Cryptocurrency is one of the most recent buzzwords in the global financial market. It reshapes the international economy and influences many industries, including online gambling. In addition, it provides new payment methods offering anonymity, security, and speed. Unsurprisingly, crypto casinos in Portugal are on the rise.
Online games of chance and betting are legal in Portugal. Meanwhile, many people also love the country for being crypto-friendly. As a result, it is home to many casinos using cryptocurrency.
Read on and learn more about crypto casinos in Portugal. We’ll talk about what the law covers. To add, we’ll also discuss the most important considerations when searching for a crypto-friendly gambling platform in the country.
A Look Back at Portugal’s Gambling Industry
Gambling is an ancient industry in Portugal. In the Middle Ages, there were casas de tavolagem, or gambling houses. Meanwhile, gariteiros operate them.
However, the country did not initially embrace gambling. During the time of King Alfonso IV from 1325 to 1357, gambling carried harsh penalties, including death. In the 17th century, the lottery became popular in the country. Even so, it only gained permanent status in 1943.
In the 19th century, as summer seasons became popular in Europe, gambling activities were also more rampant.
Despite having an age-old affinity towards gambling, it was only in 1927 that Portugal had its first Gaming Law. The latter acknowledged that the laws were repressive. In addition, it also recognised that it was difficult for the government to fight illegal activities.
Portugal introduced a law to legalise land-based casinos in 1989. Meanwhile, the Legal Framework for Online Gaming and Betting got introduced in 2015. It was Portugal’s response to the changing times.
Online Gambling Laws in Portugal
The Portuguese Gaming Law outlines the main gambling requirements in Portugal, including those available on online platforms.
Meanwhile, the Gambling Inspection and Regulation Service control and inspect casino gambling activities in the country. It is also an integral part of the country’s tourism industry.
Today, the country’s online gambling laws aim to combat money laundering, fraud, and other similar criminal activities. Not to mention, the current legislations seek to make the industry more stable. At the same time, it aims to increase the government’s taxation revenues.
Here’s a list of the activities that the country’s regulators allow:
- Games of chance (Baccarat/Macau baccarat, slot machines, tournament poker, and American and French roulette)
- Horse race betting
- Fixed-odds sports betting
Online casinos that do not meet the laws in Portugal can face serious consequences. Authorities also have the right to request internet service providers to ban certain domains. Nonetheless, there is a loophole to this. Some might resort to using VPNs instead.
Operating Legally in Portugal
With many casinos offering crypto games in Portugal, finding one that operates legally is crucial. This way, you can also ensure Bitcoin casinos have protective measures for your peace of mind.
The Gambling Inspection and Regulation Service are responsible for licensing gambling companies in Portugal. Most people know it locally as the Serviço de Regulação e Inspeção de Jogos (SRIJ). All local and international Bitcoin casinos must register at SRIJ.
Foreign operators establishing a business base in Portugal must obtain a licence. Even with existing mandates from other governments, Portugal does not allow local operations without the necessary permits. Offering games from overseas servers is a punishable crime.
The Online Gaming Regime requires casinos operating in the country to have a PT domain. You will find this at the end of the URL.
Meanwhile, the regulators look at several factors when approving licences for Bitcoin casinos. The criteria include company type, location of incorporation, and financial capabilities.
Lastly, operators with a Portugal licence offering online gambling services to consumers in other countries may be breaching Portugal laws. Despite this, several crypto casino sites in Portugal also hold licences from Curaçao and Malta.
Portugal’s Crypto Currency Regulations
A better understanding of crypto casinos in Portugal requires looking at the country’s crypto laws. The country’s law agrees with the EU regulation Hence, it has no taxation policies for cryptocurrency gains. Apart from this, the country has no other crypto legislation.
While individuals earning crypto in Portugal do not pay taxes, it is a different story for businesses. Portugal’s laws state that companies are subject to capital gains. It ranges from 28 to 35%.
Essential Considerations When Looking for a Crypto Casino in Portugal
Looking for Bitcoin casinos in Portugal can be overwhelming. While the choices abound, it does not mean they are all the same. Some of these websites might pose as legitimate platforms even if they are scams. Hence, it would be best if you scrutinise your options.
Below are some of the most important considerations when evaluating crypto sites in Portugal.
Start by ensuring the company is legally operating in the country. Most crypto casino sites will indicate the licences they hold. This is one way to prove their legitimacy and convince players to choose their platform over others.
Scroll down when you visit the website of crypto casinos. The lower portion of the website often shows the licence they have. If it isn’t available, do not hesitate to contact customer support.
The selection of games is another essential factor to consider. Variety is crucial. Otherwise, the crypto casino sites can be tedious. Most will offer an array of slots. These games are often from reliable software developers. As such, it can be an indication of the casino’s reputation.
Aside from slots, table games are also common. Poker, baccarat, and roulette are some of the most popular. Portugal’s laws cover these games, and that’s why crypto casino sites can offer them.
Are you looking for more options aside from traditional crypto games? You might also find crypto casino sites in Portugal offering sports betting. This way, you can wager on your favorite sporting events.
Provably Fair Games
It is not enough for Bitcoin casinos to offer a good selection of games. Instead, these crypto games should also be fair. This way, you will know there is no cheating. This is when the concept of Provably Fair enters the picture.
Provably Fair is a feature many crypto casinos in Portugal will highlight. It is a blockchain technology that prevents rigging. As a result, the crypto games are entirely random.
It allows players to verify the authenticity of their wagers. This means that Bitcoin casinos cannot manipulate the results.
It is excellent if the casino offers mobile-compatible crypto games. Many of you will play on your smartphone. Whether stuck in traffic or bored at home, you can enjoy casino games on your mobile device.
A mobile-compatible online casino offers a seamless experience. It adjusts and optimises depending on the device you are using.
A common misconception is that crypto casino sites in Portugal accept only cryptocurrency. They offer a plethora of payment options. As such, you can pick which one is most convenient.
Credit and debit cards are the most common payment methods in Bitcoin casinos. Visa, Mastercard, and American Express are also popular.
E-wallets are equally common. They are often convenient and secure. Some people like using e-wallets because they easily link to crypto casino sites.
Bank transfers are also available. You can fund your account or withdraw winnings straight to your local bank. The process can vary from bank to bank. In some cases, however, processing can take days.
Online casinos offer different kinds of bonuses. They can entice new players. Alternatively, bonuses also encourage loyalty. It can be a great way to increase your bankroll.
A Welcome Bonus is one of the most popular bonuses in crypto casinos in Portugal. It gives you additional funds or can multiply your wager. You might also receive a referral bonus. Encouraging friends to play using your referral code can make you eligible for this perk.
Aside from bonuses, some casinos can also have VIP programs. It has different tiers. Players can advance to the next level depending on specific parameters. For example, you can advance to Level 2 by reaching a certain deposit amount.
Crypto casinos in Portugal have been around only for a few years. It is common for users to experience problems when playing. For instance, you might have missing funds. Additionally, there can be a delay in processing deposits and withdrawals. It does not mean they are lost.
When crypto casino sites have reliable customer service, you can immediately contact their representatives. In turn, someone is always available to help you. It can be through live chat, phone call, or email. Many websites will also have a section for FAQs for self-help.
A Safe Experience in Crypto Casinos in Portugal
Make the most of your experience in Bitcoin casinos.
Here are some things to remember:
- Read reviews. Learn from the real-life experiences of other people. Their opinions can help you narrow down your choices.
- Watch out for offers that are too good to be true. You might have a reason to doubt if the bonuses are too high.
- Check the security features of their website. For instance, it must have a padlock icon on the URL bar. More so, SSL encryption should also be present.
- Try a demo mode. Some casinos will offer this feature. It is an opportunity to test the crypto games without depositing money.
- Look for accreditations, certifications, and licences for crypto casinos in Portugal. Take it as a red flag if they are non-existent.
Crypto casinos in Portugal are becoming more popular. It follows a similar trend in many other European countries. They offer alternative payment methods. Players traditionally pay using credit and debit cards or banks. Now, you can pay in Bitcoin, Ethereum, and other major cryptocurrencies.
The choices for Bitcoin casinos and crypto games abound. However, they are not all the same. Aside from the legal aspects, other factors are crucial. For instance, security features and customer support can impact your choice of crypto casino sites.
Are crypto casinos legal in Portugal?
Crypto casinos are legal in Portugal. Nonetheless, it depends on the specific platform. Legal operation requires a licence from the respective authorities. The casino must abide by the laws. These laws include offering only the games that the government allows.
Do you pay tax on crypto winnings in Portugal?
Winnings from Bitcoin casinos and other crypto casino sites in Portugal are tax-free. This makes the country crypto-friendly. Unlike in other countries, you need to declare your winning in your income tax return.
What are the available crypto games in Portugal?
The available crypto games differ between casinos. However, the law approves crypto games for casinos with a licence, such as slots, blackjack, poker, bingo, roulette, and blackjack. You can even play sports betting and horse racing.
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