How will legalisation of sports betting in the USA affect crypto gambling

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, May 15, 2018.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    The Supreme Court of the United States have ruled that sports betting is no longer illegal in the United States on a federal level. They decided that the Professional and Amateur Sports Protection Act or PASPA was unlawful because the federal government had no right to force states to ban online gambling. This will mean that we will likely see a number of US-based licensed and regulated sportsbooks launch in the coming months that will allow U.S. citizens place sports bets legally for the first time in many years.

    Cryptocurrency bookies like Nitrogen Sports and Bovada have benefited greatly over the past few years due to the draconian anti-gambling regulations so I'm wondering how this will affect those sites? Will bitcoin bookmakers lose many of their players and struggle to compete with legal U.S. sportsbooks?

  2. Tommy82

    Tommy82 Member

    I think small time gamblers who currently use FanDuel or DraftKings might switch over to legal bookmakers but most serious sports bettors will continue to use offshore sportsbooks because they'll be able to offer far better odds.
  3. Hernia

    Hernia Member

    Why will offshore sportsbooks be able to offer better betting odds that US-based legal bookies?
  4. Humble Servant

    Humble Servant Active Member Staff Member

    For starters then will probably have to pay their workforce more, pay more on rent and other overheads that offshore bookies that offshore sportsbooks that can base themselves in poorer countries. All of these additional costs eventually trickled down and end up being payed from the player via less competitive betting odds.
  5. Toast

    Toast Member

    so far it has made absolutely no difference because I think lawmakers in most states are against the legalization of sports gambling. changing laws means nothing if you don't also change the mindset of the people.
  6. 4TheWin

    4TheWin Member

    I took a look at some of the legal sports betting sites for this years Super Bowl and the lines sucked compared to what's on offer from crypto bookies or old school offshore sportsbooks so I won't be moving my business.
  7. Humble Servant

    Humble Servant Active Member Staff Member

    Looks like the legalization of sports betting in the USA might be hitting a speed bump thanks to Sheldon Adelson. Doesn't really matter anyway because we still have bitcoin poker and sports betting.

  8. Lance

    Lance Member

    I can only speak for Australia but the banning of online gambling in Australia has driven lots of people to bitcoin. News agents in Australia sell bitcoin through terminals so it's super easy to buy.
  9. Jake21

    Jake21 Member

    I think both legal and offshore gambling will both prosper in the United States. Casual gamblers will opt for bookmakers like FanDuel but those of us who are looking for the most competitive lines will gravitate towards cryptocurrency bookies because they offer better odds.
  10. FelixHA

    FelixHA Guest

    I think both of them will be very popular and maybe in the same time will be connected together. For example I know that in countries where online casinos and online betting sites are closed, people are using different closed/ non-legal and pirates sites which is very bad for government. Usually such sites are using as top up of accounts bitcoins, why I said that is very bad for government because they will not get money from taxes anymore. I think in future a lot of companies will use bitcoins and all countries will allow casinos and gambling sites. It is better to get money from legal activity then do do not have nothing from non legal. In general is very difficult to make money by betting.
    Last edited by a moderator: Aug 4, 2020
  11. Humble Servant

    Humble Servant Active Member Staff Member

    A recent study showed that 50% of Canadian sportsbooks now accept bitcoin. I would expect to see thing happen in the United States as cryptocurrencies go mainstream. It's far more convenient to deposit using a bitcoin QR code than to have to enter credit card details.
  12. Humble Servant

    Humble Servant Active Member Staff Member

    Legal online gambling sites in the United States have been slow to adopt cryptocurrencies like Bitcoin or Ethereum, however, I feel that gambling sites will soon start to accept stablecoins like Tether (USDT) or USD Coin (USDC). I think that USD Coin will be particularly attractive because it was developed by Coinbase and Circle, which are two highly regulated companies in the United States. It's unlikely that they'll accept stablecoins like Binance Coin (BUSD) because it was created by a slightly shady offshore exchange called Binance.
  13. Gooch

    Gooch Member

    The legality of cryptocurrency gambling in the USA is a complex and evolving issue, as the federal and state laws and regulations regarding both cryptocurrency and gambling are still developing. In general, online gambling (which includes cryptocurrency gambling) is illegal in the United States under federal law, specifically the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. However, some states have legalized online gambling, including sports betting and online casinos, and others have introduced legislation to legalize it. Barstool Sports launched a bookie last year and they've been slowly spreading across the U.S. as various states legalize sports betting.

    Cryptocurrency is also subject to regulation in the US, and the regulatory landscape is constantly changing and evolving. The Internal Revenue Service (IRS) considers bitcoin to be property for tax purposes, and the Financial Crimes Enforcement Network (FinCEN) requires cryptocurrency exchanges to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.

    As for cryptocurrency gambling specifically, some states have explicitly legalized it, while others have not addressed it directly. A good rule of thumb is to check specific laws and regulations regarding cryptocurrency and gambling in your state before you start sports betting or playing poker with bitcoin or Tether.
  14. Humble Servant

    Humble Servant Active Member Staff Member

  15. Wonka

    Wonka Member

    if i sports bet on a legal website in the united states i am required to report my winnings to the irs. with offshore sportsbooks that accept tether or bitcoin, i can gamble anonymously and avoid paying tax so i know which one i prefer.

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