Robert Mueller 
For people who enjoy betting as a pastime or a means of making additional income, online betting has made the activity more accessible and convenient than physical trips to real-life casinos. According to data from Statista, the global online gambling market is projected to reach $23.03 billion in 2024, with market researchers projecting a market volume of $35.21 billion by 2029. By 2029, the number of online gamblers is expected to be 97.7 million.
The rise of smartphone use and high-speed Internet connection contributes to the rise of online gambling. Nowadays, bettors have various options, including online casino games like poker, slots, and sports betting, which can be enjoyed from their homes. Another key trend in the market is the increased use of cryptocurrencies for online gambling transactions. Many bettors are attracted to crypto due to the secure and anonymous means of making deposits and withdrawals, eliminating the need for traditional banking methods. As people seek faster and more secure financial transactions, cryptocurrency emerges as a viable alternative for online betting and casinos.
In this post, we’ll take a closer look at what crypto gambling is and its legality in countries around the world, as well as share some tips for crypto gambling:
What Is Crypto Gambling?
Cryptocurrency gambling is the practice of placing bets with cryptocurrencies on the line. Instead of using government-issued fiat currencies like the US dollar, euro, or the British pound, crypto gambling uses cryptocurrencies like Bitcoin, Ethereum, or Litecoin. Some betting platforms also support newer and smaller cryptocurrencies like memecoins, while other gambling sites or apps limit users to only Bitcoin deposits and withdrawals.
Crypto gambling typically happens online at virtual casinos, although online sports betting platforms have also begun introducing support for crypto. Crypto gambling also introduced the concept of “provably fair games”, where players can verify the fairness of games using a cryptographic hash function to ensure that neither players nor the online casino can cheat.
Is Crypto Gambling Legal?
The nature of blockchain technology allows cryptocurrencies to operate independently of any central authority. As such, matters like regulations and compliance are often implemented in gray areas. While some countries, like the US, have embraced crypto as a promising financial innovation by introducing supportive and comprehensive regulatory frameworks to cultivate further development, others have heavily restricted or completely banned crypto.
It’s important to note that while online gambling can technically be done from the comforts of any location thanks to the Internet, local gambling and cryptocurrency rules still apply. As such, you may find that some countries are more welcoming to crypto gambling than others.
Some countries known for varying intensities and levels of cryptocurrency bans include China, whose government intensified crackdown efforts on crypto activities such as mining over financial stability concerns and to encourage the adoption of its CBDC, the e-yuan. Nepal has also banned crypto transactions since 2017, along with several African nations like Algeria and Morocco.
It’s safe to assume that crypto gambling in these countries, unless regulatory changes are made or added, may be impossible and put you at legal risk. As such, looking into local laws and regulations regarding crypto and gambling is important if you’re interested in the endeavor and travel a lot.
Crypto Gambling Tips
Whether you’re new to crypto gambling or would like to expand your conventional gambling activities, these tips will ensure you aren’t betting more than you can afford. While digital currency gambling is certainly an interesting innovation in the gambling market, it’s important to remember that crypto still holds value. As such, crypto gambling should still be approached with as much caution as fiat currency gambling.
One of the most important crypto gambling tips is to take the time to do your research. This is especially crucial if you’re new to the world of crypto and crypto casinos. This includes understanding the different digital currencies and blockchain technologies available while also researching betting sites, apps, and platforms to ensure they’re legit and aren’t bound to scam you.
Research is also important for keeping up with the latest crypto news and market conditions. This is important because new cryptocurrencies are constantly being developed and supported. The crypto market has seen an explosion in new tokens since April 2024, with over 372,000 tokens created on Ethereum and over 643,000 on Solana. A majority of these are memecoins, but some betting platforms and sites do offer support for betting using them.
Ultimately, crypto gambling can be a fast and secure way to spend time in online casinos while potentially earning additional income. It’s also a viable alternative for crypto investors looking to grow their crypto holdings. Still, it’s important to gamble responsibly — whether fiat or crypto.
If you’re interested in more crypto guides, news, and insights, you may find our previous post on the cryptocurrency meme, “Life is good but it can be better” interesting. While a light and seemingly trivial meme, the phrase is a good reminder of the potential of the crypto movement.
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Simone Reed 
Steven Schuster 
