In Norway, bitcoin and crypto casinos are gaining popularity among players who prefer using digital currencies for deposits and withdrawals instead of conventional payment methods. With around 550,000 cryptocurrency holders, representing 12.3% of the adult population, an increasing number are leveraging their digital assets to gamble online.
What is a Crypto Casino?
A crypto casino is an online platform that allows deposits, bets, and withdrawals using cryptocurrencies like Bitcoin, Ethereum, and Tether. These casinos operate similarly to traditional online casinos but utilize blockchain technology for transaction processing and fairness verification.
The Mechanism of Crypto and Bitcoin Casinos
In a Bitcoin casino, all transactions are conducted exclusively in Bitcoin. Crypto casinos, however, offer wider options, allowing players to choose from various digital currencies, with some supporting over ten different types. Most crypto platforms also feature provably fair games, enabling users to verify game results via blockchain technology.
Comparison of Cryptocurrency and Traditional Payment Methods
Norwegian users accustomed to instant payments via BankID at Norsk Tipping face a different process with crypto casinos, where purchasing currency from exchanges, transferring it to wallets, and then depositing can take 10-60 minutes. Traditional online casinos, in contrast, involve waiting 3-5 business days for withdrawals, often incurring processing fees. Crypto casinos improve speed and minimize fees, while also offering greater privacy as they only require a wallet address for transactions.
Common Cryptocurrencies in Use
Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are among the most accepted cryptocurrencies in crypto casinos. Bitcoin is the preferred method due to its universal acceptance, while Ethereum often has higher fees and Litecoin is favored for quicker transactions. Stablecoins like Tether (USDT) and USD Coin (USDC) are also popular for maintaining stable value during gameplay.
Legal Landscape for Crypto Casinos in Norway
Most crypto casinos catering to European players hold licenses from outside the EU, often from jurisdictions like Curacao. Norwegian regulations under the Gaming Act restrict gambling services to state-licensed operators only, and cryptocurrencies are not recognized for betting. Consequently, while it is not illegal for players to access crypto casinos, operators targeting Norway without licenses engage in illegal activities.
Why Norwegian Players Prefer Crypto Casinos
Many Norwegian players are drawn to bitcoin casinos for their swift payment processing, enhanced privacy, and the opportunity to engage with platforms not bound by traditional regulations. Players can also utilize existing crypto assets without currency conversion, while the rapidity of withdrawals from crypto casinos enhances their appeal.
