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?
Topic: Crypto Gambling Licenses - What they actually mean - page 5. (Read 693 times)
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.
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.
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