In 2023, more and more online gambling platforms have decided to introduce cryptocurrencies as a payment method. Naturally this has led to many advantages for bettors, especially those who already have a Bitcoin wallet and the like.
But what are cryptocurrencies and why have they become so popular? Cryptocurrencies are nothing more than a digital currency, untraceable and not dependent on any type of government or bank, and therefore completely decentralized.
All this, together with the features provided by the various blockchains, allow cryptocurrencies to make payments in a completely anonymous, secure and very rapid way.
In Italy, however, it is the ADM (Customs and Monopolies Agency) that regulates the entire gambling scene, and so far has not yet granted the use of cryptocurrencies within online casinos. How come? This is exactly what we are going to discover together in this article.
Legislation and Regulation of Online Casinos in Italy
In order to fully understand why the ADM has not yet allowed the use of cryptocurrencies as a form of payment within online casinos, we must start by analyzing its laws and regulations.
In fact, still in 2023, it is only foreign casinos that accept cryptocurrencies, and at this link you can find non-AAMS casinos available for Italian players. In Italy, as previously mentioned, all online gambling site Operators must follow the rules dictated by the ADM. These rules, according to some studies and statistics drawn up over time, are among the strictest in the entire panorama of world betting.
By carefully reading the legislation to obtain a regular ADM license, one can clearly read how the Organization actively works “to promote responsible gaming, preventing as much as possible money laundering and terrorist financing”.
This means that online casinos, as far as payments are concerned, operators must choose methods that are completely traceable and in the name of those who are deciding to deposit or withdraw money.
In this way, any transfer of suspicious money, both incoming and outgoing, will be reported to the Authorities, thus avoiding promoting illegal activities.
What are the risks associated with payments with cryptocurrencies?
Returning to the previous paragraph, we can already begin to understand why cryptocurrencies are not frowned upon in Italy.
Being characterized by complete anonymity, it is practically impossible to trace transactions, and therefore to understand where they came from and where they were made to. It therefore appears clear that all the criminals who want to commit illegal activities much prefer this methodology compared to traditional methods.
Another risk, and this time that can affect the users themselves, is given by the extreme volatility of cryptocurrencies. Not having any body or government to guarantee their stability, cryptocurrencies undergo very strong price variations, even in a single day.
Taking Bitcoin, the cryptocurrency par excellence, as an example, we can see how at the beginning of 2022 1BTC was worth around €34,000; well, a year later (so early 2023), 1BTC was worth around €21,000. This means that those who owned a BTC in 2022 and kept it in their wallet until 2023, lost around €13,000.
Possible future developments
Will the situation regarding cryptocurrencies in online casinos in Italy always remain like this? It is difficult to predict what will happen in the future. An open-mindedness on the part of ADM will certainly be needed, which must try to understand that the use of cryptocurrencies is now replacing most of the traditional payment methods, but at the same time this open-mindedness cannot take place if cryptocurrencies continue not to be regulated and completely anonymous.
Certainly, opening the door to cryptocurrencies could mean a significant increase in players, who currently prefer to spend their money on foreign casinos, thus advancing this sector even further.
As we could see in the course of our article, the subject of cryptocurrencies as a payment method in online casinos in Italy is a rather difficult subject, unlike casino sites regulated by authorities in other European countries. The situation is not destined to remain in this current stasis forever, but certainly the ADM will not be able to accept them as long as they remain completely anonymous and untraceable.
We hope to soon see the integration of crypto within the world of online betting, and to find out what changes it will bring to the gambling sector in Italy.