In New Zealand, the crypto industry has become a pretty major success. The government has made it legal to purchase and trade crypto. On top of that, the country’s financial sector has a pretty friendly approach towards the new phenomenon. New Zealand’s open-minded approach towards gambling has gotten many to wonder if they can use crypto to gamble.
Gambling is regulated under the 2003 legislation, which allows residents to bet and gamble, albeit with some pretty noteworthy restrictions. Gamblers can visit both land-based and online gambling sites. But, can they gamble using cryptocurrency? In this article, we are looking at whether crypto is an available deposit method at online and land-based casinos in New Zealand.
Crypto Gambling and Land-Based Casinos
When most people think of gambling, they imagine the luxurious land-based casinos from Las Vegas, Macau, or Monte Carlo. However, when Kiwis think of gambling, it is likely the Christchurch Casino that comes to mind. New Zealand’s oldest, and to this day, most popular casino was opened to the public in 1994, and has managed to garner a huge following since.
The casino is just one small part of the property, however. There are two restaurants, two bars, a café, and much more that you can see when visiting the casino. Of course, entry is prohibited to anyone under the age of 20, so as to ensure that no underage gambling takes place. But, even with all of that, the Christchurch Casino does not accept crypto-based transactions.
In fact, no land-based casino in New Zealand operates with crypto-based transactions. However, the good news is that casinos online have stepped up to fill a role as primary providers for gambling goods and services to many people. Which begs the question, can patrons of online casinos use cryptocurrency to gamble?
Crypto Gambling and Online Casinos
Online gambling is not exactly new. In the mid-to-late 1990s, game developers began launching the first online pokies, which quickly got a lot of attention. For good reason too, as online slots are just as simple and fun to play as their land-based predecessors. The difference is that online pokies are much more easily accessible than their steel-and-stone counterparts.
The other difference between online slots and land-based ones is that gamblers can actually use crypto to make deposits for online slot games. Indeed, quite a few online casinos have embraced the possibilities of cryptocurrency, and allow their patrons to deposit or even withdraw using Bitcoin, and other alternatives.
However, it is worth noting that most online casinos don’t allow just any crypto to be used when making transactions. Usually, you will find that the crypto coins available at online casinos, are the ones most popular on trading platforms, whose value on the crypto market is consistently in the upper echelon. To give you a clear idea of what digital coins are available at casinos, we are going to take a look at a few of the more popular ones.
- Bitcoin: by far, the most popular choice, not just in trading but in casinos as well. Bitcoin is the first, and still the most beloved of all cryptocurrencies.
- Ethereum: if Bitcoin is the gold of the crypto world, then Ethereum is the silver. It garnered a lot of attention during the NFT era, and though NFTs have lost traction, Ethereum keeps rising.
- Tether: for those who are uncertain about cryptocurrency because they are afraid of volatility, Tether is the best choice. It is a stablecoin whose value is tied to the US dollar.
The success of crypto-based gambling has not gone unnoticed in the mainstream. A lot more casino operators are now opening up to the idea of crypto-based deposits and withdrawals. While that is great, as it allows players more options and agency, it also means that some fans who don’t know much about crypto will be exposed to crypto-based gambling. Which is why it is important to know the upsides, and the downsides.
The Pros and Cons of Crypto Gambling
One of the biggest upsides of gambling using cryptocurrency is the fact that the player remains as close to 100% anonymous as they can be. Some have said that we live in a post-privacy world, and while many accept this idea, there are also quite a few who are pushing back against it. People who don’t want anyone to know what they are doing online, when, and why. For people who value their privacy and anonymity, crypto-based gambling is a great choice.
There is also the fact that crypto transactions are a direct line. Rather than having to be reviewed by several middlemen, crypto deposits are close to instant. In other words, when placing a wager using crypto, the processing time will take less than an hour, at most. For gamblers who value their time, cryptocurrency is often the first choice. Not to mention, there are hardly any fees for the transactions, as again, there are no central authority figures that crypto is beholden to.
However, as we said before, there are some downsides to consider. One of the biggest is volatility. Cryptocurrency is notoriously volatile, changing its value at the drop of a hat, sometimes, literally. There have been instances of crypto gamblers who’ve made a deposit, won, gotten the payout, only to find out that the price of their crypto has dropped to the point where they’ve not made much of a profit from the payout. Certainly, volatility is a major issue.
Some Things to Think About
The growing popularity of cryptocurrency is certainly a good thing. When new types of capital emerge, it is important for everyone, including the average person, to understand them, as it could be beneficial for them in the long run. That is why, we would urge anyone interested in crypto gambling to first take the time and learn all that they can about cryptocurrency. Perhaps it will help in the long run, when deciding which coin to put your stock into, and which coin to use at online casinos.
