One industry that has been able to thrive in the United States in recent years is the gambling industry, with sectors such as iGaming and sports betting both to have been able to surge and experience astronomical levels of growth.
Internet casinos that allow the use of cryptocurrency have also been able to thrive, with there having been a strong emergence in the number of Bitcoin casinos available to use. A Bitcoin casino allows punters to be able to play their favorite gambling games including slots and classic table games via the use of cryptocurrency.
Crypto casinos have experienced a huge amount of growth
Indeed, one of the reasons why these platforms have been able to thrive is down to the fact that operators are able to offer their services to punters in the U.S. due to the grey areas that surround virtual currency and its use. Naturally, government oversight has been a challenge, but one the industry has managed to take advantage of.
According to studies that have been conducted, it has been found that there are numerous crypto-friendly platforms currently operating that are thought to have been able to generate around $2.8 billion as of April 2022. In that same report that was conducted by Chainalysis, the industry had managed to make around $10 billion; a 64% increase from the figures recorded in 2020.
As of writing, there is no state in the U.S. that currently permits crypto gambling as a legal activity, however that does not seem to have had an impact on the number of sites made available or the number of people using them.
Crypto casinos make it easy for players to access
It was found that a brief internet search would be able to pull up a large number of sites that can be accessed and used, with a number of social networks hosting influencers who look to encourage others to use crypto when they want to participate in gambling activities. Furthermore, many are providing instructions about how to do so, too.
Despite the fact that many of the sites will go as far to say that they do not permit players from America to use their services, it has been found that these rules are rarely enforced, nor has it been found that the sites are actively trying to combat anyone from illegally joining.
Indeed, there are crypto casinos available that allow players to join by simply using a VPN connection that makes their ISP make them appear they are from a location where they are permitted to use the service, whilst some only require an individual to enter an email address before depositing crypto into their user account and playing their favorite titles in an instant.
Concerns have been raised by the AGA
The American Gaming Association (AGA) has raised concerns about the ease of signing up to these platforms, however has conceded that they are yet to receive much luck in regard to the matter from the U.S. government.
“We’ve had conversations with federal law enforcement and state law enforcement on this issue,” Alex Costello – the vice president of government relations at the American Gaming Association – said. “Unfortunately federal law enforcement is a bit hamstrung, because these folks are obviously not regulated, not registered in the United States, and often not based in the United States, which often doesn’t allow for an easy prosecution.”
Nonetheless, given the benefits that bettors are able to enjoy when they use crypto for all of their gambling needs, and the fact that they are able to bypass the strict regulations that are in place across the country, it would seem that the use of a crypto casino is unlikely to dwindle in popularity any time soon.