Those living in the United States have been able to play online poker for years, but the legality of this activity has been a contentious issue. While many states have regulated some form of online poker within their borders, others have made the game illegal. As a result, many have turned to foreign-based platforms to play. This has given avid poker players a new avenue to play.
Online poker is regulated differently than brick-and-mortar poker. Online poker sites invest the funds that their players put into their account, thereby limiting the risks that they take with the money. Some sites allow players to show their hands before folding, while others don’t. In addition, some sites allow players to convert their funds into fiat currency, rather than into a cryptocurrency, such as the Bitcoin. This can be advantageous because it means that sites don’t have to pay interest on their players’ bankrolls. However, it can also be disadvantageous, because the risk is higher for the user.
Some online poker sites only accept U.S. dollars, and other sites require players to convert funds into a currency before they can deposit. This means that Connecticut residents have limited options. However, some sites do accept cryptocurrencies, which mean that users can deposit funds using a currency they already have. Unlike fiat currency, cryptocurrencies are instant transactions, which means users don’t have to wait for the funds to reach their bank account. Several sites also accept cryptocurrency deposits, thereby enabling users to benefit from free additional charges.
As of now, the Connecticut Department of Consumer Protection oversees gambling activities in the state. Until a final ruling on the Wire Act is issued, the state is likely to remain non-competitive in the online poker market. In the meantime, the state might consider entering interstate talks to set up the first poker sites in the state. In addition, lawmakers might introduce amendments to regulate shared liquidity, which would help resolve some of the traffic problems facing sites.
Online poker is currently legal in several other states, but not in Connecticut. However, the state may eventually join the other states that have already approved online poker. The new president, Joe Biden, made a comment during a campaign visit to Las Vegas in December that he would not interfere with the states’ attempts to expand online gambling. He also said that he would reverse the White House’s position on the legality of online poker. However, the DOJ has not indicated whether it plans to appeal the last court ruling.
Connecticut is waiting for a final ruling on the Wire Act before it can consider allowing regulated online poker. In the meantime, lawmakers have been considering the possibility of entering interstate talks to set up the first online poker sites in the state. If the state were to join such talks, operators would be free to launch two or more sites. This would help Connecticut become an interesting market for online poker.