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Despite how widespread and popular the industry is, the iGaming sector is still relatively new to the US. Although much of the world has been able to play their favorite slots and classic casino games freely, Americans have only had the ability to do so since 2018.
This was when the Supreme Court decided to abolish the federal ban that had been in place after New Jersey brought its case to allow them and other states to decide for themselves whether to permit and regulate the activity.
The process has been slow, though, as only six states across the US – New Jersey, Pennsylvania, Michigan, Connecticut, Delaware, and West Virginia – have legalized and regulated the industry in some form, with the first three having fully introduced the sector.
Will Crypto Be Embraced?
Now, with the growth of the industry starting to take off, there have been calls for the sector to start evolving further. Many are seeking new ways to make financial transactions, with many wanting operators to embrace cryptocurrency options as they see digital currency the way forward.
For this to happen, states will need to get involved as operators do not have the choice at the moment within the US to accept them. There are many offshore operators that can offer Bitcoin, Ethereum, and many others freely as they are not licensed by the state, but those which have obtained specific licenses that pertain to the location that they operate in are unable to do so as it is not part of the accepted terms and conditions.
One company that has taken a different approach is the Stake.us sweepstake casino, which gives players the ability to play their favorite games freely without real fiat money but accepts cryptocurrency payments. This allows them to bypass some of the regulatory hurdles that traditional operators face when accepting crypto deposits.
Why Haven’t Regulators Embraced Crypto Yet?
Cryptocurrency is still a rather divisive and opinionated topic that can leave many with more questions than answers at the moment. There are several arguments and debates that continue to exist around certain features.
Many regulators still do not have as much clarity as they would like to permit the usage of virtual currency. It is accepted that there is a huge level of volatility surrounding each coin/token, but there are concerns from a legality aspect. There are fears that illicit crimes such as money laundering and tax evasion could be experienced by those using crypto, and regulators are yet to come up with a way in which they are able to stop that from happening.
Aside from the fact that crypto transactions can be difficult to trace because of the security that is involved, regulators may also be concerned by the fact that there is no standardization between each of the forms that are available. There are numerous different coins and tokens that are available, each with its own unique characteristics and capabilities. This makes it difficult for regulators to standardize the use of crypto for online gaming transactions, leading to further uncertainty and hesitation.
Will We See Cryptocurrency Be Regulated Across the US iGaming Industry?
As mentioned, there has been a growing interest and calls from players demanding the inclusion of cryptocurrency as an accepted form of payment method when it comes to playing their favorite iGaming titles.
This has meant that there is pressure on regulators to look at the possibility of introducing them. If they can come up with a method that provides them with the clarity that they want regarding transactions made, and they can find a way to make it safe for everyone to use without any grey areas, then we may see more licensed operators begin to accept crypto payments in the near future.
At this moment in time, though, it does appear that might be a little time away, and for those who do wish to play with crypto, a sweepstake casino might be the best option to utilize for now, as there are available sites that accept virtual currency and allow players to enjoy their favorite titles without any restrictions being imposed.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
