Topic: Crypto Gambling Licenses - What they actually mean - page 5. (Read 613 times)

Strange ain't it? Not bad for a country who only wants to earn from licensing with no headache from chasing online gamblers and operators within their jurisdiction. I also asked about this last year https://bitcointalksearch.org/topic/--5281303

If more protection means KYC and other types of verification for a crypto casino then it will be shunned. The gambling platforms here understand that very well that's why they only get license from jurisdictions that doesn't prohibit a lot of countries.

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.

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?

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.