Author

Topic: Bitcoins and Gambling (Read 2479 times)

brand new
Activity: 0
Merit: 0
September 04, 2019, 04:53:55 AM
#7
With online gambling particularly betting platforms like Bet365, Fairplay999, Dafabet etc gaining popularity in developing economies, there is a dire need to expand payment options and methods in the online betting space.
In developing economies like India, Philippines and other South Asian countries, the security and safety of transactions and the assurance that your money is not going to be stolen from you are the key concerns or rather roadblocks to the growth of online transactions. At last count (August 2019) over 55% of India's e-commerce payments happen through Cash-On-Delivery despite a huge surge of digital wallets like Paytm and Phonepe. Introduction of Bitcoin based payments will surely add a large number of new players into the space, not just because of the convenience and added security, but also due to the immense popularity of Bitcoin among the youth... the hottest target-segment for gambling companies.

What do you think?
legendary
Activity: 2100
Merit: 1347
September 04, 2019, 06:14:26 AM
#7
I have an idea but it would be awesome if I got donations for it.   Smiley

I think the gambling industry could use bitcoins because right now it is a super pain to deposit money into gambling sites due to U.S. federal regulations.  It is very difficult to deposit via Mastercard or Visa since most banks won't process it.  So to counter this the gambling industry has setup backdoor payment systems such as NetTeller, Bank Wire, Click2Pay, eWalletXpress, MyPayLinkQ, shady banks, etc to get users to easily deposit money. 

My proposal is this: 

I (or someone in this forum) will contact all major gambling and sports betting sites, such as Bodog.com, sportfanatik.com, betonsports.com, etc. via email, snail mail, and eventually phone call to work with them to use bitcoins.  We need one project lead in this, and the help of forum members just in case they have questions.  I could be this lead.

I will set up a spreadsheet with all the companies to show which have been contacted and which are interested.

What do you guys think?

It's a great initiative! If world's famous sportbooks starts accepting bitcoin, international players will be relieved from the pain of going through the banking channel, which is indeed a big pain!

However, I know majority of the sportsbooks asks for KYC because of their obligation to comply with the local law. Are bitcoiners ready to comply with such KYC request?? Probably existing players won't mind but new players will show some resistance for sure!
legendary
Activity: 1304
Merit: 1014
September 17, 2010, 02:15:53 AM
#6
Ok, when I have a little time I'm gonna try and put a spreadsheet together.
full member
Activity: 218
Merit: 101
September 16, 2010, 03:12:52 AM
#5
While I agree with nelisky that it might be too early to target the "vice" industries, I also like jimbobway's initiative on this.  Additionally, I don't think many of the current bitcoin holders would mind another bullish move in the bitcoin market as outsiders buy more bitcoins.  As long as we make reasonable efforts to not sacrifice our own exchangers in the process, I am offering to help out with the calling/emailing of these "backdoor payment gateways."  Let me know how I can help.
legendary
Activity: 1136
Merit: 1001
September 16, 2010, 12:41:56 AM
#4
I've done this on a small scale already, for my own personal gain. I bought a bunch of bitcoins, then e-mailed on-line poker rooms and sportsbooks, asking to consider bitcoins as currency and to forward my e-mail to development. I received a few canned responses. My thinking was one sportsbook would see the obvious benefits, buy $50,000 worth of coins and just open betting with them, as there would be relative little to lose, but a lot to gain. Still waiting...

good luck, haven't sold my coins
legendary
Activity: 1304
Merit: 1014
September 15, 2010, 11:41:54 PM
#3
Perhaps, but maybe a necessary evil?  Did u know the founder of bitcoin used porn as the first files to download to promote his software?  "A necessary evil" he said...
legendary
Activity: 1540
Merit: 1000
September 15, 2010, 11:36:12 PM
#2
I have an idea but it would be awesome if I got donations for it.   Smiley

I think the gambling industry could use bitcoins because right now it is a super pain to deposit money into gambling sites due to U.S. federal regulations.  It is very difficult to deposit via Mastercard or Visa since most banks won't process it.  So to counter this the gambling industry has setup backdoor payment systems such as NetTeller, Bank Wire, Click2Pay, eWalletXpress, MyPayLinkQ, shady banks, etc to get users to easily deposit money. 

My proposal is this: 

I (or someone in this forum) will contact all major gambling and sports betting sites, such as Bodog.com, sportfanatik.com, betonsports.com, etc. via email, snail mail, and eventually phone call to work with them to use bitcoins.  We need one project lead in this, and the help of forum members just in case they have questions.  I could be this lead.

I will set up a spreadsheet with all the companies to show which have been contacted and which are interested.

What do you guys think?

I, personally, think that we are poking the wrong people way too early in the game... I mean, we are giving the tools to those who:
1) most desire to be able to prevent taxation and control from the governments
2) pay a large bill to said governments every year

If we are trying to get the attention of the legislators, on the other hand, that it's the right way to do it imo.

*ducks*
legendary
Activity: 1304
Merit: 1014
September 15, 2010, 11:32:23 PM
#1
I have an idea but it would be awesome if I got donations for it.   Smiley

I think the gambling industry could use bitcoins because right now it is a super pain to deposit money into gambling sites due to U.S. federal regulations.  It is very difficult to deposit via Mastercard or Visa since most banks won't process it.  So to counter this the gambling industry has setup backdoor payment systems such as NetTeller, Bank Wire, Click2Pay, eWalletXpress, MyPayLinkQ, shady banks, etc to get users to easily deposit money. 

My proposal is this: 

I (or someone in this forum) will contact all major gambling and sports betting sites, such as Bodog.com, sportfanatik.com, betonsports.com, etc. via email, snail mail, and eventually phone call to work with them to use bitcoins.  We need one project lead in this, and the help of forum members just in case they have questions.  I could be this lead.

I will set up a spreadsheet with all the companies to show which have been contacted and which are interested.

What do you guys think?
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