The cryptocurrency gambling industry is a very important one and has been moving huge amounts of funds in the last months. But on May the 14th, a very positive decision for gambling enterprises was given by the US Supreme Court.
Back in May, the Supreme Court struck down a 1992 federal law that banned state-sponsored sports gambling. This situation was creating more losers than winners, but the situation could be different now.
Bitcoin Gambling Sites
There are several bitcoin and cryptocurrency gambling sites in the market. They allow individuals to bet in their favourite casino games without having to physically go to one. Indeed, virtual currencies allow users to easily be integrated to the gambling and financial world.
The US Supreme Court Decision may be positive for Bitcoin in the long term. If there are more sites that accept cryptocurrencies for gambling activities, we may see an increase in the number of individuals using virtual currencies in the future.
There are some benefits related to using cryptocurrencies for gambling. For example, it’s possible to deposit funds in BTC and receive them in a very short period of time (no more than some minutes). This is very positive if we compare that with other services such as bank transfer of cash deposit.
According to Justice Samuel Alito, those who support the legalization believe that it will allow states to increase their earnings and reduce illegal sports betting operations (in general run by criminals). Those who oppose to the legalization say that gambling sites would encourage people to use savings to bet and increase corruption in professional and college sports.
The same situation happens with virtual currencies. Some people believe that a wider access to BTC means a better integration with the financial world while others criticize them explaining that they are used by criminals.
Previously, we have written an interesting article about which are the best virtual currencies to use in online casinos. Additionally, using Bitcoin is a great option for casino businesses. If they decide to implement the famous virtual currency they will have happier users (the service will work faster and with less fees), and the company will remove the threat of a charge back.
Additionally, this decision may lead to the creation of more cryptocurrency gambling sites in the United States. If this happens, Bitcoin and other virtual currencies could feel an increased buying pressure for the future.
photo courtesy of the independent republic