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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

How to find a reliable casino with quick payouts? In this article we will look at the payments methods that payout instantly, as well as provide fair and reliable activities. In fact, there are many available banking options to make money transactions. For example, e-wallets, such as PayPal, Skrill and Neteller are the fastest methods for payouts. They provide a lower commissions and high transaction speed. Moreover, nowadays, cryptocurrencies become the number one method for payouts. The popular cryptocurrency, such as Bitcoin, needs about a few hours to withdraw the money. However, this is pointless to know the fastest methods for cashout, without knowing the casino that provides these methods. Let’s have a look at excellent examples of the fastest withdrawal casinos:

The list of the fastest withdrawal casinos

  • JackpotCity – provides the fastest e-wallet solutions, such as Neteller, Skrill, EcoPayz. This type of payout is the fastest and takes only 24-48 hours. Of course, the speed depends on the specific payment service.
  • Spin Casino – a new casino, with a little number of methods, but the most important ones are here. E-wallets, such as Neteller, Skrill, EcoPayz. The withdrawals time 24-72 hours.
  • Royal Vegas – provides the same methods, as well as Banking Cards, Postepay, Solo, Switch and others.

Conclusion

All in all, there are many platforms you can find that include fast withdrawals methods, however, in order to payout, you need to win money first. As a result, casinos should be also safe and provide fair activities, as well as fascinating games with high RTP rates and big jackpots.

In order to choose the right casino you need to follow the criteria. In fact, a trusted casino, obviously, provides safe and fair conditions for players. So, if you’re looking for the most trusted casino, make sure to read this page till the end. Here you will find the instructions of how to define trusted online casinos.

  • First of all, trusted casinos should be rated high by users. The rating defines a real user’s experience, and how the casino treats players.
  • Secondly, make sure the casino is regulated by the top license authority. The licensing and certifications show the fact that casinos are responsible and have fair intentions to players.
  • Thirdly, check the reputation of game providers. It’s necessary to play only games by reliable software developers. The reliable provider should be certified and checked by audit companies. One of these companies is eCOGRA. As a result, it provides fair statistics of random number generators.

Conclusion

As shown above, there are many casinos that keep up with these factors. The list of trusted casinos you can find in the article section, we provide comprehensive reviews of many platforms, including the ratings by real players.

The process of withdrawing is what players are looking forward to. Sometimes the online casinos are so fast that you can’t even say a word, the money is already in your bank account. But, unfortunately, there are casinos with a slower procedure. It takes them three, five or even ten days to process your request. In fact, it’s not all the fault of the online casino. To tell the truth, a money transaction is such a scrupulous thing that has to pass through several steps.

Banking options

First of all, the speed of withdrawal depends on the banking option you choose for payout. If you choose a bank card or transfer, prepare for a long waiting. Usually it takes about 3-5 banking days. Sometimes 1-2 days, but it’s rare due to the fact that the bank security department must check and confirm all the data. The fastest option is an e-wallet, of course. It processes money transactions within minutes. Instantly in some cases. Generally, it doesn’t even require any docs for verification. I’d say an e-wallet is the fastest and easiest method to take winnings from online casinos.

Casino department

There is a constituent of online casinos too. It’s the request processing. The department responsible for the withdrawal requests also affects the total waiting period. Of course, every online casino swears they do it momentarily and later it all depends on the banks. However, the casinos check the data and documents too before they send the request further. It’s an obligatory security measure. So, it may take some time. In case they lack some info about you, they might ask you to provide it. Be prepared. As soon as the security verifies everything, they will send the request to your bank or other payment system.

Verification process

Mind that your first withdrawal process will be the longest ever. This is because your online casino must confirm every single piece of information that it’s you and not a fraud or bot, whatever. That is the reason why they might want you to provide unnecessary docs from banks. So, don’t be rude with them, they actually help you to take your winnings. Afterwards, when the first verification procedure is done, all the next payouts will be fast.

Conclusion

All in all, no one likes to wait for a long time. Especially, players for their winnings to pay. So, make a combo using the fastest option – e-wallet and the fastest online casino to pay winnings. The latter you can find on our site. We have articles dedicated to the rated casinos with top fast payouts.

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