Are US iGaming operators finally ready to embrace crypto?
Despite how widespread and popular the industry is, the iGaming sector is still relatively new in the United States. Although much of the world has been able to play their favorite slots and classic casino games freely, Americans have only had the opportunity to do so since 2018.
This is when the Supreme Court decided to overturn the federal ban that had been in place after New Jersey brought its case to allow them and other states to decide for themselves whether to allow and regulate the activity.
However, the process has been slow, as only six states across the US – New Jersey, Pennsylvania, Michigan, Connecticut, Delaware and West Virginia – have legalized and regulated the industry in some form, while the first three have fully introduced the sector. .
Will crypto be embraced?
Now, with growth in the industry starting to slow, there have been calls for the sector to start developing further. Many are seeking new ways to conduct financial transactions, and many want operators to embrace cryptocurrency alternatives as they see digital currency the way forward.
For this to happen, states need to get involved as carriers currently do not have the option in the US to accept them. There are many offshore operators who can offer Bitcoin, Ethereum and many others freely since they are not licensed by the government, but those who have obtained specific licenses that apply to the location they operate in are not able to do so as there is no the. part of the accepted terms.
A company that has taken a different approach is Stake.us sweepstakes casino, which gives players the opportunity to play their favorite games freely without real fiat money, but accepts cryptocurrency payments. This allows them to bypass some of the regulatory hurdles that traditional operators face when accepting crypto deposits.
Why haven’t regulators embraced crypto yet?
Cryptocurrency remains a fairly divisive and opinionated topic that may leave many with more questions than answers at the moment. There are several arguments and debates that continue to exist around certain features.
Many regulators still do not have as much clarity as they want to allow the use of virtual currency. It is accepted that there is a huge level of volatility around each coin/token, but there are concerns from a legality aspect. There are fears that illegal crimes such as money laundering and tax evasion could be experienced by those using crypto, and regulators have yet to come up with a way to stop that from happening.
Aside from the fact that crypto transactions can be difficult to track due to the security involved, regulators may also be concerned about the fact that there is no standardization between each of the forms available. There are many different coins and tokens available, each with their own unique properties and capabilities. This makes it difficult for regulators to standardize the use of crypto for online gaming transactions, leading to further uncertainty and hesitation.
Will we see cryptocurrency regulated across the entire US iGaming industry?
As mentioned, there has been a growing interest and calls from players demanding the inclusion of cryptocurrency as an accepted form of payment when it comes to playing their favorite iGaming titles.
This has led to pressure on regulators to look into the possibility of introducing them. If they can come up with a method that gives them the clarity they want regarding transactions that have been made, and they can find a way to make it safe for everyone to use without any gray areas, then we may see more licensed operators begin to accept crypto payments in the near future.
However, at this point it seems that it may be some time away and for those who want to play with crypto, a lottery casino may be the best option to use for now, as there are sites available that accept virtual currency and allow players enjoy their favorite titles without any restrictions being imposed.
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