Until a few years ago, Bitcoin especially encryption currency does not appear in the list of the most popular online casino trend. Slowly, banks aroused interest, and billionaires invested heavily in cryptocurrencies. Today, almost all online casinos you encounter support at least one type of encrypted payment. In Norway, for example, this trend is very popular. So why are crypto casinos interested in a market with strict gambling laws?
Overview of Norwegian gambling laws
Norwegian online gambling laws look worse on paper than they actually are. If you believe what is written online, you might even sympathize with Norwegian gamblers. In other words, there are at least two gambling sites in the country today-Norsk Tipping and Norsk Riskoto. The former only provides horse racing services, while the latter specializes in lottery, scratch card games, keno games, sports betting and poker.
As for the country’s gambling regulations, Norway made gambling in foreign establishments illegal in 2008. However, until the government announced a full-scale war with overseas casinos in 2017, gamblers can be enjoyed in most unregulated online casinos in Norway. Banks and e-wallets are prohibited from conducting transactions with these online casinos to prevent players from accessing their services. As if not enough, the local media was banned from broadcasting advertisements for foreign casinos.
How do Norwegian punters play online?
Cryptocurrencies like Bitcoin have been providing banking solutions in jurisdictions with strict gambling laws such as Norway. You only need to create an encrypted casino account and deposit some digital coins to start the game.
But how does one buy digital currency? For example, buying Bitcoin is as easy as buying something on Amazon. For example, PayPal and Skrill can purchase BTC directly as long as users have money in their e-wallet account. In short, there is no shortage of websites where you can buy and sell cryptocurrencies.
Why use cryptocurrency casinos on Norwegian standard online casinos?
Here are some reasons why you should play in a crypto casino regardless of your gambling jurisdiction:
No government intervention
Digital coins are not legal tender, so no government in the world controls them. In other words, the authorities cannot control who owns and uses cryptocurrency. They also have no control over the number of digital coins you can mine. Therefore, the advantage here is that Norwegian punters can use cryptocurrency at will. Since the government does not regulate crypto casinos, they operate freely in Norway.
This is like a continuation of the first point above. With an encrypted casino, all your online gambling activities will remain anonymous. The problem is that these casinos usually do not require players to provide any personal details. A good example is Monero, which enables users to conduct transactions online without any tracking. However, do not use cryptocurrency for illegal purposes, as there are thousands of ways to track you.
Low transaction fees
One of the main reasons for using digital coins is that they eliminate intermediaries like banks. In this way, cryptocurrency punters will not incur the use of electronic wallets and credit card payments. Moreover, this makes encrypted payments almost instantaneous. But keep in mind that most digital coin payments (such as BTC) usually cost about 1% of your transaction amount.