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Bitcoin Gambling

Bitcoin Gambling

Australia to Ban Bitcoin Gambling

Australian gambling regulator Northern Territory Racing Commission (NTRC) has issued an informal ban against all cryptocurrency online wagering, singling out bitcoin and ethereum. Just days before, one of its licensed online gambling sites announced it was offering bitcoin to its customers.

Neds Adopts Bitcoin Gambling

Paul Cherry CEO of Australian online gambling site Neds explained: “We strongly believe in bitcoin and cryptocurrencies as a viable and secure method of online exchange. With this announcement we wanted to ensure that Australians who share our positive outlook on cryptocurrencies can use them to bet with us.”

“We’ve always prided ourselves on being a technology company,” he continued. “We’re not just sports and racing enthusiasts and bookmakers – we’re also programmers, analysts and computer nerds – so this felt like a natural step for us. And we think there is a lot of crossover into that target [crypto] market.”

Australia to Ban Bitcoin Gambling
Paul Cherry

The Brisbane, Australia online gambling website received a great deal of notice for its acceptance of bitcoin. Billed as the first of its kind for the continent nation, Neds even had plans to incorporate alternative coins. Neds also claimed it would absorb over 2 percent of the transaction fees incurred by users.

Neds was licensed by Fall of last year, ready to go, with all wagering happening in bitcoin, from the bet to eventual withdrawal. Mr. Cherry mused: “It is a technological solution, and we see ourselves as tech guys, so it seems very fitting that we integrate bitcoin or some other cryptocurrencies into our platform. A lot of people may be non-sophisticated investors who have acquired some bitcoins during the recent hype and are probably wondering what to do with them.”

Regulator Teases Ban

And then it all came crashing down within days. At press time, the site redirects to its formal platform, and all traces of bitcoin seemed to have vanished, including in its search function. Earlier, that very page carried the warning: “Our site is currently offline pending further instruction from NT Racing Commission.”

In an email obtained by The Australian Financial Review, regional gaming regulator NTRC stressed it “is intending to issue a formal communique to all sports bookmakers and betting exchange operators licensed in the NT if currently transacting in cryptocurrency (for example Bitcoin, Ethereum and the like) for their wagering operations to immediately cease and desist.”

For whatever reason, the Australian government has had what local press is calling an “antagonistic stance regarding cryptocurrency”, going so far as to place limits on those licensed from competing with international wagering outfits online: broadcast ads are restricted as are types of poker and other games. Businesses are unresponsive to the likes of emails above risk losing favorable tax advantages along with license generally.

In the meantime, Neds continues offering its online Aussie clientele wagers in fiat.


Bitcoin Gamblers Have Wagered $4.5 Billion in BTC Since 2014

Bitcoin gambling has continued to rise in popularity over the years. Many people believe Bitcoin is the perfect currency for online wagers and cryptocurrency-based gambling statistics have shown that the market agrees.

$4.5 Billion in Bitcoin Wagers Since 2014

It is clear that Bitcoin gambling is just one of many excellent platforms that demonstrates the cryptocurrency’s real-world use cases. Using bitcoin has allowed for more privacy-centric gambling, alongside quicker ways to fund casino accounts, pay out jackpots and reward players. Online gambling is a huge industry with a volume of $45.86 billion in 2016 and Bitcoin has captured just a tiny fraction of this market so far.

Nonetheless, the use of Bitcoin at online casinos has steadily risen every year with many people placing their bets with cryptocurrency daily. Bitcoin gambling has been around since the currency’s inception and in 2013 Bitcoin betting accounted for over 50 percent of all Bitcoin transactions. A research report released that year detailed “online gambling represents at least 10x the transaction volume of Silk Road and the other Bitcoin drug marketplaces.”

12/2014 to 4/2017 Gambling statistics according to the Bitcoin Strip.

According to the Bitcoin Strip, a website that tracks online Bitcoin casino statistics, over 24.5 billion bets have been placed with bitcoins over the past two years. In 2017, the popularity of Bitcoin gambling continues to grow as there are now hundreds of cryptocurrency gaming destinations on the web. According to statistics throughout sixty cryptocurrency-based gambling sites, people are placing 337 bets per second and are wagering three BTC per minute. Moreover, since 2014, roughly 3.7 million BTC has been wagered equating to $4.5 billion USD at the time of writing.

Bitcoin Gamblers Have Wagered $4.5 Billion in BTC Since 2014
According to Bitcoin Strip the total BTC wagered over the past two years is 3,750,898 BTC.

Bitcoin Gambling Site Domains Sell for Big Money

Last month a domain called “’ sold for a record sale of $28,000 for the .casino extension portal. A Florida-based firm called Casino Holdings bought the domain and the website hosts reviews of Bitcoin gambling sites found online. According to statistics, searches for .casino domain extensions have been on the rise this year. Furthermore, Bitcoin-based casino-style gaming sites have been selling like hot cakes for quite some time. Shapeshift founder Erik Voorhees sold his website, Satoshi Dice, for over $11.5 million (126,315 BTC) back in 2013.

Regulatory Restrictions

Bitcoin Gamblers Have Wagered $4.5 Billion in BTC Since 2014Bitcoin and online gambling has increased in nearly every country in the world bar the U.S., Russia and a few other regions. Currently the U.S. has significant regulatory policies against online gambling in general throughout the country. Most of the restrictions stem from the Unlawful Internet Gaming Enforcement Act (UIGEA) that was created back in 2006. According to the act, the UIGEA “prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law.” As a result the vast majority of Bitcoin casinos and cryptocurrency wagering sites refuse to operate in the U.S. to this day.

Hurdles Aside Bitcoin Gambling Continues to Grow Beyond 2017

Using Bitcoin to play classic casino games such as blackjack, roulette, dice and more will likely continue to increase as statistics have shown. Some residents from countries with stricter regulation may not be able to participate, but many other regions are seeing a lot of growth in the gambling market.

Regardless of regulation issues, cryptocurrency gambling continues to rise every year, and 2017 is no different. Three bitcoins gambled per minute over the past two years shows cryptocurrency and online wagers are working quite well together.


Bitcoin Gambling, Casino, domains, Erik Voorhees, Fantasy Sports, Games, Lottery, Poker, Regulation, Satoshi Dice, Wagers



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