According to the Blockchain.info online publication, 2.9 billion Bitcoin transactions were made in the UK in 2020, with 42% of all transfers related to gambling.
An identical picture is observed in other developed countries, including the USA, Germany, France, and Australia. Even China, which officially bans gambling and circulation of digital funds, shows unprecedented growth in such money transactions.
Analysts predict the active development of the crypto casino market in the coming decade. At the same time, it is necessary to invest in a BTC script and other iGaming projects on the Blockchain today.
The Casino Market company offers to connect a ready-made Bitcoin platform on a turnkey basis. The solution contains a catalogue of dynamic games, a good selection of crypto payment gateways, and an excellent CRM system.
How the Global Crypto Casino Market Works
At the heart of any gambling site that supports BTC transfers is Blockchain technology. It is a decentralised cross-border network consisting of billions of hash blocks.
Inside them, information about completed or only planned transactions is stored. The data is encrypted according to the SHA-256 protocol, so it cannot be forged, deleted, or transferred to third parties.
Blockchain-based iGaming projects fall into two broad categories:
| Bitcoin-only casinos | Gamblers can deposit and withdraw money in BTC, as well as place bets in cryptocurrencies. As a rule, the size of the initial deposit does not exceed 1 Bitcoin. These funds are quite enough for a fast and high-quality game in the absence of a strict limit policy on the part of the operator. To launch a BTC casino, an entrepreneur needs to create a personal Bitcoin wallet. In addition, you need to make sure that the punter has it as well for a hassle-free transfer of winnings. |
| Multicurrency casinos | These are gambling sites that allow Bitcoin payments along with fiat assets. The gamer's winnings are credited to the card in traditional money at a loyal exchange rate. Transactions can be conducted in digital funds using direct BTC wallets. Multi-currency casinos are very popular with the audience, as they provide excellent payment flexibility. Operators also benefit from the integration of financial aggregators with cryptos: they can increase the audience without significant financial costs |
Benefits of Supporting BTC Transactions
The main advantages of buying a turnkey Bitcoin casino include:
- Good response from gamers. Blockchain projects can attract the generation of millennials. These are young people aged 25–35 with a good and stable income. Users are no strangers to innovative IT solutions, which is what a BTC amusement site is. The audience perceives novelties in the gambling market very well, including Blockchain products, VR casinos, and iGaming bots in social messengers.
- High speed of operations. The development of a Bitcoin site is the creation of fast and secure payments with an average processing time of no more than 2.5 minutes. Users do not need to wait 2–3 days for confirmation from the bank or perform any other actions for the operation to be successful.
- Loyal limit policy. The BTC casino supports micro-deposits from €0.01. Transfers are either free or subject to a minimum commission (0.5%), which is much lower compared to the margins of many banking systems.
- Increased security. Blockchain projects include analytics tools for transfer tracking (KYC) and anti-money laundering (AML). The system receives a digital fingerprint of the user's device, as well as IP information, every time they connect to the site and take any game action. This helps to identify cheaters and protect honest players.
Features of Licensing a Bitcoin Business
Despite the significant advantages of cryptocurrencies, Blockchain projects have been repeatedly criticised by traditional financial institutions and authorities.
The main concerns are caused by the decentralised nature of Bitcoin and the inability to control BTC settlements — to set limits, charge taxes, and monitor the work of casino operators.
Nevertheless, many leading jurisdictions have already appreciated the benefits of legalising payments in cryptocurrency.
Curacao
The overseas part of the Netherlands became the first offshore jurisdiction to issue a licence for Bitcoin casino software. In 2018, permission was granted to the Lithuanian company Edgeless, which specialises in the development of B2B interactive slot machines for gambling products.
Licensing in Curacao allows you to work on the Bitcoin and Ethereum protocols, simultaneously using payments in traditional banknotes.
Operators who plan to buy Bitcoin casinos with Curacao permission receive the following business preferences:
- simple and quick registration of a legal entity (all actions can be performed online);
- loyal taxation (the total fiscal burden does not exceed 2% of income per year);
- work in the .com domain zone with the legal involvement of players from the European market.
Salvador
BTC operations in Curacao are allowed only for those companies that work with foreign gamblers. The authorities of El Salvador adopted a slightly different practice, legalising the use of Bitcoin everywhere in the country.
In June 2021, the law on cryptocurrencies came into force, making a kind of revolution in the Blockchain business and strengthening the position of digital assets in the international arena.
The main theses of the law adopted in El Salvador:
- Bitcoin is equated to a means of payment on par with the other official currency in the country — the US dollar.
- The government has allowed all transactions with Bitcoin, including mining, buying and selling, and exchanging for fiat money.
- The work of online casinos is also legalised: players can accept bets, conduct lottery draws, and manage a site with slot machines.
European Union
Entrepreneurs are interested in creating Bitcoin casinos in the EU countries, given the prospects of the region and the high welfare of residents.
Consider the legal framework in some EU countries:
- Estonia. The country was one of the first to legalise the circulation of digital funds at a fairly high level and with the benefit of the state. All Bitcoin operations are legal in the country: you can open a BTC casino, organise a crypto exchange, and launch a project to invest in ICO. In order to legally manage digital assets, an operator needs to obtain a “Crypto Service Provider” licence.
- Sweden. A specialised financial control authority compared decentralised money with legal tender. To manage an iGaming project without issues, Bitcoin casino software must be connected to the state's online monitoring system. The service controls the operator's compliance with the security policy and the identification of gamblers, as well as AML requirements.
- Italy. The country is one of the leaders in the European Union in terms of the number of exchange transactions in digital currency. Moreover, the Italian economy accounts for 15.3% of the world's Bitcoin payments. These are mostly shops and restaurants, but the share of online casinos is also large. Legislation is loyal to iGaming projects on the Blockchain. To work legally, it is enough to issue a local gambling licence.
- Finland. Since 2019, operations in cryptocurrency have been regulated at the state level. Recently, the government issued instructions on the taxation of Bitcoin businesses. So, entrepreneurs are required to pay several taxes — on capital gains, on "wealth", and on mining.
- Germany. The authorities recognised Bitcoin as a monetary asset along with securities, capital investments and other valuable assets. Operations with BTC (exchange, mining) are not subject to VAT, and entrepreneurs are required to pay 20% tax on net profit. The minimum non-taxable base is €600.
USA
The US gambling market is interesting for online bookmakers, but internet gaming is also legal in the country.
US legislation is designed in such a way that any area is regulated both at the state and federal levels. Thus, the issues of legalisation of cryptocurrencies are decided by the authorities of each state and controlled by the Commission on Exchanges and Securities (SEC).
In the US, cryptocurrency transactions are allowed in almost half of the states. At the same time, in Georgia, Idaho, North Carolina, Wisconsin, Virginia, and Washington, a special licence is required to conduct BTC transactions.
Permission is not required for Bitcoin transfers in Delaware, Nevada, Michigan, Pennsylvania and other states with legalised online gambling.
People's Republic of China
An interesting and controversial approach to the legality of cryptocurrencies is being used in China.
On the one hand, transactions in Bitcoins, altcoins and other well-capitalised tokens are prohibited in China. On the other hand, miners are actively working in the country. They get Bitcoins and subsequently resell or exchange them for fiat tokens.
70% of all miners on the planet are concentrated in China — both individuals and companies with huge farms and equipment factories. Thanks to low electricity prices, Bitcoin mining is extremely profitable. Entrepreneurs regularly pay taxes but remain in the black.
Operators who do not know how to launch a Bitcoin casino in China should pay attention to lotto software. Lottery draws are allowed in the country, which is in great demand among the local population.
The government of the Celestial Empire announced the release of a national digital unit — crypto-yuan — this year. Perhaps very soon promising iGaming projects with this currency will appear in the country.
The Main Things about the Legal Operation of Bitcoin Casinos
At our studio, you can order a ready-made BTC entertainment site with a good package.
We invite you to open a legal and honest business with a high return on investment and an excellent response among users.
- Bitcoin projects are based on Blockchain technology. A decentralised peer-to-peer network ensures high speed and anonymity of transactions. Operators can set a loyal limit policy with minimal fees for transfers.
- Bitcoin casinos have a high level of security. The solution complies with international requirements for combating the financing of terrorism and money laundering. Gamblers choose BTC sites due to the automatic control of the honesty of the results.
- The prestigious offshore zone of Curacao was the first in the world to issue a licence for a Bitcoin casino. The government of El Salvador has completely legalised BTC, equating it to the national currency.
- Successful steps towards the legalisation of cryptos are being taken by the authorities of the European Union (Germany, Sweden, Finland) and the United States. China will soon have its digital unit — the crypto yuan.
Contact the Casino Market team and get a free demo version of a turnkey Bitcoin site.
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