Crypto Gambling: What You Need to Know
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Cryptoc gambling is set to gain mainstream popularity in 2023. iGaming and NFT-based games are already popular among a diverse gaming audience.
2022 proved to be a tumultuous year for the cryptocurrency industry. The industry regained its $800 billion market cap in early January 2023. Analysts predict that the crypto-gambling sector could generate as much as $93 billion in revenues before the end of the year.
Cryptocurrencies are a natural partner to online gambling. The distributed ledger technologies underpin crypto and blockchain gaming act as a digital ledger for any action or transaction occurring within a game or gaming platform. Decentralised currencies are not subject to the same fees or punitive actions as fiat currencies. Players can cash out their winnings or transfer profits to digital wallets.
In the early 2000s, new laws were established in conjunction with the opening of several private members clubs that offered gambling opportunities. Legislation governing horse racing was set in place in the 18th-century.
Licensed crypto gaming platforms are open to Irish residents. They must comply with the following laws: Betting Acts (1931 to 2015), Finance Act (1992 as amended), Gaming and Lotteries Acts, National Lottery Act, and Totalisator Act.
Crypto casinos offer baccarat, blackjack, craps, poker, roulette and digital slots. They accept a number of decentralised currencies. Some start-ups have even launched their own tokens.
