Topic: Cashless Gambling, your thought? - page 2. (Read 1099 times)

Well, cashless gambling would make life more difficult for some people.

I think many people would be against that, so I reckon it wouldn't pass.

We're talking about huge amounts of money, and governments get their cut as well, so I don't think they're going to implement it.

Otherwise they would not have opened the casino in the first place.

Just because of this positive note, I'll be open to the idea of the government implementing it. This won't only help reduced underage gambling but can also be used to tackle gambling addition. Banks can help monitor the money been used for gambling and when it begins to look like an addiction is ongoing they can prevent that user from making use of his credit cards to place bet.

People might think that they're mature enough to handle themselves financially but that's not true. Also this will help in preventing money laundering as I believe casino are those that encourage this more and with paper money that are untraceable, they can get away with laundering money but if a cashless policy was to be introduced, it'll be hard.

In a positive note, minors gambling incident would greatly reduced because the gambling transaction can now be traced via bank statement, except if these minors can freely use their parent's cards.

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

Have you ever thought of a government implementing a Cashless gambling?  Making hard cash obsolete for gambling purposes?  Armenia is currently pushing this law that force their gambler to do gambling transaction via bank[1].  It was stated that the said law is created so that the government can tax gambling institutions effectively.  They also add an additional requirement that the gambling establishment needs to pay in order to get the desired licenses on how much  bet the establishment can accept.

This may look profitable for the government but I believe it will hit hard gamblers.  With the implementation of cashless gambling, gamblers are now exposed since they have to use their credit cards or debit card to play.  (Another way of the government to spy on their citizen.)

In a positive note, minors gambling incident would greatly reduced because the gambling transaction can now be traced via bank statement, except if these minors can freely use their parent's cards.

May take on this.. screw the government if we really wanted to do cashless gambling, there is always a cryptocurrency gambling platform option where we can at least play gambling without the need to use our bank account.


So what do you think about this cashless gambling, is this another breakthrough of the gambling industry or just a way of the government to track their citizen and earn from the gambling establishment.

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[1] https://www.casino.org/news/armenia-introduces-new-taxes-restrictions-on-its-gaming-industry/

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

Perhaps this is mostly applicable to those areas who are already developed and have great economy. Implementing cashless policy will be very difficult to do in third world and developing countries because they lack the resources to do so, and most of the citizens don't have the ability to participate in such. Hence cashless policy in gambling in struggling areas could be impossible as of now because they have other things to prioritize.

But good for those developed ones that they are already progressing into this because of their capability and resources. It has many pros and cons that has to be weighed before making a final decision, and I hope the people are all well-aware of all the possible sides if ever it will be fully implemented in your area. Because as we know, not everyone is as techy and as well-off as others. In addition, not everyone is fond and is in favor of KYC verification process.

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

Tax is normal and has a purpose but it must be charged properly and not thru gambling because this was only the time when people enjoy and relax. If the reason why they want gambling to be cashless is because of taxations then you might be right that people will be forced to switch on cryptos which is a good thing for the investors because this can make the price rise.

You should not worry too much because people are still going to pay their taxes in the common/usual way and also not all people are going to switch on cryptos, for some reasons like they find it complicated. When it comes to protecting minors, I think they can actually play now if they will use a crypto but not if they will play locally since they can be spotted easily.

As many cryptocurrency investors, I also think hard capitalist controls are always bad. Boomerang effect should be considered. People may hate to be taxed through gambling, and may move all their funds through crypto currencies later. I think it can hit gambling taxes hard over time if all people turns to crypto.
So I think, cashless casinos are bad idea even if it may have positive effects like protecting minors etc.

Well as days for anonymous physical cash are pretty much numbered now, i see it only a matter of time. In finland we now how kyc for lottery and slot machines as a temporary solution. Soon i am guessing cash is irrelevant because it's supposedly these days only used by criminals and people who got something to hide 

But i completely understand why they are doing this. This is FATF on action and fits their narrative of tracking money as a part of tighter AML laws. This is however just a start.

Well as days for anonymous physical cash are pretty much numbered now, i see it only a matter of time. In finland we now how kyc for lottery and slot machines as a temporary solution. Soon i am guessing cash is irrelevant because it's supposedly these days only used by criminals and people who got something to hide 

But i completely understand why they are doing this. This is FATF on action and fits their narrative of tracking money as a part of tighter AML laws. This is however just a start.

Have you ever thought of a government implementing a Cashless gambling?
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I think it's more of a burden to us, specially if gamblers are going to be tax. And as far as I know, government have been giving traditional based casino lenient taxes, because that's one way to attract them to put up a billion dollar business in one's country and then have a pay cut.

So if they are going for cashless gambling to put another tax for us, then I wouldn't be agreeing on that proposal. It will be too much for us.

The argument for KYC and the whole tracking is already there, when you play on a traditional based casinos, to enjoy the perks you have to register your name and other info and same now with the online casinos. So there's no surprises with that already, the real eye opener is the tax.