June 21, 2024

The Changing Face of Global Online Gambling

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Cryptocurrency has firmly established its presence in everyday life. Initially introduced in 2008, it seemed to many like nothing more than an intangible internet prospect. Today, digital currencies like Bitcoin, Ethereum and even Dogecoin have gained widespread acceptance and find utility in diverse scenarios, ranging from purchasing groceries to facilitating money transfers and engaging in online casino gaming.

Cryptocurrency casinos are springing up across the industry and in several countries worldwide. While different countries have different levels of tolerance to the phenomena, overall the rising popularity of online casinos based around, or simply accepting crypto, is becoming a global trend. 

These types of casinos have especially gained momentum in areas where access to traditional banking is limited, highlighting the inclusive nature of digital currencies. Add the considerable appeal of generous promotions and rewards specific to cryptocurrency casinos – click here to learn about Bitcoin casino bonuses – and the strength of this emerging trend shifts into focus. 

Breaking Down Global Barriers

Before the rise of Bitcoin and other digital currencies, international transfers were a nightmare. Exchanging money to local currencies could also pose a significant and frustrating challenge. One of the major solutions provided by cryptocurrency is the ability to execute transactions easily, and affordably, across international borders. 

The natural result of this exodus towards easier financial transactions is that users from around the world, even in regions where banking is restrictive and insecure, are now presented with a level playing field to participate in a wide variety of activities as long as they have an internet connection. This includes international purchases and access to online and mobile casinos.

In this sense, cryptocurrency casinos represent the overall shift of living in a global world. Online casinos become more than just gaming platforms; they become an exceptional example of international participation and exchange. People from around the world have access to a shared pastime that transcends borders. 

The global online gambling market size is expected to reach significant new highs in the coming years. One of the major contributors? Cryptocurrency-based gaming. The size of the crypto gambling market stands at approximately $250 million, representing a burgeoning portion of the $93 billion iGaming industry. 

Growth in revenue, popularity and participation also facilitates and motivates innovation in the industry. With gaming becoming more accessible, operators can invest in cutting-edge technology, resulting in improved accessibility, better user connections and advancements in features like augmented reality, high-quality chat interfaces, and live dealer games

A Legal and Cultural Perspective

Looking specifically at France, the legal framework surrounding cryptocurrency has reflected a strict, yet flexible approach. The recent introduction of the European Markets in Crypto Assets (MiCA) seems to have softened France’s overall stance, adopting a mindset of general innovation. 

Cryptocurrency exchanges in France must register with the Autorité des marchés financiers (AMF) and comply with anti-money laundering laws. The AMF was quick to embrace MiCA, indicating an optimistic outlook on crypto acceptance. Online casinos are regulated by The National Gambling Authority (ANJ). 

Combining the two remains a complex issue, with ongoing discussions on the best ways to incorporate these digital assets into the regulated gambling sector. In 2021, the ANJ took decisive action to block two popular cryptocurrency casinos serving the French population, citing concerns about adherence to anti-money laundering regulations. 

Countries such as Canada, Malta and the UK have demonstrated a greater willingness to embrace cryptocurrency casinos, which serves as a clear illustration of the disparity among nations when it comes to integrating casino entertainment with the rapidly evolving global financial landscape, despite the potential for worldwide accessibility.

Some countries have created a regulatory environment that fosters the growth of cryptocurrency casinos, while other’s cautious stance reflects their devotion to the status quo, for example, the United States. Nevertheless, as the world grapples with these complex issues, cryptocurrency casinos take their place at the forefront of an undeniably transformative movement.

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