Regulations in online Gambling sites - page 10.

maydna

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Quote from: Coin_trader on August 06, 2020, 11:27:58 PM

Quote from: Janation on August 06, 2020, 09:50:09 PM

Does this mean every online casinos would require KYC?

I don’t see that KYC will be mandatory. Casino that have a license was already regulated which don’t required KYC. Only the amount of bet in Slot was being discussed to be regulated to control addiction of the player, This will be beneficial to the players because they can play without worrying about big loss. Actually this not a big deal because if ever the player reach the 100$ cap per month then they can just play other gambling games like dice, sportsbet and card games.

I think the KYC can be applied in the casino based on fiat, but in the casino based on crypto, that won't be easy because it needs regulation from the government, and many countries still not accept crypto. Perhaps, slots can attract many gamblers to spend much money in the games because to gamble on that game will no need to use big money in one bet. But I think all gambling games should be regulated because if only one gambling game regulated, people can still use the other gambling games to gamble, and there is a chance to see another addiction from other people. I think $100 per month will be too big to gamble for one person, but that can happen to the addiction gamblers because he can use more money to gamble, so he thinks that he can have more chances to win.

shoreno

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Quote from: Coin_trader on August 06, 2020, 11:27:58 PM

Quote from: Janation on August 06, 2020, 09:50:09 PM

Does this mean every online casinos would require KYC?

I don’t see that KYC will be mandatory. Casino that have a license was already regulated which don’t required KYC. Only the amount of bet in Slot was being discussed to be regulated to control addiction of the player, This will be beneficial to the players because they can play without worrying about big loss. Actually this not a big deal because if ever the player reach the 100$ cap per month then they can just play other gambling games like dice, sportsbet and card games.

unlicensed casinos are less strict than those who have a license and they are mainly that dont require a kyc upon my observation .

only slot bets are being restricted ? hmm naybe people get addicted on slots more than any other games and we can see how the number of slots grow but it shouldnt be slots only because every other games there are those players that bet huge enough .

Darker45

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100£ monthly deposit is just a soft cap. By giving that amount a label, there must be a higher cap probably depending on certain conditions. Furthermore, 100£ is low but gambling expenses should be low. It shouldn't be allocated with a budget that may get near the amount spent for necessities.

Also, it may actually accumulate because that monthly deposit limit probably discounts the fact that within a month that amount could actually double, triple, or even more.

While I am not a fan of rules, it is my general observation that people are better subjected to them rather than left absolutely free on their own. Yeah, people are no bots; they have awareness. But the thing is they are also very prone to spiral out of control.

Coin_trader

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Quote from: Janation on August 06, 2020, 09:50:09 PM

Does this mean every online casinos would require KYC?

I don’t see that KYC will be mandatory. Casino that have a license was already regulated which don’t required KYC. Only the amount of bet in Slot was being discussed to be regulated to control addiction of the player, This will be beneficial to the players because they can play without worrying about big loss. Actually this not a big deal because if ever the player reach the 100$ cap per month then they can just play other gambling games like dice, sportsbet and card games.

sunsilk

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£100 as a monthly cap is really a low limit for those gamblers that are even reaching more than this cap per month. There are good purposes and reasons why they are looking into making this happen.

But for now, let's wait for the future updates.

Quote from: Pmalek on August 06, 2020, 04:49:52 PM

At the moment this is just a proposal, who knows what will happen.

Janation

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Does this mean every online casinos would require KYC?

If that is the case I guess there would be a problem to some crypto gamblers since I know the majority of the gamblers using cryptocurrencies wants themselves to be anonymous or just doesn't want to send their information. I am fine with the cap or the requirement to provve but this is different.

Wexnident

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They should really put out said regulations even without the problem of quarantine. Well, at least, they should ask for proofs ( those that already have KYC anyway) like something of a monthly salary, monthly expenses OR just introduce a formula where they have to put out salaries and expenses, let the machine calculate, and let the user themselves follow whether such cap should be accepted or not, or casinos themselves could introduce caps using that.

Quote from: fiulpro on August 06, 2020, 03:06:44 AM

Quote

The report suggests the implementation of controls for online (remote) gambling. According to the paper, limits on both stake and speed of play need to be introduced. Online slots should have limits of £1 and £5 per bet. On the other hand, according to the report, non-slot content should receive limits on game design. This is because if non-slot content receives bet limits, it may become: “commercially non-viable.“

True, if they limited something like poker with 1 or 5 per bet? Huh

The hell would that make the game be. They could potentially lower the limit of raises and the like, to an acceptable range anyway. Or once the pot reaches a certain amount, game automatically picks up pace to get the river without asking players for more berts.

Quote

But 100£ cap is too low.

Well, it is supposed to limit them from spending too much. Using something like what I said, calculating salaries and expenses makes calculating a bit too different since some have almost no income, while some has a bit of income and the like, so I guess they just met at the middle and made a compromise.

TimeTeller

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Quote from: avikz on August 06, 2020, 07:24:10 AM

Government can certainly regulate online casinos if they want to but that doesn't mean they will have the power to regulate crypto related casinos. The reason is very simple,

1. Majority of the crypto casinos are not registered.
2. Since crypto casinos use many different cryptocurrencies, it is not always possible to cap it within a certain monetary value. They will have to be in units

Now the question comes if it is good for the industry. The soft cap of 100 euros will effectively kill the crypto casino business in the same way regulation will do. Crypto casinos are mostly for them who doesn't want to be identified or capped by any means. It will probably not hurt fiat based casinos because it is already regulated by the local regulatory bodies, but not at all good for the crypto casinos!

And in addition, most crypto casinos don't require KYC.
So I don't think they can regulate those online casinos who don't have the real info of their players.

Quote from: Pmalek on August 06, 2020, 04:49:52 PM

Guys the limit is proposed at £100 not 100€. It's for Great Britain, they don't use EURO. The limit makes sense for those living just above the poverty threshold. It makes no sense for those who don't.

They are just asking for trouble. This will just signal a new era where more people will move from regulated gambling companies to unregulated ones. It could also mean more business for Bitcoin casinos. Unfortunately, it will also open ways for unknowing UK gamblers to get scammed.

At the moment this is just a proposal, who knows what will happen.

As this is just a proposal in the meantime, expect that there will be more revisions in this regulation.
Also, if you are a true-blooded gambler, you already know by now how to get by on this rule.
Definitely, online casinos don't like their gamblers to have spending limit.
But since a lot of crypto casinos are not licensed and do not require KYC, these gamblers have their vast options if they don't want to be confined with this limit.

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Quote from: fiulpro on August 06, 2020, 03:06:44 AM

People are not bots.

Yes, often they're most stupid.

Quote from: fiulpro on August 06, 2020, 03:06:44 AM

What is your take on this ?

In one hand, any "care" is more bad than good for active people, because it's act something like damping of your will of power. This is if we are talking about trading, investments, business and so on. But in case of slots and casinos maybe this is not so bad, because in that case people don't get better, they get far worse because of gambling addiction. So maybe this time the arrow hit a right target.

Also, as i understood this regulation will affect only slots and such kind of gambling. And will not affect normal gambling like poker or Blackjack.

Pmalek

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Guys the limit is proposed at £100 not 100€. It's for Great Britain, they don't use EURO. The limit makes sense for those living just above the poverty threshold. It makes no sense for those who don't.

They are just asking for trouble. This will just signal a new era where more people will move from regulated gambling companies to unregulated ones. It could also mean more business for Bitcoin casinos. Unfortunately, it will also open ways for unknowing UK gamblers to get scammed.

At the moment this is just a proposal, who knows what will happen.

Oilacris

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Quote from: Questat on August 06, 2020, 11:23:07 AM

Quote from: yazher on August 06, 2020, 11:08:39 AM

Quote from: Ziskinberg on August 06, 2020, 07:07:54 AM

100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

I think they are going to make something good decision for the majority of the people and when this thing works out, they will have other rules to implement for anybody who can afford to lose more than 100 EUR. Anyway, this is good decision by the upper hand since gambling addiction can lead to people's death if not resolve immediately. anyone has different opinions regarding this one, the only way to stop the suicidal problem of a gambler addict is to test this kind of rules to see if it works or not.

There are good side and bad side of this regulation, this will bring inconvenience to gamblers who can really afford as they will have to go to a process to prove that they can afford to lose more than 100 EUR a month, and to think that Europe has a bigger minimum salary compared to other countries, I think 100 EUR is small for them, it looks like they are telling people to quit gambling.

Based on my research, the minimum wage in this country is around £8, I think this is per hour, therefore, one can earn £100 in at least 2 days if he works a minimum of 8 hours per day. So IMO the law doesn't makes sense.

https://www.gov.uk/national-minimum-wage-rates

It does make sense but they didnt consider out on looking in a larger scope but rather only focuses into those things that they had in mind. 100 euro limit month? it is indeed an indirect way

of telling or saying that people should stop gambling.We know on what their intentions are but it is just too low if they do impose such laws yet we know that there are indeed people

who do spend much more into that threshold.I wont be surprised if gambling companies would surely hide out transactions yet they would be the number one that wont like on said
new limitations.

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Well, let see what will happen to this regulation, it is now clear that gambling is just a form of entertainment not for the chasing money. This regulation perhaps will help to reduce the number of being addicted to gambling. Perhaps the government of Britain saw that there are a lot of people spending their time in gambling also the same their money. I don't think this will solve their problem, as many say, --gamblers will always looking and find ways just to gamble.

This perhaps will have a huge impact on cryptocurrencies, I have an insight that gamblers on Britain will witch into crypto because this is unregulated and no one knows when it comes to personal information. But I think, this kind of implementation is those online gambling that only accepts fiat not the crypto gambling online.

hatshepsut93

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I'm looking forward to seeing scientists analyzing the results of this regulation in the future, to determine whether it worked or not. It's easy for us to say right now what effects it might have, whether it will be positive or not, but who knows how it all work on practice?

My view, such harsh method would likely not fully work, as people will start looking for illegal/unregulated gambling more. It's kinda like war on drugs or prohibition - simply banning or severely limiting a thing doesn't work. But anti-smoking campaigns are quite effective, they made the prices of cigarettes really high and now a lot of people just can't afford it. They are actually trying something like that with gambling by adding taxes on winnings, and maybe this approach could be more effective.

Questat

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Quote from: yazher on August 06, 2020, 11:08:39 AM

Quote from: Ziskinberg on August 06, 2020, 07:07:54 AM

100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

I think they are going to make something good decision for the majority of the people and when this thing works out, they will have other rules to implement for anybody who can afford to lose more than 100 EUR. Anyway, this is good decision by the upper hand since gambling addiction can lead to people's death if not resolve immediately. anyone has different opinions regarding this one, the only way to stop the suicidal problem of a gambler addict is to test this kind of rules to see if it works or not.

There are good side and bad side of this regulation, this will bring inconvenience to gamblers who can really afford as they will have to go to a process to prove that they can afford to lose more than 100 EUR a month, and to think that Europe has a bigger minimum salary compared to other countries, I think 100 EUR is small for them, it looks like they are telling people to quit gambling.

Based on my research, the minimum wage in this country is around £8, I think this is per hour, therefore, one can earn £100 in at least 2 days if he works a minimum of 8 hours per day. So IMO the law doesn't makes sense.

https://www.gov.uk/national-minimum-wage-rates

yazher

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Quote from: Ziskinberg on August 06, 2020, 07:07:54 AM

100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

I think they are going to make something good decision for the majority of the people and when this thing works out, they will have other rules to implement for anybody who can afford to lose more than 100 EUR. Anyway, this is good decision by the upper hand since gambling addiction can lead to people's death if not resolve immediately. anyone has different opinions regarding this one, the only way to stop the suicidal problem of a gambler addict is to test this kind of rules to see if it works or not.

aioc

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Quote from: fiulpro on August 06, 2020, 03:06:44 AM

This one I might agree with somehow , as it will control the gambling addiction but at the same time it won't stop people from using other methods to gamble . They will just hide it from the government and use sites which doesn't follow up and end up getting scammed.

But 100£ cap is too low.

According to them they are looking forward for controlling the gambling of low income households and for the high income households they want to show them how they have to control their habits of gambling per-se

People are not bots.
They are very aware of what they are doing at the same time they could have opened the care system or something for them instead of controlling them like this , Because at the end of the day they cannot influence each and everything just like that .

It is done with good intentions but forcing people to follow rules will never go well with anyone.

What is your take on this ?

This news actually paves a way further into how the governmental bodies plan on regulating the online casinos especially the crypto ones .

This is like a totalitarian rule they are intruding someone's else preferred activity of entertainment people are very different when it comes to gambling there are people who spent a lot of money because they want to be entertainment and they want the excitement brought by gambling they don;t intrusion to their private lives, let's see if this succeed.

VanityWallets2015

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Agreed. Taking into consideration that is not usual for the government to be pro cryptocurrencies.
I also think that if online casinos will be regulated legally, then crypto casinos would possibly be affected as well.
Keeping in mind that it is not just about mandatory limits but regulations regarding general operations.

mu_enrico

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Quote from: fiulpro on August 06, 2020, 03:06:44 AM

The one am sharing is regarding the slot games being regulated online in Great Britain.

I understand why the Government wants to limit users' exposure to the slot games since it is the most addicting gambling games (much wow). Yes, 100 EUR is too low for British, and we can expect the real regulation would introduce a limit of at least 250 EUR (250 spins * 1 EUR).

IMHO, it would be better if the Government limit the bet size to 0.1 EUR and introduce maximum spins per minute, like 10 per minute. So let's do the math; users can only spend 1 EUR per minute. That's only 60 EUR per hour if he is a cursed slots player.

avikz

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Government can certainly regulate online casinos if they want to but that doesn't mean they will have the power to regulate crypto related casinos. The reason is very simple,

1. Majority of the crypto casinos are not registered.
2. Since crypto casinos use many different cryptocurrencies, it is not always possible to cap it within a certain monetary value. They will have to be in units

Now the question comes if it is good for the industry. The soft cap of 100 euros will effectively kill the crypto casino business in the same way regulation will do. Crypto casinos are mostly for them who doesn't want to be identified or capped by any means. It will probably not hurt fiat based casinos because it is already regulated by the local regulatory bodies, but not at all good for the crypto casinos!

Ziskinberg

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100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

Topic: Regulations in online Gambling sites - page 10. (Read 1328 times)