Topic: Cashless Gambling, your thought? - page 3. (Read 1087 times)

Trying to read it up again that they are not focusing on individuals but rather they are really that trying out to control the platform or companies which they are really making payments to be totally cashless or simply going into those banking transactions to monitor everything.Its true that they dont really like for things to be skipped on because we know on how big gambling industry is and the money that circulates or been
generated around which they dont like to miss out those possible taxes that could be possibly accumulate.This is why they do really end up on this kind of solution.

You can already gamble without cash and use tokens of some kind or other.  In theory crypto is the non currency version of gambling because its not officially a currency so it is cashless token exchange of variable worth.   People have been placing arbitrary bets of some kind for years usually its very rich people but it doesnt have to be cash always.   If anything I'd think this was a way to avoid tax not force people into a tax route, governments should be taxing the companies not the people especially imo.

WE are talking about countries does have allowed for these type of businesses to run on certain vicinity which it would be understandable that they would really be needing to get along with the rules and guidelines.
and taxation is one, if ever they would really be strictly imposing about those cashless gambling then there's nothing they can do but to integrate it or else they wont really be able to operate.
Of course they would really be minding about taxing not only on casinos but also in other businesses as well.It just turns out that there are lots of ways for it to be bypassed
for these platforms not to pay up taxes and this is why they do have end up with this idea.

In free country, all of the options are there.

It's good to see them adopt both things because it's a matter of what's in demand and what's not. There's also a chance that they may adopt other payment methods if they just want to test it out.

But for countries where gambling is prohibited, well, no need to address the thing because the government isn't allowing so.

the trend in my country because our government prohibits gambling and land casinos so that online casinos are a better trend than land casinos, therefore I say land casinos are more ancient because they use cash, everyone needs convenience and a shady place to play gambling as long as they are connected on the internet, maybe in a free country both have the same trend

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/

Well, there is nothing new here. For years governments have been working hard to implement effective laws for the gambling industry. Today, with the advent of cryptocurrency casinos, regulatory pressure has been increasing in a way that it is almost impossible for casinos to operate without any kind of compliance

Most crypto casinos are asking for KYC, only few are not still asking. As crypto is getting more regulations, there is possibility that more gambling sites that are not demanding for KYC now may demand for it later in the future. I gambling with just little amount of money, maybe the reason I take KYC on gambling site lightly.

That could give them more access to their funds online which can be more risky, if you are going to adopt this better to have a separate account specifically for gambling only to avoid over spending especially with your savings. The government is really pushing the adoption of digital currency, making this as a law will force their people to follow and adopt. I don’t know if this is just a trial to Armenia but let’s see the effect of this one, probably gamblers have no more choice there.

Human mind tends to have more worth attached to physical cash than an electronic money (as in CCs, DCs), possibly because it's a recent thing. From gamblers perspective, it would likely make them just spend more.

The government does cashless gambling for the sole purpose of milking the gambling industry.  It is clear in the article that the main purpose of cashless gambling is to implement extra charges on casinos and prevent money laundering.  There is no mention of the said purpose of filtering gamblers and implementing responsible gambling through moderating the gambler's expenses on the casino via their bank.

It is more on government profit than government concern over their citizen.

I think this type of rule has already been implemented in many gambling-friendly countries. It's not just to make the transactions quick and easy but also for their government to have all of those records accessible for their data and safekeeping.

thanks to crypto gambling as there are still casinos that don't ask for kyc immediately.

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.

---

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

If this regulation is carried out by the government then it is something that everyone who plays gambling must consider, because at this time there are many who still hide their identities when making bets, and the government does this to protect and see those who really don't deserve it. make bets like minors, and easily detect money laundering, of course this is a good way for some people, so cashless gambling will reduce people to make bets for certain reasons, and later all involved in gambling will definitely be taxed of course this is the main target of the government.

Well, still both are on trend.

No matter what happens to the new trend, cash will still be there and won't be removed. The land/physical casinos have to consider the demand of their customers, if they want to accept and withdraw through cash, they have to keep that method.

The best thing is to have all types of payment methods. Just like the crypto casinos these days, they've got most options for deposits and withdrawals, fiats and cryptos.

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.

I'm sure that they will always consider accepting fiat because if not, they will lose a huge number of gamblers, especially those who prefer the traditional payment method and those who aren't well-educated about how cashless transactions work.
We all know that a cashless society will be a part of continuous innovation in the future but businesses including casinos will not eliminate fiat despite digital adoption.

Human mind tends to have more worth attached to physical cash than an electronic money (as in CCs, DCs), possibly because it's a recent thing. From gamblers perspective, it would likely make them just spend more.

Yes, I believe this is part of a global plan to make societies as cashless as possible, which was a wet dream of governments and central banks, and still is, but was cut short by the emergence of Bitcoin.