Pages:
Author

Topic: Can crypto gambling be provably fair to regulators? - page 3. (Read 525 times)

legendary
Activity: 3094
Merit: 1127
They have to because if they cheat, they'll face the consequences, when a gambling site applies for a license, it's not the gambling site that will dictate on the terms, its the government, and therefore gambling sites has to follow the requirements in order for them to pass and will be granted a license.

if they cheap the government in any way, that's called a violation of the law, and there is a corresponding punishment on that, depending on how serious the case is against the gambling site.
They would need to abide if they wont like for their business to be fucked up once they've been caught.Of course they are fully aware on terms and regulations that they should follow.
I wont say that their totally fair.It would vary on the house if they would consider on making those shady movements for their benefit but for a big business like casinos then
i dont see a reason for them to do such thing.They would prefer for their business to go long term rather than being busted on a short period of time.


I guess it is impossible to last long, gamblers are also not too stupid they can pay attention or calculate, unless the game is full of luck.
if not, it will be difficult even for a few moments.
they can be reported if the law does expressly issue this regulation.
or their casino will be quiet because people will find out the cheating sooner or later.
They can cheat but as said, nothing do last forever and yes, players arent that dumb not to detect any rigged situations.
sr. member
Activity: 1190
Merit: 267
Undeads.com - P2E Runner Game
I guess it is impossible to last long, gamblers are also not too stupid they can pay attention or calculate, unless the game is full of luck.
if not, it will be difficult even for a few moments.
they can be reported if the law does expressly issue this regulation.
or their casino will be quiet because people will find out the cheating sooner or later.
hero member
Activity: 2856
Merit: 667
They have to because if they cheat, they'll face the consequences, when a gambling site applies for a license, it's not the gambling site that will dictate on the terms, its the government, and therefore gambling sites has to follow the requirements in order for them to pass and will be granted a license.

if they cheap the government in any way, that's called a violation of the law, and there is a corresponding punishment on that, depending on how serious the case is against the gambling site.
sr. member
Activity: 2366
Merit: 366
Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

I admit I don't have any idea how such a system could be created and how it would possibly work but I think that is very possible. If a system could be made verifiable from the side of the players then it could also be made verifiable from a third party. I think gambling regulators will definitely come up with such a tool, if they have not yet, to make sure gambling casinos are not just becoming a money laundering system.
legendary
Activity: 2394
Merit: 1049
Smart is not enough, there must be skills
Gambling game sites that already get a license I think that's fair because they have become the best to be home in the game.
I don't think that's unfair because there are already many people using it, so what are you worried about here?
So whatever happens with the results of the game then it must be ready to accept it because it is a risk in gambling games so in my opinion its unfair cannot be proven even though we already knew the results before.
Only think positively what we play in that house.
hero member
Activity: 2856
Merit: 674
I guess this would be depending on the game, speaking about games where there is a house edge and they are claiming they are provably fair and they get a license for that then for sure that system is correct, otherwise why are they so confident.

Now on your concern if it's possible that a player would know the outcome, if the system is provably fair, no one would know until the game was process, otherwise its not probably fair.
hero member
Activity: 3178
Merit: 977
www.Crypto.Games: Multiple coins, multiple games
I don't think a central authority checking casinos is a good thing since this goes against the decentralized anonymous nature of crypto which is why I don't think this is feasible at all.

Regulator could use the tool/system ("provable fair verifier", I guess) for their own verifications, of they are not doing so already. Such tool could be more reliable than the non-crypto based ones( assuming there is such thing like that outside of crypto).
I guess you misunderstood his post. The provable fair verifier tool that you mentioned can help check whether bets are legit, but what if the bets are placed by a single entity(House = Player) in order to conduct various operations? This is what op tried to convey through his post.
Ucy
sr. member
Activity: 2632
Merit: 403
Bisq is a Bitcoin Fiat Dex. Use responsibly
For a long time I was thinking that [fiat] online casinos are required to run licensed software just to ensure the players that they don't cheat, but then I understood that there's another side to it - casinos are traditionally a good spot for money laundering, so the government needs to be sure that the house doesn't create fake winnings for some players. As you know, the provably fair system guarantees that neither the player nor the house cheat, but when both the player and the house are the same entity, they know the result of the bet before it is made and can alter it.


Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

I think things like this already exist, probably for mostly the Crypto-based casinos. Regulator could use the tool/system ("provable fair verifier", I guess) for their own verifications, of they are not doing so already. Such tool could be more reliable than the non-crypto based ones( assuming there is such thing like that outside of crypto).

sr. member
Activity: 1568
Merit: 321
★777Coin.com★ Fun BTC Casino!
Personally, I don't think there will be any problems in casinos that are well controlled and work with some honest licensing companies. Auditing is a very important factor in this regard. Any well-controlled casino will make its best effort not to make a mistake. However, as we know, online casino can be easily published with a few simple scripts. And it doesn't even have to have any license. For this reason, players like us should be conscious of this issue first.
full member
Activity: 546
Merit: 122
★777Coin.com★ Fun BTC Casino!
Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

We are in the modern world now were all we want can created as long it is all about the technology everything can make a solutions.
Yes, i think it was possible to make, but it requires a lot of brain storming, research about money laundering and also the funds/sponsor for you project are also needed.
Your ideal system is very helpful because many people are cheater that's why creating a third party system is a fair to all gamblers/
legendary
Activity: 2814
Merit: 1112
Leading Crypto Sports Betting & Casino Platform


Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

I think this is possible to do but requires additional costs because the third parties also needs funds to develop the system and also finance their operations.
However, the opportunity to continue to use the casino as a place for money laundering is still possible, with the casino cooporate to commit fraud unless the system itself is made by the goverment that has the most interest in combating money laundering.
hero member
Activity: 2590
Merit: 644
You have an idea in which gambling could be used for money laundering and so on. The Chinese nationals are actually taking advantage of it. They establish gambling sites where people can clean their money. Probably that idea is too costly for the casinos to accept, as well. In fact, the casinos will lose a lot of profit for their operation as the authorities could use that third part of the software as an advantage to casinos. It is like self-destruction for the casinos by giving the rights to the third party to software admins to place a 100% winning rate bet. Nevertheless, yes, their gray area of the source of income will be compromised as well.
sr. member
Activity: 1890
Merit: 300
Buzz App - Spin wheel, farm rewards
I don't think that would be possible or feasible.
For that to happen there should be a central regulatory entity that should maintain a different hash of it's own and provide it to every casinos. And the result should be the combination of the three. With current market where there are several ways to implement the provably fair system. It would be difficult to convince casinos to use the same system. And the third regulatory party involved too would require a operation cost as it would keep providing as well as self verifying every bet.
legendary
Activity: 3024
Merit: 2148
For a long time I was thinking that [fiat] online casinos are required to run licensed software just to ensure the players that they don't cheat, but then I understood that there's another side to it - casinos are traditionally a good spot for money laundering, so the government needs to be sure that the house doesn't create fake winnings for some players. As you know, the provably fair system guarantees that neither the player nor the house cheat, but when both the player and the house are the same entity, they know the result of the bet before it is made and can alter it.

Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?
Pages:
Jump to: