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Cryptocurrency and Gambling in New Zealand

The article above will be interesting to true fans of blockchain technologies, Bitcoin and other cryptocurrencies, and those who love the thrill of online casino games. The article was compiled by gambling experts. We will discuss how cryptocurrency and online casinos are connected, and should Bitcoin casinos stay licensed. In addition, we will mention the main advantages of casinos with cryptocurrency payments.

What is in the article?

  1. How successful are cryptocurrency casinos?
  2. Should Bitcoin games get a license?

Everyday we see more and more options where we can use cryptocurrency. The main reason for that is big interest from people and anonymity. As you know, blockchain technology allows the user to stay private and hide transactions and personal information. Therefore, one of the most important industries for using cryptocurrency is the iGaming sphere, which is gambling.

Gambling experts announce the statistics that says about the significant gambling industry growth that will exceed $530 billion by 2022, which is a lot. Moreover, cryptocurrency has a close connection with gambling, since almost half of the casinos provide transactions with bitcoins.

Why are cryptocurrency games so successful?

First of all, cryptocurrencies such as Bitcoin give access to the gambling market to players from countries where gambling is prohibited. Using cryptocurrency, it’s impossible to track your transactions. For example, players from Asian countries may raise suspicions among banks and authorities when making gambling transactions. However, this is not the best example, because there are difficulties with cryptocurrencies in Asia. Recently, China introduced strict restrictions toward operations with cryptocurrency. As a result, many people who have these digital assets moved to other countries. On the other hand, New Zealand has a more loyal attitude to cryptocurrency.

Secondly, for obvious reasons, players do not want to put down the game transactions on the bank statement. That’s why for many players, it’s very important to stay anonymous and be able to withdraw the winnings quickly.

And last, but not least, players who use cryptocurrency to top up the account can see that games are safe and fair. This is due to blockchain technology and smart contracts, which are part of cryptocurrency transactions. They allow increasing the trust in casino operators.

Should Bitcoin games be licensed?

Doing business in the gambling sphere, it’s necessary to open a corporate account with a bank and work with all popular e-wallets. In order to do it, an operator must receive a license from a reliable regulator. A license also guarantees the safety of players and quick help in case of trouble. Your interests will be protected by a trustworthy gambling regulator. But, when we talk about Bitcoin transactions, all payments are carried out without the participation of third parties.

The biggest advantage of cryptocurrency transactions is speed. Players can deposit and withdraw money almost instantly directly between crypto wallet and casino account. So, there is the question of the need for a license. Many Bitcoin casinos work without a license since blockchain technology guarantees safety.

On the other hand, for many people, Bitcoin casinos and traditional casinos are the same. They want to invest their funds in a reliable gambling environment and be protected by independent organizations. For such players, a license is an integral part of any online casino, including crypto casinos. Generally, a gambling license is a marketing tool that not only improves the reputation but actually protects players from fraudulent schemes.

Let’s conclude the benefits of playing online casinos with cryptocurrency payments. This technology has a high potential in the sphere of betting entertainment. Read these advantages before making your choice toward traditional casinos.

  • You can top up an account with Bitcoins, and play with Bitcoins or other cryptocurrencies instead of dollars or euros.
  • Safety and anonymity, and decentralization are the key principles of cryptocurrency.
  • It opens the walls to casinos that work only with digital currencies.
  • The fast transaction speed and the absence of commission that can arise when converting currencies make crypto casinos the number one choice.

Is it legal to pay by cryptocurrency in New Zealand?

Time goes on, everybody has heard of Bitcoin or Ethereareum and New Zealand is no different. However, regulation in this area is undeveloped, but if you intend to play at crypto casinos, you have to know the rules.

As the field is still undeveloped, someone may be confused in terms of terminology. There are alternative names for cryptocurrency.

  • cryptographic assets, or simple “crypto assets”
  • tokens or digital coins
  • digital financial assets
  • virtual currency
  • virtual assets

New Zealand Regulation

Considering the tax situation, IRD perceives cryptocurrency as property. The government does not classify bitcoins or other coins as money. Basically, it is the same as company shares, property. According to the definition of blockchain technology, it’s difficult to regulate crypto transactions. All in all, it is impossible to identify a person who makes a transaction. So we can safely participate in online crypto casinos and take all the benefits of these payment systems.

Besides, the fast speed of commission of transactions and absence of the commissions which could arise when converting traditional currencies can’t but attract far-sighted users of online casinos.

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FAQ

The bonuses are what you see first when you visit a casino site. This is exactly what they are made for. Online casinos have to attract customers in order to get the profit. It’s an obvious business scheme. However, the offerings are not so bright and shiny as they seem.

The typical welcome bonus work

As a rule, the first bonus is the most attractive. Let’s assume it implies giving you a 100% deposit and a number of free spins, say 20. However, these spins are not actually free as you make a deposit first.

All in all, you have to understand how the process is going. So, you deposit the first minimum sum. The bonus gives you 100% of your bonus up. It means your balance is double. For example, you deposited $20 and got $40 in the end. Additionally 20 extra spins for a particular game.

Then you have to meet the wagering requirements. Hopefully, you have read them all preliminary. The idea of the terms is that you won’t be able to withdraw the money until you play your bonus through. That means your 20 extra spins and the rewarded $20.

It’s advisable to set the smallest bet during the bonus rounds because you don’t really notice at which moment your balance is not sufficient anymore. It may occur even before you’ve met the requirements. For example, you haven’t spun the 20 rounds, but you have already run out of your budget. So, in order to withdraw, you need to deposit again and play until you complete the requirements.

Final thoughts

There are other types of promotions, of course. Most of them include the rewards in the form of cash, spins or points. Rewards system is unique in every online casino. Consequently, each casino has individual bonus T&Cs. That is why it’s highly recommended to read the terms. The requirements can be really excessive that you can even regret that you’ve used the bonus. To tell the truth, the experienced players don’t use bonuses at all, and don’t advise it. They know the consequences based on their own experience.

Historically gambling is considered to be a total lie. For sure, when the gambling industry was only becoming popular, it was not operating very well in terms of security and innovations. Gamblers could easily cheat during the games. But the times have passed by, and now it’s hardly possible to cheat the casinos. Online casinos, in their turn, can’t cheat on the users.

Nowadays online gambling is a business. It’s the whole industry which takes its place on the world market. Online casinos are created to make profit on a regular basis. The sites provide service for playing and betting on the long-term period. The gambling companies are interested in keeping players and attracting new customers.

Any kind of cheating on the side of online casinos is not welcome by the senior authorities. Like any other industry, online gambling has got the regulating bodies. If they spot that a casino is deceiving a client, they will impose a fine. And this is a minimal punishment. In fact, the authorities can close the whole company and never allow it to operate another gambling activity.

All in all, it’s not reasonable for online casinos to be rigged. They would rather get big salaries constantly than cheating once and be ‘jailed’. If you think that your casino site is rigged and never lets you win, then maybe you should change the casino. There is a high probability that you have got into the fraud’s hands. On our site you can find the trusted casinos and ways how to test them for fairness.

The issue of payout always arouses many questions among players. Probably, the reason for this mistrust of online casinos is elicited by the bad experience with fraudulent casinos. In fact, many people face fake casinos on the internet. They deposit, play but never get anything back. Or some players might have a bad experience with real casinos. Such a problem as no-paying-out because you violated the casino terms.

Why it doesn’t pay back?

If we don’t consider all these misunderstandings between player and casino, It’s 100% true that online casinos really pay out. Every time a player requests, verifies the account, and under condition that he or she hasn’t validated the rules. As you can see, there are only two requirements for the successful withdrawal that results in having real money in your hands.

Do the homework!

Nevertheless, I feel obliged to point out the important things to consider. First of all, you should wonder about payouts before you actually sign up at any online casino. You need to see the proof that your selected online casino is not a fraud. It should be licensed, real and certified. And, please, follow the golden rule of all experienced gamblers – read the terms of an online casino before you register.

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