Regulating bodies - page 3. | Bitcointalksearch.org

maydna

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Quote from: otandelapaz on May 03, 2019, 10:13:15 AM

Online gambling is very popular nowadays, specially those who also uses crypto for playing. With this popularity, there's ton of gambling sites/operators available. But the problem is who to trust? who plays fair and pays fair?

Are there any regulating bodies that verifies, rates, and promotes gambling sites that is genuinely fair to its customers? Not just on fair plays but also gambling sites that protects its customers identity etc. Thank you.

As long as you can choose the right gambling websites and it's recommended by many gamblers, I think it is fine to trust that site. I think they will be fair to all of their members and I don't think they will cheat them because once they get caught of cheating the members, they will lose trust from the members.

Regulating will be good for the gambling site because, with the regulations, the members will get protection if somehow the gambling site cheats them. But I think it's difficult to regulate the gambling site because the site is on the internet and it's different than the real casino which operates in one country.

Indrawan77

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For crypto gambling there is no regulatory body, crypto is decentralised and all of the gamblers likes the decentralised crypto gambling because they don't need to submit any data and can gamble without the fear of identity leak, I don't think there will be any crypto gambling that got regulatory body, once the gambler know its centralised then they will find another gambling site, usually people will choose the most trusted site to gamble, so most of the people choose the site by reputation and review by the trusted gambler

Caladonian

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Quote from: Dreamchaser21 on May 03, 2019, 06:50:18 PM

Regulating body will depend on the country of the gambling site, i think they are still a registered business and SEC are regulating them. Every trusted gambling sites are paying taxes, so I think they are someone who regulates them. Promoting gambling has no regulations at all, but the operations it must be legal.

Yes, they needed to be registered inside the countries jurisdictions in order to facilitate the business, after registering they need to pay everything that the countries rulings is requiring them, it will gather more trust form the gamblers if they provide those regulatory obligations that they are following and provide every informations and house rules from the government who's catering the business.

Each gambling site who wanted to stay longer around this business will comply to this regulatory bodies to make sure they are in a good terms from
the government.

Johnzky

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Lol theres no such thing as regulating bodies specially you are asking about online gambling, we only have Play at your own Risk here and thats how the cryptocurrency gambling works so better be aware

But you can verify each sites according to the people or bettors experiences and you can always check their credentials and credibility thru internet as their reported cases

Dreamchaser21

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Regulating body will depend on the country of the gambling site, i think they are still a registered business and SEC are regulating them. Every trusted gambling sites are paying taxes, so I think they are someone who regulates them. Promoting gambling has no regulations at all, but the operations it must be legal.

boyptc

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There's no regulating body to verify and promote gambling unless you are in a country that's main source of income is with gambling industry. You can play with those casinos that's provably fair.

And if you want to see protection as you gamble, stay with the reputable ones.

Patatas

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Quote from: otandelapaz on May 03, 2019, 10:13:15 AM

Online gambling is very popular nowadays, specially those who also uses crypto for playing. With this popularity, there's ton of gambling sites/operators available. But the problem is who to trust? who plays fair and pays fair?

You can only trust the solo service operators who are into business for a long time. Their reputation will speak for themselves. The new operators will have to prove their reliability and the trust will develop over time. Apart from that, trust is subjective.

Quote from: otandelapaz on May 03, 2019, 10:13:15 AM

Are there any regulating bodies that verifies, rates, and promotes gambling sites that is genuinely fair to its customers? Not just on fair plays but also gambling sites that protects its customers identity etc. Thank you.

Nope. You have to be your regulating body and trust your money with services based on your research. Of course, you can take this community and forum as a reference.

jhongzjhong

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Since online gambling industry is majority using crypto and just like also cryptocurrency though that nobody regulates the bodies. It is just us the player/gambler who to have the right to judge but we have a limit. There's no regulation in the online gambling industry using crypto that is just like investing in it. No one will be regulated but here in the forum, we can regulate them as those gambling sites.

rodel caling

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Quote from: otandelapaz on May 03, 2019, 10:13:15 AM

Online gambling is very popular nowadays, specially those who also uses crypto for playing. With this popularity, there's ton of gambling sites/operators available. But the problem is who to trust? who plays fair and pays fair?

Are there any regulating bodies that verifies, rates, and promotes gambling sites that is genuinely fair to its customers? Not just on fair plays but also gambling sites that protects its customers identity etc. Thank you.

Yeah that is true online crypto gambling is very poupular at this time but can you please clarify about the regulation what do want to say? Because as i knew there ia nothing regulation need to follow in the online gambling.
They can trust most of gambling herein crypto gambling because they protect their reputation to love the site of the people because they need give transparency and honestly for their customers.

HighArT

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That's not regulated just yet, but maybe it will be in the future if crypto will become mainstream.

Your biggest bet would be to do your own research before using any of crypto betting sites. For now. Nobody can guarantee you anything.

Duzter

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As the Market is decentralized we can't expect things to be regulated. Everything done with a gambling website is just on trust, as the cryptocurrency user community keeps widening there is good competence within gambling websites providing better support and trusted services. This is how the gambling websites gain reputation and functions flawless.

BUK2016

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Quote from: okala on May 03, 2019, 12:36:40 PM

Just like cryptocurrency industry the gambling industry is not regulated by law and at that their are at freedom to choose which ever rate they choose and either probably fair ground for players and investors. Only they reputation speaks.

Don't believe there's no body that stand out for gambling industry regulation, in UK there's a regulatory body that give license to gambling companies that want to venture into gambling like this How-we-regulate-the-gambling-industry

Gambling Act 2005

Quote

Our objectives

We permit gambling, in so far as we think it is reasonably consistent with the licensing objectives:

   preventing gambling from being a source of crime or disorder, being associated with crime or disorder, or being used to support crime
   ensuring that gambling is conducted in a fair and open way
   protecting children and other vulnerable persons from being harmed or exploited by gambling.

With this you should understand that, law govern the gambling industry which depends on your jurisdiction.

okala

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Quote from: jvdp on May 03, 2019, 02:42:24 PM

Regulation things not available for gambling sites. May be you get suggestion from the forum members and you do the own research to use any gambling sites. I wish to go with bitinity.

This is not the place to ask this query. I should move this thread to gambling discussion.
Suspected scam sites can be reported on this forum. trusted members may take action against such scammers.

As have said early gambling just like the ICO market can not be regulated and at that any gambling site are at liberty to do what ever the want, even some gambling owners who own an account on this forum and are red tag for some form of scam but nothing have been done about they gambling site's and are still functioning uptilt now.

jvdp

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Regulation things not available for gambling sites. May be you get suggestion from the forum members and you do the own research to use any gambling sites. I wish to go with bitinity.

This is not the place to ask this query. I should move this thread to gambling discussion.
Suspected scam sites can be reported on this forum. trusted members may take action against such scammers.

xvids

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Quote from: otandelapaz on May 03, 2019, 10:13:15 AM

Online gambling is very popular nowadays, specially those who also uses crypto for playing. With this popularity, there's ton of gambling sites/operators available. But the problem is who to trust? who plays fair and pays fair?

Are there any regulating bodies that verifies, rates, and promotes gambling sites that is genuinely fair to its customers? Not just on fair plays but also gambling sites that protects its customers identity etc. Thank you.

Right now there is no such thing as what you are searching for .
But you could always look for their provably fair statements besides it is not hard to find a trusted gambling sites.
We also have so many sites that review casino or gambling sites so you could juat easily use it.
P.S I really think that your post is in the wrong section you should move it.

nakamura12

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It's not that hard to know of that gambling site is decentralized which we know that no one is taking control on what is happening on that gambling site and second find a gambling site that does not required KYC to complete when creating an account to play on the site so, in short do your own research on which gambling site to pick that also protect the identity of the gambler.

JohnBitCo

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Quote from: okala on May 03, 2019, 12:36:40 PM

Just like cryptocurrency industry the gambling industry is not regulated by law and at that their are at freedom to choose which ever rate they choose and either probably fair ground for players and investors. Only they reputation speaks.

You have seen there are lot of scam ICO and scam coins in the crypto world too. Due to no regularity system, we see the emergence of many gambling sites whom purpose is to make quick money by scamming people. Although I do agree that if anyone want to establish a long term business in gambling, reputation will be the main focus for them.

FIFA worldcup

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Quote from: seoincorporation on May 03, 2019, 12:11:32 PM

Well, curacao-egaming.com are the ones who give the licenses from Costa Rica, they verify the engine and the site isn't rigged before giving the license.

That's not the case. Like the name suggests the licenses (Actually sub-licenses) are from Curacao, not Costa Rica. (Costa Rica is a popular place to incorporate a casino though, because it effectively has no gambling laws for foreign bets).

And they do not verify the engine (and if they did, it could silently changed, or they verify a different version).

As someone who's previously been granted a gaming license, I can tell you they're pretty much totally useless for a player. I think the only thing they're good for is showing that the company isn't a "fly-by-night" operation as they invested a few thousand in legal and licensing costs.

And if you're cheated by them, it gives you a potential avenue for recourse but it'd be a a pretty up-hill battle. And if they're malicious, they could've even gone through the whole licensing process with totally fake information and be anonymous.

--

So my strong advice for players would be to use a system they can verify themselves (i.e. provably fair) and a long history of being good standing with the community (as that's something worth millions of dollars, no well-run company would want to risk that). I'd also check out: https://cryptogambling.org/ while I don't know every name in the list, the ones I do know are pretty solid options.

Yes, with decentralization there is no check & balance and no central authority who could monitor all the fair plays and other stuff in gambling.
Rather i would say that this is much more better than a regulatory authority.

In case of Central gambling body, there might be some check and balance but more often we see these bodies are purchased by the big whales in the industry and they influence even those authorities to take biased decisions.

Now the only way for gambling site to survive for a long term is to be fair and supportive to its customers. Healthy competition among the sites is also benefit to the gamblers and i think gambling survival is best in the decentralized environment.

okala

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Just like cryptocurrency industry the gambling industry is not regulated by law and at that their are at freedom to choose which ever rate they choose and either probably fair ground for players and investors. Only they reputation speaks.

stomachgrowls

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Quote from: seoincorporation on May 03, 2019, 12:11:32 PM

Quote from: otandelapaz on May 03, 2019, 10:13:15 AM

Online gambling is very popular nowadays, specially those who also uses crypto for playing. With this popularity, there's ton of gambling sites/operators available. But the problem is who to trust? who plays fair and pays fair?

Are there any regulating bodies that verifies, rates, and promotes gambling sites that is genuinely fair to its customers? Not just on fair plays but also gambling sites that protects its customers identity etc. Thank you.

Well, curacao-egaming.com are the ones who give the licenses from Costa Rica, they verify the engine and the site isn't rigged before giving the license. Those licenses are cheap at all but they are a good signal on the site, if you see that license on a casino then for sure you can trust them.

Not all gambling sites do have that kind of license but they do still able to get big market share when it comes to gambling industry.It would always

matter with trust and building up reputation overtime.It isnt really that necessary for it to be verified yet number of players trusting a gambling site would
already be a valid factor you can consider that you are playing on a good one.

Topic: Regulating bodies - page 3. (Read 768 times)