Crypto Gambling Licenses - What they actually mean

Rengga Jati

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Quote from: iv4n on July 01, 2021, 04:53:57 AM

Quote from: Wexnident on July 01, 2021, 04:26:07 AM

Quote from: ShowOff on July 01, 2021, 01:42:19 AM

Quote from: Rengga Jati on June 30, 2021, 07:32:11 PM

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-snip-

If you read all of my answers and replies above, you will know what I mean @ShowOff @Wexnident @iv4n. If you only read the only quoted sentence by @ShowOff, it will make you think differently from what I have said above. I have said several times that the platform with a license has started something more serious. however, it doesn't guarantee that the platform is legit. and other explanations above.
It also needs to be analyzed more than the only license.

Quote from: Rengga Jati on June 30, 2021, 07:32:11 PM

That is why getting a license means that they have started with something more serious.
Although of course, the next, the platform itself, reputation, and also all features must be also analyzed.

Quote from: Rengga Jati on June 29, 2021, 07:46:39 PM

Yeah, I also think so. Although it doesn't guarantee, at least, they start their beginning in a serious way. Because I am pretty sure that getting a license is not as easy enough. There must be some data, T&C, and also other requirements to be fulfilled, including money maybe to get the license.

However, once more, the license doesn't guarantee that the gambling site is legit. Before playing, we must also check and analyze the site at first, reading their T&C, and also if we are going to play, just ensure to try it first by a small amount, and try to withdraw.
But personally, I will prefer to choose a reputable and trusted gambling site.

zanezane

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Aren't crypto gambling license a requirement for business to be on the good terms with the law? I mean I would likely to trust a online gambling house that has license than the one that doesn't have one because they are more likely to scam people and get away with it than the licensed ones.

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What kind of protection if one of the biggest gambling casinos are openly scamming players, they are boasting that they have, a license but unfortunately there are so many scam reports and accusations in the scam section I'm talking about 1XBIT and their affiliates, they are making the license thing useless because they are not offering any kind of protection.

Yeah, that's not clear at all. Yes, it does have a license to operate but is it regulated? Or maybe they just have a license but it's not regulated. What steps does a licensed provider take when a casino registered with their license has complaints about a scam? Are they taking it back or is there taking action to help the gamblers involved who are having problems at the casino? This is also what I want to know what kind of protection is provided? Can you still say you are protected if you have been scammed?

iv4n

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Quote from: Wexnident on July 01, 2021, 04:26:07 AM

Quote from: ShowOff on July 01, 2021, 01:42:19 AM

Quote from: Rengga Jati on June 30, 2021, 07:32:11 PM

...

Agree. I think we're forcing 2 different ideas here, one being registered and one being a scam. They're two separate ideas imo, and getting a license only answers to one, it's whether they are registered or not. Being a scam is a completely different issue. Registered casinos have agreed on rules and stuff of the license they got, as well as a starting point for their reputation, and that's it. A scam, on the other hand, can completely come from ANYWHERE, whether they be licensed or not. It just simply means that even if a casino is unlicensed, if it has a great reputation, then people could play on it. If it is licensed, but a bad reputation, then it's most likely a scam.

Nice explained Wxnident, people should understand that being registered doesn't automatically mean that casino is not scammy! For example, we can take two casinos Betfury and 1xBit... Betfury didn't have a licence until recently, they run the casino without any licence and there are no many complaints about that... it's not something we can say for 1xBit, they have a licence over 5 years and so many complaints!
So I would say a good reputation mean a lot more than a licence, at least in my opinion!

Nice digging from OP, I didn't have any clues about how to get a licence and how much that can cost! Interesting info definitely!

Wexnident

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Quote from: ShowOff on July 01, 2021, 01:42:19 AM

Quote from: Rengga Jati on June 30, 2021, 07:32:11 PM

THe platform with no license may have a higher chance to be a scam.

An actual license cant be used as a benchmark that a platform will never end up being a scam. A license is defined as an absolute requirement for a platform to proclaim its brand, copyright and so on as regulated by law. It is possible that the risk can be minimized if the site is already licensed compared to one that is not. But it all depends on the intention of the site from the start.

Agree. I think we're forcing 2 different ideas here, one being registered and one being a scam. They're two separate ideas imo, and getting a license only answers to one, it's whether they are registered or not. Being a scam is a completely different issue. Registered casinos have agreed on rules and stuff of the license they got, as well as a starting point for their reputation, and that's it. A scam, on the other hand, can completely come from ANYWHERE, whether they be licensed or not. It just simply means that even if a casino is unlicensed, if it has a great reputation, then people could play on it. If it is licensed, but a bad reputation, then it's most likely a scam.

ShowOff

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Quote from: Rengga Jati on June 30, 2021, 07:32:11 PM

THe platform with no license may have a higher chance to be a scam.

An actual license cant be used as a benchmark that a platform will never end up being a scam. A license is defined as an absolute requirement for a platform to proclaim its brand, copyright and so on as regulated by law. It is possible that the risk can be minimized if the site is already licensed compared to one that is not. But it all depends on the intention of the site from the start.

Rengga Jati

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Quote from: tippytoes on June 30, 2021, 07:20:32 AM

Money is always included to acquire a gambling license. Let's say even if it is a Curacao license, which is not a very high standard in gambling license, still they need to submit documents as well as payment. For very small casinos, sometimes, they can't afford to acquire one and for those fly-by-night casinos, they won't consider to get one. It may not be the ultimate factor to trust a casino, but it says something about their sincerity to get their own niche in the gambling industry.

That is why getting a license means that they have started with something more serious.
Although of course, the next, the platform itself, reputation, and also all features must be also analyzed.

Quote from: xSkylarx on June 30, 2021, 09:36:41 AM

- Sportsbet is licensed as a corporate bookmaker in the Northern Territory under the Racing and Betting Act 1993 (NT).
- FortuneJack is licensed by Curacao.
- Stake is licensed by the government of Curaçao.
- Bitcasino.io are provided and regulated by Moon Technologies B.V., who are operating under the license 1668/JAZ issued to CURACAO eGAMING by the Government of Curaçao on October 1, 1996.
- Chips.gg is an online casino with Curacao license.

That's it. Although there may be some popular gambling sites that are not licensed yet, afaik, most of them are licensed.
And we can see the probabilities of scams or not also from the license. THe platform with no license may have a higher chance to be a scam.

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Quote from: semobo on June 30, 2021, 08:43:49 AM

Some casinos doesn't even have any license for years then only they are forced to go under a regulatory body, anyway all these license do anything good for the casinos along with the customers? Paying so much amount of money to get a license looks useless in my opinion anyway we will call such casinos as legit that's why they are paying for it.

Because I think it's not a necessary requirement before for a crypto-gambling site where everything is anonymous. But some popular crypto-sites today do have a license as it can create another form of satisfaction and assurance to their customers that they will remain reputable.

Quote from: semobo on June 30, 2021, 08:43:49 AM

Paying so much amount of money to get a license looks useless in my opinion anyway we will call such casinos as legit that's why they are paying for it.

Not useless. If a license will be a necessary requirement, most scam sites will not sure undergo it as they will submit their personal documents. Therefore, they might can't attract users to their site.

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Quote from: Fundamentals Of on June 30, 2021, 10:24:11 AM

Quote from: Kakmakr on June 30, 2021, 09:40:11 AM

The only time when I actually saw one of these Gambling license entities taking action, was when Stake.com was operating a "Lucky Draw" for a Lamborghini. The license on their website was immediately disabled, until the issue was investigated.

Stake.com was not hosting a lucky draw, where they sold tickets for the Lamborghini... they basically gave tickets away for every $1000 wagered on the site.. so the gambling license was re-enabled and they continued with the giveaway.

I know Brick n Mortar gambling licenses are very legit and those casinos are audited and fined if they break any of the rules. Wink

And given the fact that Stake is also under license from Curacao means that even with the cheap and sometimes even questionable licensing processes in Curacao, it is still a legitimate license, which means a lot to those gamblers who are seeking legality of the gambling site they are playing. Curacao licenses are sometimes treated poorly because of how cheap and easy they are accessed by gambling sites. But at least it makes these sites operate within rules.

Cheap or not that would still counts because having one would really be considered or having that impression that this is a legit casino.Those licensing wont exist on the first place if it wasn't really have
any purpose.

Yeah its true that you can really get cheaper but since this do talks about regulation or legality then that's what surely counts but of course it would really be having those cons.

Majority will really be having this kind of impression that whenever a new gambling site pops out they would be mainly looking first for licenses etc.

Fundamentals Of

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Quote from: Kakmakr on June 30, 2021, 09:40:11 AM

The only time when I actually saw one of these Gambling license entities taking action, was when Stake.com was operating a "Lucky Draw" for a Lamborghini. The license on their website was immediately disabled, until the issue was investigated.

Stake.com was not hosting a lucky draw, where they sold tickets for the Lamborghini... they basically gave tickets away for every $1000 wagered on the site.. so the gambling license was re-enabled and they continued with the giveaway.

I know Brick n Mortar gambling licenses are very legit and those casinos are audited and fined if they break any of the rules. Wink

And given the fact that Stake is also under license from Curacao means that even with the cheap and sometimes even questionable licensing processes in Curacao, it is still a legitimate license, which means a lot to those gamblers who are seeking legality of the gambling site they are playing. Curacao licenses are sometimes treated poorly because of how cheap and easy they are accessed by gambling sites. But at least it makes these sites operate within rules.

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The only time when I actually saw one of these Gambling license entities taking action, was when Stake.com was operating a "Lucky Draw" for a Lamborghini. The license on their website was immediately disabled, until the issue was investigated.

Stake.com was not hosting a lucky draw, where they sold tickets for the Lamborghini... they basically gave tickets away for every $1000 wagered on the site.. so the gambling license was re-enabled and they continued with the giveaway.

I know Brick n Mortar gambling licenses are very legit and those casinos are audited and fined if they break any of the rules. Wink

xSkylarx

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Quote from: AOBTCT6 on June 25, 2021, 08:47:40 AM

Do you think someone needs to offer a legit crypto gambling license to give consumers more protection? Or are we ok where we are know?

Licenses could really help the reputation of crypto gambling websites. This proves that they are operating legally and less likely to scam their users. I'm sure that all of us won't want to go to a gambling casino that's been operating illegally. Having license gives confidence to players that their money won't be stolen easily. This also means that they are funded enough of their business if they have a license.

I checked on google about some of the popular websites to see if they are licensed and yes most of them are really registered with Curacao's license.

- Sportsbet is licensed as a corporate bookmaker in the Northern Territory under the Racing and Betting Act 1993 (NT).
- FortuneJack is licensed by Curacao.
- Stake is licensed by the government of Curaçao.
- Bitcasino.io are provided and regulated by Moon Technologies B.V., who are operating under the license 1668/JAZ issued to CURACAO eGAMING by the Government of Curaçao on October 1, 1996.
- Chips.gg is an online casino with Curacao license.

semobo

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Some casinos doesn't even have any license for years then only they are forced to go under a regulatory body, anyway all these license do anything good for the casinos along with the customers? Paying so much amount of money to get a license looks useless in my opinion anyway we will call such casinos as legit that's why they are paying for it.

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Quote from: Kittygalore on June 28, 2021, 09:52:33 AM

If they mean nothing, then why do the authorities look for this first when they are doing an inspection to a business and I think that a crypto gambling website isn't an exemption to that.

OP mentioned the gamblers perspective and not about the authorities. Casinos will always follow the necessary steps to keep their site up and running but as a gambler you can't use that license as a way to measure reputation given that it can be obtained easily by most casinos.

Quote from: Kyraishi on June 29, 2021, 07:58:26 PM

Definitely. I think the Crypto Gambling Foundation is a good attempt at industry self-regulation, but efforts must be continued.

I agree the CGF is a good example but they focus on the provably fair algorithm.

tippytoes

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Quote from: Rengga Jati on June 29, 2021, 07:46:39 PM

Quote from: chaser15 on June 28, 2021, 07:52:34 PM

Especially if we are talking about newly built websites.

By having a license, it means that they are serious about building their names. The team behind that newly built sites is not running in the shadow as their personal identities will be asked as part of getting the license just as what other business is doing too.

More comfortability to newbies if the site is licensed. But I will suggest newbies to just try the gambling sites that already made a name for assurance.

Yeah, I also think so. Although it doesn't guarantee, at least, they start their beginning in a serious way. Because I am pretty sure that getting a license is not as easy enough. There must be some data, T&C, and also other requirements to be fulfilled, including money maybe to get the license.

However, once more, the license doesn't guarantee that the gambling site is legit. Before playing, we must also check and analyze the site at first, reading their T&C, and also if we are going to play, just ensure to try it first by a small amount, and try to withdraw.
But personally, I will prefer to choose a reputable and trusted gambling site.

Money is always included to acquire a gambling license. Let's say even if it is a Curacao license, which is not a very high standard in gambling license, still they need to submit documents as well as payment. For very small casinos, sometimes, they can't afford to acquire one and for those fly-by-night casinos, they won't consider to get one. It may not be the ultimate factor to trust a casino, but it says something about their sincerity to get their own niche in the gambling industry.

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Quote from: AOBTCT6 on June 25, 2021, 08:47:40 AM

The licenses basically mean nothing!

Precisely this.

Reminds me of these company registration forms that the UK company house puts out for anyone who is willing to pay a fee. It is essentially a payment for a service from the government for these casinos and not actually anything of substance. There is no actual regulatory oversight.

I've seen countless times where a casino with a license acts in bad faith, retains customer funds, and have gotten away with it by flaunting their regulatory status. This is not on.

Quote

Do you think someone needs to offer a legit crypto gambling license to give consumers more protection? Or are we ok where we are know?

Disclaimer: A lot of these sportsbooks and casinos have operated for years and have integrity. Having signed up and played at a lot of them, I've very rarely if ever had any issues. This is purely just to show you what lies behind the licenses they have.

Definitely. I think the Crypto Gambling Foundation is a good attempt at industry self-regulation, but efforts must be continued.

Hopefully countries with actual robust regulators like the U.S. can jump onboard.

Rengga Jati

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Quote from: chaser15 on June 28, 2021, 07:52:34 PM

Especially if we are talking about newly built websites.

By having a license, it means that they are serious about building their names. The team behind that newly built sites is not running in the shadow as their personal identities will be asked as part of getting the license just as what other business is doing too.

More comfortability to newbies if the site is licensed. But I will suggest newbies to just try the gambling sites that already made a name for assurance.

Yeah, I also think so. Although it doesn't guarantee, at least, they start their beginning in a serious way. Because I am pretty sure that getting a license is not as easy enough. There must be some data, T&C, and also other requirements to be fulfilled, including money maybe to get the license.

However, once more, the license doesn't guarantee that the gambling site is legit. Before playing, we must also check and analyze the site at first, reading their T&C, and also if we are going to play, just ensure to try it first by a small amount, and try to withdraw.
But personally, I will prefer to choose a reputable and trusted gambling site.

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Quote from: Alisha-k on June 29, 2021, 08:02:34 AM

In as much as gamblers interest has to be protected license should be a prerequisite. But I wonder why it should be that expensive most especially that of Malta while Curacao tend to make theirs a bit cheaper are there any difference in services or is there any other added advantage for the high rate to obtaining a license?

Maybe the expensive license can give them more protection for the members, so they need to use that license. We might not know what the advantage or differences of each license are. As long as the casino has a license, the members should not worry about anything worst that can happen to them while playing at that casino. The license can also help the casino attract more gamblers to play because the license is the important thing that the casino should have.

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What lies behind the licensing implemented towards the gambling operations on different countries, all I knew was all about money and greed. Authorities who handled the review on a certain gambling of cryptocurrency, tend to be blinded by power, that's why when it comes to expediting of licence processing I believed that additional information underground money was involved in reality.

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License to be honest is one of the major things that players are looking for in terms of security. Since most casinos chose Curacao, I see nothing wrong with it. Instead of not having any license, Curacao still provides security although it's cheaper than other licenses. Players would still prefer licensed casinos rather than unprotected ones.

Topic: Crypto Gambling Licenses - What they actually mean (Read 613 times)