Around the beginning of 2014, Bitcoin first became an accepted form of payment at Vegas casinos. Since then, the number of online gambling sites and Vegas casinos that accept has expanded. As the popularity of Bitcoin grows, so will the number of gambling sites and casinos that accept Bitcoin.
Some online sports betting sites also allow for the use of Bitcoin on the scores and odds of games. With Bitcoin being universal, it is easy for people from other countries to use their Bitcoin at any casino or online gambling site that accepts it. The flexibility of Bitcoin is most likely another reason the gambling world is slowly becoming more receptive to this cryptocurrency.
The Catch With Bitcoin In Vegas
While there are casinos in Vegas that accept Bitcoin, there is a catch. As it stands now, bitcoin in these casinos is accepted only for the hotel, gift shop, and restaurant transactions inside the casino. But there is still a way to somewhat use your Bitcoin for gambling while in Vegas. The casinos that accept Bitcoin have special ATMs that allow people to withdraw cash for gambling using their Bitcoin balance.
The downside to doing a transaction like this is the fees incurred by converting Bitcoin into a fiat currency. So until things change with this in Vegas, this could be something that will discourage people from using Bitcoin for gambling purposes.
Some Online Bitcoin Gambling Sites Allow For Direct Use Of Bitcoin
Online gambling sites are more likely than Vegas to allow for direct use of Bitcoin for gambling. However, most places will only allow for Bitcoin deposits to be converted into fiat currency for gambling purposes.
The gambling sites that allow for direct use of Bitcoin offer an added level of security and anonymity while gambling. It would be best for people who want these things while gambling to research which sites offer these offerings for their customers.
Will Bitcoin Ever Be Able To Be Used Directly For Gambling While In Vegas
Casinos will always want to accommodate their customers to keep them coming back. However, allowing Bitcoin to be directly accepted for gambling purposes is something out of their hands. The reason for this is Nevada law and that Nevada is yet to have regulations to govern the use of cryptocurrency for gambling purposes.
Until Nevada can develop a regulatory body to govern cryptocurrencies for gambling in Vegas, it doesn’t look like Bitcoin will be directly accepted on the gambling floors in Vegas casinos. Gambling regulations are in place to protect both gamblers and casinos. With Bitcoin’s ever-fluctuating price, regulating its use for gambling in Vegas can prove to be complicated.
Is It Worth It To Convert Bitcoin Into Fiat Currency For Gambling
With gambling, it’s always about the risk versus the reward. With Vegas not allowing Bitcoin on the casino floor, Bitcoin holders have to look at the risk of converting their Bitcoin into fiat for gambling. The one thing that stands out the most is the fees for converting Bitcoin into fiat.
Fees for converting Bitcoin are pretty high, with most being at or above 5%. The next thing is this; can the person recover the conversion fees while winning additional money when gambling? Those who can afford to gamble might not look at either one of these things. However, the intelligent gambler looking at every option and outcome possible might want to start considering this before going to Vegas to do gambling with their Bitcoin. Until Nevada makes some changes, converting Bitcoin for gambling might not be a good bet.