A BRAVE NEW WORLD: CRYPTO GAMBLING

As you reach this section of our website, you may have already found out that gambling is an amusing experience that is deeply rooted in the history of the humankind. Probably for that same reason, countries around the world have always imposed heavy taxes on gambling establishments, that are ultimately borne by players and bettors by way of lower chances to win at casino games or higher sportsbook's juice. To preserve State budgets' revenues and to combat so call-called "grey or black markets", many jurisdictions have been increasingly restricting their nationals from using traditional payment means - like bank wires and credit cards - for gambling purposes. In other words, since it is almost impossible to enforce a ban on all offshore internet gambling establishments, new regulations, adopted in several parts of the world, require domestic financial institutions and credit card providers to block offshore-gambling-related transactions. 

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Crypto coins provide a fair relief for high-rollers and low-rollers. In some jurisdictions offshore gambling is criminalized only insofar cash is staked. Therefore, given that crypto coins are hardly given the status of legal tender, crypto gambling is totally legit. In other countries, where restrictions affect the use of legal currency for cross-border gambling, crypto coins are not concerned by those particular restrictions. 

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Then, it is quite easy to grasp why crypto gambling  has become popular among international bettors. Whilst it is correct that people may still have access to gambling services offered by the bookies and casinos licensed in their home countries, it is also very likely that, as a result of the high level of taxes paid by those venues, their services might not be as good and convenient as those offered by an offshore casino or sportsbook.

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Below is a list of the common advantages that are available to gamblers ready to embrace crypto coins. They are pretty much the same that are discussed in other places in the web. But we eagerly repeat them here, because we think that we do not run the risk to overemphasize them here.

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1. PRIVACY

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Bitcoin and other major crypto coins (e.g., Ethereum, Ripple, etc.) are decentralized units, this meaning that no governmental organization or bank has control over them or over the transactions carried out using them. The only thing you are required to do is to disclose the address of your crypto wallet and all your transactions will go through in completely anonymous fashion. Indeed, although all transactions are recorded in a general ledger, which is called "blockchain", the details of the parties involved in the transactions are not disclosed to anyone.

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2. FAST TRANSACTIONS

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Given that the blockchain is fully operated online, the time a crypto transaction takes to clear usually ranges from minutes to a few hours. This is a specific advantage when you want to withdraw money from your player's account, because your moneis will land on your crypto-wallet as soon as the transaction is cleared by the casino or sportsbook, without any financial institution being involved. As gambling is a strictly-monitored activity, if you play or wager with flat currencies, the transaction must first be authorized by the gambling establishment and by the payment service provider. As a result, flat currency withdrawals (when permitted by the applicable national law) usually take some days to hit your bank account or credit card.

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3. SECURITY

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Many casinos and sportsbooks on the web do not ask loads of personal information when the punter uses bitcoin or other crypto coins and, generally speaking, KYP procedures (i.e., customer verification) are very stright-forward. So, if you gamble with cryptos, you also lower the risk that your personal data are either stolen from the casino or bookmaker's database or misused by gambing establishment.

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