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Is Gambling with Bitcoin Legal in the US – 2020 Guide

It goes without saying that gambling is a pretty complicated topic when we are talking about the US. All of us know that gambling is strongly prohibited in almost all states in the country. It needs to be said that the situation is not general for the whole state, due to the various opinions coming from different states.

We all know the stories about Atlantic City and Las Vegas, who are, alongside Indian reservations the best-known regions where all the citizens of the US can freely gamble in real casinos, without any restrictions. However, with the majority of the country strongly opposing it, we can see that many citizens have been able to find an alternative with online casinos. In the last couple of years and increased popularity of digital currencies, mostly Bitcoin, we can see that situation became more complex.

Anyone who knows the basics of cryptocurrencies knows that these are completely decentralized currencies, who have the idea of completely replacing fiat currencies. This is the reason why pretty much all the financial institutions are strongly opposing this concept. Not only that, we can see that many people are still skeptical about this concept, even in this day and age.

We can see that more businesses and organizations adopt digital currencies by the day. Plus, we can see that there is even a country that has decided to completely legalize all the digital currencies and made them tax-free. We are talking about Belarus, of course. So, you surely have the question what is the connection between these two concepts?

Well, one of the ways of implementation of digital currencies was through online casinos. We can see that a majority of them allow their player to gamble with cryptos. So, check this list if you are interested in checking some of the best bitcoin casinos you can play at and who are registered in the US. Anyway, we would like to discuss this topic in greater detail due to its popularity and importance.

What’s the Regulation in the US?

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We can see that the question of BTC regulation in the country is not completely finished on a federal level. So, it should be said that BTC or any other digital currencies are not illegal at a federal level. But, at the same time, we cannot say that this concept is completely legal. But the government has decided to implement a couple of different concepts in order to have proper regulation in the future.

With all this information in front of us, we can see that the government has a right to impose taxes on any kind of profit, which comes as a result of cryptocurrencies, especially Bitcoin. This means that investors and traders need to give some percentage of their profit to the federal government. We can see that it isn’t any serious difference between this concept and any other type of taxes that can be seen every day. It’s important to point out that different states have different opinions about the concept.

States Who are Friendly Towards Cryptos

We’ve mentioned that the federal government has a particular regulation towards Bitcoin and other cryptos. Even with this fact, we can see that some states are more pro-crypto than others. We are going to take a look at some of these states.

  • Kansas
  • Montana
  • Tennessee
  • Texas

States Who are Not Friendly Towards Cryptos

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With having in mind that some of the states have a pro-crypto behavior, it makes sense to presume that there are other states who are not so welcoming to this concept. Now, we will name all of them.

  • California
  • Connecticut
  • New Hampshire
  • North Carolina
  • Wisconsin

Bitcoin Gambling Regulation

Since we are talking about a pretty hot topic, we can see that regulations in different states towards crypto gambling are constantly changing. Some states are in the process of changing their regulation as we speak. So, anyone shouldn’t be surprised by the number of changes we are going to witness in the future. Even some of the states who were pretty rigid about crypto gambling are now introducing a new set of regulations in order to ease the process a little bit.

However, it should be said that there are absolutely no strict laws that make online gambling illegal. Add to that the fact that digital currencies are no prohibited, and you have a situation where you don’t have anything that prohibits the use of these for any kind of purpose. But, it’s of the utmost importance for players to understand that the anonymity provided together with the concept will not protect them in case there are some illegal activities going on.

The Benefits of Bitcoin Gambling

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Surely, you will ask why is it important to understand why the question of crypto gambling is so important? Well, crypto gambling makes it much easier for people to gamble than it was ever before. This approach alone covers a lot of steps that any player needs to go through in order to play at one of these websites. The only thing you, as a player, are required to do is to send the proper amount of coins from the wallet, which is connected to the website in question.

Plus, with digital currencies being known as the concept with pretty fast transactions, you can expect these transactions to be completely under an hour. Furthermore, every player has an opportunity to remain completely anonymous during this process. Naturally, it needs to be said that it is essential for some regulation to be set in order for the whole process to be completed within the law of the federal government.

The Wrap-up

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In the end, we would like to say that gambling with Bitcoin, or any other crypto for that matter, is not illegal in the US. However, we’ve provided you with highly detailed information about all the particularities you need to be aware of before you can freely start playing at some of these websites. If you are from some of the states who are not so friendly towards cryptos, you need to be pretty careful about your steps, that’s for certain.

About Suzan Vega

Suzan Vega

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