The future of CBDC in gambling. - page 6.

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Quote from: ethereumhunter on March 24, 2023, 06:48:40 AM

Maybe CBDC has a good future too but I don't know because it also depends on the approval of each government. If they don't allow CBDCs, gamblers will revert to their previous form because that's what made them comfortable depositing and withdrawing their money.

It's like the actual money so I don't think that they'll refuse it to be used in the gambling industry so, it's most likely that it will be used.
But for us gamblers here, we know that it won't be a matter whether the government refuses or not, we have other means of gambling and that's where we've started and that's with the use of cryptocurrencies.

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Quote from: Lucasgabd on March 24, 2023, 03:54:41 PM

it'll vary a lot from country to country
since the gambling laws also vary a lot
but I don't see why a country that allow gambling would change anything with CBDC or without it
it's just another way of paying in the end (with way less privacy of course)

Well, it is very possible for some countries to force the use of CBDC on its citizens if citizens are weak, though this have nothing to do with gambling, but everything to do with cryptocurrencies in general, it is the same thing the Nigerian government tried to do to us, seeing he rise of bitcoin and its usage in my country, the government introduced e-naira ( a digital form of our normal Naira notes), and banned cryptocurrency trading in the country , their way of trying to force everyone to embrace e-naira, but unfortunately for them, e-naira currently seem like a failed project already, as no one in the country seems interest in it.

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Isn't it obvious that CBDC is one of the future legal tenders in gambling? The government had been studying and developing its CBDC. Once the preparation is finished, they will implement it for their constituents and institution. It is just a matter of time to hear that CBDC is implemented as a deposit option in all casino platforms. The technology is going in that direction, it just needs proper regulation and laws before it is implemented.

Quote from: goldkingcoiner on March 24, 2023, 03:36:35 PM

I think that gambling with CBDCs will not be possible in countries that are against gambling.

Lol, isn't it obvious?

Quote from: goldkingcoiner on March 24, 2023, 03:36:35 PM

And even the countries that currently are ok with gambling, they will eventually exercise their power with the technology behind CBDCs to determine what you can buy, cannot buy and what you can and cannot spend your CBDC tokens/coins on. The governments would already enforce this kind of control if they could. But they currently cannot.

For those countries that allows gambling and had developed CBDC, it is an obvious course that they will allow the use of CBDC in their gambling platform.

Quote from: goldkingcoiner on March 24, 2023, 03:36:35 PM

I think we should keep pushing against CBDCs. Unless we all want to live in China and be under total dictatorial financial control.

It is not on us but on the government. When did the government listen to its citizen when they think the request is not benificial to the state?

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There's no need to be upset

it'll vary a lot from country to country
since the gambling laws also vary a lot
but I don't see why a country that allow gambling would change anything with CBDC or without it
it's just another way of paying in the end (with way less privacy of course)

goldkingcoiner

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I think that gambling with CBDCs will not be possible in countries that are against gambling. And even the countries that currently are ok with gambling, they will eventually exercise their power with the technology behind CBDCs to determine what you can buy, cannot buy and what you can and cannot spend your CBDC tokens/coins on. The governments would already enforce this kind of control if they could. But they currently cannot.

I think we should keep pushing against CBDCs. Unless we all want to live in China and be under total dictatorial financial control.

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Quote from: Rruchi man on March 22, 2023, 01:37:05 PM

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

The question of cbdc being accepted in casino is still early and hasty because it is not all countries that have even accepted to adopt bitcoin transaction. And the currency to use in an online game should be used by many other countries to be able to have access to deposit and withdrawal. Even at the moment, it is not all cryptocurrency is used in casino so using of cbdc will be jurisdiction based if that will happen in any case. That means some countries will be restricted from using their own cbdc.

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CBDC is just a regular fiat that use the blockchain technology. Major casino accepts fiat currency on their deposit option so I’m sure that CBDC will be added shortly if there’s already a demand on it. Most of online casino start on fiat deposit only and they just expand on crypto due to the good market. This is same case with CBDC if this currency will be widely use globally.

Casino is already implementing KYC which is the number requirements of CBDC since this currency is fully regulated by the law.

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Quote from: uneng on March 22, 2023, 02:00:01 PM

One of the features presented by CBDCs is the fact they are highly traceable by the regulator body behind it.
For some gamblers it may not be an issue, but for others I believe that is a big cons, therefore they will tend to avoid gambling with CBDCs, still going for fiat (as we have right now), bitcoin and altcoins (especially stablecoins).

Everyone who have concerns regards privacy will try avoiding this category of currency, and in case CBDCs find a fertile land in gambling industry, it will mean most gamblers aren't worried about their funds and financial routine being tracked by the Central Bank. So let's see.

The pros is the ease of gambling, they can just literally use their phones to gamble.
But the cons are like you said. Privacy. They will be snooping at your gambling activity and usage of your funds and I doubt they will just sit around and watch you waste all the money until it's depleted. I bet they will try to control it by putting a restriction once you are getting low in balance, and that way you will be forced to deposit more.
That won't be cool for gamblers who like to gamble their way until the end. Zero. Rekt. When you are being monitored, you cannot feel the excitement of going all-in.

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Quote from: Oshosondy on March 22, 2023, 01:44:58 PM

CBDCs are not cryptocurrencies.

Non of our concern here with fiat, CBDCs are just fiat and nothing more. If any gambling site begins to accept CBDCs which is what would later happen, they are still just accepting fiat. Our concern here is crypto, not fiat.

Right. These CBDCs is just a form of fiat currency, and it’s still backed by a central bank. So it won’t be surprising if in the long run CBDCs will be accepted for betting in legal gambling casinos. Unlike bitcoin, it’s totally centralized so the government would always want to make it a legal tender the moment they want to impose it. However, I’m still not seeing it that gambling casinos would implement CBDCs for betting, but maybe in the future. For now, since there are known crypto gambling casinos, they would still prefer to accept cryptocurrencies than CBDCs.

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Maybe CBDC has a good future too but I don't know because it also depends on the approval of each government. If they don't allow CBDCs, gamblers will revert to their previous form because that's what made them comfortable depositing and withdrawing their money.

But crypto gamblers will probably still use crypto casinos to play gambling. They will not switch to using CBDC or other forms because they have found comfort in playing gambling. But it seems that the development of CBDCs in the future, especially for cities that allow gambling, can be faster than in other cities.

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Quote from: Davidvictorson on March 23, 2023, 09:25:53 AM

Just like bitcoin, CBDC has its place and a future in gambling. However, we should note that they are not as the same as bitcoin. One is centralized, backed by the Central Banks of Countries, the other is decentralized and backed by the will of the people. However, when compared to fiat they are both secured from hacking and other financial frauds.

If you ask me, gamblers would prefer to use Bitcoin for gambling which is more anonymous than any CBDC. So although, it makes sense to use CBDC for the afore mentioned reasons, it's future in the gambling industry will be dependent on it's adoption and listing in online casinos.

Saying that CBDCs are backed by Centrals banks is the same that saying they are not actually backed by anything at all, but trust. Tongue

Also, I am not trying to be pessimistic but if things continue to go this way with the mempool congestion and the ordinals, I would not be surprised if some gambler would rather to switch to CBDC's and their (expectantly) instant transactions. These fees in the Bitcoin network are simply not suitable for those who want to gamble and do not have big pockets, in my opinion.

No way to transfer 5 bucks in BTC onto a casino to try it. Roll Eyes

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Quote from: bittraffic on March 22, 2023, 04:15:00 PM

If the casino is regulated we might see the ease of use of the CBDC wallets. There is no need for KYC because you already have KYC on it and they wouldn't need to verify things, they already know what you are doing. CBDC might even send a direct message to your wallet congratulating you for winning a slot game. But I guess the budget allocated for gambling spending is also regularly monitored.

I think it will be as you say. The first to implement deposits with CBDCs will be fiat casinos.

Quote from: davis196 on March 23, 2023, 08:01:46 AM

The real question isn't whether or not CBDCs have future in the gambling industry. The real question is will the central banks allow CBDCs to be used for gambling. I hear theories that CBDCs might have an "expiration date" which will force the users to spend them before they expire.
I also hear rumors that the central banks will be able to track and control all CBDC transactions. This means that some CBDC transactions might be considered illegal and banned by the central banks. Gambling is considered illegal in many countries, so I don't think that CBDCs implementation will be a good thing for the gambling industry. Perhaps many online casino would just stay away from CBDCs, because of privacy concerns.

You seem to forget that in most parts of the world gambling is allowed and governments make a good profit from it. CBDCs are programmable and as such things can be done with them that we will see if they end up being implemented but what does not make sense is that governments that allow gambling, have regulated it and charge taxes for it are going to block gambling with CBDCs.

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Quote from: Rruchi man on March 22, 2023, 01:37:05 PM

With how much CBDC's are being developed for use as a legal tender, do you think there is a future for gambling with CBDC's?

Last year (2022), Macau which is popularly known as the gambling capital of the world due to it's booming casino business were planning to give CBDC's the status other accepted Legal tenders had. It raised the question of it this will prompt casino's in the city to begin accepting CBDC's for gambling?

The government in Macau did not say when;

Quote

The government has not established a deadline for when or which digital currencies will be accepted

But it is something to expect.

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

Gambling Capital of the World Macau to accept CBDC as Legal tender

If CBDC becomes a thing, then yeah, highly likely it will play an important role in the gambling industries in the future. Like you have mentioned in your post, Macau's move to consider CBDCs as legal tender could be a significant step in that direction since Macau is a major gambling hub and other casinos from different countries will likely follow them after observing how the casinos on that country is performing. CBDCs might be faster and cheaper, but if people are concerned about privacy, highly like people will avoid it. But then again, most casinos now requires KYC, and people still plays on those casinos, so privacy won't be an issue for majority of the people.

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I'd say it's a big YES....
As much as I know, the world is evolving and everything seems to be affected temporarily or permanently as the case might be..
CBDCs are simply the same FIAT we're using currently, .... although they've been made to look like crypto - in terms of Trnxs and means of operation -- but anything that's managed by a certain organization and doesn't have a Blockchain in charge of every trnxs and record keeping isn't crypto.... It follows digital processes doesn't mean it's BTC itself.
On the other hand, it will not just be a part of gambling but it might even affect the process and create some restrictions, Which are stictly unwanted.

Sandra 🧑‍🦰

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Quote from: Wakate on March 23, 2023, 06:11:02 AM

Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

I agree with the majority here, it's just a digital copy of fiat so it will be accepted by casinos not just by Macao by all over the world. And for sure government might be pushing for it as we will go cashless in the future, although there are far more advance nation in Europe already that are going cashless and digital.

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

So there will be no advantage for us, I guess. Maybe we might used it more often though than a fiat system.

Since it is a digital currency that is built on Blockchain then accepting it should not be a problem since the government are in charge. Just like China, they encourage business to do transactions with there cbdc digital fiat which had been into existence for long now. Many countries are creating there own cbdc for businesses to use it so to make there currency strong. We should not be surprised seeing gambling sites accepting cbdc from gamblers from different regions.

Cbdcs are really just that e-fiat because each country could really create their own but i dont really see huge differences in between fiat this is why i dont see much difference if we do speak about

gambling industry to be applied on this one.It would really be that great for those who are been using it but there's no such that difference since its government regulated.

Unlike if they would be accepting out decentralized crypto then it would be always great since there's always a market for that.

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Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

I agree with the majority here, it's just a digital copy of fiat so it will be accepted by casinos not just by Macao by all over the world. And for sure government might be pushing for it as we will go cashless in the future, although there are far more advance nation in Europe already that are going cashless and digital.

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

So there will be no advantage for us, I guess. Maybe we might used it more often though than a fiat system.

We also need to keep in mind that if CBDCs happen (depending on country by country of course), it might be the only legal tender we are dealing with. I think the long-term idea of the CBDC introduction is to get rid of cash and to implement a digital surveillance infrastructure for all things related to payments. There is no better option than state or central bank controlled digital money. Even if they claim that privacy is important, we all know how that is going to play out in the end. Laws will be loosened, exceptions will be included, and more discretionary power will be awarded to authorities. Casinos could quickly become one such exception as the claim is that everyone who is playing is probably washing money or evading taxes and there you go, all transaction from and to casinos are made visible to authorities for further investigation. That could even be automated.

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Just like bitcoin, CBDC has its place and a future in gambling. However, we should note that they are not as the same as bitcoin. One is centralized, backed by the Central Banks of Countries, the other is decentralized and backed by the will of the people. However, when compared to fiat they are both secured from hacking and other financial frauds.

If you ask me, gamblers would prefer to use Bitcoin for gambling which is more anonymous than any CBDC. So although, it makes sense to use CBDC for the afore mentioned reasons, it's future in the gambling industry will be dependent on it's adoption and listing in online casinos.

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I don't see any problem with online casinos accepting CBDCs if they are already accepting fiat payments. It should be an easy transition or addition to the deposit and withdrawal option. They are probably just waiting for the proper rules and regulation from regulatory agencies before they implement it.

Quote from: Hirose UK on March 23, 2023, 01:30:30 AM

Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

CBDCs may move forward but what you need to understand is that they will never become part of society like fiat money.

Credit cards and Debit cards didn't exist before but a lot of people prefer using it now over the physical cash.
Volume of transactions in online payment gateways have also risen in the past few years.
CBDC? Government can also entice or force the common people to use it just like those two above. We're already in the digital age so don't doubt their capability.

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Quote from: Rruchi man on March 22, 2023, 01:37:05 PM

With how much CBDC's are being developed for use as a legal tender, do you think there is a future for gambling with CBDC's?

There's none for now base on what we can see, consider how many countries have adopted CBDC, the number of people from each country taking advantage from the use of this CBDC, as a matter of urgency consideration, gamblers prefers using bitcoin or any other cryptocurrency for gambling than digital fiat, also I don't think many of the gambling casino's have been made it a take on enlisting CBDC among their coins they support it's use for their online casino gambling.

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Quote from: len01 on March 23, 2023, 12:17:37 AM

the future of gambling using CBDC could be yes or no, it depends on the enthusiasts of the gambler there if there is increasing interest in the gamblers using the CBDC I think there will be a future of gambling using the CBDC,
but if gamblers' interest in the currency declines, it may be difficult to have a future gambling using CBDCs.

The real question isn't whether or not CBDCs have future in the gambling industry. The real question is will the central banks allow CBDCs to be used for gambling. I hear theories that CBDCs might have an "expiration date" which will force the users to spend them before they expire.
I also hear rumors that the central banks will be able to track and control all CBDC transactions. This means that some CBDC transactions might be considered illegal and banned by the central banks. Gambling is considered illegal in many countries, so I don't think that CBDCs implementation will be a good thing for the gambling industry. Perhaps many online casino would just stay away from CBDCs, because of privacy concerns.

Topic: The future of CBDC in gambling. - page 6. (Read 814 times)