According to reports, the online gambling industry is expected to be worth $65.7 billion by 2027. But the question that begs everyone’s mind is where crypto casinos are legal, as this can differ from country to country, and even from one jurisdiction to another.
This guide explores the regulatory landscape surrounding crypto gambling in 2024 in the US, UK, Canada, and Australia. So sit back and learn more about crypto gambling rules and regulations.
Crypto Gambling Laws And Jurisdictions
There are two elements to consider when looking out for crypto casino laws. First and foremost, the legality of the crypto assets themselves as they aren’t legal in all jurisdictions.
To take an example, China enacted a complete ban on all cryptocurrencies and their related activities, including mining. Therefore, it is safe to say that crypto gambling is illegal across China.
The second element to consider is the legality of gambling. This can vary from one jurisdiction to another. While the UK and many European countries embrace crypto gambling, albeit with strict regulations, many Asian countries have outright banned the activity despite allowing crypto transactions.
Crypto Gambling Laws Around The World
Now let us explore how crypto gambling works across different parts of the world. This will give you a better understanding of how crypto gambling is viewed by governments and regulators.
US
Cryptocurrencies are legal in the US, but when it comes to gambling, the states have taken varying approaches. According to a recent report, 30 US states have legalized online sports betting. However, casino games are viewed differently by each state.
Considering the lack of proper crypto gambling regulations, some crypto casinos don’t allow players from the US. This is the case even though crypto is the only accepted payment method and such transactions are legal in the country.
Therefore, it is recommended that you check the jurisdictions in your state before accessing any crypto-gambling site.
UK
The UK is known to be one of the friendliest countries for casino gamblers. It permits all forms of gambling, both in real world and online casinos, on lotteries, horse and greyhound racing, and betting shops.
That said, the government has also enacted a stringent regulatory landscape for the gambling sector that is governed by the UK Gambling Commission. The agency ensures that all players in the country can gamble under fair and safe conditions.
Crypto casinos can only serve players if they have been issued a license by the Gambling Commission. This means that regardless of whether fiat or crypto is used to place bets or withdraw winnings, the platforms must abide by anti-money laundering rules.
For this reason, many crypto casinos don’t accept players from the UK. However, British players use a VPN to bypass geo-restrictions. Considering crypto casinos have anonymous accounts, there is no way of knowing where the players are from.
Canada
Online casinos from Canada are required to be regulated at a provincial level. However, no laws prevent Canadians from using offshore gambling sites. There is also the added advantage of cryptocurrencies being legal in the country.
There are two options when it comes to using crypto casinos in Canada. First, they can use an online casino that is regulated in their respective province. Or else, they can play at a casino that is based outside the country. Both ways, Canadians have the best opportunity to access online crypto casinos.
Australia
Australia has one of the strictest laws when it comes to online gambling. As per reports, casino games, slots, and scratchies are prohibited in the country when playing through an online platform. However, online sports betting is legal when accessed through a licensed provider but in-play betting is banned.
Despite cryptocurrencies being legal in the country, the Australian House of Representatives recently passed a bill prohibiting the use of credit cards and cryptocurrency when gambling. This means crypto casinos will likely block the IPs of players hoarding from Australia.
Crypto Gambling Licenses
There isn’t any specific gambling license in existence that applies to crypto casinos. Instead, gambling commissions across the world have to resort to their own stance on crypto betting.
The gambling laws in the UK don’t differentiate between fiat and crypto payments, meanwhile, the gambling laws in Curacao are a lot more flexible compared to the UK and Australia.
Curacao also allows licensees to operate globally where gambling is legal. This is important for crypto casinos as they are completely online and rely on players from around the world. Furthermore, many gambling commissions accept crypto casinos that are registered in Curacao.
Can You Legally Play In Crypto Casinos?
To summarize things, crypto gambling laws are one of the most complex and can vary from jurisdiction to jurisdiction. It is also not easy to implement gambling regulations on crypto casinos.
Since most crypto casinos offer anonymous accounts, it is easy for a user located in a country that has banned gambling to access the platform, because their personally identifiable information is not collected.
However, what I recommend is to do your research about the rules and regulations applied to online casino gambling in your country. This way you will be more aware of how you should be approaching crypto gambling.
Also Read: Best Crypto Trading Signal Providers in 2024
