Crypto Gambling Licenses - What they actually mean - page 3.

alegotardo

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

The licenses basically mean nothing!

A license won't stop gambling from robbing you, but it will help identify who owns and help local authorities look for thieves if an investigation is opened.
I believe, however, that today this doesn't help much, as Curaçao companies (for example) intermediate several processes for acquiring licenses from other companies located in many countries, everything is just a bureaucratic process in which the sole purpose is to collect fees for the government and these intermediation companies.

This still helps a little, as not every scammer will want to open a gambling site, spend it to license it, and then run a scam.

MCobian

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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.

shield132

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As I see, crypto casinos usually use the Curacao license because it's cheap and easy to maintain + you only pay 2% tax of your net profits. Also, right now, more than 90% of crypto casinos have Curacao license and it's very usual for gamblers to see, it almost turned into a tradition. I have even seen players who were at some point amazed by not seeing Curacao license and were asking whether the website was legit or not. yeah, really!

To say the truth, the license doesn't matter that much nowadays, certain licenses are acquired for certain benefits. What matters the most is the honesty of casino. There are great casinos like: Stake, Bitsler, Sportsbet and others that have Curacao license but they are leaders in the crypto industry and have gained enormous trust, popularity and profit. I doubt there is another sportsbook with more "trusted" license but as popular and trustworthy as Sportsbet.io

Kittygalore

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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.

dothebeats

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I don't really understand why these licenses only cover the bare minimum of what's expected from license providers. They basically are just some acting officials on an industry that can thrive even without them. Perhaps gambling platforms taking their license from the 4 mentioned ones think those would make them look like legitimate companies when in fact, even platforms with such licenses can basically fuck everyone in the ass if they wanted to.

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.

fortunecrypto

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I don't think that it is true, that a gambling licence means nothing. We as the gamblers get at least a low level of security from them, like whats the name of the company behind it and where it is registered. Online gambling licences are not comparable of the licence a physical casinos needs to obtain, on site casinos are facing much more supervision. It is true that you can obtain a gambling licence fairly cheap from special jurisdictions. In my opinion it is better to gamble with a casino that has a licence than one that has no licence at all, since there is no supervision over the internet. Having to pay at least 30,000 USD will prevent some scammers to open up their own casino.

That's your opinion and we respect that, but having a license will not and cannot stop scammers from scamming their players
1XBIT has an operating license and yet they are the biggest scammers in the gambling industry, and the license issuer did not yet revoke their license, this is one proof that reputation carries more weight than a license.

Quote

Website
www.1xbit.com
Year established
2016
Online Since
2016
License Holder
1X Corp N.V.
Address
Dr. M.J. Hugenholtzweg Z/N UTS Gebouw, Curacao, Netherlands Antilles
Operating License
Curacao
Bookmaker Type
Asian, European, Independent

imstillthebest

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

The licenses basically mean nothing!

maybe for the two license only because you dont write a nice description of what those license are for do but for the other two they have a purpose but is it true that curacao and malta are useless ? and why would someone pay them that high .
it was easy money for the owner of the license company .

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?

i dont check if some of the gambling site that i play have license but so far i dont experience a major problem with them .
its ok if they will get a license or not

AicecreaME

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Quote from: Sterbens on June 25, 2021, 09:33:07 AM

Gambling licenses are a form of giving permission so that they can be held accountable if at any time their legality is questioned.
When a gambling site cannot grant a license, it results in a low level of trust. Then why do you feel useless with the gambling site's license?
Isn't the license very important to determine if the activity on it will guarantee that the site has quality?

I think OP wants more benefits on having a license in gambling (if you're an owner) or if you're playing in a licensed online casino. A license basically means they are legally allowed to operate in a certain country, and give their customers the fullest security and assurance they need to trust the said online casino.

Having a license is a big impact on their morale, because they could easily attract players, depositing money on them without having any second thoughts. Also, a license is a way to prevent a scam for both parties, just in case an online casino scams you, the authorities know who to catch and where they should find them and file the legal cases on them.

BuNga_cute

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Quote from: Strongkored on June 28, 2021, 02:17:52 AM

Quote from: fiulpro on June 27, 2021, 11:53:26 AM

I did not know how much they actually paid for the license. I knew it was costly but this price, it would make the small companies suffer so much. During covid how hard would it be to pay this much. The initial investments that the companies might have to make far exceeds the number they would make in a month. That's the reason why most of the gambling companies, they break down at the end. Many of them are also involved in scams too. The casinos need to keep up to date and invest a lot more in advertising. What's more shocking is seeing how much money a well renown casino actually makes.
You can see the numbers and tell how hard it would be to trust a new casino.

I read that OP has mentioned of the fees that casinos have to provide to get a license, are about big money and for a new casino with a small investment value, it will definitely be difficult to get a license because of limited funds.
I myself not too concerned about that and consider it very important because I am not a player who will easily move from one casino to another. So license for the Casino has become other way to earn money from gambling industries.

It is quite expensive for the casino to pay to be able to get a license, therefore it does require large capital to build a casino. That's why I prefer
to use a casino that does have a license, because the casino is serious about running its business. Casinos that dare to spend big enough to get
a casino license do plan to maintain their reputation. While casinos that cannot afford the license fee, logically the casinos are not serious about
running their business seriously. So based on my experience casinos that have a license are much more trusted.

Lorence.xD

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Quote from: Lakai01 on June 28, 2021, 05:48:25 AM

Quote from: Lorence.xD on June 28, 2021, 05:14:00 AM

~

This has basically nothing at all to do with the company insuring itself and its employees, what should be insured by this? You can be sued despite a license just as easily as without one.

However, a license allows you to open casinos in countries that are stricter in terms of requirements. For example, some countries explicitly require a license from the UK, as this is the most difficult to obtain.

A simple Google search about the importance of business license lead me to this link. Also, if you are licensed, that also means that your business won't be hassled by the authorities since you have some license to show for.

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Quote from: Lorence.xD on June 28, 2021, 05:14:00 AM

They are an insurance for your business, the employees and yourself as an employer in the case of a lawsuit
-snip-

This has basically nothing at all to do with the company insuring itself and its employees, what should be insured by this? You can be sued despite a license just as easily as without one.

However, a license allows you to open casinos in countries that are stricter in terms of requirements. For example, some countries explicitly require a license from the UK, as this is the most difficult to obtain.

Lorence.xD

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They are an insurance for your business, the employees and yourself as an employer in the case of a lawsuit and it also adds legitimacy to your business because that means that you aren't unlikely to cheat your customers out of their money.

Strongkored

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Quote from: fiulpro on June 27, 2021, 11:53:26 AM

I did not know how much they actually paid for the license. I knew it was costly but this price, it would make the small companies suffer so much. During covid how hard would it be to pay this much. The initial investments that the companies might have to make far exceeds the number they would make in a month. That's the reason why most of the gambling companies, they break down at the end. Many of them are also involved in scams too. The casinos need to keep up to date and invest a lot more in advertising. What's more shocking is seeing how much money a well renown casino actually makes.
You can see the numbers and tell how hard it would be to trust a new casino.

I read that OP has mentioned of the fees that casinos have to provide to get a license, are about big money and for a new casino with a small investment value, it will definitely be difficult to get a license because of limited funds.
I myself not too concerned about that and consider it very important because I am not a player who will easily move from one casino to another. So license for the Casino has become other way to earn money from gambling industries.

robelneo

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Quote from: Yogee on June 25, 2021, 10:02:03 AM

You can read the sentiment of players here in my other topic about gambling license https://bitcointalksearch.org/topic/gambling-license-5279285
Majority of the responders doesn't really mind if the online casino is licensed or not.

I am one of those who voted, that I don't mind if the online casino is licensed or not, as long as the site is reputable, one example of a gambling site that has a Curacao license but scamming so many people is 1xbit, the license is not a guaranty that you are safe from playing because they will do everything to keep their license if you have that mindset you are in deep trouble and will not read reviews and will just go for gambling site with license showing in their homepage.

fiulpro

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I did not know how much they actually paid for the license. I knew it was costly but this price, it would make the small companies suffer so much. During covid how hard would it be to pay this much. The initial investments that the companies might have to make far exceeds the number they would make in a month. That's the reason why most of the gambling companies, they break down at the end. Many of them are also involved in scams too. The casinos need to keep up to date and invest a lot more in advertising. What's more shocking is seeing how much money a well renown casino actually makes.
You can see the numbers and tell how hard it would be to trust a new casino.

qwertyup23

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That said, the vast majority of casinos aren't in the business of screwing their customers. The odds are already in the houses' favor. My advice is to find an online casino with a good reputation, and just totally ignore any gaming license nonsense. And be your own auditor. Play at provably fair casinos, and actually make an effort to check the results.

While I do agree with the points that you raised, I think having a gambling license makes the website legit as they have an established license to operate.

Assuming that you are a newbie hoping to gamble some crypto/money, then you stumble upon two gambling websites where one has a license and the other has none, chances are that the person would choose the former.

While at paper it may seem nothing, but the confidence and trust that it provides to new users can be quite reassuring. But like what you have mentioned, the safest bet would probably to gamble on online gambling websites that have been around for a couple/several years already as they have established their presence in the industry.

ethereumhunter

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Well, that will depend on what you think about the crypto gambling license and if they think that the crypto gambling license means nothing, that will be up to you. We do not have to force them to use crypto gambling with a license if they do not want because I think some crypto casinos do not have licenses, but they can serve better than the crypto casino with a license. So no matter if the crypto gambling site has a license or not, as long as they can give the best services and not scam people, that will be no problem.

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Quote from: Maus0728 on June 25, 2021, 11:34:37 PM

I thought people are all aware that these gambling casinos do not care about protecting their players. I mean isn't it a fact? As far as I know, there is only a slight difference between unregulated and regulated casinos.

As much as I want to agree it's hard to assume that all people are aware since there's always new gamblers coming in and some of them will always have different views on the casinos they play based on experience.

Quote from: ?? on ??

I don't think that it is true, that a gambling licence means nothing. We as the gamblers get at least a low level of security from them, like whats the name of the company behind it and where it is registered. Online gambling licences are not comparable of the licence a physical casinos needs to obtain, on site casinos are facing much more supervision. It is true that you can obtain a gambling licence fairly cheap from special jurisdictions. In my opinion it is better to gamble with a casino that has a licence than one that has no licence at all, since there is no supervision over the internet. Having to pay at least 30,000 USD will prevent some scammers to open up their own casino.

I guess what OP is trying to say is that you can't always rely on these gambling licenses because there are licensed casinos that can still scam you. The fees is probably not that big of a deal to most casinos since they have the house edge. In the end the casino's reputation will always be more important compared to their license.

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Yes, we are talking about the license of gambling sites but how can we know or validate if the license logo on their casino website is valid?

What are the steps these license providers take to get a casino to pass before they issue it? Like recognizing the true identity of the owner? Or maybe just having money to pay is fine.

RokokGudangGaram

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I think I get what OP said I've seen a lot of gambling sites that turned into a scam and even though they have license it won't stop them from scamming users the only worst thing that happened to those website were just closed but I don't think its worth it since I think gambling license will cost a lot of money and instead of scamming for 1 time it's much profitable if they just do fair business.

Topic: Crypto Gambling Licenses - What they actually mean - page 3. (Read 693 times)