Gambling with cryptocurrency is not possible in online Dutch casinos. You cannot pay with cryptocurrency to gamble. Even though the online gambling market has been legalized, the regulator, the Gaming Authority, has put in place rules and guidelines to prevent money laundering. The lack of reason for the rules has already become clear in other countries where online casinos are notorious for money laundering. In the Netherlands, you must prove your identity to iDin to create an account. Gambling using cryptocurrency is not permitted.
No official payment method
Cryptocurrency is not an official or practical means of payment in the Netherlands. Even if the value of your cryptocurrency is high, you still have to pay taxes. But on the other hand, it cannot be used directly for payments. That is why cryptocurrency cannot be used as play money in online casinos in the Netherlands. You can find casinos that allow you to gamble with cryptocurrencies on the Cryptogokken.com website. Cryptocurrencies are not considered banned in the Netherlands. However, it is also impossible to pay legally.
Because the coins are anonymous, they are also very popular among criminals. Governments and banks can also make little profit from cryptocurrencies. If there were another currency, it would be the digital euro. Payment with cryptocurrency cannot be canceled. Payments are recorded in the ledger. The wallet’s encrypted code makes it impossible to tell who made the payment. This is one of the main reasons why payments are not legal.
There are no cryptocurrency casinos in the Netherlands
You won’t find any cryptocurrency casinos in the Netherlands. Online casinos licensed by the Gaming Authority may provide the service. It is legal to use cryptocurrency to deposit money into your gaming account or pay for it. Fluctuations in value and anonymity are the main reasons. However, there are options to use cryptocurrency at online casinos without breaking the law.
When you gamble at foreign online casinos, you run the risk of being scammed. Moreover, such acts are also subject to punishment. You can exchange cryptocurrencies for real euros through exchanges. You can put money on your credit card or bank account and play with this money at online casinos.
Cryptocurrency Redemption
To use cryptocurrencies at online casinos, you must first exchange them for dollars or euros. There are several online exchanges that allow you to do this. For example, you can exchange Bitcoin, Ethereum, or Litecoin for Euros or Dollars. Once you deposit money into your bank account, you can pay with iDeal at online casinos. This will allow you to legally use your cryptocurrency for gambling. The casino can see who made the deposit. You can gamble with confidence because the casino follows the rules.
Always keep in mind that you can only exchange cryptocurrencies with services supported in the Netherlands. There aren’t many online casinos that allow you to pay with Skrill or Neteller, for example. Credit cards or iDeal are often used as payment methods. All legal casinos in the Netherlands do not accept PayPal payments. Only exchange cryptocurrencies on accepted services. If you decide to exchange your coins on an exchange, make sure it has good ratings. This will not only prevent you from getting a bad rate, but it will also prevent you from getting scammed outright.