Norway is one of the countries in Europe with the most stringent casino laws. The country has a state-controlled monopoly. Norwegians can only play in online casinos operated by Norsk Tipping, a government-backed company. That’s the only way to place bets in the country legally. However, the citizens are leveraging offshore online casinos for gambling, which is not technically illegal.
The casino laws in Norway prohibit people from playing with any other Norwegian casino. But they don’t restrict usage of online casinos headquartered in other countries. Hence, most citizens are turning towards offshore websites for gambling. While this allows them to play in casinos, it also opens them to scams.
Since the Norwegian government does not regulate offshore casinos, the players are not protected. Gambling was not fun in Norway due to this monopoly, heavy regulation, and the risks of using foreign online casinos. However, the advent of cryptocurrencies has come to the rescue. The advantage of a crypto casino is that they accept cryptocurrency bets, which is preferred by a lot of users these days.
Crypto Casinos: The Best Way to Gamble in Norway
Cryptocurrency gambling provides an ideal solution to all the problems with casinos in Norway. The primary reason behind the hype around crypto casinos is that they can offer more security than traditional casinos.
While you might have heard of many high-profile crypto thefts, cryptocurrencies can provide enhanced security. Due to the decentralized nature of the underlying blockchain technology, crypto casinos offer anonymity. Hence, they make gambling safer. Moreover, you get complete control over your account and money as the casinos cannot freeze your crypto transactions.
Since Norsk Tipping casinos give poor odds to Norwegian gamblers, they are already placing bets on offshore sites, which can be risky. Crypto casinos provide the best of both worlds. They enable regulation-free gambling while ensuring safety. Hence, the number of new casinos in Norway accepting crypto bets has skyrocketed.
The Reasons Behind the Hype With Cryptocurrency Casinos
While safety is a primary benefit and reason behind crypto casinos hype, it’s not the only. These online gambling sites provide several other benefits, such as:
Free From Government Regulation
Crypto tokens are not legal in many countries because no one can regulate them easily. This is like a boon in Norway, where casino transactions anywhere apart from Norsk Tipping are banned.
Since the Norwegian government cannot control and monitor crypto transactions, gamblers can place as many bets of as much value as they like without worrying.
Suppose you don’t want the government to know what bets you place in online casinos. It is not possible with standard currency transactions. You will make everyday transactions through banks that will have your information. It means that if you add funds to your accounts and withdraw your winnings, the bank and the government will come to know. Crypto casinos can solve this issue with anonymous transactions.
Tracing back cryptocurrency transactions is very difficult. Moreover, crypto casinos don’t collect any player information to maintain anonymity. Even if the government monitors the transactions, they can only track the amount but not who initiated it.
Savings on Taxes
One of the primary reasons to have a state monopoly in casinos in Norway is to generate additional revenue. Norsk Tipping offers low odds to gamblers, which means that they earn a lot. A significant part of this earning goes to the government.
Due to anonymity, the government cannot monitor who won how much amount through casinos. Hence, the gamblers can save this money from heavy taxes.
No one wants to pay hefty fees to withdraw their earnings or add funds to the online casino accounts. Cryptocurrency facilitates this by eliminating intermediaries like banks, card providers, or e-wallets. Although crypto transactions are not entirely free, the fee is a fraction of what banks charge.
More Value Over the Time
Cryptocurrencies can gain a lot of value over time. When Satoshi Nakamoto first mined bitcoin, it was priced at $0.0. However, the current price of one bitcoin (BTC) is over $40,000. Similarly, all the other digital coins like Ethereum (ETH), Solana (SOL), Axie Infinity (AXS) started from a low value and skyrocketed to hundreds and thousands of dollars.
Hence, if you earn crypto coins in casinos and keep them for a value, the price fluctuation can get you more returns. But this can work both ways as the price can also go down.
As the casino space remains closely monitored and regulated by the Norwegian government, crypto casinos are the best options for gamblers. Moreover, these sites offer better benefits and security than standard online betting websites. Hence, the number of new casinos in Norway accepting cryptocurrency is skyrocketing, facilitating gambling.