and In the wake of the rise of crypto casinos, the Florida Compulsive Gambling Council (FCCG) would like to highlight that digital gambling platforms may prove particularly harmful to those who suffer from compulsive gambling. In addition to making it easier to place bets with “unreal” money, as explained in this article, cryptocurrency casinos are not regulated in the same way as other establishments.
A cryptocurrency (crypto) is a type of digital currency that uses cryptography to secure transactions and operates independently of central banks and governments. Cryptocurrencies have gained tremendous popularity in recent years, with one in five Americans having invested in, traded, or used cryptocurrencies. This popularity has spread to the world of online gambling, despite the volatility of online gambling and the risks associated with purchasing. In fact, many credit cards do not allow cardholders to purchase virtual currency using credit. This is because cryptocurrency highs and lows are unpredictable, making it a particularly risky commodity to borrow to purchase.
Crypto casinos are online gambling platforms that accept cryptocurrencies as payment in addition to traditional payment methods such as credit cards. Like traditional online casinos, these websites offer a wide range of casino games, including digital versions of slots and roulette. However, many of the similarities between traditional and crypto casinos end here.
Online gambling is illegal in Florida, but most cryptocurrency casinos have been found to be based outside the United States, posing challenges for government oversight. In Florida, crypto-based online sports betting has allowed residents to bet on any sport, including horse racing, basketball, and soccer. Offshore sportsbook websites allow Florida residents to place bets using Bitcoin.
There are currently around 70 crypto-friendly casinos in operation, generating an estimated $2.8 billion in revenue so far this year. By 2022, the industry will bring in $10 billion, up 64% year-over-year. Twitch and YouTube influencers are also offering ways to promote these gambling sites and use virtual private networks to circumvent state restrictions. Young people and minors are particularly at risk of seeking out these gambling platforms. This can potentially lead them to a lifelong gambling addiction.
Crypto casinos can be a particularly slippery slope when it comes to triggering compulsive gambling behavior. Unlike traditional casinos, cryptocurrency casinos often lack safeguards to prevent gambling addiction, such as self-exclusion policies. This is of particular concern to young people and minors who may be affected by seeing their peers participating in cryptocurrency gambling and may not fully understand the potential consequences of their actions. That’s it.
Luckily, there are resources available for anyone looking to recover from a gambling problem, whether for themselves or a loved one. your only certaintyFCCG 888-Permit-IT The Problem Gambling Helpline is a free, confidential, multilingual service available 24/7 by phone or text to anyone affected by or concerned about a problem gambling, including gambling at crypto casinos. 888-ADMIT-IT is a teen-focused program that helps young people understand what gambling is, what problems gambling can lead to, and how they can overcome it. It is also useful to provide a workbook that focuses on The list of available resources is endless. Now is the time to ask for help..
- “What is cryptocurrency and how does it work?” Kaspersky. https://www.kaspersky.com/resource-center/settings/what-is-cryptocurrency
- Frank, Thomas. “NBC News Poll Shows One in Five Adults Have Invested, Traded, or Used Cryptocurrencies,” NBC News, March 31, 2022. https://www.nbcnews.com/tech/tech-news/one-five-Adults-invested-traded-used-cryptocurrency-nbc-news-poll-show-rcna22380
- Collier, Kevin. “Crypto Casinos: How Bitcoin Opened Up His New Online Gambling World.” NBC News, April 14, 2022. https://www.nbcnews.com/tech/crypto/crypto-casinos-bitcoin-opened-new-online-gambling-world-rcna23062