Gambling with cryptocurrencies: risk-free or problem-free possible in the Netherlands?

The gambling market in the Netherlands is a source of great confusion. Where is it legal to gamble? Can digital coins also be used for internet gambling? Not only players in the Netherlands are currently dealing with these and other questions. There is also confusion in other countries as a result of new regulations and requirements.

Like many people around the world, the Dutch like to gamble in online casinos. Particularly during the Covid-19 pandemic, gamblers wanted to avoid the local company and then increasingly signed up at online casinos to blackjack or other entertaining games. This resulted in a real boom and gamblers quickly discovered the advantages of internet gambling providers and even after the lockdown preferred the online casino to the stationary offer.

However, during the pandemic, internet gambling was barely regulated, so players there were actually illegal. Many of the online casinos had an EU licensebut were still not allowed to offer their services in some countries because residents there were not allowed to gamble on the internet.

Remote Gambling Act ensures legal online gambling in the Netherlands

Since October 2021, Dutch citizens can legally participate in online gambling. Previously, the Dutch Gaming Authority regulated all aspects of gambling. At that time, online gambling was not yet regulated.

With the Remote Gambling Act, regional and online gambling operators have been able to apply for a license since 2021. Many operators are currently in the process of obtaining a license to offer online gambling in the Netherlands. Some have already obtained this license and can already offer their services legally. However, none of the online casinos regulated by the Dutch government offer cryptocurrency as a deposit option.

Concerns about money laundering via cryptocurrency

The crypto rules in the Netherlands must ensure that money can no longer be laundered. Under the regulation, companies must complete a notification that will be sent to the central bank. This registration obligation applies to all intermediaries who buy or sell cryptocurrencies.

Entrepreneurs who trade digital currencies must identify their customers so that money laundering risk can be better managed by reporting and monitoring suspicious transactions. Identification of the customer is done through a copy of the ID, a selfie of the passport, proof of address and statements of the source of income.

Yet fraudsters succeed time and time again in laundering money through cryptocurrencies. The cross-border nature offers criminals some possibilities. In the Kingdom, a whole wave of crimes involving cryptocurrencies had to be fought. In 2020, approximately 10 million US dollars worth of cryptos were seized, representing a 650 percent increase over the previous year.

Depositing cryptos prohibited in online casinos

Gambling with cryptocurrency is prohibited in the Netherlands. There is too much concern that players are depositing cryptocurrencies and then requesting them in fiat currency for payout. To prevent this type of money laundering, gambling with cryptos is prohibited.

However, there are providers on the internet that only accept cryptocurrencies and make withdrawals in the same currency. These are not regulated by the Dutch authorities but are in the gray area, just like other gambling providers without a Dutch but with a European license.

Gambling safety should be given top priority

Even if providers with a valid EU license are in the gray zone, players should be careful. The Dutch authority warns against gambling with operators that are not regulated in the Netherlands. Anyone who plays in an online casino without a license risks a heavy fine of up to 8,700 euros. A criminal record also follows through participation in illegal gambling.

To ensure that no penalty follows, players must only register in online casinos that have a Dutch license and can therefore be offered and used legally. Legitimate online operators have large collections of slots, table games and other types of games of chance. Customers are free to choose whether to play with small or large stakes or use a jackpot game for a chance to win a large sum of money.

Since online casinos only receive a license from the Dutch authorities if they act honestly and safely, there is a reputable offer. Players can rest assured that their personal data will not be tapped by unauthorized persons, that withdrawal requests will be processed quickly and that the games of chance cannot be manipulated. Only these factors provide an entertaining game of chance. After all, no player wants to be cheated or wait for a payout that is suddenly not executed for one reason or another.

Online casinos with a Dutch license offer the best player protection

To control gambling, Dutch licensed internet casinos have some tools for players. Deposit, session and balance limits can be set by yourself, which protects against gambling addiction and the risk of big losses.

The transaction history is visible at all times on legal gambling portals. In addition, the online operator provides constant feedback on its own gambling behaviour. Directly on the website are contact options that can be used if players think they need help. A deposit limit can be set daily, weekly or monthly. If this limit is lowered by the player, the change will take effect immediately. An increase in the deposit limit will only be implemented after seven days.

Further player protection is achieved through the credit limit. Customers set an amount that is immediately deposited into the bank account once it is reached. Players in legal online casinos have the option to freeze the customer account for a certain period of time to protect themselves.

Guests can exclude themselves from gambling for a day, a month or forever. CRUKS is offered in all online casinos with a Dutch license to give people the option to exclude themselves from all games of chance, both local and online. All legal games of chance operators in the Netherlands are included in the Central Register of Exclusion of Games of Chance. Playing with cryptocurrency is not offered in any online casino with a Dutch gambling license. There are operators on the internet that offer this service, but they are in a gray area. If you do not want to fear a criminal record or a large fine, you should opt for operators on the Internet that you can legally visit and play with fiat currency. The regular currency gambling range is much larger anyway and therefore offers more entertainment value.

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