Crypto Gambling Licenses - What they actually mean - page 2.

Fundamentals Of

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Quote from: bittraffic on June 28, 2021, 08:19:33 PM

Quote from: Fundamentals Of on June 28, 2021, 07:10:39 PM

I guess crypto gambling licenses are mostly coming from Curacao and a few other places because it is where they allow crypto gambling businesses. Other countries may not allow crypto gambling. Aside from that, the requirements may be too expensive if a crypto gambling is to register one's operation somewhere else. Not to mention that it may have a lot of requirements. We have to understand that businesses prefer a cheaper and easier way to acquire a license.

Is there any casino that's very popular in crypto yet no license?

I have no idea but I doubt a crypto casino would become very popular if it does not have a license in the first place. A license may not be a guarantee that a casino would play it fair, but at the very least a license could somehow assure players that the casino has a certain amount of accountability for their business, that the casino is legally operating.

Also, if an unlicensed crypto casino becomes popular for its services, I guess they would also consider getting a license for its growing gambling business.

Alisha-k

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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?

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Quote from: Obito on June 28, 2021, 11:07:36 PM

I think having a license assures the consumer/users that they have nothing to worry about because they are a licensed business meaning that they can be prosecuted by the law if there's something that they do that can tarnish their reputation.

So if members have a problem and the casino does not solve the problem, they can report to the authorities and investigate the problem.
Yes, they can punish the casino if the casino has proven to do something wrong and even the authorities can drag their license back.
For a reputable casino, having a license will give trust to their members because they will seriously take care of their members and give them the best services.

Obito

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I think having a license assures the consumer/users that they have nothing to worry about because they are a licensed business meaning that they can be prosecuted by the law if there's something that they do that can tarnish their reputation.

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Quote from: Text on June 28, 2021, 09:40:49 PM

Quote from: bittraffic on June 28, 2021, 08:19:33 PM

Is there any casino that's very popular in crypto yet no license?

There is only one casino I know that is famous without a license, none other than freebitco.in. We know that it only started as a bitcoin faucet until it was augmented with game features such as provably fair and various types of sports betting and price predictions. So having a license is not a basis to say that a site is legitimate and trustworthy.

That's the point because even those who claims that they have license in the end becomes scammer or cheating their players so what is the sense of licensing if they are not truthful in their objectives?

and also there are sites that uses this license to pretend as legitimate site to lure bg time gamblers and when they attract them already as time goes by they are ending not to be fair and good site.

Text

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Quote from: bittraffic on June 28, 2021, 08:19:33 PM

Is there any casino that's very popular in crypto yet no license?

There is only one casino I know that is famous without a license, none other than freebitco.in. We know that it only started as a bitcoin faucet until it was augmented with game features such as provably fair and various types of sports betting and price predictions. So having a license is not a basis to say that a site is legitimate and trustworthy.

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A lot of these licensed casinos are known to do surprise KYC and other dodgy things to hinder players from cashing out large amounts. I prefer unlicensed casinos because they don't ask too many questions. If they have a good reputation then I know it is safe to trust them with a decent amount of money but I would never deposit anything greater than a few hundred dollars regardless of being licensed or unlicensed.

bittraffic

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Quote from: Fundamentals Of on June 28, 2021, 07:10:39 PM

I guess crypto gambling licenses are mostly coming from Curacao and a few other places because it is where they allow crypto gambling businesses. Other countries may not allow crypto gambling. Aside from that, the requirements may be too expensive if a crypto gambling is to register one's operation somewhere else. Not to mention that it may have a lot of requirements. We have to understand that businesses prefer a cheaper and easier way to acquire a license.

Curacao is their choice because it's the cheapest a casino owner could acquire. If they chose Montenegro Casino license, it's going to cost $390,000 so it's more sensible for a casino to just chose a Curacao license which is just $36,000 and it could operate anywhere like there will be no difference between licenses.

Is there any casino that's very popular in crypto yet no license?

Fundamentals Of

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I guess crypto gambling licenses are mostly coming from Curacao and a few other places because it is where they allow crypto gambling businesses. Other countries may not allow crypto gambling. Aside from that, the requirements may be too expensive if a crypto gambling is to register one's operation somewhere else. Not to mention that it may have a lot of requirements. We have to understand that businesses prefer a cheaper and easier way to acquire a license.

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License is not a big deal before so some sites were able to operate without it and reach the stage of being famous.

But with lots of scams happened and crypto-casinos are not regulated, getting a license will at least give a site some professional look as they are following the rules that a gambling site should have.

It's not an assurance that we are safe playing at licensed casinos but it's better to play at those instead of nothing in a random sites.

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Quote from: Rengga Jati on June 28, 2021, 05:11:09 PM

yeah, the license may not guarantee that the platform is legit. But at least, by registering in any license, they are serious to build and develop the platform,

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.

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Quote from: dothebeats on June 28, 2021, 08:42:28 AM

I'd say if the platform has a proven track record of positive service and nothing but positive reviews, even without a license, use those. Licenses aren't really necessary on this particular industry IMO, and it's really just a badge displayed by some platforms saying "hey I'm legit, use me" and that's it.

New sites don't have any proven track record. Users don't have any reviews to look at if they want to play on that new site. Even with good bonuses and promotions, it's hard to attract new users to the platform.

That's where license plays a role. If a new site registered on a license, they can somehow show that their service is legit and no way they will risk the name for a small-time scam. I'd rather see new sites today having a license.

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Quote from: AOBTCT6 on June 25, 2021, 07:47:40 AM

The licenses basically mean nothing!

Really?
Could it be a personal opinion only about this?
If you have two choices of the gambling platform:
- One is with licenses
- Another is without a license
What will you choose as the first platform to play gambling?
yeah, the license may not guarantee that the platform is legit. But at least, by registering in any license, they are serious to build and develop the platform, at least, they make the base foundation with something that is licensed and also under a law or regulation in some countries where a bookie or gambling platform must have a gambling license.
And this will also increase the reputation than they don't.
And of course, there are also some other things to consider besides license.
but, personally, I don't agree that a license means anything.

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Quote from: pawanjain on June 28, 2021, 11:32:43 AM

I have myself never looked for the license for any gambling sites because the reputation of any gambling site is only proved by it's genuinity over the period of time.
Even I think a license does not provide any usecase other than showing itself as a legal entity. But it's always good to have a license requirement to operate a casino or gambling site so that the fraudsters at least have some kind of barrier to operate it. If there had not been a license required to operate a casino then the amount of scam casinos and gambling sites would have been increased a lot.

Dont really care too when it comes to licenses or whatsoever as long there are lots people playing then that what matter most or does count because reputation cant really be based up if youre a licensed business but its part of reality that having one would really be already a plus or make out impression that they had been regulated which means they are legit and good ones but it doesnt really take out the risk on running off peoples funds so when it comes to risk
then it would really be just the same a licensed one or not but in overall having one would really a plus because impressions of having a license is totally
different based up on personal feeling and view.

just_Alice

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Sure thing, I've never checked whether the casino is licensed or not, there are far more important things to consider, such as provably fair, reviews, software, content, bonuses, etc.

It's almost the same as a patent. The idea can be pretty shitty in its nature, but they still will give you a patent as long as you pay the money and follow some basic rules, like don't steal anyone else's idea, be new and offer potential industrial applicability.

Considering that these licenses cost thousands of $, but basically don't mean anything to customers (I don't think that this is the kind of stuff people pay attention to), many legit casinos don't bother buying and maintaining them.

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Quote from: AOBTCT6 on June 25, 2021, 07:47:40 AM

When looking to sign up to a crypto sportsbook or casino I often take comfort from the fact they have a license. However, I've never actually looked into what those licenses mean. So I did a bit of digging and found out some very interesting information.

The licenses basically mean nothing!

I looked at 4 different licenses; Curacao, Malta, Costa Rica and Montenegro.

The vast majority of operators have the Curacao license which has a cost of around $36,000 as a one-off upfront payment, then it’s $6,000 a month every month for the first 2 years, which is a grand total of $180,000. This license is basically the bare minimum. In fact, a condition of the license is that the operator can't operate in Curacao - which should speak volumes.

BetBTC is the only sportsbook to have a Costa Rica license. Although this "license" is basically just a company registration.

Cloudbet is the only sportsbook to have a Montenegro license. This is the only license which does carry a bit of weight, so fair play to Cloudbet. It costs around $390,000 and does have a regulatory body which will look into your complaints.

The Malta license as it’s too expensive and too much work for a bit of paper that carries no real weight or protection for players.

If you're interested, you can read the full report I wrote here:
https://bitedge.com/blog/crypto-gambling-licenses/

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.

That's a very interesting insight into the world of casino licenses and kinda shows how much money these mega online casinos must be raking in if they're able to front those sort of licenses. I'd love to know how many prosecutions related to gambling fraud have taken place in those jurisdiction or how many licenses have been revoked after being issued (due to scam behavior by the license holder). It feels like with most places you are at the mercy of the actual owner, who admittedly has a strong incentive to keep their cash machine running smoothly, if there are ever any problems. I doubt there is much difference you'd get between a non-regulated operation based in Costa Rica with a supposedly "regulated" operation like Curacao.

harizen

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Since there's a question if a certain site should be supported or not, with or without a license, then just decide to ourselves if we want to support a certain site.

We should already know the risk that keeping money on a third-party site is already at risk. Now for the trust issues, then rely and consider our set of criteria before putting money on the site.

As for me, will stick to the reputable ones if it's about service. For testing new sites, I'm not that strict in terms of their license but I will test them based on what my DYOR tells me.

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Quote from: MCobian on June 28, 2021, 09:23:48 AM

Quote from: Kittygalore on June 28, 2021, 08:52:33 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.

License is an important thing to have, because casinos with licenses are certainly more guaranteed legality and this is actually one of the filters
to choose platforms that are safe to use. Licensing is also a way for the government to control the gambling industry, so casinos that have a license
usually have a tax obligation and this is actually a good thing to do. So reducing the risk of scams, the license is not something to be underestimated.

True on the real definition of license but the OP is stating about the available license for online casino that he mention. I don't fully agree nor disagree since I never experience to file an actual complaint to license operators but he is just pointing out how this licence cannot protect user in case there will be a complaint rising since as you can see when read the content, License like Curacao prohibits there license on there own country casino as per OP.

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Quote from: pawanjain on June 28, 2021, 11:32:43 AM

I have myself never looked for the license for any gambling sites because the reputation of any gambling site is only proved by it's genuinity over the period of time.
Even I think a license does not provide any usecase other than showing itself as a legal entity. But it's always good to have a license requirement to operate a casino or gambling site so that the fraudsters at least have some kind of barrier to operate it. If there had not been a license required to operate a casino then the amount of scam casinos and gambling sites would have been increased a lot.

Many countries now requires license to operate especially during Pandemic to keep their economy growing and since almost all transactions were into online now. It is already risky now to do gambling so atleast in the casino we will be playing it lessen the burden when it's registered and have liscensed since we know we have someone to run too. But its hassle so better read, research the casino we're playing with.

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I have myself never looked for the license for any gambling sites because the reputation of any gambling site is only proved by it's genuinity over the period of time.
Even I think a license does not provide any usecase other than showing itself as a legal entity. But it's always good to have a license requirement to operate a casino or gambling site so that the fraudsters at least have some kind of barrier to operate it. If there had not been a license required to operate a casino then the amount of scam casinos and gambling sites would have been increased a lot.

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