Rise of cryptocurrency gambling in Canada
It’s common knowledge that iGaming is quite popular in Canada. However, due to the difficulties with regulation clarity, it’s quite hard to determine exactly how popular it is. The only correct data one can collect are estimates of the various gambling websites’ web traffic. But what about crypto gambling in Canada? Is that equally popular? Let’s find out.
Reasons behind the popularity of crypto gambling in Canada
First and foremost, the main reason of the popularity of crypto gambling in Canada is the nature of cryptocurrencies.
No third party can track the payments you make with Bitcoin or any other crypto. Accordingly, crypto gambling provides a higher degree of anonymity than regular gambling. Neither the bank nor the government can track your transactions.
Gambling regulations in Canada
The other reason is the regulatory framework in Canada.
There was a time in the country’s history when gambling was banned completely. Then, the laws changed so that individual states were allowed to manage their local gambling markets without much interference from the central authorities.
Due to these changes, we can see states riddled with land-based casinos and other activities like lotteries. However, when it comes to gambling on digital casinos, things are slightly different.
For example, if you want to play real money online roulette, poker, blackjack or any other online games in Canada, you need to consider your province of residence. This is due to differences in the laws. Ontario, for one, allows online casinos to cater to the local population. Nova Scotia on the other hand, are considering a permanent ban on any online gambling activities. So where you reside may to some extent determine how you can interact with online casinos.
No fiat currency gambling on Canadian gambling websites
According to national Canadian law though, a company based in Canada cannot offer fiat currency gambling services to locals. However, Canadians can freely register with foreign fiat currency sportsbooks or online casinos. It’s a weird law, but almost all Commonwealth countries (Australia, New Zealand and etc) have similar frameworks.
Canadian players have several different payment options to fiat-fund their accounts with foreign casinos. It might include bank wire transfers, or credit/debit card transactions. However, these payment methods take a lot of time, and in many cases there are commissions. That’s where cryptocurrencies come into play. Transactions made with crypto appear on the account instantly or take no more than a couple of minutes. The same goes for deposits to foreign gambling platforms. The transactions go instantly. One of the key values of cryptocurrency payments is that withdrawals are instant as well. Because of this, many Canadians started to search specifically for Bitcoin gambling sites in Canada where they can fund their gambling accounts in no time and with no or very little commission.
Two industries that fit each other perfectly
The cryptocurrency industry and the gambling industry are two industries that fit perfectly with each other. The correlation between the two “products” mostly comes into play in regions with strict gambling regulations, in this case, Canada.
Canada has a very nice approach to cryptocurrency regulatory framework though. The country is trying to accommodate digital currency as much as possible. Actually, it has been named one of the most crypto-friendly jurisdictions in the world. Overall, the fact that gambling regulation is not clear in the country, and cryptocurrencies are more than welcome creates the best environment for offshore gambling website as well as Canadian gambling enthusiasts.
In the end, we get a win-win situation, where offshore companies that offer crypto gambling in Canada have much more room for growth in terms of revenue without violating the regulation, and the players themselves get a user-friendly platform to entertain themselves on.
***
DISCLAIMER
The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.