Back in autumn 2021, we at Casinova.org asked ourselves whether Best online casinos accept cryptocurrencies as a means of payment. At the time, we came to the conclusion that, for legal reasons, it is unfortunately not permitted to make deposits and withdrawals in the online casino with cryptocurrencies such as Bitcoin, Tether, Litecoin or Ethereum. In the meantime, the official requirements have been relaxed somewhat, at least in some respects. Could this also apply to the range of payment methods available?
Top 3 Crypto Casinos:
Section 6b contains the legal requirements on the subject of “deposits and withdrawals in online gambling”. First of all, it is pointed out here that a gaming account must exist on which all of the player’s credit must be clearly shown in euros and cents (paragraph 1). Anyone who is now wondering whether cryptocurrencies are permitted as a means of payment in online gambling should take a look at paragraph 4, which states:
“Payments to or from a player account may only be made from a payment account in accordance with Section 1 paragraph 17 of the Payment Services Supervision Act, which is in the name of the player (…). Deposits or withdrawals via anonymous means of payment are not permitted remotely”.
The aforementioned paragraph of the Payment Services Supervision Act goes on to state:
“Payment account is an account in the name of one or more payment service users that is used to carry out payment transactions”.
Result: Cryptocurrencies such as Bitcoin or Ethereum are not permitted as a means of payment because the respective wallets cannot be assigned to the name of the owner. Therefore, payments using cryptocurrency are at least considered pseudonymous.
The background is that money laundering and other criminal activities should be prevented or made significantly more difficult. Back in September last year, we at GambleJoe asked ourselves how easy it is to launder money in online casinos.
If online casinos accepted cryptocurrencies, it would hardly be possible for the responsible authorities to trace money flows and determine the origin of funds. For this reason, the legislature has decided not to allow cryptocurrencies as a means of payment in the online gambling sector (for the time being).
On the black market and in many other countries around the world, however, the importance of crypto deposits in online casinos has been increasing for years. In December 2021, for example, we reported that, according to SOFTWISS, almost half of casino deposits are already made with cryptocurrencies.
According to a survey by Statista Consumer Insights, enthusiasm for cryptocurrencies is still limited. Among respondents aged between 18 and 64, 13% said they owned or used cryptocurrencies last year. For comparison: two years earlier, the proportion of respondents who owned or used cryptocurrencies was 9%.
In some countries around the world, the “crypto hype” is already much greater. By 2023, more than one in four Brazilians will own or use cryptocurrencies (27%). According to Statista, “crypto enthusiasm” is similarly high in India (23%), South Africa (23%) and the USA (17%).
The State Treaty on Gambling clearly stipulates that cryptocurrencies are currently not permitted as a means of payment. This is partly because there is no payment account in the player’s name when using cryptocurrencies, and partly because such payments facilitate money laundering and other criminal activities. There are currently no efforts on the part of the Joint Gambling Authority of the States (GGL) to change the current regulations.
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