Bitcoin and other cryptocurrencies in online casinos
Is it possible to gamble with Bitcoins or with other cryptocurrencies?
Gambling must meet some specific criteria. It needs to include for instance random elements, a deposit and the possibility to win money. Slots are the best example for gambling. The player has to deposit money, he/she has the chance win something and there is the element of luck, which cannot be influenced by him/her. So according to the law, slots are a clear example for gambling.
If we compare gambling for instance to a tennis tournament, we get a totally different picture. The players have to pay an entry fee (deposit), they can win money for a good placement, but the game itself does not include any random elements and the placement of the players is influenced strictly according to their skills. Tennis cannot be considered gambling according to the law, because the result is not determined by pure luck. Tennis tournaments are therefore available to everyone, including children.
If we look on typical casino games, then playing on slots cannot be considered gambling, if there is no deposit made and if there is no possibility to win any real money. Even though the slot is the same, it cannot be considered to be gambling, because the player cannot win or lose real money, but just worthless fun money. The possibility to play slots for fun is being offered by many online casinos, without any registration or identity checks.
What is the situation in case of Bitcoins and other cryptocurrencies?
We are approaching the issue regarding gambling with Bitcoins and other cryptocurrencies. Cryptocurrencies are not being considered to be typical money and some states, such as the Czech Republic, do not regulate cryptocurrencies and they do not consider them to be money.
If Bitcoins are not considered to be money, then playing in a Bitcoin casino would not meet the criteria to be considered to be gambling, i.e. playing with real money. Technically speaking, it would be considered to be playing for fun money and the operations of such a casino should be legal.
The 1xBit casino offers worldwide playing with cryptocurrencies
The situation of an unclear relation between cryptocurrencies and lottery regulations has been noticed by bookmakers and casinos.
One of such companies is the casino and bookmaker 1xBit, which offers various games as well as betting on sports. You can play or bet only with cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Dash, etc. You can visit the Bitcoin casino webpage here.
Playing with cryptocurrencies gives players the chance to gain access to games that are restricted by various licensed online casinos. There is however uncertainty if the provision of such games is completely legal. We will keep you up to date when the whole situation will be clear.
Do you want to buy Bitcoins? Ty the Coinmate exchange
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