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Recently, many Americans have been turning to Bitcoin – a digital crypto-currency that is unregulated and largely anonymous – for gambling deposits. Since the U.S. doesn’t have any laws to regulate the use of Bitcoin and other crypto-currencies, gambling with Bitcoin doesn’t have the same legal challenges that traditional banking methods do. As such, Bitcoin gambling sites are popping up all over the place.
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The years-long stagnation of Pennsylvania’s casino market prompted lawmakers last fall to pass a sweeping gambling reform package that paved the way for online casinos and sports gambling, pending the outcome of the Supreme Court case. In mid-May, the highest court in the land ruled to give states the right to legalize sports books, whether online or brick-and-stick.
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Mainly, the current court was concerned with whether the law represented an instance of commandeering by the federal government (basically improperly stepping on states’ rights). At the heart of the case was New Jersey voters’ decision to legalize sports betting in the state in 2011 as revenues from Atlantic City’s casinos (the only places where hopelessness and schadenfreude converge) declined.
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