wallet, you are only required to provide your email address. After you do that, you are free to use the wallet for any purpose, including online gambling. This is essential for American players, since their transactions cannot be easily tracked.
Another benefit of using Bitcoin
is that transactions include minimal fees, if any at all, while using any other payment method brings along fees that can be quite high. Although the Bitcoin network will take a small percentage of your transactions, that still cannot compare to what your bank would take for a wire transfer.
One more great thing about Bitcoin transactions is that they are exceptionally fast. While wire transfers or paper checks might take days to arrive, the Bitcoin transaction time is measured in minutes. This is because the transaction is direct rather than involving a third party, which makes the whole process smooth and fast.
The process of using Bitcoin as a payment method for online gambling is the same as with any other currency. You make a deposit or request a withdrawal and your coins move quickly from your Bitcoin wallet to an online casino, as well as the other way around. After the coins are safely sent to your account, you can use them for whatever you want.
Online Poker and other Betting Sites have Embraced Cryptocurrency
The US represents a vast gambling market that was closed in a way because of the country’s strict rules and regulations. However, when Bitcoin came into being, it literally opened the door to the online gambling operators from around the world.
As we already know, the law in the US frowns upon money transactions between online gambling sites and USA citizens
. Yet, Bitcoin does not fall into the category of fiat currencies and banking laws, which enables punters from the US to use it for online gambling.
This was probably more important for the online gambling operators than the punters from the US. Thanks to blockchain technology, transactions cannot be easily traced
, which allows online gaming operators to bypass strict gambling laws.
This encouraged more and more casinos to incorporate Bitcoin into the list of their payment options and attract players from the USA. Sites like Bovada, Ignition, and BetOnline are some of the most trustworthy online casinos that offer Bitcoin as a payment method. They have everything you need when it comes to online gambling. You can choose casino games, online poker, sports betting, or horse racing.
If these sites are missing a type of online game you prefer, we have to be honest and say that they’re still your best chance. If you’re into online gambling, hurry up, create your Bitcoin wallet, and enjoy online gambling in peace.