Topic: Government backed, regulated gambling is more predatory than Crypto Gambling - page 2. (Read 307 times)

Since crypto gambling still new industry and the government still not find any "dangerous" situation that similar like ordinary gambling.
Of course , government regulation keep improve and keep up to date since the time goes on and on so I'm sure that regulation will gone stricter !
It's normal thing as long as it's for both side behalf !

With out smart contract also you can find the many decentralized gambling sites in online buddy. If you search around the forum you can find many trustable gambling sites running more than 5 years and above bro. Please check those kind of legit gambling site and play as you wish.

Regulations from the government not only relay on the ICO it is affects the crypto gambling sites as well. Still they cannot be able to touch the gambling with decentralized medium dude. Ignore centralized site and stick with decentralized gambling sites.

I would disagree. Maybe that holds for some centralized gambling providers in crypto space, but it does definitely not hold for smart contracts based gambling where source code is open for everyone. Regardless of that, smart-contract-based casinos are the future of gambling anyway.

Yes, the US government are knew for their double faced games but the US government are not the only government that does this  kind of things because every government does things for their own selfish reason whenever they see something as a threat to their earning, position or power. However, they didn't ban ICOs but trying to control it and this was the exact thing they want to do with online crypto gambling site.

If anyone is genuinely expecting anything resembling logic or sense from the Trump administration, they are going to be waiting a long, long time.

US government is known for playing double faced games and Trump government has mastered in it! In the last G20 summit, the USA government has released a paper praising the cryptos and showing the positive side of cryptos. Everyone thought that they are going to legalize it, but what they did is banned ICOs. It is a great example of double faced game played by US government.

Online casinos probably throwing challenge to the government backed casinos and their revenues were getting affected. That is the reason they decided to shut those down. Such kind of practice is pretty old and true for every sector, not just gambling! What should have been done through healthy competition, is being done through the enforcement agencies. That's what the flaws of the centralized system. I do agree with OP's statement here!

Government backed/regulated gambling has its own benefits. In my country, gambling is completely banned if its not a government regulated game. The rates are lower than the rest of the world and you usually have to pick 3 games to bet on but the good thing is, you know you'll get your money if you win. That's why they make it incredibly hard for you to win.

When you play on an overseas casino you can't really sue them if they decide to rob you. Maybe you can but hiring an international lawyer to save a few thousand bucks is not going to worth it. That's how they get away with it. Good thing with them is, you can bet on almost anything and the rates are way higher.

So it is important to choose a casino with a very good reputation & history.

What the op has highlighted is indeed true and is a ongoing practice since decades, while he's chosen to highlight gambling industry, if one was to lift the corporate veil they'll easily see that's it's a common practice found in all industries, governments needs funds for development, to campaign for themselves and at times they do it cause their predecessors indulged in it.

I would not consider this cause as worth fighting for, as the Government will first choose to think about itself, it's incoming Money, they will not be in favour of equality for all, in this particular case the gambling industry, as we'll know gambling is a good source of income for the owner and governments.

None of them are regulated. Bovada is owned by Bodog and Bodog was under Federal indictment for 5 years... then bitcoin was added into their site and Bodog settled with the DOJ for pennies last year, the owners obviously made it clear they weren't coming to the US to hear what their court decides. Whether there is a law in the US that the gambling sites are breaking has always been debated, even when bodog was under indictment, they appeared to just want to slander them in the press and get a large settlement (in many people's opinion).

UIGEA was slipped into an unrelated bill in 2006 and is legislation that made it illegal for banks to provide money to gambling sites. Then the gambling sites got smart lawyers to tell them how to get around those laws. What is and isn't legal is completely up to whoever you ask, except in states like Washington and New York, there is state legislation prohibiting online gambling.

THEN you have Sheldon Adelson, the billionaire land based casino owner, funding politicians to block online gambling bills.
https://www.forbes.com/sites/nathanvardi/2013/11/22/sheldon-adelson-says-he-is-willing-to-spend-whatever-it-takes-to-stop-online-gambling/
https://www.forbes.com/sites/georgeleef/2017/11/16/online-gambling-none-of-washingtons-business-but-its-enemies-dont-care/

He just gave another $30 million to repblicans https://www.opensecrets.org/news/2018/07/sheldon-adelson-donates-30-million-for-house-republicans/

With crypto gambling sites, it is most likely that someone from US government makes an inquiry that scares the hell out of the teams lawyers and they just go with "block that country" as it is easier than fighting what the legality is.

What US Players NEED from a Crypto Gambling Site

One of the crypto gambling sites will have to be like pokerstars was back in 2006-2012. When UIGEA was passed in 2006, they paid expensive lawyers to tell them how to continue accepting US poker players and took over the whole industry. They also made sure players knew they would NOT lose their money depositing on pokerstars with credit cards from the US (this was new back then remember), through amazing customer service and consistent payments to players.

A new group now owns PokerStars and they are not the type to fight whether US laws are correct. Anyone in crypto that can show players they are trustworthy with cash outs and customer support is amazing (meaning YEARS of history, not months) will take over in the crypto gambling space. There is nobody standing out as AMAZING currently but where there is profit there will always be a few attempting.

 

I couldn't agree more with you on the standards a government should hold and encouraging gambling regardless of whether its fiat casinos or crypto should not be supported - that's my opinion, anyways.

I agree with you in principle, but if you think the government represents the interests of the people over the interests of themselves, you're kidding yourself.

I think some of the fiat casinos based in the US like Bovada and 5Dimes have started to legally accept Bitcoin as they are regulated by the goverment and pay taxes. Obvioulsy most of the online crypto sportsbooks and casinos are not regulated, and hence have stopped accepting players from the USA that may cause legal problems to their business. I don't play the lottery so can't comment on that.

Yes, but the problem is that the government is sponsoring it. We have to hold the government to a higher standard because it is supposed to represent the interests of the people.

Private corporations are supposed to have a fiduciary obligation to their shareholders and their job is to carefully walk the line between what is allowed and not allowed.

The government is supposed to be painting that line, so when they create and advertise their gambling products they get a lot more leeway.

It's like John Oliver said towards the end of his segment from 2014. (watch 20 seconds from the timestamp) https://youtu.be/9PK-netuhHA?t=13m53s .

What you say is true, but when has that ever stopped the government, or any industry for that matter? Fast food, alcohol, video games, (in some countries) smoking, are all advertised in a predatory way. The organizations behind these products do not care at all about individuals, their health, or potential financial problems. All they care about is getting your to part with your money.

I have watched a lot of bitcoin gambling sites come and go.

The first I was aware of was satoshi dice. An awesome site that allowed you to gamble right on the blockchain (which was discouraged by a lot of people in the community).

At some point in time, satoshi dice stopped allowing US Players (I'm sure it can be circumvented with a VPN).

The government effectively scared them away from their completely legitimate business.

Then there was another site where you could bet on the outcome of any event. Anyone could create a bet and anyone could bet on it.

It's great to have the ability to win a bet because you were right. I'd love to bet against anyone that bitcoin will again surpass it's ATH in the following 5 years especially during today's crashing CryptoCurrency market.

That site too, disappeared and it would further be impossible to legally run in the US, or extremely difficult.


And yet the government backed, sponsored and advertised gambling has a much larger scale, and it's much more predatory.

Government backed gambling is also morally bankrupt, as its advertised as a charity, but the money gets shuffled around and effectively no new money goes to the supported cause.

Here is an excellent starter video on the topic of the lottery in the US: https://www.youtube.com/watch?v=9PK-netuhHA (I don't agree with all of John Oliver's points, but you'll get an idea).

And there are infinite more cases of people addicted to the lottery, notably, Elliot Rodger https://www.youtube.com/watch?v=RrGrp4ZYrjg