109-347) outlaws the business of betting or wagering, but the statute has only been applied to gambling operators, not individuals, Walters said.įor the most part, under broad interpretations of both state and multiple federal laws, online betting is illegal in the U.S., Kate Lowenhar-Fisher, a Nevada-based gaming attorney at Dickinson Wright PLLC, told Bloomberg Law Jan.
The 2006 Unlawful Internet Gambling Enforcement Act (Pub. Many state laws explicitly prohibit such gambling. The legality of offshore sports betting in the U.S. Walters, managing partner at the Walters Law Group, which specializes in internet gaming law, told Bloomberg Law Jan. “It’s really become one of the only ways, if not the only way, to be able to get funds for those who chose to gamble via an offshore site,” Lawrence G. Cryptocurrencies change all of that, Beigel said. will most likely have their credit cards declined if they try to deposit funds online, due to federal regulations that prohibit gambling businesses from accepting credit card payments. According to its website, 99 Bitcoins is the largest information source for bitcoin newcomers. That’s why many gambling sites have opted into accepting it as payment,” Ofir Beigel, general manager of 99 Bitcoins, told Bloomberg Law Jan. “With bitcoin (or cryptocurrencies in general) no one can stop you from doing whatever you want with your money. citizens to bypass federal laws that prohibit offshore betting. Tracy, an attorney who represents individuals and businesses that operate with Bitcoin and other forms of cryptocurrency, said for online gamblers, cryptocurrencies-through their anonymous structure-allow U.S. The use of cryptocurrencies in online wagering is preferable because of the anonymous nature of such transactions, Adam S. The online betting venue said it expects 100 percent cryptocurrency withdraw and deposit rates in 2018.īloomberg Law reached out to Pinnacle Sports, 5 Dimes Casino & Sportsbook, BetOnline, and Heritage Sports bookmakers, none of which responded to a request for comment. The site reported that only 10 percent of customers used cryptocurrencies for deposits in 2015, and only 8 percent of users chose cryptocurrencies to receive withdrawals the same year. “By the end of 2017, 42 percent of customers had used crypto-currencies for deposits and 85 percent had used them to receive withdrawals of funds,” Milton said in an emailed statement. gamblers according to, reported a significant jump in cryptocurrency during the past two years.
5.ī, which is considered a “top five” sportsbook for U.S. The adoption of cryptocurrency has been “swift” for leading online sports book, marketing manager John Milton told Bloomberg Law Jan. citizens who place bets online through offshore bookmakers are already treading on legally shaky ground, and coupling offshore betting with bitcoin further complicates gambling tax reporting requirements.
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While cryptocurrency is gaining a strong foothold in the offshore betting market, its prevalence yields concerns about how to cash in on cryptocurrency winnings without drawing Internal Revenue Service scrutiny. The gambling black market is cashing in on the cryptocurrency rage.Ĭryptocurrency-funded gambling is on the rise for offshore bookmakers, with more than 40 percent of online bets funded via cryptocurrency at one of the largest and best-known online sports betting sites.
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