Online gambling is one sector that is quick to adopt technologies that offer benefits to consumers. From gamification to streaming, the industry is always looking to improve experiences for players. It has been the same with cryptocurrency. iGaming is among the industries driving the increased adoption of digital coins.
Across the world, gambling websites support virtual currencies as payment methods. Canada is one of the places where you can transact with crypto on casino websites. Although Canada may not have the most accommodating internet gambling laws, it still gives players plenty of leeway in several areas, like the use of blockchain payments.
Cryptocurrency casino gaming isn’t much different from traditional or fiat gambling. The payment modes are the key factor. Instead of using credit cards, online banking or e-wallets to deposit at online casinos, you transact with digital currencies.
As with the rest of the world, Canada has seen a steady rise in cryptocurrency usage across different markets. Internet gambling is a huge contributor to the surge in crypto asset holders and users.
You can read the BC.game review for an idea of what a cryptocurrency casino offers. However, to leverage the technology better as a Canadian gambler, you need to understand more than that.
The Legality of Crypto iGaming in Canada
Legislation is one of the top elements to evaluate when evaluating any sector. Cryptocurrency is particularly interesting because it’s a tricky area riddled with murky laws. Regulation globally ranges from non-existent to total bans. Canada is somewhere in between.
The Commonwealth nation allows you to buy, own and sell cryptocurrency, but it doesn’t recognise digital assets as legal tender. So, although payments via virtual coins are not legal, you can transact comfortably on offshore casinos. Canada left the regulation of gambling businesses to individual provinces.
For this reason, online gambling laws vary across regions. Federal laws prohibit any operator registered in Canada from providing online gambling services. Advertising is also illegal. However, casino sites with offshore licenses can serve Canadians.
A majority of Commonwealth nations have similar provisions. As it stands, offshore iGaming is legal in most provinces, meaning players can gamble with cryptocurrency. Canada allows the use of registered crypto exchanges.
Therefore, you can buy virtual coins to spend on online gambling easily. Because cryptocurrency is largely unregulated, some operators play fast and loose with licensing requirements. Hence, players must be extra cautious when using crypto casinos. Verify the registration to make certain that a gambling site holds a valid license.
Virtual Currencies Used in Canada
Digital coins and tokens cater uniquely to gambling demands. They are fast, secure and cost-effective. These characteristics are appealing to players who appreciate quick deposits and withdrawals, improved privacy and low-cost transactions.
Bitcoin, which holds the largest market share in the crypto market, is the most popular. However, it’s not because it’s the most suitable for online gambling. Bitcoin is the pioneer of blockchain payments, which affords it some legitimacy.
Ethereum, Ripple, Litecoin, Dogecoin and Tether are other alternatives that appeal to online gamblers. Monero and Dash are also common at Canadian casinos because they offer better privacy than most altcoins.
Choosing a digital currency for your online gambling depends on several factors. Availability is one. The coin you want might not be available at the legal coin exchanges in Canada. You also have to consider transaction costs. While casinos don’t charge for payments, crypto exchanges do, and some currencies are more expensive than others. So, evaluate your coin options carefully before settling on one.
What to Expect in the Future?
More than a decade ago, when Bitcoin first launched, not many people had faith that cryptocurrency would last. Since then, more than 20,000 coins have been created. Blockchain technology is proving to be more than a trend as developers continue to discover other uses besides payments. NFTs (non-fungible tokens) and dapps (decentralized apps) are proof that consumers are ready to get more out of the crypto ecosystem.
Therefore, the future of blockchain payments and, consequently, that of crypto gambling, holds a lot of promise. Gamblers can expect that more operators will accept virtual currencies as payment options. In fact, some of the biggest gambling operators in the world already support Bitcoin and a limited number of altcoins.
It means that in the not-so-far-away future, players will have more reputable crypto gambling platforms from which to choose. Additionally, the number of gambling-specific crypto coins and tokens will surge. The market already offers a few digital currencies that cater explicitly to gamblers. Some casinos may also start offering proprietary tokens.
Canadian gamblers should also be ready for the rise of metaverse casinos. The growing acceptance of cryptocurrency led to the exploration of what else the blockchain is good for, and the metaverse is among the latest developments. Metaverse casinos are more immersive than gambling websites, which would change how people experience casino games. These platforms will enable players to interact with their settings as if they were in physical locations.
The growing interest in cryptocurrency could mean a closer eye on the sector from the Canadian government. Some nations are already taking measures to regulate the use of digital coins, and Canada might not be far behind. Even though a regulated market could place some restrictions, it will also provide legitimacy.
Cryptocurrency remains an uncharted ground for many people, which is a big reason novices are susceptible to common scams. Legislation on the use of digital coins for gambling would provide a degree of security for players and operators.
Cryptocurrency is shaping up to be the next big thing in online gambling, and Canada is one country where players can be part of it. Although blockchain payments are not legal in Canada, players can gamble at offshore crypto casinos with no problem.
Cryptocurrency exchanges are legal in the country, and online gambling is not illegal, provided it’s on licensed offshore casinos. As more people discover the benefits of digital coins as payment methods, more Canadian casinos will offer crypto gaming options.
Also read: Guidelines for Finding The Best Cryptocurrency Right Now