Can you use cryptocurrency to fund your NJ’s Borgata Casino online account? Are you able to make deposits to and withdrawals from your Borgata account via any form of crypto?
The answer to this question is short and easy. No you can’t. And here’s why you can’t.
While it’s absolutely legal to operate in the blockchain and make purchases with cryptocurrency in the US – estimates are that more than 20% of Americans are doing so – what’s not legal is for any legal and regulated online US casino to operate a cryptocurrency casino.
While this is growing in popularity in other parts of the gambling world and is certainly prevalent in the gray market of offshore online casinos, the US government is steadfast in its resistance to any form of crypto playing a role in the country’s legal and regulated gambling industry, whether it be casino apps, sports betting, horse racing, poker rooms, bingos or lotteries.
Different departments of the US government seem to be at loggerheads when it comes to determining how to categorize or regulate crypto payments.
For example, the Securities and Exchange Commission (SEC) is of the opinion that all cryptocurrencies should be classified as securities. There’s a completely different take on the matter coming from the Commodity Futures Trading Commission (CFTC). They remain adamant that cryptocurrencies need to be categorized as commodities.
Then there’s the matter of taxation. All gambling winnings in the USA are subject to taxation by the Internal Revenue Service (IRS). The relative anonymity of cryptocurrencies such as Bitcoin, Litecoin Dogecoin and Ethereum can make it rather difficult to trace and assess who is winning that major slot prize from an online casino. It’s this anonymous approach that is playing a major role in making crypto payments so popular with many gamblers in other jurisdictions around the world.
Now, this does seem a simple one to solve. The IRS could do with crypto payments what they have casinos do with any other form of payment in which a major win is involved. The online casino is directed to deduct the percentage of tax required from the money before it is paid out of the customer.
Then again, who are we to tell the US government how to operate? And, until the country’s government agencies come to an agreement on how to treat cryptocurrency, it won’t be coming to the Borgata or any other legal and regulated online casino operating in the country as an available form of banking.
Learn more about games and bonuses at Borgata NJ.
5 Most Popular Cryptocurrency Online Gambling Sites & Casinos:
- BC.Game – Not available for US and NJ players.
- Jackbit – Not available for US and NJ players.
- Stake.us – Available in the US as a social casino, but restrictions apply.
- Lucky Block – Not available for US and NJ players.
- Wild.io – Not available for US and NJ players.
Disclaimer: Always verify the legality and terms of use for online gambling platforms within your jurisdiction, as many sites may not be accessible or permitted in the US or NJ.
