Playing Pokies with Bitcoin: Is it Illegal?
Bitcoin pokies are pretty popular among Australian and Kiwi gamblers.
But how do they work? Is Bitcoin gambling itself legal? Find out in our article!
Casinos of the Future: Provably
Fair Games Explained
Bitcoin is one of the major currencies in the gaming industry. The reason for its success is straightforward: it is secure, fast, and promotes anonymity. This is why more and more casinos encourage the use of Bitcoin and other cryptocurrencies like Ethereum, Dogecoin, Litecoin, and Tether. Some casinos even offer special bonuses for supporting decentralized gambling.
Casino operators starting their Bitcoin casinos are often confused by authorities’ ambiguous rules regarding such currencies. Numerous benefits are linked with playing pokies with Bitcoin, but uncertainty remains prevalent. The legitimacy of crypto gambling is a topic for
discussion as crypto is yet to be embraced by the mainstream. This, therefore, means that many online casinos are still reluctant to go all-in regarding any crypto-based projects.
Every region of the world is at different stages in development when it comes to Bitcoin. This article discusses how it all works, the legal situation of Bitcoin paired with pokies and online gambling, and more.
How do Bitcoin Casino Deposits Work?
Bitcoins are transacted from one user to another via unique addresses, allowing for free and close-to-instant transactions. This is among the most popular benefits of using cryptocurrencies compared to fiat currencies. The casino operator must pay a small transfer fee whenever you deposit funds using conventional payment methods. This prompts casino operators to provide less appealing promotions and reduced odds since they have to ensure an ROI on each player signing up.
Bitcoin removes such costs, and players benefit from improved payouts.
Below is how you can make deposits at any Bitcoin casino in Australia or New Zealand:
1. Open any Bitcoin wallet of your choosing.
2. Add a banking method to your wallet.
3. Sign in to your crypto casino account, and choose Deposit funds.
4. Choose Bitcoin as your deposit option and enter the amount you want to bet with. Select Deposit.
5. Copy the casino’s address and paste it into your wallet. You can also scan the offered QR code.
6. Transfer funds to the recipient’s address from your wallet.
7. Enjoy playing!
Pokies With Bitcoin
Most game developers have programmed their games to be compatible with Bitcoin.
Industry leaders like Big Time Gaming, Playtech, Microgaming, NetEnt, and Play’n GO provide top-quality video pokies and Bitcoin slots.
However, note that not all of them are entirely optimized for crypto. Some games will only convert the same bet levels and sizes from fiat currency to cryptocurrencies. To sum up, players can enjoy an extensive list of Bitcoin pokies in Australia. Since Bitcoin is now tipped to be the future of the online gambling industry, most game developers are
programming Bitcoin roulette, pokies with Bitcoin support, and many others. Even Bitcoin sportsbooks have gained popularity.
Below are the different types of pokies found at online casinos:
- 3-Reel Classic Pokies
- Bonus Feature Pokies
- Video Pokies
- Multiline Pokies
- Progressive Jackpots
How to Play Pokies Online?
Playing pokies is pretty straightforward. Below is how you can go about it:
1. Visit your chosen Bitcoin casino.
2. Choose your pokies game.
3. Select Play Now (with real money).
4. Select Deposit.
5. Transfer Bitcoins from your chosen wallet to the casino wallet via the address provided.
6. Choose your bet limits wisely, then click on the spin button to spin the reels.
Choosing a Bitcoin Casino
If you aim to play pokies by funding your casino account with Bitcoins, you should not compromise your safety by playing at any Bitcoin casino you come across. You may end up financing an online scam and put your security at risk.
Always research thoroughly by going through genuine player reviews on casino forums online. You can also google your prospective casino accompanied with the term “rogue” to check if anyone else has run into issues with its services. If you come across a casino claiming that it accepts Bitcoin payments, remember that there is a good chance that it
doesn't hold official licensing, which would mean you will not be protected.
The Benefits of Bitcoin Gambling
Besides the apparent benefits of Bitcoin gambling (faster transactions, zero fees, etc.), below are some less obvious ones:
- Huge Game Variety
Choosing a Bitcoin casino gives you access to various casino games usually found at the best casinos, along with exclusive editions. Among the most popular are Bitcoin slots (or crypto pokies) offering high payouts, i.e., up to 99%. Other popular ones include Bitcoin roulette and blackjack.
If you check the RTP percentages of these games, you will learn that they are better than those at land-based casinos. This is a marginal difference, but as any veteran gambler will be able to tell you, this is a massive difference.
Bitcoin gambling is also making its way into live dealer casino games, promising more variety and a more immersive gambling experience.
- Anonymity: One of the best advantages of blockchain gambling is that you can remain anonymous. Real money casinos are often vulnerable to cyber threats, compromising your private information. However, those who play pokies with Bitcoin are safer since they are anonymous. Furthermore, there is no need for account sign-ups with Bitcoin pokies
Australia since you only need your Bitcoin wallet.
- System Security: Yet another helpful advantage is that the system is transparent and secure (provided a reputable casino offers it). You will not come across any suspicious paperwork trail or find any private data. This means that each player’s data is kept secure. Furthermore, every
transaction is extremely fast, allowing you to get your cash as quickly as possible.
-Fairness: When you play pokies with Bitcoin, you can ensure fairness. Through cryptographic hash technology, you can check whether your chosen casino can control your winning odds or not. Bitcoin casinos are programmed with fair software, guaranteeing legit results. Reputable
casinos also offer tools you can use to see if your game outcomes are entirely RNG and not controlled by the admin. In other words, you get full transparency.
-Higher Winning Odds and Payouts: Unlike games with low RTP percentages, pokies with Bitcoin offer the best winning odds and payout percentages. Usually, a casino platform has to deal with payment processing costs every time a player deposits using an online payment method. They reduce the bonuses and odds offered to players to compensate for such expenses. With Bitcoin gambling, transactions are free, which means no payment processing fees. This translates to higher winning odds and bigger payouts, aside from other great bonuses.
Online Pokies with Bitcoin - Banking Limits
Deposit limits are usually slightly higher than withdrawal limits, as apparent in the highest transferable amount. The minimum deposit limit at trusted Bitcoin casinos can vary between 5 and 20 AUD. The maximum deposit amount can range from a few thousand to tens of
thousands of Australian dollars. If you have set limits, those will also apply to Bitcoin payments.
The maximum withdrawal amount is usually lower. The minimum amount you can withdraw is 30 AUD, which is why you cannot request a payout if the total amount in your account is below 10 AUD or 20 AUD.
Many platforms have even greater minimum withdrawal limits, ranging from 30 AUD to 50 AUD. The maximum withdrawal amount (in Bitcoin) depends on the casino operator’s rules. However, you can expect limits around 2000 AUD, 10,000 AUD, and 50,000 AUD. Some casinos do not have these limits, but they are not easy to find.
Is a Gambling License Important?
A gambling license is necessary for a casino operator to work with digital payment systems legally. The most common license among casino operators is Curacao.
Curacao is among the most affordable jurisdictions that license online gambling for gambling operators. It also has some of the most accessible market entry points. With it, casino operators are not limited to just one cryptocurrency. Aside from offering players various
banking options, it provides operators with a tool for attracting Bitcoin users.
One could argue that a gambling license is optional when working with Bitcoin since it does not involve any third-party services and the transactions are almost instant. That eliminates the need to present a license to financial institutions.
On the other hand, many players find Bitcoin casinos and regular casinos similar. They want to know that their money is safe and that an independent authority actively safeguards their identities and rights.
In this instance, a valid operating license from a reputed licensing jurisdiction becomes essential player protection and marketing tool. It contributes to customer loyalty and boosts a casino’s reputation.
Is Bitcoin Gambling Legal?
Based on a declaration made by Australia’s government in 2017, cryptocurrencies like Bitcoin are legal and can be bought, traded, and considered property. The same is the case with New Zealand, which also regards cryptocurrency as a payment instrument.
Although Australia and New Zealand openly accept Bitcoin and all other cryptocurrencies, the global online casino situation is not as liberal. Within both countries, supplying or advertising online casinos to residents is illegal. However, the good news is that no law explicitly states that nationals cannot gamble on online gambling websites offshore (ones outside Australia and New Zealand). This provides an opportunity for players to partake in decentralized gambling.
Conclusion
At this point, new Bitcoin casinos will continue to pop up in regions like Australia and New Zealand. Aussies and Kiwis are pretty progressive and receptive to trends, therefore, the popularity of pokies with Bitcoin should only continue to grow. Thanks to that, we expect a bright future for blockchain gambling in both regions. If you appreciate quicker
withdrawals, more privacy, and no fees, Bitcoin casinos should be your go-to platforms for pokies and all other casino games for that matter.
