With the rising popularity of cryptocurrency, there are now many online casinos that accept it as a form of currency to play on their sites. However, no US-licensed online casinos accept crypto as a way to deposit or withdraw funds on their platforms. For example, Caesars online casino is available in a few states and while they have quite a few banking methods, as well as promotions with a Caesars casino bonus code, they do not accept cryptocurrencies.
Why Not in the US
For a US-based online casino to legally operate they need to be licensed and regulated by a recognized gaming body. For example, New Jersey’s online casinos are licensed and regulated by the Division of Gaming Enforcement (DGE). Regulatory bodies such as this require that online casinos have information that can be verified for their players making sure they are of legal age to gamble.
When a player signs up at a US-licensed online casino, they have to go through an identity verification process to show they are of legal age. They have to submit such things as a government-issued ID, such as a passport or a valid driver’s license, as well as other documents such as a recent tax statement or utility bill. According to US law, winnings from gambling are taxable and when players report winnings they have to give their Social Security number and sometimes other information.
When using cryptocurrencies at online casinos the crypto wallets do not have a name associated with it. That is the main draw for players using cryptos since it’s anonymous without having to give personal or financial information to the casino. However, by doing this, online casinos that accept cryptos don’t keep tabs on players and their winnings. This is why cryptos are not allowed at American online casinos considering everything is anonymous, not having info on players and their taxable winnings. This is in direct violation of the gaming regulatory bodies of each of the states where online gambling is legal.
Go Offshore
There are many Americans that are still gambling online at offshore online gaming sites, both casinos and sportsbooks, that accept cryptocurrency. On the federal level, there are no laws that state Americans cannot gamble at offshore gaming sites. While there are states that have laws against it, they are not enforced. There are no cases where an American citizen has been arrested for playing at offshore gambling websites.
Currently, there are only six states that have legal online casino gambling. Those states are Michigan, Pennsylvania, West Virginia, New Jersey, Connecticut, and Delaware. In those states, the licensed online casinos are taxed a certain percentage of their gross revenue with the taxes going to that state and that’s the main reason that online gambling sites in the US are growing.
There are now over 30 states that allow some sort of legal sports betting. Again, any legal US online gaming site has to be regulated by a state gaming body. And with their mandates for the gaming sites to know the identity and some financial information about their players, don’t expect anonymous cryptocurrency gaming to be available in the United States anytime soon.