The wider crypto market is in a constant state of flux across the globe, thanks largely to its innate volatility, changing regulatory approaches and the rising number of blockchain applications across the globe.
Certainly, cryptocurrency has found a natural home in the global iGaming market, with even India seemingly embracing assets such as Bitcoin in the digital age. You can find a comprehensive list of Bitcoin casinos in India, many of which will be familiar to players throughout the world.
In this post, we’ll look at the wider legality of cryptocurrency gambling at Indian casinos, while asking whether or not this payment method is right for you.
Is Crypto Gambling Legal in India?
The legality surrounding the use of cryptocurrency in India is a complex topic, particularly with the Reserve Bank of India having previously issued their own prohibition order stating that assets would only be allowed for use if they retained control over the market’s regulation.
Not only is this model of governance at odds with the decentralised nature of Bitcoin and similar crypto assets, but the proposed introduction of ‘The Cryptocurrency and regulation of Official Digital Currency Bill, 2021’ in Parliament could actively prevent both companies and individuals from trading digital currencies.
However, there’s considerably more ambiguity in the world of iGaming, thanks largely to the outdated nature of the 1867 Gambling Act.
This is the primary legislation which regulates gambling in India, while its historic nature means that no provision at all is made for either international operators or online casino gambling.
As a result of this, players are able to wager freely at online casinos based and licensed overseas, despite the fact that only three of India’s 28 states have actually legalised or regulated gambling within their jurisdictions.
Because of this, international casinos brands that offer Bitcoin and similar crypto assets as viable payment methods can be accessed directly by Indian players, enabling them to lawfully tap into a market of approximately five million digitally-registered cryptocurrency users nationwide.
The Benefits of Crypto Gambling in India
There are certainly benefits to wagering with crypto casinos in India, aside from the instant and completely transparent transactions.
Additionally, there are minimal transaction fees associated with crypto transactions, although these may vary depending on the amount of money transacted and the level of demand that exists on your chosen network at the time.
Cryptocurrencies also tend to be inherently secure, with this augmented by the use of 128-bit SSL encryption at reputable online casinos.
This helps to protect sensitive data and individual transactions, enabling gamblers to wager freely and with complete peace of mind.
On a similar note, crypto assets also guarantee user anonymity, as transactions can be completed simply with a unique wallet address and private keys. These are secure and immutable, while they provide no tangible link at all to your name, address, email or bank details.
So, not only are your personal details afforded a further layer of protection, but you can also avoid gambling transactions from showing up on your bank or credit card statements.
So, is Crypto Gaming Right for You?
Despite these immense advantages, there are some inherent risks to wagering with cryptocurrency at an Indian casino.
Much of these are also linked directly to the underlying volatility of cryptocurrency, including established assets like Bitcoin and Ethereum. Make no mistake; the price of Bitcoin has declined by nearly 50% since it broke through the $60,000 barrier in April, while it experienced a similar bull run during the first half of 2018.
Ethereum was also caught in the midst of the 2018 bull run, shelving a staggering 95% of its value over the course of the year.
It’s price has also declined by around 50% during Q2 2021, so holding your bankroll in either of these currencies (or indeed any emerging crypto asset) could see its value fluctuate wildly on a daily, weekly and monthly basis.
What’s more, the crypto tokens available at casinos tend to be prohibitively priced (despite the recent declines in value), with a single BTC token worth $33,023.70 and Ether priced at $2,038.33.
Such tokens may be beyond the budget of casual gamblers, so it’s important to keep this in mind before considering crypto as a viable payment method.