Top Bitcoin Casinos Israel
The gambling policy in Israel has historically been restrictive. Although Israeli law bans gambling, including games of chance, betting, and all forms of lottery, gamblers skirt this ban to play their favorite casino games.
In this guide, we will cover crypto and gambling regulations in Israel, how to join a crypto casino site, the games you can play, and the benefits of using crypto casino sites. We also provide you with a list of the best crypto casinos in Israel to help you make a more informed choice. So, read on if you want to learn about playing on crypto casinos in Israel.
History of gambling in Israel
Although gambling is popular among Israeli players, the nation-state has been very conservative with respect to gambling. The Israeli Penal Law bans most gambling activities including all forms of lotteries, betting, and games of chance.
There are only two types of gambling permitted by the Israeli government and these are the national lottery and a limited sports betting service. In 1951, the national lottery was established for charitable purposes. It was the first legal gambling activity in the country. In 1967, the Israeli government expanded gambling laws and wagering on sports became legal.
Unfortunately, casino games are prohibited except on dedicated cruise ships stationed in Israel’s larger port cities. Mifal Hapayis along with the Israeli Commission for Sports Gambling are in charge of overseeing all sports betting and lottery activities in the country.
Nonetheless, despite severe gambling restrictions in Israel, table games are as popular with Israeli players as they are with players around the world. So much so that in recent years, Israeli gamblers have turned to offshore casinos to play their favorite games. Although the Israeli government has tried to block casino internet service providers (ISPs), gamblers have found a way around it.
In comparison to the gambling regulations, the government’s stance towards crypto is quite favorable. Initially, in 2017, the government issued a warning to financial institutions not to use cryptocurrency. It also imposed steep taxes of up to 50% on cryptocurrency transactions.
However, in 2021, realizing the potential crypto technologies holds, the Israeli government released a new set of anti-money laundering (AML) rules. The legislation’s main goal was to cut down on fraudulent crypto use. It also required local FinTech firms and virtual currency service providers (VASP) to seek a license before they could provide their services.
Apart from that, the AML rules also included guidelines for the electronic transfer of money and the use of digital currencies within and outside Israel. Previously, anyone investing and trading in cryptocurrency would have had trouble transferring funds to a bank because of concerns about money laundering. Today, local banks are obliged to accept deposits from digital assets as long as the source of the money is not associated with criminal activities. For that, all cryptocurrency-related businesses and operations must meet the AML requirements ordinance and hold a license.
As a result, all traders in Israel can invest and trade in cryptocurrencies. However, any gain from cryptocurrencies is subject to taxes. We cover more about capital gains from crypto in later sections.
Despite Israel’s opposition to online gambling, players can still sign up for crypto casinos and play their preferred crypto games. Here is how they do it.
Although the Israeli government has tried to block internet service providers (ISPs) to prevent gamblers from accessing offshore sites, it has not been an effective tactic. Israeli gamblers have certainly found a way past restricted domains. Players can use a VPN to connect to a server in a different country where online gambling is legal, allowing them to get around the restrictions that have been placed in Israel.
With the Israeli government’s pro stance towards crypto, Israel currently has one of the highest adoption rates of cryptocurrencies in the world. As a result, many people who own digital tokens can use them for online gambling. The main advantage of using cryptocurrency to gamble is that it offers users anonymity. Using these two methods, Israeli players can join offshore crypto casinos and play their favorite crypto games.
Taxes on crypto
Since 2018, the Israel Tax Authority (ITA) has categorized cryptocurrency as an asset that can be traded rather than as a currency. The ITA also allows users to carry forward all gains and losses.
In Israel, capital gains are taxed at a rate of 25%, and the taxpayer must include records on their tax return to substantiate any gains or losses. If the crypto business is recognized as a business expense, the tax rate can be up to 53%.
The difference between the price paid and the price of the cryptocurrency will be used for tax purposes once it has been converted to a fiat currency. Failing to report cryptocurrency income on your tax returns is a criminal offense.
What are crypto casinos?
These casinos allow players to deposit and withdraw money using cryptocurrencies. Players can fund the games they want to play at the casino of their choice using crypto. Digital currencies are among the safest forms of payment when gambling as they offer anonymity. They also follow the same rules and terms as land-based casinos. The only difference is that a player at a crypto casino can use crypto to play their preferred casino games and ultimately cash out through their preferred cryptocurrency.
Joining crypto casinos in Israel
Before you join a crypto casino in Israel, we recommend you read the various reviews and customer testimonials about the crypto casino available online. Once you’re satisfied, you can sign up and enjoy playing your preferred games.
The registration process at crypto casinos that accept Israeli players is simple. You only need to provide basic information including your name, email address, and a few other personal details.
Deposit and withdrawal process
Understanding how to deposit and withdraw money is important before you can start playing any crypto games. Here, we have provided a detailed step-by-step guide on how to make deposits and withdrawals at an Israeli crypto casino.
Follow this straightforward process to get started at your favorite crypto casino.
- Head to your preferred crypto casino’s banking page to ensure that it has the crypto coin you want to deposit.
- After verifying that the crypto casino site accepts your preferred crypto coin, click on the “deposit” button.
- Click on your preferred crypto coin, and you will be directed to a page with the casino’s wallet address. Copy it.
- Head to your personal crypto wallet and paste the casino’s wallet address along with your deposit amount.
- Once you have verified all the details, click confirm.
- The amount should show up in your gambling account within minutes.
- Now you can start betting. However, remember to bet responsibly at all times.
The withdrawal process is also straightforward and will only take a few minutes.
- Go to the crypto casino’s “Payments” section where you will see a list of supported coins. Select your preferred coin and proceed to the next step.
- Input your wallet address where you want to send your winnings.
- Click “Confirm” after verifying the wallet address.
- You will receive your money within a few minutes.
- Trade your cryptocurrency for fiat money at one of the various online crypto exchanges in Israel. After which, you can send it to your bank account.
Keep in mind that most crypto casinos in Israel don’t charge withdrawal fees. However, don’t forget to check the fees levied by your wallet provider.
Popular games at Israeli crypto casino sites
Although the Israeli government has banned most forms of casino games, you can still access crypto casinos in Israel through VPNs. After which, you can play the following crypto games available at all crypto casino sites:
- Crypto games
- Fixed and progressive jackpots
- Live dealer games
- Online slots
- Specialty games
- Table games
- Video poker
Future of crypto casinos in Israel
As previously mentioned, Israel has a conservative stance toward all forms of gambling. Despite this, we believe that users will continue to use VPNs to play at their desired crypto casinos in Israel.
With the Israeli government looking to regulate cryptocurrencies and the Israeli cryptocurrency market expanding rapidly, the number of people who own cryptocurrencies will most probably increase. In short, crypto casino sites that offer their services to Israeli players will benefit in the long run from the relaxed regulations.
Benefits of playing at crypto casinos in Israel
Below, we have highlighted some reasons why players in Israel like to play casino games on crypto casino sites.
When playing at Israeli Bitcoin casinos, you can keep your identity anonymous. That means you won’t have to worry about anyone gaining access to your personal or financial information.
To deposit or withdraw your winnings, you only need to enter your cryptocurrency wallet address. Finally, because your information is anonymous, hackers will not be able to target you.
Fast transaction speeds
If you try to withdraw at a traditional fiat casino, it may take up to five days. However, one of the many benefits of crypto casinos is the ability to rapidly withdraw winnings using Bitcoin or other virtual currencies. Your winnings will show up within a few hours after the casino processes your request for a cashout.
Contrary to bank accounts and credit cards, which often include transaction fees, cryptocurrency casinos don’t impose any service costs. Because of the decentralized nature of the technology, you won’t have to pay a commission on your winnings and transactions.
Provably fair casino games
These platforms go beyond what is provided in traditional casinos. Slot machines, blackjack, and roulette are among the most popular games that accept Bitcoin and other altcoins. However, the most important aspect of these crypto games is the use of a provably fair algorithm. Through this algorithm, users can check the fairness of the casino’s games.
Although online gambling in Israel is considered illegal, there is no denying that the iGaming industry is growing in popularity among the country’s residents.
Many gamblers use VPNs to help them play their chosen games, while others play on the crypto casinos that offer their services to Israeli players. So, if you want to play on a crypto casino in Israel, pick one from our list, and start playing! All of them are safe and legit.
Now that we have reached the end of our article, we have put together two of the most frequently asked questions about crypto casinos in Israel.
Do crypto casinos in Israel offer bonuses?
Yes, they do. Many of the top crypto casinos that offer their services to Israeli players provide numerous promo offers and bonuses for new players.
How can I convert my crypto winnings to fiat currency?
If you want to convert your crypto winnings back to a fiat currency like the US dollar, you can do it on any of the crypto exchanges in Israel. These exchanges will charge a small fee but will convert your crypto to fiat currency.