The profitability of Bitcoin Casinos and what’s left for the players

Cryptocurrency is undeniably making its way into becoming a part of our standard daily lives. Many are using cryptocurrencies, whether it’s for safe purchases or just investment, there is a massive increase in the use and utilization of crypto in numerous situations and activities, including iGaming.

The use of Bitcoin in casinos is a relatively new phenomena but is attractive to many, due to the advantages that come with crypto gambling, such as total anonymity for the player, transparency from the providers utilizing blockchain technology which is famously utilized in the crypto world.

If you have been thinking about exploring the world of online Bitcoin casinos but aren’t entirely sure about its safety - you won’t be the first one. It is vital to take the necessary steps to ensure your financial safety. So, exactly how do I know that I am using safe Bitcoin casinos? The answer is - It’s relative. As with any trading, gambling, or online transactions, the best way to ensure your financial safety is to go through verified, secure, and trustworthy mediums.

Gambling taxes - For the players

With regards to the player, taxation also depends on the country. Some countries have such a high gambling tax rate it’s not even worth it to try it out, while others let you gamble freely needing to pay no tax at all. Here’s a list of the most high and low taxed countries in the world for gambling.

Operating a bitcoin casino

When it comes to operating a bitcoin casino, taxation heavily depends on where you are located. Since there are no laws anywhere in the world specifically about gambling using crypto or bitcoin, the regulations and taxes for such casinos are the same that apply for normal online casinos, meaning how much tax an operator pays depends strictly on where they are based. Another aspect to keep in mind is the price paid and process required for licensing, which can vary widely according to location as well.

Profitability for the state/country

Two of the best countries in the world at the moment to run an online casino or bitcoin casino are Curacao, where it’s not so expensive to obtain a license and it only takes you two weeks to get one, and Malta, where it’s a bit more expensive but a lot more prestigious, with dour types of licenses for different types of gambling, such as casino games, lotteries, sports betting, peer betting and even a special class for software vendors. Many casinos are based in Malta and Curacao, thanks to their easy-going regulations and light taxes.

Even though the state or country doesn’t really earn much through a single casino’s earnings when the taxes are relatively low, the advantages of the regulations take part in attracting many companies from all around the world to flock to these small countries and set up bases there to take advantage of the country’s offers. The number of online casinos & bitcoin casinos makes up for the low amount of tax per casino, and generates a high amount of revenue for the country.

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