Cryptocurrency news | Feb 24, 2023
Are there any Brick and Mortar Bitcoin Casinos?
By RTR Sarah
With the popularity of Bitcoin (BTC) being higher than ever, many wonder if there are any brick-and-mortar casinos that accept bitcoin.
Are there any land-based crypto casinos?
As of February 2023, there are currently no land-based casinos that offer bitcoin as a payment method for gambling. To play on popular games like slot machines and table games, customers need to pay with cash or a credit card.
However, a few land-based casinos do take cryptocurrency as a form of payment for hotel stays and in the restaurants and bars. Besides bitcoin, other popular forms of cryptocurrency include ether (ETH), tether (USDT), and XRP (XRP).
In January 2014, the Golden Gate Hotel & Casino and The D Casino Hotel in Las Vegas were the first land-based casinos to introduce cryptocurrency as a form of payment. Since then, over 15,000 businesses worldwide now accept bitcoin payments.
Benefits of bitcoin
When sending and receiving bitcoin, users do not need to enter personal information to make peer-to-peer transactions.
An identifier, composed of code, will appear on the blockchain in place of a name. Transactions are therefore pseudonymous and protect users' privacy.
With no central authority controlling Bitcoin, there is no possibility of authorities freezing your account.
Likewise, because a bank or government does not house your money, Bitcoin is immune to seizure. Technically, you are your own bank.
Unlike traditional forms of currencies, using Bitcoin does not need to be authorised by the bank. Bitcoin is free and open to be used by anyone, anywhere in the world!
Bitcoin is accessible to anybody, as long as they have an internet connection.
For a multitude of reasons, some people do not like to entrust traditional financial institutions with their money. With cryptocurrency, no identification or background checks are necessary before users can begin using it.
Will brick-and-mortar bitcoin casinos ever become a thing?
The biggest obstacle for brick-and-mortar casinos who want to introduce cryptocurrency as a payment method for gambling is regulation.
It is up to the licensing jurisdiction to decide what is and is not permitted in the casinos and many are suspicious about the reliability and security of cryptocurrency. Cryptocurrency needs to be more widely accepted and trusted before brick-and-mortar bitcoin casinos can begin operation.
Younger player gamble online
If land-based casinos want to attract younger audiences, they will need to adapt to the increasing demand for bitcoin gaming and gambling.
Those between the ages of 18 and 34 are the most likely demographic to use BTC casinos and invest in cryptocurrency, whereas those over 55 years old are the most likely to visit a physical casino.
As the demand for bitcoin and other forms of cryptocurrency rises, it is only expected that the demand for bitcoin gambling rises. Online bitcoin casinos have become more popular in recent years as users prefer to use this payment method when playing online casino games.
Many bitcoin casino sites offer safe, secure, and fast deposits and withdrawal for users. For those who use cryptocurrency, there are deposit bonuses as well as deposit and bonus offers. Make sure to always read the terms and conditions of the site, and thoroughly research its reliability and credibility, before setting up an online casino account.
If land-based bitcoin casinos want to attract younger audiences to their venues, they will need to connect with this innovative and progressive payment method.
Which country may accept crypto casinos first?
The most likely countries to accept land-based crypto casinos first are El Salvador and Germany.
Other countries that are crypto-friendly include Switzerland, Malta, Singapore, Portugal, and Canada.
In 2021, El Salvador became the first country to offer bitcoin as a form of legal tender. Alongside the US Dollar, citizens are able to use bitcoin to make any purchase they wish.
El Salvadorian president Nayib Bukele has announced plans to build a ‘Bitcoin City’, where there will be no tax on capital gains, income, and property for cryptocurrency users. The city would be powered by geothermal energy from the nearby Conchagua volcano. Perhaps in this new city there will be the world's first land-based crypto casinos!
Germany is well-known for being an incredibly crypto-friendly country. Businesses and individuals are able to sell, buy, and trade in a variety of cryptocurrencies all over the country.
If crypto has been held and purchased for over a year in the country then it is exempt from capital gains tax. Cryptocurrency is regarded as private money in Germany rather than a commodity, stock, or currency.
Although crypto mining is subject to taxes, Germany is one of the top 10 countries to mine cryptocurrency. Northern Data, one of Europe’s largest mining companies, is based in Germany.
With this progressive attitude to cryptocurrency, it would be no surprise if Germany became the first country to introduce the first land-based crypto casinos.
Which countries are least likely to accept brick-and-mortar bitcoin casinos?
China, Bangladesh, Tunisia, Egypt, Morocco, Nepal, Iraq, Qatar, and Algeria all have total bans on cryptocurrency use. It is highly unlikely these bans will be reversed, or that brick-and-mortar bitcoin casinos will be in operation, any time soon in these countries.
Since 2019, trading cryptocurrency has been banned in China. It was not until 2021, however, that the Bank of China declared all cryptocurrency transactions illegal and anybody found using it will be prosecuted.
Before the country banned cryptocurrency, China was the global leader in crypto mining. The United States has now taken over China as the top destination for those who mine crypto.
The Chinese government believes that cryptocurrency facilitates financial crime, like money laundering and fraud. The effect of mining crypto is also believed to have a negative impact on the environment.