Bitcoin Sports Betting Is Fueling Cryptocurrency Growth In The Philippines

Gambling with Bitcoin has become a global phenomenon, and the Philippines is helping lead the charge as cryptocurrency continues to grow. 

While Bitcoin is a gamble, betting on sports, casino games, and poker with BTC has become easier than ever, with many online gambling entities now accepting the popular digital currency. In addition to accepting popular digital currencies, Philippine online gambling sites also offer bonus perks for depositing with Bitcoin.

The Philippines is now the third-largest Asian economy and the thirty-sixth-largest economy in the world. Despite its small size geographically, the Philippines boasts impressive infrastructure development and overall digitization. It is also estimated that nearly 10% of the population owns and regularly uses digital currency.

Can I gamble With Altcoins?

Yes, in addition to Bitcoin, popular altcoins are generally accepted with online gambling sites. Some of the altcoins we have seen accepted at online sports betting sites include Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Ripple, Shiba Inu, and more.

While altcoins vary from site to site, it is important to see the cashier’s or banking options page before signing up with a new sportsbook or casino site. Deposit options sometimes vary from the withdrawal options, so if you want to receive payouts in crypto, you should also check the withdrawal options. 

Is Bitcoin Legal In The Philippines?

Yes, no laws make digital currency illegal in the Philippines. The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), is seeking to raise awareness of the risks of unregulated digital currencies but also says there are a lot of benefits associated with crypto. 

The central bank has also stated that cryptocurrency adoption has grown in the wake of the Covid-19 pandemic. Bitcoin trading was also hitting new highs on some P2P crypto exchanges.

Is Online Gambling Legal In The Philippines?

According to Philippine gambling laws, online gambling from offshore gambling sites is legal in the Philippines. Gambling laws only forbid online gambling from sportsbooks, casinos, and poker sites based in the Philippines; however, domestic gambling businesses can offer online gambling to other countries when they possess a Philippine Offshore Gambling Operators (POGO) license.

POGO licenses have recently received backlash from government officials, businesses, and other political figures, but they are still issued. There is some concern that the offshore gambling industry based in the Philippines is driving crime around the Metro Manila area, but those claims have yet to be proven.