Will Potential Bitcoin Regulation Affect Sports Betting?

December 22, 2017 December 22, 2017 David Nugent

Bitcoin is proving to be a digital currency that knows no bounds, and it one that has caught the imagination of people the world over, however it is one that is not regulated in any way shape or form and is not backed by any other currency, country or precious metal either.

I have been quite amazed at how Bitcoin has hit the mainstream media, which in turn has ensured that everyone is talking about it, and many people have been making huge fortunes by simply buying themselves a holding of it.

On aspect of using Bitcoin is that it allows you to move money around in the shape of Bitcoin quickly and easily and hat has led to many different betting sites and Sportsbooks also offering it as both a deposit and withdrawal option.

In fact Bitcoin allows spots bettors based in the US and other countries where betting on sports online is a grey legal area to be able to place real money bets online without any of the problems associated with using their debit cards and credits cards, which is something many of them have been looking to do for years.

However, the existence of Bitcoin has not escaped the notice of many governments around the world and many of them are looking at some way of regulating that cryptocurrency to allow them to bring it in line with other more standard fiat currencies, in fact some countries such as China are seeking to ban all digital currencies from their shores.

Bitcoin is Impossible to Regulate

It is however going to be impossible to regulate Bitcoin in its current format and design, but as you may be aware some countries of the world do have a tight grip on technologies available in their respective country, and some of them do monitors and restrict their citizen’s access to the internet.

Therefore whilst is does seem highly unlike that a country is going to be able to regulate Bitcoin, if one of them somehow manages to put an infrastructure in place whereby they could somehow regulate Bitcoin, one must wonder if that will have an effect on sports betting and other general gambling related sites.

There would be something of a knock on affect if that was possible, however I don’t think anybody who does currently bet online and uses Bitcoin to either make their deposits and/or to make withdrawals to and from any betting related site needs to worry just yet.

Most countries of the world are talking something of a wait and see approach to any potential regulation of Bitcoin, and we have already seen that the futures markets for Bitcoin, those futures markets are beginning to blossom and that is an environment that is regulation in any countries too.

If you do enjoy gambling online but have been frustrated by the lack of payment options available to you, and you haven’t started to use Bitcoin then now is a good time to consider using that digital currency as moving money around has never been as easy to do with no restrictions in place what so ever.

Regulation of Sports Betting Sites

If you have been wary of signing up to and then placing bets and wagers at online sports betting sites, it is worth knowing that unlike Bitcoin that environment is one of the most regulated ones in the world, however it all depends on where the betting site you are betting at is located as to the levels of scrutiny they are under from their license issuers.

I am still amazed at sports bettors who are prepared to take risks by opening up account with Sportsbooks and betting sites that are licensed, if you can call it license in countries such as Curaçao.

The regulatory structure in Curaçao is such that as long as you can afford to pay for the license to operate a betting site then you will have no problems getting a license, and no concerted effort is made to check you are suitable to operate such a site or whether you are financially sound either.

Therefore, if you are thinking of joining the many millions of sports bettors who does enjoy betting online or for that matter on your mobile phone, then please make a concerted effort yourself to ensure the betting sites you do sign up to are fully licensed and regulated but in a developed country and one that do have a robust gambling regulatory system in place.

About The Author

David Nugent

Editor

Hi, my name is David and I am the chief editor of legalbettingreport.com, I am proud to bring you all latest legal matters concerning the sports betting industry , I am a keen sports fan, dabbling in a few odd bets on my beloved Everton FC

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