Even a few years back, cryptocurrencies and blockchain technologies weren’t commonly associated with gambling. However, as Bitcoin gained global recognition, the billionaires took an active interest, and the rest is history. Today, crypto gambling opportunities are rife across certain regulated markets, although they remain a topic of debate in the rest of the world.
Norway, for instance, is extremely strict about online gambling and the country has some of the sternest laws to monitor casinos. On the contrary, Norwegians are surprisingly open to the idea of crypto gambling and there are tons of reputed crypto casinos in Norway. Visit nyestecasino.com for the complete list.
The questions remain, why is crypto gambling popular in Norway? And why are crypto casinos taking an active interest in a market with some of the harshest regulations? We need to delve deeper to answer these questions.
Brief Overview of the Gambling Laws in Norway
If you think Norwegian gambling laws are strict on paper, they’re sterner in reality. There are just two legal online casinos in Norway – Norsk Riskoto and Norsk Tipping. While the former offers lotteries, scratch cards, poker, sports betting, keno and card games, the latter specializes in betting on horse races.
According to Norwegian laws, it’s illegal to gamble on offshore platforms. However, citizens could enjoy uninterrupted gaming on overseas platforms till 2017, post which the government declared an all-out war on unregulated casinos. Banks and financial corporations were explicitly instructed to blacklist and record gambling transactions. And the local media was asked not to run ad campaigns for overseas casinos.
With the government cracking down on unlicensed online casinos, the demand for crypto gambling swiftly rose. While punters aren’t allowed to use their bank account or eWallets to gamble, they can buy crypto tokens, which can then be used to wager online. There is no shortage of crypto exchanges in the world. So, the process is easier than it sounds.
Why are Crypto Casinos Popular in Norway?
The inherent benefits of cryptocurrencies apply to crypto gambling too. These are extremely beneficial in strictly regulated markets like Norway.
- Anonymous Transactions – Cryptocurrencies are difficult to trace and once complete, are irreversible. Moreover, crypto casinos don’t ask for player details at the time of registration. Player credentials are verified while creating the crypto account and deposits and withdrawals are instant.
- No Government Supervision – Since blockchain currencies are difficult to trace, government regulations don’t apply. Hence, players can invest and withdraw any sum without worrying about the transaction being flagged. This is crucial in Norway where the government has straight out banned all forms of gambling transactions.
- Minimal Transaction Charges – Crypto transactions charge a small premium as transaction fees. The amount is a fraction of what the banks and payment providers usually charge. Hence, dealing in cryptocurrency is a cheaper alternative to gambling at a traditional online casino.
- Gain Value Over Time – Unlike fiat currencies, cryptocurrencies gain value over time. And even though its value might plummet periodically, the prices jump right back up. Punters often choose to hodl the tokens and gamble once the value increases. Thus, making a small profit along the way.
- Bonuses – Crypto casinos offer interesting bonuses compared to online casinos and while they work similarly, the wagering requirements aren’t as strict. Moreover, crypto casinos are frequently tested for provable fairness, which improves the players’ chances of striking the jackpot.
As online casinos remain banned in Norway, crypto casinos have emerged as unlikely heroes. These are easily accessible, offer far better features, and are currently free from government intervention. Moreover, crypto transactions are inherently safer, quicker, and more reliable than traditional transfer methods.
Considering these factors, it’s not very difficult to see why crypto casinos are popular in Norway. And since the players are on the constant lookout for better deals and reliable operators, the competition has been booming.