Cryptocurrency Not Coming to New Jersey Online Gaming Industry
In the United States as well as abroad, cryptocurrency is quickly become a popular choice for online gamblers when it comes to making deposits and withdrawals. The option can be found in many formats, but the most popular right now is bitcoin. The payment option is secure and anonymous and something online gamblers in the US want access to. However, gaming regulators in New Jersey are not going to offer the option any time soon.
During the recent All-American Sports Betting Summit, several industry experts and regulators were on hand to discuss the current gambling landscape and beyond. In attendance was the executive director of the New Jersey Division of Gaming Enforcement, David Rebuck. During a speaking engagement, Rebuck said loud and clear that Bitcoin will not happen in New Jersey via the online gaming market.
The reason being is that the form of currency is not regulated by the United States federal government. Unless the government begins regulating the currency, it will not be offered in the online gambling industry of New Jersey.
Cryptocurrency is commonly used today as a financial transaction method. At international online gambling sites, cryptocurrency is commonly used for deposits and withdrawals. Examples of the currency type include Bitcoin, Litecoin and Bitcoin Cash. Cryptocurrency is a digital form of cash that uses encryption. The system functions separately from banks.
Offshore operators that offer services illegal in the states do use cryptocurrency as a banking method. Such sites always provide Bitcoin with some providing Bitcoin Cash or Litecoin among other options. The Division of Gaming Enforcement is not happy with offshore sites offering their services in New Jersey and want to stop it.
During a panel of the East Coast Gaming Congress taking place at Harrah’s Casino, Rebuck was part of a panel including the executive director of the Pennsylvania Gaming Control Board Kevin O’Toole. Discussions took place as to how operators are providing services without licensing.
The illegal gaming market is a main reason why New Jersey offers mobile sports betting among other options. During the panel discussion, Rebuck pointed out that by ignoring mobile sports betting and prohibit it by law only causes problems in the future because customers want access to it. Customers would only turn to the black market to be able to access gaming via mobile.
Other Banking Options
Without cryptocurrency, online gaming operators have to offer other formats for depositing and withdrawals. In New Jersey, players have access to several options for payment including PayPal, Skrill, Neteller, Prepaid cards, ACH, using cash at a casino cage, debit cards, credit cards and bank wire transfer.
Players are familiar with these methods and have no qualms about using what they are used to so that they can fund an online gaming account. However, the state may soon fall behind if cryptocurrency continues to be a top option for online users. Internationally, players are leaning more towards cryptocurrency as a way to do business. The US is not at this point yet but it may only be a matter of time before players are hoping to see crypto as a form of payment.
The online gambling industry in New Jersey only continues to grow month after month. 2019 has been a stellar year and analysts are anxious to see how the year finishes out. While cryptocurrency may not be an option now, it has not slowed down players from accessing the online gaming sites and playing for real money in the state of New Jersey.