Bitcoin is shooting up to higher values, and many people are jumping on the wave. Although many people choose bitcoin for its value which can give you gains and losses, it can be used for fundamental purposes. As of today, you can even deposit bitcoin into an online casino, bet and withdraw your winnings in bitcoin. Israel as a country allows online gambling to an extent. This means that there are other forms of online gambling that are prohibited in Israel.
When it comes to running popular crypto casino sites, Israeli companies cannot own or operate any gambling sites. The government has also taken measures to ensure that local citizens do not take part in online gambling. They can only access government-sponsored events. Many foreign gambling companies have been offering their services in English and Hebrew to attract Israeli people. You will find more than fifty online bitcoin casinos that serve the Israeli market and accept payments in dollars and Israeli shekels.
The bitcoin casinos gambling grey area
The government of Israel does not give licenses to online casinos and has no restrictive laws comprehensively prohibiting gambling. With such a situation, there is a rise in international casinos making entry into the Israeli market. Israelis who gamble in online casinos are not breaking any laws in particular.
Many of the players choose to spend their money on many foreign casinos they can access. The government cannot follow up much on the issue.
The popularity of bitcoin in Israel
There have been many speculations about bitcoin and what value it holds in the financial market. The case is not different in Israel either. For many bitcoin users, crypto is just currency like any other. They believe it is a better replacement for their shekels and dollars.
For taxation purposes, the Israeli government has been reluctant about its declaration on bitcoin. It has been said that bitcoin shall be treated as an asset and could be taxed. But this has not stopped many people from investing in bitcoin. Even with the cryptocurrency prices going down, many people are still buying and holding their portfolios.
Crypto casinos in Israel
Israel does not have its crypto casinos accepting Ethereum, Bitcoin, USDT, LTC or Ripple, but people choose to bet on foreign online casinos. Many of these casinos have earned a reputation and have attracted many Israeli players. Bitcoin casinos have lucrative offers and other features that make the casino more appealing.
Here are some of the reasons why Israelis choose to play on cryptocurrency casinos.
- Bitcoin casinos offer higher price gains
One thing about bitcoin is how it gains so much value as an asset. When you have bitcoin and deposit it into a betting site, the profits you get are likely to increase in value. Compared to fiat currencies that lose value due to inflation, bitcoin has minimal losses. The currency volatility means that it could gain or lose more than 20% of its value in a moment. Many people still find themselves using bitcoin for purposes, including online casino gambling.
- Anonymous nature of bitcoin
When bitcoin first hit the market, many people thought it was for purchasing illegal stuff on the dark web. This brought along many myths concerning the anonymous nature of bitcoin. Bitcoin will indeed give you anonymity to a specific limit because there are people who can trace transactions. Despite that, many Israeli gamblers still choose to use the bitcoin online casinos. This is because it is easy for them to play without the government looking into their activity.
- Fast bitcoin payments
Compared to other currencies, bitcoin is very fast to deposit and withdraw money from online casinos. The process might take a few minutes or hours to complete. By betting on a bitcoin casino, you not only get fast transaction speeds, but you can also balance your winnings by betting sensibly. With quick pay-outs, you get funds deposited directly to your wallet when you withdraw. You do not have to wait business days for funds to reach your account as it is with banks.
- Better bitcoin bonuses
Just like other online casinos, bitcoin casinos also offer generous bonuses to their customers. Many people are awarded when they sign up or top up their accounts with crypto. Many sites give a 100% on every deposit, giving you double on your stake. There are online casinos that give up to 1BTC bonuses. Many people in Israel choose bitcoin casinos because it gives them more bitcoin, which is a good investment.
- Low transaction fees
Bitcoin generally does not have any transaction fees. The main aim of the coin was to eliminate third parties such as banks and credit card processors, and government regulators. The vast transaction fees become overwhelming to the customer, making them look for other options. For bitcoin casinos, the fees are minimal and are only for paying miners and not taxes. Bitcoin transactions are very genuine and dependable.
Popular bitcoin casinos for Israeli gamblers
- Rocketpot
Rocketpot is an online bitcoin casino that was launched in 2019. The site is owned by Danneskjold Ventures B.V and is licensed by the Curacao government. The bitcoin casino is trying to catch up to the market as its fellow counterparts. They have grown to have a sizeable amount of players. It offers a wide variety of bonuses to players and delivers more than 2,600 games. The library of this site has slots and games provided by the best software developers. Players can choose between roulette, blackjack, baccarat, and many more.
- Betfinal
Betfinal is a multiple currency online casino. The casino was established in 2013 by a set of sport and casino fans brought together by online gaming enthusiasts. The casino is licensed under Curacao egaming regulations and has a good game selection. Players can choose to play poker, blackjack, and many others developed by well-established software providers.
- 7bit casino
7Bitcasino features some of the biggest BTC bonuses. New players can get up to 1.5BTC when they sign up. There are also deposit bonuses such as 200 free spins and up to 50% bonuses on second and third deposits. Players can play slots, jackpots, live casinos, and table games. They have fast transactions because they do not go through blockchain confirmation.
Conclusion
With the increase in bitcoin, we expect more to happen for the bitcoin casino industry. Many countries that have accepted cryptocurrencies have seen a rise in the number of online casinos that use bitcoin. Israeli gamblers have adopted this trend, and even though there are strict laws, they still manage to get their way around using bitcoin to bet. There are very high hopes that the popularity of bitcoin casinos will grow, and many countries will relax their laws. This will see an advancement of bitcoin casinos.
