Online gambling is a complicated and dynamic industry that presents significant challenges to players, operators, and regulators. The first cryptocurrency, Bitcoin (BTC), which gained popularity across several nations, presented gambling platforms with a promising potential to attract new players who possess cryptocurrency on their platforms and also allow them to profit from it. However, a crucial question in this regard goes thus: Is crypto gambling legal in Europe? Gambling regulations in Europe vary from country to country, but in general, gambling is legally permitted. Moreover, in European nations where gambling is permitted, using crypto as a payment method is legal. It is essential to distinguish between gambling on crypto prices and using cryptocurrency as a payment option on gambling websites, so you need to look up the specific gambling legislation in your region to find out if it is legal. This article will examine the regulatory landscape around crypto gambling in Europe, its legal status, and the factors that players should carefully consider before using these platforms.
Is Gambling with Other Casino Payment Methods Legal in Europe?
Gambling in Europe is legal, and well-regulated, and there are various payment methods aside from cryptocurrencies. Most European gaming platforms support conventional payment methods like bank transfers, credit and debit cards, and e-wallets like PayPal and Neteller. As long as the gaming operators possess valid licenses from the appropriate authorities, using these conventional payment methods is lawful. This regulatory monitoring ensures that gamblers are safe by thwarting fraudulent moves, money laundering, and other illicit activities.
Age Limits for Online Casino Gambling in Europe
There are regulatory boards overseeing gambling activities in several countries, which issue licenses and also set regulations to guide operations. These entities also make sure that gambling sites promote a “Responsible Gambling” section, in which users can find complete information on responsible gaming rules including knowledge of the minimum age allowed to use the gambling platform. Notable countries with their age limits include:
| Country | Age Limit |
|---|---|
| Belgium | 21 |
| Germany | 18 |
| Ireland | 21 |
| Greece | 23 |
| Portugal | 25 |
| United Kingdom | 18 |
| Austria | 18 |
| Bulgaria | 18 |
| Poland | 18 |
| France | 18 |
Different Options You Can Use to Withdraw Winnings
While gambling, you are bound to win at some point. So, in cases where you indulge in crypto gambling, and it gets a bit complicated, have you thought of how to withdraw your earnings? Well, withdrawing cryptocurrency earnings as fiat involves several options, these options vary in transaction speed, cost, and convenience, so here are common methods you can use to convert your funds.
1. Cryptocurrency Exchanges
Cryptocurrency exchanges are the most used platforms among users who want to withdraw their winnings via conversion of crypto into fiat currencies. Trusted exchanges like PlasBit allow users to exchange their crypto to fiat and withdraw funds directly to their bank accounts. You just have to transfer your winnings to the exchange platform, sell the crypto for your desired fiat currency, and initiate a withdrawal from your bank.
2. Peer-to-Peer Platforms
P2P platforms provide a more decentralized approach to converting crypto into cash. The platforms allow cryptocurrency users to directly purchase and trade cryptocurrency with one another. Unlike conventional trades, this option does not require intermediaries. The platforms offer a number of advantages, such as flexible withdrawal policies, more payment choices, and faster trading. However, they could have disadvantages such as reduced liquidity and the need to manage transactions personally. Be aware that this option requires caution because there has to be trust between parties.
3. Crypto ATMs
Crypto ATMs offer a quick way to withdraw earnings, and they are extremely convenient when you need to convert your crypto into cash. These machines can be found in many countries worldwide as they allow users to deposit their crypto and withdraw cash on the spot. However, the transaction fees seem to be higher than other methods because it has the edge of instant access to funds without any complication.
Most Popular Games to Play in Crypto Casinos in Europe
Crypto casinos in Europe have become increasingly popular as they provide a special fusion of cutting-edge crypto technology with conventional gameplay. Among the many games offered, some stand out as the most popular options for players. Is crypto gambling legal in Europe, especially in your region? Then, you should try out these games:
1. Online Slots
Online slots are the most played game at all online casinos because they are enjoyable and straightforward. Game developers have been able to create much more entertaining online slots because of technology, as a wide range of themes are now included in online slots. This helps draw players from many backgrounds.
2. Blackjack
Next on the list is blackjack. This is, without a doubt, the most played card game in both traditional and online casinos and the reason is that blackjack is fun to play, even though many argue over whether skill or luck matters more in it. It is important to note that winning requires a combination of the two. Blackjack has the lowest house edge out of any other casino game. When live-streaming technology was added to online casinos, its popularity increased significantly.
3. Roulette
You can find roulette at many online casinos that utilize the red-and-black wheel due to its iconic nature in the gambling industry. Since the majority of gaming websites have adopted cryptocurrencies recently, roulette has been a widely played game. Over the years, the game has led to a lot of discussions because many people ponder if it's a game of chance or skill. The basic truth is that roulette is entirely dependent on chance, which makes it even more attractive to players.
4. Poker
Poker is a popular card game that has also captured players' attention for many years. This is due to its unique combination of psychology, skill, and strategy. It offers players quick payments and anonymity, which makes it a desirable choice for enthusiasts. Poker is a well-liked option for gamers at cryptocurrency casinos because of its competitive gameplay and generous payouts. It also offers a thrilling gaming experience that entices players to keep playing.
Gambling or Sports Betting Online: Which One Is More Popular in Europe?
While online gambling encompasses various activities like casinos and poker, online sports betting leads in Europe with activities such as Football, Basketball, and Tennis. This popularity originates from the rich sporting culture on the continent, which has been legalized and regulated to make it a safe and accessible option for fans. The ease of placing a quick bet on your phone during a match adds another layer of excitement for viewers. Is crypto gambling legal in Europe? Yes, so online crypto casinos still hold a steady fanbase, but the thrill and familiarity of sports betting solidify its dominance in Europe's digital gambling scene.
Most Popular Cryptocurrencies Used in Gambling Online
The gambling industry is now using cryptocurrencies for many financial operations, such as online payment and withdrawal activities, because of the convenience, security, and anonymity offered by cryptocurrencies. Some of these cryptocurrencies are way ahead of many others in the sector, and the reason for this is their capital base, innovative features, widespread acceptance, and popularity. The top popular crypto you can find in online gambling payment methods include:
1. Bitcoin (BTC)
Bitcoin is the most advanced and popular cryptocurrency in the world, and it dominates online gaming. Many gamblers prefer it because of its innovative nature and widespread acceptance, which makes it the leader with a whopping 73.2% usage. Bitcoin's secure nature, substantial liquidity, and decentralized structure improve the gaming experience. These factors help to enable speedy and low-cost transactions, and if you deposit with Bitcoin in some online casinos, you will receive certain bonuses.
2. Ethereum (ETH)
Ethereum is another renowned payment method in the gaming industry. Because of its smart contract feature, decentralized applications can be created, which can lead to the existence of more transparent and equitable gaming platforms. Ethereum is a desirable alternative, and because of its quick transaction period, it has a record of 9.9% usage in gambling-related transactions. It has lower transaction fees, unlike Bitcoin. If you do not like waiting long for confirmations, Ethereum is ideal.
3. Litecoin (LTC)
Many refer to Litecoin as Bitcoin's baby brother. This is because of the similar characteristics used in creating the coin. It is a great choice for speed-oriented online gamblers, which is a result of a different hashing algorithm put in place to enable quicker transaction confirmations. Litecoin has a record of 6.6% usage in gambling-related transactions. The transaction fee is cheaper, which makes it a more affordable option for players. It is now being accepted at many other casinos due to its expanding user base.
4. Ripple (XRP)
Ripple is distinguished by its exceptionally quick transaction speeds, and in an ecosystem with frequent transactions like online gambling, it stands out. Its low transaction fees also set it apart from many others. As an online gaming user seeking speed, Ripple can be trusted and depended on due to its capacity to process large volumes of transactions on time.
5. Tether (USDT)
Tether can be referred to as a stablecoin, which means that its value is linked to another currency. The intention is to offer a substitute for the extreme volatility of the prominent cryptocurrencies. Tether is tied to the US currency in this situation, so its value is mostly determined by the US dollar. It is a popular option for gamblers who wish to stay away from the volatility associated with other cryptocurrencies. Additionally, the coin enables quick and reliable transfers and records a 4.6% usage in gambling-related transactions.
Advantages of Privacy Tokens in Online Gambling
A privacy token is a kind of cryptocurrency that puts the user's anonymity and privacy first, and a few well-known ones are Dash, Zcash, and Monero. These anonymous cryptocurrencies employ a number of strategies, such as obscuring the address and amount of the user's wallet and combining several transactions to prevent chain analysis. Since Bitcoin and other non-privacy coins are transparent by nature, anybody can examine public addresses and transactions on their network, making it easy to monitor a user's deposits and withdrawals. On the other hand, privacy tokens address tracing and anonymity. Whereas the inability to trace makes it nearly impossible for third parties to use services like blockchain analysis to track the history of transactions, anonymity conceals the identity of the person behind a transaction.
How To Use VPN Services on Gambling Sites in Europe
Online gambling regulations vary in European countries, and these variations include certain limitations in some areas, leading many users toward the application of VPNs. VPNs are Virtual Private Networks that can be used to navigate through and bypass certain restrictions through encryption of traffic and rerouting servers in a specific location. It helps to hide a user's real IP address, potentially allowing access to geo-blocked gambling sites. You can use VPNs effectively by following the steps below:
- Choose a VPN: First, you have to pick a reputable provider with strong security and server options in Europe.
- Install the VPN: The next action is to download the VPN app on your device and set up the installation process.
- Select an appropriate server: Choose a server location in a European country where your desired gambling site operates legally.
- Connect and Enjoy: Once connected, the VPN masks your IP address, making it seem like you are browsing from Europe. Then, access the gambling site and enjoy your games.
How to Minimize Risks While Gambling Online
Engaging in online gambling is an exciting thing to do. It is also enjoyable, but it comes with risks, including fake platforms, insecure payment gateways, losing hard-earned money, scams, and stealing information. Here are methods to apply to ensure a safe experience, which include:
- Check out trusted sites: Whenever you want to gamble online, tick some relevant boxes, such as searching for popular, licensed, and regulated betting platforms. What you need to check includes reviews, ratings, and licensing information. It will be clearly displayed on the site. Also, look out for the regulatory body overseeing the platform, as this helps to enable a safe environment.
- Set reasonable budgets: Before you gamble, make a decision on how much you want to spend. Segregate the amount you are willing to lose from the one you cannot afford to. In all you do, make sure to stick to this budget. This is regardless of your winning or losing streaks. You should also avoid chasing losses because doing such can result in more unplanned spending.
- Understand the games: You need to carefully comprehend the rules of your preferred games, as this will even help you save funds. Try to learn the odds and strategies of those games because it will significantly reduce the risk of making poor decisions. In the long run, you will end up saving money that could have been wasted due to ignorance.
Tips to Prevent Getting Scammed in Crypto Gambling
Crypto gambling has become more popular in recent times and this is due to the anonymity, fast transactions, and exciting games it offers, but nowadays, scammers are taking advantage of the situation. Their intention is to rip players off their funds, so key tips you can follow to prevent getting scammed include:
- Doing a proper background check: Do your research on a casino website before making any cryptocurrency deposits. Look into the platform's reputation, user reviews, and comments, as reputable websites frequently have a strong track record.
- Verifying the site credentials: Verify whether the platform is overseen and licensed by reputable bodies. A platform with a license is more likely to follow financial and fair play laws, so this is an additional degree of protection for you.
- Keeping your wallet secure: Use strong, distinctive passwords to safeguard your money and ensure you do not share your recovery phrases with anybody. Also, you can turn on two-factor authentication for enhanced security.
Is There a Special License Regarding Gambling Platforms in Europe?
Is crypto gambling legal in Europe? Yes, however, Europe does not have a single gambling license, as every member country has the authority to control online gambling within its boundaries; as a result, different laws are dispersed throughout the continent. Some countries, such as the United Kingdom, Gibraltar, and Malta, are renowned for providing trustworthy gambling licenses. These licenses are in high demand since they offer access to a sizable market and have stringent requirements. The length of the application process for a gambling license in Europe varies according to the regulations of the particular nation. These licenses often promote solid financial status, unbiased gameplay, and responsible gambling habits.
Most Important Regulators and Countries Under Their Jurisdictions
There are important regulators that oversee the gambling sector in European countries and their aim is to guarantee safety and fair play for all players. These regulators help maintain the integrity and security of the global gambling sector, and the most important ones in the region include:
1. Malta Gaming Authority
MGA is a reputable authority which was established in 2001. It is quite popular because of its rigorous screening process. It supervises all gaming activities in Malta and grants licenses to global companies. Due to its exposure across Europe, the MGA is preferred by many online casinos and gambling sites. Notable countries under its jurisdiction include Germany, Denmark, Sweden, and the Netherlands.
2. Gibraltar Regulatory Authority
The Gibraltar Regulatory Authority holds the highest authority in Gibraltar and is in charge of creating laws that online businesses wishing to obtain a license in Gibraltar must follow. It is one of the most well-known organizations in the world for establishing standards for online casino platforms and remote gaming companies, and this is done just to protect players and their money from being misused.
3. Cyprus’ GCSC
In accordance with the Cyprus Casino Control Law and associated Regulations, the Cyprus Gaming and Casino Supervision Commission, also referred to as the Cyprus Gaming Commission (the Commission), was founded in 2015. It is in charge of reviewing applications, licensing, auditing, and monitoring potential sportsbooks and online gambling operators in the whole of Cyprus.
4. Lithuania’s GCA
According to the Republic of Lithuania's Law on Lotteries, the Lithuania Gaming Control Authority is in charge of monitoring gambling-related activities in the country. Protecting the rights and interests of operators and players is the institution's primary responsibility. To that end, it oversees and manages the activity.
5. France’s ARJEL
The Regulatory Authority for Online Games (ARJEL) is the agency in charge of overseeing opening of lotteries and other gambling facilities in France. The authority is backed by the Gaming Law of 2010, which incorporated EU directives related to the licensing of gambling activities. The French Gambling Act also empowered this agency to supervise the activities of gaming operators, as well as issue licenses for these to be able to operate.
6. Italy’s AAMS
With the establishment of AAMS, a centralized body responsible for licensing, supervising operators, and ensuring player safety was founded in Italy. Through AAMS, licenses for operators wishing to offer their services in the Italian market are granted. These licenses ensure that operators follow stringent rules pertaining to safety, impartiality, and ethical conduct.
7. SGA
The Swedish Gambling Authority is the body in charge of guaranteeing the legitimacy, security, and reliability of the country's gambling sector. They are in charge of overseeing and controlling all aspects of gambling and lottery operations in Sweden, including the issuance of lottery permits. The Ministry of Finance is in charge of the Swedish Gambling Authority, and the government appoints members of its board.
8. Directorate General for the Regulation of Gambling, Spain
This agency oversees the gaming sector in Spain. In Spanish, it is referred to as the Dirección General de Ordenación del Juego (DGOJ). It is responsible for compliance with Spanish gambling laws. It emphasizes fair gaming methods, player protection, and responsible gaming. Operators aiming to enter the Spanish market are granted licenses by the DGOJ.
9. United Kingdom Gambling Commission
The UKGC is one of the world's strictest gaming regulators. It was created by virtue of the Gambling Act of 2005. It is responsible for all gambling-related activities in the United Kingdom. The UKGC is a model regulator because of its stringent policies regarding player safety, openness, and equity. Operators with a UKGC license are frequently regarded as extremely trustworthy. Other countries using this license include those within the European Union.
How to Calculate Tax When Withdrawing Your Winnings
After winning on gambling platforms, you have to pay taxes before you can withdraw. Now, how do you know the amount that will be deducted from the winnings? With the help of the PlasBit tax calculator, you can determine this. We are not responsible for reporting your taxes, so it is within your purview to do so. Here is a guide on how you can calculate it:
- Fill Your Residency Information: Select your residency status from the options provided.
- Choose your residency status: There are available options like "Single" and "Married. This step ensures accurate tax calculations based on your filing status.
- Enter your estimated Taxable Income: Enter your estimated taxable income in the designated field. This figure is crucial for determining your overall tax liability.
- Fill in Crypto Transaction Details: Fill in the "Cost of Crypto Purchase" field with the total amount you spent purchasing the cryptocurrency.
- Input the "Proceeds from Sale of Crypto": This will reflect the total amount received from selling your cryptocurrency.
- Select the Holding Period: Choose the holding period corresponding to your cryptocurrency asset.
- View Estimated Tax Details: The Crypto Tax Calculator will automatically generate estimates based on the provided information for your capital gains tax.
- View Estimated Capital Gain: The calculator will also display the "Estimated Capital Gain," providing insight into the potential gains from your crypto asset.
Conclusion
Finally, you must carefully check out European gambling platforms before using them. Not all European countries legalize gambling, so you need to do proper research. Is crypto gambling legal in Europe, where your country is located? If yes, remember that gambling comes with risks, and you should follow the risk management strategies provided by PlasBit to protect your funds. You can read more about how to manage risk when investing in the article. Always be updated, and stay safe.
