Topic: Bitcoin gambling website - legal or illegal ??? - page 2. (Read 2067 times)
The only way I see this working is escrow with a independent way to pick the winner that no way you could controll. I also think it would be better to have smaller buy in with a tier payout of maybe 3-5.
Its hard to edge in on gambling websites. You have to attract customers from other websites. To do that, you have to be good
It sounds like a raffle to me, what's so illegal about it? Use escrow if you're actually going to be doing this.
no law against bitcoins gambling but still it said to illegal....
Question is about licensing and legality and half the people here talk about the raffle he is thinking of providing.
Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
Exactly. Also keep in mind that a license can be somewhat expensive.Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
Also you shouldn't underestimate the time and cost it would take to make a company, since you would most certainly need a company if you wanna handle reasonable amounts of cash. Additionally you will probably have to pay higher taxes than usually since most countrys have an additional gambling tax. That's also the reason, why most bitcoin gambling sites simply choose the easy and illegal path.
Question is about licensing and legality and half the people here talk about the raffle he is thinking of providing.
Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
Exactly. Also keep in mind that a license can be somewhat expensive.Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
I live in USA.
I want to create a Bitcoin gambling website on my domain name WinBitcoins.com
Some simple game like...
11 people send me .1 BTC each to play.
I pick one random winner and pay out 1 BTC and keep .1 BTC
Is this considered gambling and is it legal or illegal in USA?
I want to create a Bitcoin gambling website on my domain name WinBitcoins.com
Some simple game like...
11 people send me .1 BTC each to play.
I pick one random winner and pay out 1 BTC and keep .1 BTC
Is this considered gambling and is it legal or illegal in USA?
wouldnt risk stuff like this in the USA, run the website from outside the US if needed.
Question is about licensing and legality and half the people here talk about the raffle he is thinking of providing.
Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
Exactly. Also keep in mind that a license can be somewhat expensive. Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
Question is about licensing and legality and half the people here talk about the raffle he is thinking of providing.
Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
Well, I admit, the part is boring. especially with the 10% edge. Legality depends on country. And you need a license.
I agree that you need a licence to run a gambling site.
There are probably ways around it, like have 10 people donate money with one getting a 9x money back special, but it's still dodgy
There are probably ways around it, like have 10 people donate money with one getting a 9x money back special, but it's still dodgy
The game play is irrelevant. If it is gambling, it is illegal if you do not have a licence. Unless you host it in a country where online gambling do not need a licence, keep all the funds separate and hidden, you might be able to get away with it, but still illegal.
I've made this kind of game, still finishing the design, i hope you'll enjoy it as soon as i release it with my partner
I live in USA.
I want to create a Bitcoin gambling website on my domain name WinBitcoins.com
Some simple game like...
11 people send me .1 BTC each to play.
I pick one random winner and pay out 1 BTC and keep .1 BTC
Is this considered gambling and is it legal or illegal in USA?
So, 90% of people should pay you to lose in other words?I want to create a Bitcoin gambling website on my domain name WinBitcoins.com
Some simple game like...
11 people send me .1 BTC each to play.
I pick one random winner and pay out 1 BTC and keep .1 BTC
Is this considered gambling and is it legal or illegal in USA?
Or what if you or some of your buddies is the "winner"?
Wake up. That's robbing.
I live in USA.
I want to create a Bitcoin gambling website on my domain name WinBitcoins.com
Some simple game like...
11 people send me .1 BTC each to play.
I pick one random winner and pay out 1 BTC and keep .1 BTC
Is this considered gambling and is it legal or illegal in USA?
So, 90% of people should pay you to lose in other words?I want to create a Bitcoin gambling website on my domain name WinBitcoins.com
Some simple game like...
11 people send me .1 BTC each to play.
I pick one random winner and pay out 1 BTC and keep .1 BTC
Is this considered gambling and is it legal or illegal in USA?
Or what if you or some of your buddies is the "winner"?
Wake up. That's robbing.
As I seen there aren't too much interest in raffle like games here, so probably you would struggle to find players. Not to mention that not much ppl would bet 0.1 BTC with such slim chances to win.
Yes it is probably illegal.
But it is small fish, so if you don't shout you are from US and don't disclose personal info hen I think you will have no problem. I guess the FBI would not bother to make Theymos reveal your IP and stuff.
About the game: I would lower the minimum investment and the house edge. Maybe by giving lower rewards too?
About trust: if everything is doing using escrow, including the way of selecting winner, I think trust won't be an issue
But still need to think about a fair way of selecting the winner
But it is small fish, so if you don't shout you are from US and don't disclose personal info hen I think you will have no problem. I guess the FBI would not bother to make Theymos reveal your IP and stuff.
About the game: I would lower the minimum investment and the house edge. Maybe by giving lower rewards too?
About trust: if everything is doing using escrow, including the way of selecting winner, I think trust won't be an issue
But still need to think about a fair way of selecting the winner
I'd say that it is clearly gambling.
As people has already stated, your "example" game has a lot of flaws, I really hope that it's not the game you actually intend to provide.
Now, if you indeed have a good game to offer, I think that you should ask again, maybe on another thread, about the laws related to this (I am not from US and I cannot help); maybe registering (another) site in Cayman Islands fixes the problem :p
As people has already stated, your "example" game has a lot of flaws, I really hope that it's not the game you actually intend to provide.
Now, if you indeed have a good game to offer, I think that you should ask again, maybe on another thread, about the laws related to this (I am not from US and I cannot help); maybe registering (another) site in Cayman Islands fixes the problem :p
Other than the trust and legal issue mentioned already, you have to thing of a provably fair scheme to pick the winner, and lower your house edge % significant, or you cannot be able to attract players.
This. Why would anybody play with your extremely high house edge when they can play with a 1% house edge at places that have already proven there legitimacy?
Other than the trust and legal issue mentioned already, you have to thing of a provably fair scheme to pick the winner, and lower your house edge % significant, or you cannot be able to attract players.
As far as i know online gambling is a legal problem in the USA, furthermore there is really no point for people to gamble on your site if you don't provide anything new and revolutionary.
Otherwise everbody would just make their own online casino.
Otherwise everbody would just make their own online casino.
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