Which Countries Are Embracing Crypto Gambling in 2024?
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Crypto and NFT-based gambling has skyrocketed in popularity over the past few years. With more and more people investing in online currencies, crypto gambling has become one of the favoured ways to use and earn more digital currency. While a lot of countries are embracing such a revolution in the GameFi sector, many countries are prohibiting their netizens from engaging in online gambling activities.
Cryptocurrency and crypto gambling are still a gray area in large parts of the world due to the lack of crypto regulation, legislation regarding gambling as a whole, and the relationship between cryptocurrency and gambling. However, a few regions have taken steps to formalize crypto gambling, drastically increasing its popularity.
How Crypto Gambling Started
Firstly, crypto-based gambling is almost as old as crypto itself. Launched in 2012, SatosiDice was the first known crypto-based game named after Bitcoin’s supposed founder, Satoshi Nakamoto.
Crypto gambling in 2024 has come a long way from those days, and it has transformed from a low-level way to spend your crypto to a fully-fledged market enjoyed by millions of players each year.
Here are a few countries and territories pushing crypto-gaming to the next level in 2024.
1. United States
Crypto gambling in the United States isn’t illegal as a whole, but instead, the legality of it is determined by the state you are in. Different states have different laws regarding online gambling, and therefore crypto-gambling laws will vary.
However, there is a large grey area as some offshore casinos that serve U.S. clients accept crypto and fiat currency, even though no regulations or laws explicitly state it is legal or illegal.
Note that, the Security and Exchange Commission (SEC) is continuously emphasizing to labalise crypto as security.
2. United Kingdom
The UK is another country that has a slightly confusing set of laws regarding crypto-gambling and casinos. While all forms of gambling are legal in the UK, from regular online poker to horse racing, crypto-based gambling is, once again, a gray area.
UK regulators require all casinos to be licensed and comply with the Gambling Commission’s code of practice. Because of this, UK-based players are able to access crypto casinos regularly through different means.
3. Canada
Canadian players have some of the most relaxed laws regarding crypto-gambling. While provincial laws and regulations are imposed on casinos in Canada, if the casino has crypto-based games, then Canadians can play them.
On the other hand, there are no laws regarding the use of off-shore casinos. This means that even if crypto-based casinos aren’t allowed on a provincial level, players can still access off-shore casinos for their crypto-gambling needs.
4. France
France is now regarded as one of the leaders in implementing crypto-gambling laws and regulations. They have set up a law that distinguishes gambling from crypto or NFT-based gambling. This means that instead of creating blanket laws, there can be specific regulations for crypto-based gambling.
This law is still new, and part of it requires all winnings to remain in digital assets and not be exchanged for fiat currency. If this new law is ratified, it could serve as a blueprint for other countries to follow when injecting crypto-based gambling into the mainstream.
5. Isle of Man
The Isle of Man is not only one of the leaders in cryptocurrency integration but also one of the leaders when it comes to crypto-based gambling. They have set up their own commission that regulates crypto gambling, which allows online casinos to accept both fiat and cryptocurrencies.
While the steps they have taken work on a smaller scale, they show that it is possible to legalize crypto gambling and make it a regulated business where both the operators and the players are protected.
6. Small Island Nations
Finally, while not a particular country or territory, many smaller island nations are jumping on the crypto-gambling train to draw in income for their country. Many are too small and lack the resources to shine in industries like manufacturing, exports, etc., so online businesses are the next best thing.
Alderney and Curacao are examples of small islands using the crypto industry to draw in investment and money.
Where Is Crypto-Gambling the Most Popular?
Crypto gambling is prevalent in many parts of the world, but it is the most popular in the U.S. and the UK simply due to the popularity of gambling as a whole. These nations had a combined $20 billion market share in online gambling in 2021.
As regulations change and cryptocurrencies become more popular, the market is only going up, and both nations are in line to be the leaders in implementing crypto gambling.
Closing Thoughts
The world of crypto gambling may have large gray areas at the moment, but more and more governments are finding ways to regulate the practice and ensure players are protected.
As the market continues to grow and people find ways to play, it is inevitable for changes to be made that will make crypto gambling as common and accepted as regular online gambling.
