For many online gamblers, their preferred way to deposit and withdraw for casino sites is with cryptocurrency. Bitcoin is a popular choice of cryptocurrency used as it provides a secure method of payment and is anonymous. For players in New Jersey, it seems that Bitcoin and other cryptocurrency will never be a financial option, at least for now.
At Monmouth Park, the All-American Sports Betting Summit took place with several industry leaders attending. In the mix was the New Jersey Division of Gaming Enforcement Executive Director David Rebuck. Mr. Rebuck stated that Bitcoin is not going to happen in New Jersey.
So, why not? Well, the US Federal Government does not regulate cryptocurrency. Because of this, New Jersey will not be using the unique form of currency for deposits or withdrawals via online gaming sites.
The digital form of cash is a popular option among gamers as well as users in general due to the encryption component. The option is not like other methods for deposit or withdrawal as it has a separate system that operates separately from bank institutions.
For now, players in New Jersey who take part in online gaming, be it casino, poker or sports betting, they will not be able to use cryptocurrency. Options for payment at online casinos are still vast though with such selections as PayPal, Skrill, Neteller, PayNearMe, ACH, Debit Card, Credit Card and prepaid cards.
Players located near casinos can also visit the cashier cage and make a deposit. This is a convenient option for some, but not so much for those who live further from Atlantic City.
Despite not embracing the cryptocurrency format for financial needs, the iGaming industry in New Jersey is strong. Online revenue numbers stay steady around the $30 million range each month and continue to increase month after month. For the first five months of 2019, the state has earned $179.4 million which is a more than 53% increase from the same time frame last year.