As of 2023, there are no licensed sites that accept cryptocurrency in the USA. While you may find offshore gambling sites that allow you to play poker with Bitcoin, these sites have not been verified for safety or security by local regulators. For this reason, we suggest you avoid them.
For the time being, there’s been no news of whether sites like BetMGM or DraftKings will accept crypto payments, but it’s clear they are considering this option. As more users adopt Bitcoin and cryptocurrency becomes mainstream, there’s good reason to believe you’ll be able to use them to fund your wallets in the near future.
Does this mean that the USA is lagging behind other countries when it comes to Bitcoin poker and other crypto payments for gambling? It depends on who you ask. In this guide, we’ll explore the fundamentals of crypto as a payment method and the pros and cons of using it.
What is Bitcoin?
Bitcoin is one of the most well-known cryptocurrencies and was the first to be invented. But many are still unfamiliar with what cryptocurrency actually is. To explain this, we’ll first need to explain the blockchain, which is the technology that these currencies rely on.
The blockchain is essentially a digital record book of data exchange. It has been designed to be difficult to modify and relies on a network of computers that encrypts and constantly records all activity. This makes it a viable alternative to banking, which stores records in one place and is not as secure.
As there are multiple records of exchanges, owners of cryptocurrencies have solid proof that they own the coin. Cryptocurrencies were created to pay those who maintained the blockchain, so coins can essentially be mined by the validation process. Bitcoin was first released to the market in 2008 and has the highest value.
What Are the Benefits of Bitcoin Gambling?
The best Bitcoin poker sites are those that are licensed, but without any regulated operators in the USA, these are unfortunately not available. However, when it is possible, there are several perks to using crypto as a way to fund your gambling wallet. These include:
- Greater security
- Easier global payments
- Faster payments
- No transaction fees
- More anonymous
Casinos may prefer cryptocurrencies because there are clearer records of when users have made payments. The in-built fraud prevention features of the blockchain mean that users can’t cancel their credit card transactions after the fact, nor can people claim that their cards were used fraudulently.
Bitcoin transfers are made almost instantaneously too, whereas bank payments can take a few days to process. While casinos may say that deposits are instant, they are in fact fronting you this money until it arrives. This is why withdrawals tend to be processed slower than withdrawals. The use of Bitcoin would mean instant withdrawals.
The lack of involvement from financial institutions means that there should never be fees too. And for those who value privacy, cryptocurrencies are linked to wallets and not specific people. For this reason, it operates more like cash than digital currency. This allows more discretion in your spending.
There are several perks to using crypto as a payment method when playing online poker.
What Are the Cons of Bitcoin Gambling?
While these benefits of enjoying crypto poker payments are exciting, it wouldn’t be accurate to say that there are no downsides to using cryptocurrency. As found by overseas gambling sites that accept crypto payments, many players have yet to adopt it for several reasons. These include:
- You need to have crypto knowledge
- Need to have a crypto wallet
- Coin prices fluctuate dramatically
- No global acceptance
- Harder to track accurate wins and losses
If you wish to use crypto to make payments or, for example, claim a Bitcoin poker bonus, you’ll have to first purchase coins through an exchange. New adopters may find this to be a tedious or complicated process. Another downside is that crypto prices can crash overnight, which could minimize the value of your winnings.
If these payments become available in the USA, it’s possible that only a few sites will accept them. This will mean that it’s harder to keep track of your total winnings and losses for the month. The anonymity element may even have downsides for those struggling with problem gambling behaviors.
Any Alternative Cryptocurrency for Gambling?
In countries that allow casinos to accept Bitcoin as payment, many sites will accept several different popular cryptocurrencies. These include Ethereum, Ripple, Tether, and DogeCoin. There are even some sites that allow you to deposit with one coin and withdraw in another, making them convenient for avid crypto users.
We can look to other countries that have embraced crypto, but only time will tell whether this will ever be a possibility at major US online casinos and online poker sites. It’s likely that Bitcoin will be the first accepted coin before others are accepted due to its high usage rate and popularity.
What is the Future of US Bitcoin Gambling
To get an understanding of whether Bitcoin gambling will be available in the USA soon, it’s helpful to look at what’s going on elsewhere in the world. For example, in the UK, the national gambling regulator has already granted licenses to online cryptocurrency casinos, while other countries have outright banned them.
We suspect that US online casinos are keeping a watchful eye on whether any major issues arise in the years following legalization before they act. There are admittedly still some concerns to address, such as the fluctuation rates of cryptocurrencies that they are holding. For the time being, no legal US operator has clearly stated it will introduce Bitcoin poker.
Where Can I Purchase Crypto?
The easiest way for cryptocurrency newcomers to buy coins is through exchange platforms. While there has been recent controversy about fraudulent exchanges in the news, one of the most trusted exchanges is Coinbase. This has been proven to adhere to strict financial regulations. However, it’s best to do your own research before buying coins.
Frequently Asked Questions
We hope by the end of this guide to Bitcoin poker, you have learned something new about cryptocurrency and gambling. If you are looking for quick answers to your questions please check out the following FAQ section. If you’re after more articles about online and land-based gambling around the world, check out our gambling guides.
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What are the best Bitcoin poker sites?
For the time being, there are no legal Bitcoin poker sites in the USA. No states with legal online poker have accepted cryptocurrencies of any kind to make payments. Time will tell if this changes though, with many believing that crypto represents the future of online gambling.
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Can you play poker with Bitcoin?
You can’t play poker with Bitcoin at licensed sites in the USA yet. While some offshore operators may accept this, these have not passed regulatory approval so are illegal and not likely to be safe. However, countries such as the UK accept Bitcoin for casinos. For now, we suggest you brush up on your poker strategy and play with regular cash.
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How to make an online poker deposit using Bitcoin?
If you are in a country that accepts Bitcoin as a payment, you need to first buy Bitcoin through an exchange. The online casino would then be able to accept Bitcoin transfers. For now, this isn’t possible in the USA. Why not take the time to learn more about online poker so that you’re ready if and when the rules change?
