Thursday, July 25, 2024

The Legality of Crypto Gambling in Europe – Daily News Hungary

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The online gambling industry in Europe is dynamic. Europe’s gamblers’ embrace of cryptocurrencies attests to the technology-driven flexibility that continually shapes the industry. The lingering question, however, is how legal it is to engage in crypto gambling in this region. 

This article explores the subject of crypto gambling. It also highlights the legal issues around it in Europe. While at it, we will cover a few of the best crypto gambling sites in Europe and beyond. Welcome onboard and enjoy fresh crypto gambling perspectives. 

What Is Crypto Gambling?

Crypto gambling is a form of online gambling. Bettors or casino players use cryptocurrencies to place bets and receive winnings. Many global operators and gambling lovers are embracing cryptocurrencies instead of fiat currency. There are a couple of justifications.

Global Betting and Gaming Consultants’ forecast paints a rosy crypto gambling future. By 2024, the crypto gambling market will be worth US$90 billion. Currently, thousands of virtual casinos accept crypto payments. Therefore, it is imperative to distinguish between the main types of crypto gambling: off-chain and On-chain. 

Off-Chain Crypto Gambling

This allows crypto users and operators to process payments via cryptocurrencies. Operators leverage third-party platforms like BitPay to convert cryptocurrencies to conventional currencies.  

Off-chain crypto casinos are like traditional online casinos. Their main difference is that they accept crypto deposits and process payouts using the same. 

Essentially, bettor registration is a must. Off-chain casinos rely on centralized third parties to effect the funds’ transfer, which necessitates registration. 

On-Chain Crypto Gambling

In On-chain crypto casinos, all transactions are blockchain-backed. Operators leverage the blockchain to execute smart contracts through decentralized applications. The code authorizing the transfer functions on the blockchain framework. This is different from off-chain casinos using third-party servers.  

If a player places a wager,  the blockchain will update and relay a verifiable confirmation. The process is real-time.

If the player’s bet wins, the platform’s smart contract comes into action. It will directly execute the payment to the player’s or the casino’s account. Owing to the use of smart contracts, players do not need to register with the site. On-chain operators are generally less regulated by centralized government authorities. 

Is Crypto Gambling Legal in Europe?

In Europe, there is no definitive law allowing or proscribing crypto gambling. As such, different countries have diverse legal provisions around the subject matter. For instance, the UK Gambling Commission doesn’t have defined crypto-gambling provisions in the UK. In 2017, they passed a regulation requiring operators to notify them if they change their payment methods. Operators looking forward to using cryptos must get the commission’s green light. 

The good news is that the European Central Bank is embracing the use of cryptos in its territory. Lately, the European Union has been advancing towards adopting a unified regulatory framework for cryptocurrencies with its Markets in Crypto-Assets Regulation (MiCA).

Besides, the European Union Central Bank considers Bitcoin a convertible digital currency. 

Top Crypto Gambling Sites 

The general notion is that crypto gambling is legal in Europe. Here are the leading sites you may consider. 

The Stake Crypto Casino 

The Stake Casino was established in 2017 but launched in the UK in 2021 in partnership with TGP Europe. It is a leading crypto casino boasting over 3k video slots. immersive live casino lobbies and a wide range of regular table games. 

Users are free to deposit and request withdrawals using cryptocurrencies. The options include Bitcoin, Ethereum, Bitcoin Cash, DogeCoin, and Tether among others.

CSGO Empire

CSGO has been at the forefront of offering cutting-edge crypto gambling experience since 2016. This casino operates under a Curacao gaming license. It implies that it complies with all player safety and gaming fairness standards. 

We find it a recommendable site if you’re a crypto-gambling lover. The user interface is friendly, and it accepts payments via all major cryptos. Besides, new and existing customers can enjoy many sweet bonuses.

Rollbit Crypto Casino

Established in 2020, Rollbit Casino is the crypto gambler’s gem. Their registration is beginner-friendly. It means you’re a few clicks away from their amazing collection of games. 

They accept a wide range of cryptocurrencies. These include Bitcoin, Litecoin, USDT, Ethereum, Tether, DogeCoin, and many more. 

Disclaimer: the author(s) of the sponsored article(s) are solely responsible for any opinions expressed or offers made. These opinions do not necessarily reflect the official position of Daily News Hungary, and the editorial staff cannot be held responsible for their veracity.

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