In the past decade, the idea of betting with cryptocurrency has taken off. The idea is that it is safer to bet with cryptocurrency than with fiat currency, since cryptocurrency has less ways to fail. A lot of casinos are starting to accept cryptocurrency as a form of payment when you play in their establishments.
The state of gambling in the United States has changed dramatically over the past decade. Legalized casino games like poker, blackjack, and slots have grown quickly and become a huge revenue generator for the state. However, the growth of the gambling industry has been met by increased regulation and scrutiny, as well as a number of scandals related to the industry. In response to this, some casinos have begun to explore the use of blockchain technology as the new platform for their gambling operations.New Jersey’s gambling scene flourishes after the pandemic. We begin our weekly review of casino news with this story.
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A brand new casino in Las Vegas hopes to allow cashless betting and wagering with cryptocurrency.
Resorts World Las Vegas opened last weekend and will open on the 4th. July was officially opened to the public. Not only is it the newest and shiniest casino on the Strip, it’s also the most modern. It has already been said that they are ahead of other Las Vegas casinos in terms of technology, and their recent announcement to accept cryptocurrencies only confirms this.
Resorts World hopes to allow all residents of its casinos to deposit money into a digital wallet to play at their property. The wallet can be used on both slot machines and table games. Interestingly, this wallet not only accepts regular dollars, but also crypto-currencies. This will be the very first establishment in Las Vegas to offer this type of betting.
They are working with Gemini, a crypto currency exchange, and seem ready to take the plunge. Some think regulators could step in, but since the casino opens in a few days, it could be available to customers by then.
Either way, less money in the system is probably good for everyone. Customers should not have to worry about carrying large amounts of cash, and casinos should be less exposed to certain types of crime.
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New Jersey sees gambling revenue rise sharply
New Jersey – like almost every other state in the United States – has been hit hard by the COVID-19 pandemic in the gambling industry. Tourism has not only affected the revenue of casinos in the state, but has also caused several establishments to close for extended periods of time due to the severity of the situation.
However, now that the country has opened up in recent months and gambling is back on the menu, many states have seen their revenues increase significantly. New Jersey generated $374.2 million in gaming revenue in May, according to data released by gaming operators.
One of the few bright spots for New Jersey since the pandemic began is the availability of online gambling. They earned a record $113.7 million in March and another $108.2 million in May.
The Borgata was once again the state’s most profitable casino in May with revenue of $48.67 million, with most of the revenue coming from its online platform.
Launch of new mobile application for responsible gambling in the United States
If you are new to gambling, this new app can save you from many unpleasant life lessons. The Gamble Responsibly America app is reportedly coming to the US and will help customers learn to play within their means. The app is recognized as an educational resource for all types of gambling to stay as safe as possible when gambling.
All users of the app can test themselves in all styles of play to see if they have any bad habits that they may not be aware of yet.
According to Martin Leakey, senior vice president of Entain, the app will act as a conduit between users and the services that provide the support a customer may need.
Little is known about the release date of this application. However, Lykka also noted that the sooner the app is rolled out in the US, the better it will be for all types of players in the long run. Hopefully we can know a more precise release date soon.
Frequently Asked Questions
Can you bet on sports using crypto?
Yes, you can bet on sports using crypto.
Can you bet with Crypto?
Yes, you can bet with Crypto. Yes, you can bet with Crypto. Yes, you can bet with Crypto. Yes, you can bet with Crypto. Yes, you can bet with Crypto. Yes, you can bet with Crypto. Yes, you can bet with Crypto.
Will Cryptocurrency replace fiat currency?
No, cryptocurrency is not a replacement for fiat currency.
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