Dogecoin may be a lighthearted joke, but it's no laughing matter when your money is involved. Jim Cramer – host of “Mad Money” on CNBC – recently claimed that Dogecoin is security eventually regulated. Is Doge A Security? Cramer issued a warning about the meme coin in a tweet on Thursday. Were the SEC to agree with his assessment, he suspects exchanges will come under fire for making money from newly “created” Dogecoin. “Please be careful with Dogecoin...It is a…
Las Vegas is best known for gambling, with an enormous concentration of world-class casinos and hotels. This entertainment hub, situated in Nevada, attracts thousands of tourists worldwide to experience glamour and gambling life. Following the massive growth of Bitcoin in recent years, Las Vegas has increasingly embraced it. Today, crypto has widespread use, especially as a mode of payment for dining, rent, cars, etc. Over fifty businesses in Las Vegas, Nevada, accept cryptocurrency as a mode of payment, pointing to the growing acceptance of digital currency.
Cryptocurrency’s decentralized nature makes it ideal for gambling to bypass government restrictions, especially in online gambling. Las Vegas rising interest in Bitcoin has seen several Bitcoin ATMs crop out across the city. But can you gamble with crypto in Las Vegas?
Some casinos, including the oldest hotel casino in LA, have accepted cryptocurrency as a form of payment. However, others are still skeptical about it due to intense volatility. Here’s an outlook on this subject!
Cryptocurrency Gambling in Las Vegas
Several hotel casinos in Las Vegas accept cryptocurrency payments following a growing interest in digital assets. However, there’s a caveat to this. These hotel-casinos don’t directly accept crypto payments, meaning that you’ll have to swipe your cryptos with some dollars to gamble. Take a look at some popular hotel casinos that accept cryptocurrency as a mode of payment and gambling.
Resort World Las Vegas
On 24th June 2021, Resort World Las Vegas is the newest hotel-casino in LA, located in Winchester’s northern Las Vegas Strip. The resort has openly embraced cryptocurrency. This way, it became the first Strip casino to accept cryptocurrency as a mode of payment. The casino partnered with Gemini– a regulated crypto exchange that makes it seamless to buy ether, bitcoin, and other cryptocurrencies. The partnership allows the Resort World Las Vegas casino clients to use their Gemini crypto wallets to pay for rooms, services, food, and other items in the resort.
However, cryptocurrency is not a legal means for gambling. Also, gamblers have to exchange their coins for USD to gamble in the casino. Resort World Vegas is the first hotel-casino on the Las Vegas Strip to partner with a crypto platform. Also, it is the first to accept cryptocurrency payments for an enhanced, next-gen guest experience.
The D Hotel Casino
The D is one of the most popular hotel-casinos in Las Vegas, located off The Strip in downtown Las Vegas. The hotel casino accepts cryptocurrency as a means of payment and even has a Bitcoin ATM on its floor. However, the D only accepts Bitcoin in front desk and restaurant transactions, not gambling. This means that you can use bitcoin to pay for a room, food, and other services.
You can’t use bitcoin directly on the table. Instead, you can use the casino’s on-site Bitcoin ATM to convert your BTCs into physical cash and gamble. You’ll have to pay a certain amount as a transaction fee to swap your coins into a currency.
While the hotel-casino doesn’t support cryptocurrency gambling directly, the on-site Bitcoin ATMs offer absolute convenience allowing gamblers to swap their coins with traditional currency with a quick turnaround and reasonable exchange rates.
Golden Gate is arguably the oldest hotel-casino in Las Vegas, dating back to 1906. It is located on Fremont Street in Las Vegas and managed by the same company as The D. The Golden Gate and The D have the same owners. Like The D, Golden Gate has on-site Bitcoin ATMs allowing patrons to swap their coins for fiat currency.
Like the D, Golden Gate doesn’t accept the use of Bitcoin and other cryptos at casino tables or other forms of gambling. Also, the Golden Gate is relatively less embracive to Bitcoin than The D since it only accepts bitcoin use in front desk operations. This means that you can’t pay for meals, gifts, or other services using crypto.
Nonetheless, despite having no support for gambling using crypto and limited bitcoin acceptance, the on-site Bitcoin ATMs offer an excellent level of convenience. They allow clients to easily swap their digital currencies with fiat currencies and gamble or pay for meals, drinks, and other services.
Why Don’t Las Vegas Casinos Support Crypto Use in Gambling
While several hotel-casinos in Las Vegas support crypto payments, there’s hardly one that allows patrons to directly gamble using bitcoin and other cryptos. Gamblers must swap their coins with physical cash either using an exchange or on-site Bitcoin ATMs with a selling function. While you can seamlessly convert your coins into physical currency, this doesn’t match the convenience of gambling directly with your cash at a table.
Hotel casinos in LA don’t support direct crypto gambling owing to the strict restrictions imposed by Nevada Gaming Control Board (NGCB). Bitcoin and other cryptos have not been approved yet for casino gambling. According to A.G. Burnett, the chairman of NGCB, Bitcoin and other cryptos are highly unlikely to receive authorization soon in casinos for gambling purposes. Additionally, the LA casino industry players are yet to approach the gaming regulator to push for the approval of cryptocurrency in gambling.
But with the increasing popularity of virtual currencies, cryptos will appear in casino gambling directly sooner than later. Numerous online gambling sites accept crypto use in gambling, providing many benefits, including anonymity, security, convenience, and lucrative returns. Casino gambling will surely follow suit despite the regulatory bottleneck.
Can You Gamble With Crypto in Las Vegas? No! At least for now. While several hotel casinos in Las Vegas have embraced cryptocurrency, there’s hardly any that accepts the use of crypto directly at the table. Some, however, have an on-site crypto ATM with a selling function of a supported exchange where you can seamlessly swap your coins with physical cash to use on the table. Nonetheless, this still doesn’t match the convenience of gambling directly with your coins at a table.
The Nevada Gaming Control Board (NGCB) has yet to approve cryptocurrencies in gambling at casino hotels. All in all, sooner or later, cryptos will be used for gambling in casinos in LA owing to increased popularity with immense growth in value. Currently, if you want to gamble using cryptos, consider online gambling platforms that support virtual currency.