Bloomberg Law
Jan. 10, 2018, 5:04 PM UTC

Offshore Betting Via Bitcoin on the Rise

Victoria Graham

The gambling black market is cashing in on the cryptocurrency rage.

Cryptocurrency-funded gambling is on the rise for offshore bookmakers, with more than 40 percent of online bets funded via cryptocurrency at one of the largest and best-known online sports betting sites.

While cryptocurrency is gaining a strong foothold in the offshore betting market, its prevalence yields concerns about how to cash in on cryptocurrency winnings without drawing Internal Revenue Service scrutiny.

U.S. citizens who place bets online through offshore bookmakers are already treading on legally shaky ground, and coupling offshore betting with bitcoin further complicates gambling tax reporting requirements. ...

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