Gamblers spend billions on unregulated Bitcoin gambling sites

March 5th, 2018

Bitcoin gambling has had a short, Yet explosive record on the Internet.
It all started with, the most well-known bitcoin gambling website, was launched in April 2012. In July 2013, the site’s founder sold it for 126,315 bitcoins—equal to $12.4-20 Billion US Dollar at current values.
By common estimates, more than half of Bitcoin transactions are related to online gambling.

Bitcoins have gained popularity since it was introduced in 2009. The cryptocurrency industry is growing and evolving at a rapid pace, governments are having a difficult time keeping up.

Bitcoin makes online gambling easy
Bitcoin Transaction costs are extremely low, meaning it is cheap to send and receive coins. Transactions are also irreversible. Once you send Bitcoins to someone else, you can’t request them back. For gambling operators, this irreversibility eliminates the risk of chargeback fraud.

Players like Bitcoin because they can withdrawal their winnings instantly. There are no bank wires or deposits to wait on because Bitcoin is itself a payment processor.

Bitcoin gambling sites also take a lower cut of the winnings than a Las Vegas Casino would,

The Core of Bitcoin’s success is this apparent difference: all transactions are at once anonymous and transparent. Every transaction and its size is listed in a public ledger, while the parties involved remain anonymous. When it comes to gaming, Voorhees said, that transparency allows all players to verify that each bet is fair. Because of Bitcoin’s mathematical algorithm, there’s no way for the house to cheat, he explained.

for the online gambling operators, not holding players’ money for long periods of time allows them to more easily skirt gambling laws that crack down on payment processing.

There are no indications the federal government is cracking down on Bitcoin gambling.

Even though online gambling carries an illicit perception, there is no consensus on its legality within the United States. Gambling, in general, has always been a state issue, and almost all federal statutes require that gambling be a violation of state law for the feds to take action. Half of the states have laws against gambling, however many of these laws haven’t been updated in the era of online gambling, let alone Bitcoin gambling.


At the federal level, the legislation that does exist isn’t very strong. The laws focus on the gambling operators, not the bettors. The Unlawful Internet Gambling Enforcement Act (UIGEA), for example, can only go after gambling businesses who are already doing something illegal. It’s a toothless law.

The Wire Act used to be the federal government’s most powerful weapon against online gambling but is limited to online sports betting.

According to For now, Bitcoin gamblers are free to keep rolling the dice – even in the U.S.
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