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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 online casinos make people feel concerned about their fairness and real existence at all. It derives back from history that casinos are hard to trust, say nothing of the online casinos. They are, basically, just online platforms with games. You can’t enter them like a land-based casino, you can’t touch the slot machines or tables.

Still, the number of online gamblers increases every year. This makes sense to suppose that the sites are real and trusted. People really come, play and win. To tell the truth, there is no better proof than the real players who win money.

How do I know the online casino is real?

In fact, this is very easy to check. The casino site must meet the requirements of the legalized casino. What are these requirements? Generally, the real sites are transparent and have the necessary info right on the site.

  • Company data. Like any other industrial company, the casino head company must be officially registered. The owners register sites according to the country jurisdictions thus they have official docs and info about the company. Usually you can see this info in the bottom of the casino webpage.
  • License. A casino site is nothing without a license. Players will hardly trust it. So, it’s vital for the gambling sites to request for a license. The most reputable licensees are the MGA and the UKGC. However, there are authorities from other countries that issue the official papers. You can see the license sign on the gambling site too. It means that the casino is real.
  • Certificates. The seals of approval is yet another thing which you need to search for on the site page. The seals have logos of eCOGRA or Independent Auditors. They are the bodies that test the games and confirm they are fair and random. These certificates of approval are quite important as online gaming is your actual activity on the casino.

Concluding

The real casinos are easy to find judging by the mentioned points: company info, licenses and certificates. However, even this is not the 100% guarantee that the casino is not fake. The frauds can simply place some fake info on their site. To avoid this you need to go further with the investigation: search for the license number and company info on other web sources. It will help you to understand if the site is completely real, safe and well-trusted.

Mobile online casinos are safe, however, some gambling sites pose a threat. The process of recognizing is pretty simple. Safe gambling sites have reputable licenses and are powered by well-known software providers. Minimum deposit casinos are also known for their good reputations and trustworthiness.

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.

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