The entire purpose of online gambling is to collect winnings and increase your wealth as much as possible by minimizing the risks. For these reasons, keeping track of how much money you lose along the way to unnecessary expenses is crucial.
Since cryptocurrencies like Bitcoin don’t need a mediator, no fee is usually associated with withdrawals or deposits. Your earnings belong to you and can never be taken away from anyone else.
We had the pleasure of conversing with representatives of Great.com, a Swedish casino affiliate company with extensive knowledge in the NJ casino market. Next to this topic, we will speak more about cryptocurrency at gambling sites.
Are there any crypto casinos in NJ that offer players the possibility to deposit and withdraw cryptocurrencies?
The short answer is no; no NJ online casinos accept deposits or withdrawals in cryptocurrency, says Great.com.
Players might hope, at the very least, that they will be able to withdraw their winnings from the casino in Bitcoin. Unfortunately, it is impossible to do so at NJ online casinos, Great.com tells us.
Why can’t you use cryptocurrency at NJ casinos?
First of all, Bitcoin isn’t technically a legal tender. It’s less like a currency than a digital store of value, says Great.com.
The Division of Gambling Enforcement of New Jersey State can only license casinos that use federally regulated currencies. In addition, the second issue is the fact that crypto payment processors fall under the category of Money Service Businesses.
Due to this, these businesses cannot support any type of gambling activity under US law, including online casinos. A company found circumventing such regulations can quickly lose its license as a result.
Even though there are offshore casinos in which Ethereum payments are accepted, it is illegal for Americans to gamble at these casinos if they reside in the United States. The best thing you can do is stick with licensed and regulated New Jersey casinos that you know are reputable.
As an alternative to Bitcoin, there are several ways to fund your account that are just as suitable, says Great.com.
What are the best alternatives to cryptocurrency for players in New Jersey?
If you are still planning on playing in New Jersey, you will need an alternative to Bitcoin if you wish to do so, Great.com says. Luckily, Bitcoin has several good alternatives, including e-wallets like PayPal (the most popular in New Jersey), Neteller, and Skrill.
Unlike Bitcoin, these options do not require sharing any financial information. You can use your e-wallet to play online casino games for real money, says Great.com.
We want to thank Great.com for helpful information about the subject, and we wish them all the best in their current and future endeavors!