Non Swedish Regulated & unlicensed casinos
Whilst playing on unlicensed casinos may be considered risky for some players, unlicensed casinos do not have the challenges of abiding to deposit limitation that are currently being proposed by the Swedish gambling authority.
In April 2020, the Swedish gambling authority (Spelinspektionen) announced their consideration of introducing a weekly deposit limit of SEK5000 (apx €500) for Swedish casino players. This idea was brought about to limit player activity during times of Covid-19. The proposal is something which they hope to bring into effect as soon as the 1st June 2020. Since their announcement both the UK Gambling authority (UKGC) and the German regulator have also mentioned considering similar regulations.
Thankfully for all gamblers who would like to deposit and play for more that €500 a month, bitcoin casinos remain unaffected by this regulation. Most crypto casinos are operating under a Curaçao license or remain unlicensed. Bitcoin casinos can and will continue to allow you to deposit and play without deposit limitations, along with some added perks.
Online Casinos Solutions for Swedish Gamblers
Swedish casino players do not need to necessarily look for unlicensed casinos but more so non Swedish regulated casinos. This means that Curaçao licensed casinos might be a dandy option.
What you get from an unlicensed Casino?
For Swedish Gamblers the world of a welcome bonuses and free spins are memories from the past. Upon initiation of it’s regulation in 2019, the Swedish regulator put a stop to any bonuses for any operator using their licence. This included several limitations around offering enticing offer to their customers. However, this is not the case under the Curaçao license, welcome bonuses are available, free spins aplenty and there are no limitations across multiple operators either.
With bitcoin casinos you can take things one step forward and ensure that no regulator ever knows it’s you that is gambling, (well kind of). For instance, Bitcoin offers a certain amount of privacy around your deposits if you use a custodial wallet.
Finding unlicensed casinos & bitcoin casinos online
No need to stress about finding bitcoin casinos, we’ve done the research, and written comprehensive bitcoin casino reviews for you, including how to get started on a bitcoin casino…
How to play on unlicensed casinos?
Registration / Signing up
Signing up to an unlicensed casino is pretty straight forward. Curaçao regulated casinos do not ask as many questions as EU regulated casinos. Whilst nifty integrations such as BankID might not be available, signing up to a bitcoin casino is simply by email. For instance, you do not need to give your address and what you had for breakfast in terms of KYC.
Making a deposit
Since you are now entering the world of cryptocurrencies, you will need to get some bitcoin or ethereum to transact on the casino.
Most bitcoin casinos allow you to deposit in two ways:
A. Buying crypto and deposit directly within the Bitcoin casino
Buying bitcoin might feel a little over the top but most bitcoin casinos allow you to deposit fiat (SEK,EUR,GBP) and buy Bitcoin directly on their platform. This makes things a lot easier and if you aren’t too concerned about currency conversion, then this is a super straight forward way to get started.
B. Buying crypto outside the Bitcoin casino
If you are thinking this might be your time to jump into the world of crypto then you will need to buy Bitcoin or buy ethereum (we don’t recommend other cryptocurrencies due to their price volatility and because they are not highly popular amongst bitcoin casinos), then you will need to sign up to an exchange like coinbase and buy some crypto there, then use your QR code or wallet address to make a deposit on the bitcoin casino before you can play. A bit of a bummer here is that it will certainly take 10 minute for your deposit transaction to be verify on the blockchain, so you will have to wait before you can start spinning on those slots.
Playing slots on a bitcoin casino
Most operators working under the Curaçao licence work with the usual game providers we are used to in Europe, meaning the slot experience is not going to be different. You will still find high RTP slots and jackpots along with classic table games if that is what you look for in an online casino.
Bitcoin casinos also have several campaigns running alongside their basic slot game offerings, so you can benefit from cash bonuses, lotteries, slot challenges, online tournaments and other exciting campaigns.
What is different on a bitcoin casino?
Something that does require a bit of getting used to is your balance. Unless you are depositing 1 BTC (around 8K at time of writing), you will probably find yourself working with decimals (or as we call them in the Bitcoin world ‘satoshis’). It does take time to get used to understanding how coins used per spin relate to a decreasing volume in your online account. Or, alternatively how your wins convert to fiat however sites like Cryptobet have fiat/crypto converters to make your life a little easier.
What is the risk of unlicensed casinos?
There is always a balance of risk vs reward, and the same goes with unlicensed and Curaçao. So, unlike the UKGC, MGA and Swedish Authority, the Curaçao license is relatively easy to obtain. This licenses does not tie the operators down with many bells and whistles in terms of audits and player protection. But, the bitcoin casinos we have reviewed are reputable and have thousands of active customers and wouldn’t do anything to stifle their own reputation.
Do I have to pay taxes on winnings from an unlicensed Casino?
Taxes are an obligation that all citizens must pay. Therefore, you are obliged to pay taxes in the country you are a resident of irrespective of where the casino is based or regulated. So, if you are a Swedish national playing on a Curaçao regulated casino, then you are still obliged to pay your taxes in Sweden.
Whilst accepting winnings in Bitcoin, storing them digitally in Bitcoin wallets (Crypto Wallet Reviews) make it harder for governments to trace, this does not mean that bitcoin is a magic non taxable currency that frees you of taxes. At any point operators can be forced to declare winnings to a tax department. If they are forced to submit information and you haven’t paid your dues things can get nasty.
Winnings = Income, Income = Taxes. Pay your taxes and move on.