Deciphering the Mysteries of Bitcoin and DarkWeb Gambling

Billy Xiong Deciphering the Mysteries of Bitcoin and DarkW…

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Most people don’t pay much mind to crypto gambling, unless they are players themselves. However, crypto gambling is a significant part of the cryptocurrency market. For example, in 2018 Bitcoin casinos were responsible for approximately 50% of all BTC transactions. So let’s look past the surface and dive a little deeper. Here’s what you should know about Bitcoin gambling on the surface web and the deep web.

Simply put, crypto casinos are casinos where players can top up their wallets, hold accounts and pay out their winnings in some form of cryptocurrency. Casino Guru, which has the largest up-to-date database of online casinos, additionally defines two varieties of crypto casinos. The first variety could be considered a “standard” crypto casino, is basically the same as any other online casino,  but allows players to make deposits, play, and/or cash out in cryptocurrencies.

It requires identity verification, a standard feature of the online gambling industry. But there are also so-called “anonymous” casinos, which require no identity confirmation at all, only an e-mail, username, password and a crypto wallet. The Casino Guru database contains 161 casinos that can be classified as crypto casinos, but only 32 anonymous casinos.

Why has crypto gambling gained so much traction? To understand the answer to that question, we need to have a quick look at some of the legislation concerned with online gambling in general. Online gambling is very strictly regulated or outright banned in many countries. For example, there are only three states in the entirety of the USA, where online casinos are allowed operation. The Unlawful Illegal Gambling Enforcement Act (UIGEA) of 2006 forbids online wagering. But it has a loophole. It only specifies wagering in fiat.

And it’s not just America, that has a hole in their legislation in terms of crypto gambling. In truth, there are only 7 countries in the entire world which have a semblance of crypto gambling regulation. Namely, these are: the UK, Italy, Netherlands, Greece, Poland, Belgium and Japan, which is currently considering legislative solutions.

Coming back to the two varieties of crypto casinos mentioned earlier, anonymous casinos actually can’t get a license anywhere at the moment, even if they wanted to. The way they operate just doesn’t match the requirements of any reputable online gambling licensing authority.

For the majority of the world, bitcoin…

Billy Xiong

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