Is Gambling with Bitcoin Legal?

In recent years we have seen a surge in crypto casinos or online casino sites that accept Bitcoin and other crypto payments. These online casinos offer a lot of convenience to players. Among the benefits are secure payments, private transactions, faster cashouts, and low fees. But, is gambling with Bitcoin and other crypto legal in Australia?

THE LEGALITY OF BITCOIN GAMBLING

Not only is Bitcoin gambling legal, but it also has plenty of benefits over traditional payment services.

In Australia, the gambling industry is regulated on a state level. Australia’s Northern Territory Racing Commission (NTRC) regulates gambling in all the northern territories. They are currently exploring the idea of incorporating regulation on crypto wagering & deposits.

This would mean that gambling operators based in the Northern Territory will need a license to offer crypto gambling. The operator must then hold the correct certification which requires them to abide by the applicable rules. But, this is not a done deal yet, so these regulations have yet to leave the drawing board.

However, Aussies can still gamble with crypto on offshore operator sites that accept cryptocurrencies. These are gambling operators that are operating under a license from another jurisdiction – typically Curacao. As they are not operating from Australia, the Australian authorities cannot enforce local rules. As a player, it’s important for you to note that gambling on these sites is not illegal. The laws and rules regarding online gambling pertain to gambling operators, not the players.

ADVANTAGES OF GAMBLING WITH BITCOIN

Bitcoin is one of the most popular forms of crypto. Let’s explore some of the main benefits of using Bitcoin as a payment method at online casinos.

FAST TRANSACTION TIMES WITH BITCOIN

If you choose to gamble with Bitcoin or other cryptocurrencies you’re likely to enjoy faster cash-out times. Traditional payment methods can require a transaction time of between 3-5 days. Bitcoin transactions, on the other hand, typically take just a couple of minutes. If the blockchain is congested, it can take up to an hour, but very rarely longer than that. However, the casino’s processing time is typically the same for all payment methods.

BITCOIN IS HIGHLY SECURE

Thanks to blockchain technology, crypto payments are completely secure and cannot be compromised by any online threats or human error. Each and every transaction is recorded and carried out smoothly. Moreover, there is no need for you to leave any payment details on the casino’s website, as the payment is completed from your Bitcoin wallet. This adds an extra layer of protection to your deposits.

INCREASED ANONYMITY WITH BITCOIN PAYMENTS

If you choose to use Bitcoin at an online casino, you still need to verify your personal details. But even so, paying with Bitcoin increases your anonymity, especially towards your bank. Your gambling transactions will not appear on your bank statement, which can be useful for several reasons. Not least if your bank chooses to look into your transactions, due to a mortgage application or other financial matters.

GET BIGGER BITCOIN BONUSES

Many online casinos offer bigger and better bonus offers if you choose to use Bitcoin to deposit. This is because it’s cheaper and better for the gambling site to accept Bitcoin. Therefore, they offer better bonuses to encourage their users to use cryptocurrency. Some casinos even offer ongoing match deposit bonuses that you can claim on every Bitcoin deposit you make.

THE AVAILABILITY OF BITCOIN CASINO

If you take a step into Bitcoin gambling, you can enjoy a wide choice of Bitcoin casinos. These new gaming sites are loaded with games and plenty of extras. You can even play provably fair Bitcoin slots where all results are recorded on the blockchain, which means no foul play can take place. As an Aussie player, you’ll have a long list of casinos to choose from. Check out our casino reviews to learn all about the best Bitcoin casinos.

DISADVANTAGES OF BITCOIN GAMBLING

When there are pros there are also cons. Let’s have a look at which disadvantages you might come across when playing at a Bitcoin casino.

SHADY GAMBLING LICENCES

The biggest con of gambling with Bitcoin is that very few gambling authorities allow it. The only reputable jurisdiction you’ll find that accepts Bitcoin and other cryptocurrencies is Curacao. Some Bitcoin casinos operate under what they claim are licenses issued in Panama or Costa Rica. But you should note that these are not gambling licenses, only business licences that allow for a company to offer gambling products. Then there are casinos that operate completely without any license. These casinos are infamous for supporting nothing but crypto payments.

SMALLER GAME COLLECTIONS

If you play at a casino that accepts both fiat and cryptocurrency, you’ll likely find a huge selection of games. But, if you play at a pure Bitcoin casino, the selection might be much slimmer. This is because not all game providers support Bitcoin as an in-game currency. Therefore, you’re left with the selection of games where the currency can be crypto instead of Australian Dollars.

CAN I BUY BITCOIN WITH CASH IN AUSTRALIA?

Yes, if you reside in Australia, you can purchase Bitcoin and other cryptocurrencies across multiple reputable crypto exchange platforms. For example, Coin Loft is one of them. You will need to register an account before you are able to buy Bitcoin using your debit or credit card. The registration includes a KYC verification, which is similar to the one you complete at Bitcoin casinos.

THE RISE OF BITCOIN GAMBLING

Crypto casinos and crypto betting sites have taken off in the last few years. There are plenty of new crypto casino sites launching with huge libraries of games and special Bitcoin gambling features.

Bitcoin gambling has become increasingly popular over the last couple of years. Not least because Bitcoin and other cryptocurrencies have become more mainstream. The average Aussie now has some understanding of how to buy and sell Bitcoin, which was not the case just a few years back.

The fact that many Australian banks and financial institutions block offshore gambling transactions has added to the Bitcoin gambling popularity. When depositing or withdrawing with Bitcoin at an online casino, your transactions will never be rejected. This fact alone is causing a significant increase in Bitcoin gamblers in Australia.

IS IT SAFE TO USE BITCOIN WHEN GAMBLING?

You can enjoy all the benefits of Bitcoin gambling without worrying about any legal repercussions. As a player, you can legally participate at any online casino that accepts players from Australia. And, you can also use all the payment methods they accept.

The biggest risk is that some Bitcoin casinos are completely unregulated. If you don’t take care when selecting a casino to play at, you run the risk of ending up as a rogue operator. To ensure you don’t, look for casinos that are licensed in the jurisdiction of Curacao. You should also read reviews of the casino before signing up, and you can do that right here at Australian Gambling Online.

FINAL THOUGHTS

There is no doubt that Bitcoin gambling is here to stay. This, and other cryptocurrencies, offer so many benefits for casino players that it’s hard to imagine it going away. And, since gambling with Bitcoin at online casinos is legal for Australian players, there is no reason for this to stop anytime soon.

But, it’s worth mentioning that it being legal to gamble with Bitcoin is not equal to it being safe to do so. This is due to the lack of regulations and gambling licences to obtain. The online casino world is, unfortunately, full of rogue operators, and these casinos love cryptos. So to stay safe when you use Bitcoin at an online casino, make sure you do your due diligence first. Look for a verified gambling licence and read our reviews of safe and legal Bitcoin casinos.