Many questions regarding the legality of using Bitcoin and Bitcoin in itself were surfacing across the globe especially in the U.S. In this article, we will discuss the legal standpoint of Bitcoin and its adoption by gambling segment. You will finally get an answer to the pounding question of – Is Bitcoin gambling legal in the U.S.?
Legality of Bitcoin and its rules
Let’s clear the air about whether Bitcoin has been legally recognized as a tender in the United States of America or not. The answer to this question is – YES! However, it is illegal to use Bitcoin to purchase goods from the black market, like drugs or illegal weapons.
Bitcoin is seen as an asset, which means it is also taxable, so investments in Bitcoin are obliged to pay taxes. Moreover, be careful when using Bitcoin because your account would be under scrutiny even with a simple purchase.
Is it legal to use Bitcoins for gambling in the U.S.?
The laws regarding online gambling in the United States of America are very unclear, as they depend on the state and the type of gambling as well. For example, in Las Vegas, Nevada, which is also known as the capital of gambling in the USA, online poker and sports betting are allowed, but a full online casino is not, except in the case of sweepstakes. On the other hand, in Pennsylvania, Delaware, and New Jersey, online gambling is very legal, and the states have many popular casinos to choose from. Casinos like MGM Grand, Golden Nugget, and the Tropicana have online websites available to all the players in New Jersey. These casinos report huge profits. Some other states, like Oregon, West Virginia, Rhode Island, and Indiana, have legalized only online sports betting. All the rest of the states have strictly prohibited all and any forms of online gambling.
The rules and regulations regarding online gambling are changing constantly, and more states are softening their strictness because of the huge money potential that comes along with online gambling.
These laws do not specifically illegalize the use of Bitcoin in online gambling in the United States of America. But this does not mean that Bitcoin or cryptocurrency casinos are in the clear either. Some states say all types of gambling are illegal, which would mean the use of Bitcoin to have a buy-in would be illegal as well.
The laws regarding the use of cryptocurrency and cryptocurrency-using casinos are very gray. They depend on age factors and casino regulations, and they vary according to the state. Many online cryptocurrency casinos, like MintDice, simply prohibit players from the US. They avoid dealing with all these unclear and gray areas. If you want to use Bitcoin for online gambling in the US, it is better to check the regulations of the casino’s website. Also, don’t forget to check state’s policy regarding online gambling before taking any action.
The laws are ever-changing, even in the gambling industry. It is necessary to update with them if you want to use Bitcoin for online gambling.