Thought's on many major fiat-crypto payment gateways ditching casino business's? - page 3.

Ever-young

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Quote from: Frank_Holo on August 24, 2023, 05:58:53 AM

Transak on the other hand are just straight up removing themselves from the gambling industry altogether.

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

Gambler are not only limited to funding there account through any of those payment gateway providers, they have other means of acquiring crypto which they want to use for there gambling activities. All they just need do is either buy from any merchant either through DEX P2P or use centralized exchange which have P2P option or which ever platform that permits direct deposit, those purchased coins can then be transferred to the betting account.

There is nothing too big about the monopay payment gateway rather than the gambling sites trying to make things easier for there customers so anything making those payment gateway to stop offering there service to casinos will definitely have something to do with regulation as both parties are gaining from the service they provide to each other.

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Quote from: bhadz on August 26, 2023, 04:52:36 PM

If those payment processors are being monitored by their local regulators and there's a rule that they need to follow to cease accepting new casinos into their platform that shall use their services then they have to follow and obliged to obey. As much as for the sake of business, they'll surely love to follow and allow everyone to use them. But I guess there has to be a reason like the regulators that are closely monitoring and have became strict on their protocols so, they have no choice but to stop their partnership on them.

They just don't want to ruin their business by complying with what they are told to do.
Maybe, they have directive from their management not to accept any casino business anymore for the time being.
But once the regulators are fine with it, they will surely accept more of this in the future, because it is business.
We can't tell what's their reasoning but for sure they have valid one, because there are so many online casinos now that they do need such kind of payment gateway.

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Quote from: Frank_Holo on August 24, 2023, 05:58:53 AM

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

I don't see any problem here because I believe new providers will be created and they'll offer their services to the other casino not having a crypto to fiat payment gateway yet and that's if they'll need one. I believe they'll do this because they'll want to establish their brand.

And the best way to establish your brand in an industry that's already dominated by similar projects is to collaborate with casinos that are already popular but don't have a fiat to crypto payment getaway yet. That's just the way things always work out through collaboration.

But this gateways are becoming less popular as gamblers are preferring to withdraw their profits or make deposit through cryptocurency because they're fast and very reliable unlike the payment gateway that can be slow at times and unreliable due to failed or poor network.

bhadz

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If those payment processors are being monitored by their local regulators and there's a rule that they need to follow to cease accepting new casinos into their platform that shall use their services then they have to follow and obliged to obey. As much as for the sake of business, they'll surely love to follow and allow everyone to use them. But I guess there has to be a reason like the regulators that are closely monitoring and have became strict on their protocols so, they have no choice but to stop their partnership on them.

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Quote from: Frank_Holo on August 24, 2023, 05:58:53 AM

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

It's all about money. If they aren't giving access to new casinos it means it's highly profitable to stick exclusively with the consolidated ones. More profitable than it could ever be if they accepted new casinos onboard. I think it's a pitty it happens this way, because crypto is totally about decentralization and decentralization was supposed to solve the issue with treating businesses and people differently depending their financial status and contacts network. Unfortunatelly the big guys will always be treated with exclusivity in this world. That is the reality, and if you want to be treated like that, you have to fight to be one of the big guys.

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They are limiting themselves on a huge market that is booming. Perhaps, they don't want to be associated with other casinos that are simply just not up to their 'standards.' Or maybe they also want to transition into a different space but keep their big clientele for a steady cash flow as the transition happens. Plus, the condition that they will only warm up to US and UK clients only means that they are looking to serve only these people in these countries first. It's really a bad image to portray, but someone will surely step up and fill the gap these payment gateways will leave.

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Quote from: Cryptomultiplier on August 26, 2023, 07:54:49 AM

Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.
One shouldn't blame them for the decision to ditch casinos but be hopeful instead that other crypto- payment gateways would be developed to facilitate fiat- crypto payments for emerging casino businesses who are yet to discover this looming issue.

^ This was what I thought too, in addition, this situation could also lead to opportunities for the development of specialized payment solutions catering specifically to emerging casino businesses. We know there will always be innovation in this there is potential for new gateways to emerge and provide the much-needed infrastructure for fiat-crypto transactions within the casino sector. The decision by fiat-crypto payment gateways to distance themselves from casino businesses probably indeed be influenced by the unique challenges and regulatory scrutiny that the casino industry often faces. These gateways could be prioritizing stability and compliance to ensure their long-term viability, that is my personal opinion only.

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Quote from: o48o on August 24, 2023, 03:45:56 PM

Quote from: darkangel11 on August 24, 2023, 03:10:37 PM

Why would a crypto casino care whether it can or cannot strike a deal with a fiat payment gateway?
As for he ditching, it was like that from the beginning. Fiat companies would try to make deals with crypto companies and either found the amount of people willing to use them too small, or were given a warning from some government agency that helping a crypto business may lead to some more frequent checkups by tax authorities. At least that was the case in my area. It's obvious governments (in general) don't want banks and payment companies to work with crypto firms. A crypto casino is even a bigger issue to them.

Well any service that could potentially make more revenue and is making depositing money easier for some people is worth using.

However this is the only post i found about this subject and i guess i would have just to blindly trust OP on this issue, as only source for this is OP saying he/she contacted those services. He didn't include any screenshots about these conversations so i would need to confirm this myself. I see no reason for OP lying about this but it seems really unbeliveable that this would be only post about this subject. Maybe someone else has more info, or OP would like to elaborate on this.

What I was trying to say there, we have much more fiat casinos than the ones that focus on cryptocurrencies. People who are interested in fiat gambling already have their favourites and using fiat at a casino exposes you to the bank, that monitors your inflows and outflows. For many people the way crypto casinos are disconnected from the fiat system (even the ones that do KYC) is important.
IMO crypto casinos that used to be full crypto and then started to accept fiat, get very small income from that source. People who were gambling with them were there for crypto and people who were looking for fiat gambling have already a lot of registered and licensed sites with better reputation than crypto casinos.

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Quote from: Cryptomultiplier on August 26, 2023, 07:54:49 AM

Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.
One shouldn't blame them for the decision to ditch casinos but be hopeful instead that other crypto- payment gateways would be developed to facilitate fiat- crypto payments for emerging casino businesses who are yet to discover this looming issue.

The struggle they must be having with regulators must be very harsh if they have preferred not longer to offer liquidity to gamblers, specially if we keep in mind that gambling is specially relevant in this ecosystem, in both a historical and economical context.

Makes me wonder what kind of market these payment processors could aim at, in order to cover all the volume they are missing out by not engaging with casinos. Big players of other internet industries do not seem to be eager to adopt cryptocurrency, for example, Amazon doing some partnership with them would be a huge deal, but unfortunately that is unlikely to happen.

This also reminds me the occasion traditional payment processors cut ties with adult content webs, and the latter ones has to move onto crypto to continue to carry on.

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Quote from: pawanjain on August 26, 2023, 06:36:03 AM

Quote from: Frank_Holo on August 24, 2023, 05:58:53 AM

Hey guys, so I've been doing some digging into fiat-crypto casino payment gateways specifically. Right now Stake.com and Bc.game use Moonpay for their "buy crypto" function, however after contacting Moonpay, Transak and a few other major fiat-crypto payment gateways I've learned that these providers no longer accept new casino business.

In the case of Moonpay they are upholding their existing agreements with casino providers (for now I guess) but new operators are only being accepted with casino licenses in the UK and USA (both of which require their own unique gaming licenses) as well as a reputable international license (e.g. curacao, malta, antigua etc.).

Transak on the other hand are just straight up removing themselves from the gambling industry altogether.

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

Do you know the reason why this is happening ?
I think it's because of the frauds that are taking place. Some people launder money, some people deposit illegal money etc...
May be it was becoming difficult for those payment gateways to distinguish between such activities and so they are considering to restrict it.

I agree into this point because if there would really be no such restriction and those kind of limitations or prohibitions then laundering money would really be that so simple and could really be easily done. So it

would really be just that a normal approach that these things would really be adjusting out basing on what are the things that might supposed to happen. This is why they do set out those kind of requirements or guidelines on what must follow and on whats not. If ever there would be some changes or acceptance or applying out something on the system, if its needed up for some verification or compliance then it
should be done and thats become the standard. We do really have that fiat-crypto or crypto-fiat payment processors or gateways which it isnt already shocking if ever they would really be
getting inline with those laws which they should need to abide. So dont expect about having that full anonymity and decentralized ways on this kind of transactions.You should expect the other way around.

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The financial domain is not as easy as it seems from the user's perspective. If you pick up any authority guideline when a wallet is being set up both the parties that is issuer and installer would need a prepared payment instrument license. Now, things are even more sophisticated when it comes down to crypto-to-fiat or fiat to the crypto type of payments. Since both parties need to declare the users accounting records various clients started asking for the KYC and there is just a broken war when the user needs to submit the KYC, as a result, they leave the casino or choose to not swipe their cards for crypto.

Everything hen leads to casinos that always search for less restrictive issuers and thus there are only strong players whose connections are good will survive in the business of making transactions like this.

For UK and USA, casinos are always strict when it comes to adding money. No casino will ever let you put a single dime in their account as long as you have not done KYC verification.

They have an amazing system of verifying your SSN status on the spot, so that's why only players like MoonPay might be having some holds for now. New players wont last due to restrictive behaviour of the business.

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Quote from: pawanjain on August 26, 2023, 06:36:03 AM

Do you know the reason why this is happening ?
I think it's because of the frauds that are taking place. Some people launder money, some people deposit illegal money etc...
May be it was becoming difficult for those payment gateways to distinguish between such activities and so they are considering to restrict it.

I believe the most likely reason is because of regulatory pressure. It does not necessarily mean an unfriendly regulatory outlook but rather a more enforcement of strict policy for the cryptocurrency gambling business.

In regard to fraud taking place, certainly the services already consider such thing as possibility within the day-to-day business activity, hence, they already have an AML policy set in place for their own platforms and services. So this one can be ruled out from possibilities. You can take a look at the related policy on their site:
https://www.moonpay.com/legal/aml_kyc_policy
https://transak.com/terms-of-service

Quote from: Cryptomultiplier on August 26, 2023, 07:54:49 AM

Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.

With the rising crypto gambling interest both from the players and the casino, I doubt those payment gateway services did not find it lucrative.

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Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.
One shouldn't blame them for the decision to ditch casinos but be hopeful instead that other crypto- payment gateways would be developed to facilitate fiat- crypto payments for emerging casino businesses who are yet to discover this looming issue.

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Times are changing in the past fiat based gateways were the most popular, but now casinos are prioritizing Cryptocurrency over fiat if they want to ditch casino businesses the casino industry is still ok and going to be ok, in fact, the casinos are better off without these fiat based gateways.

There are many advantages to using Cryptocurrency compared to fiat-based gateways, and gamblers should pick Cryptocurrency because it protects you more than fiat-based gateways, I'm sure many players here will agree on the benefits and they will shift to using Cryptocurrency.

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Quote from: Frank_Holo on August 24, 2023, 05:58:53 AM

Hey guys, so I've been doing some digging into fiat-crypto casino payment gateways specifically. Right now Stake.com and Bc.game use Moonpay for their "buy crypto" function, however after contacting Moonpay, Transak and a few other major fiat-crypto payment gateways I've learned that these providers no longer accept new casino business.

In the case of Moonpay they are upholding their existing agreements with casino providers (for now I guess) but new operators are only being accepted with casino licenses in the UK and USA (both of which require their own unique gaming licenses) as well as a reputable international license (e.g. curacao, malta, antigua etc.).

Transak on the other hand are just straight up removing themselves from the gambling industry altogether.

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

Do you know the reason why this is happening ?
I think it's because of the frauds that are taking place. Some people launder money, some people deposit illegal money etc...
May be it was becoming difficult for those payment gateways to distinguish between such activities and so they are considering to restrict it.

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I don't have a lot to say than I have never use fiat for deposit or withdrawal from any online casinos before, I want to keep my bank account away from my crypto involvement, there is a bigger reason behind this because I believe that every transaction you made using your bank account are visible to the world, I don't want people to know that I am into gambling and using crypto as means of payment is more privacy for me, I always try as much to separate my bank from my crypto activities, and OP, I think you should do the same.

You will have a problem if you one day win a very high amount of money, when the gambling platform releases the fund straight into your bank account your attention will be needed by the bank, questions will be asked, and that's not even the worst part, now everyone knows that you made a fortune from gambling since people are the ones working in the bank, you aren't safe either.

Especially for someone like me who comes from a little hometown with one local bank, I've seen a lot to think this way.

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Quote from: rhomelmabini on August 25, 2023, 02:57:08 PM

I wonder if they are just skeptical but stablecoins are a way to introduce them since it's like the traditional fiat and most major crypto casinos these days accepts it. As far as I know, these fiat payment gateways/alternatives do charge huge fees and wonder if these traditional players aren't discouraged by it.

For this reason, traditional players must learn what crypto is to choose which gateway/alternative to deposit their money for gambling. And I think that many of them have finally switched to using crypto casinos to gamble because it seems they find the convenience provided by crypto casinos in playing gambling. They can buy crypto first in many places that provide it, including using P2P, and then deposit it into their gambling account at the casino. So maybe not many people use payment gateways/alternatives but we don't know because the data is with the casino and the casino won't open it unless for some special reason.

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Quote from: ethereumhunter on August 25, 2023, 08:01:16 AM

Quote from: rhomelmabini on August 25, 2023, 05:55:11 AM

Maybe they don't have any crypto to start with and they just want to try crypto gambling for the first time. Online gambling is huge and it doesn't just revolve around crypto tbh, I think there's still a lot of online casino players that uses the traditional method of using fiat. Maybe you need to read the thread content first again, the topic was about "crypto casinos that offers fiat payment gateways but these gateways said they aren't accept casino business", though not yet clear if OP saif was true.

If that's the case, they can figure out how to use crypto or buy crypto so they can find other alternatives to the payment alternatives on the site. But they can also directly use the payment alternatives available on the site if they want to avoid looking for other places, such as exchanges. Users can choose the means of payment they like and don't need to use what other people use crypto. They need to find out before using something so they will go right after deciding.

I wonder if they are just skeptical but stablecoins are a way to introduce them since it's like the traditional fiat and most major crypto casinos these days accepts it. As far as I know, these fiat payment gateways/alternatives do charge huge fees and wonder if these traditional players aren't discouraged by it.

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Quote from: slapper on August 24, 2023, 07:44:22 AM

This is an outright power play. The big fish are trying to keep the pond to themselves. But remember, every Goliath has its David. New providers will find a way, and they'll rise to the challenge. This uneven playground won't last for long.

I'm fairly confident that this could happen if they truly intend not to accept new casinos. It's a natural market behavior – once one seller is gone, another will likely emerge to seize the opportunity. I can think of a comparable scenario, like what happened with Chipmixer: a bunch of mixers emerged and raced against each other. The ditching will only be successful for a short period of time.

vv181

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I don't think the current state will go ever-lasting, where the platforms still support the big guys. I mean surely the reason why the payment gateway platform enforces that is because of regulation pressure. As long as the casino complies with the required licenses to perform its sites, they should have not a problem dealing with the FIAT payment gateway. The provider also just tries to run a business, they seek profit while maintaining the regulatory landscapes.

So, they did not voluntarily create uneven competition but rather just adapted and adjusted to gambling-related policy progress.

Topic: Thought's on many major fiat-crypto payment gateways ditching casino business's? - page 3. (Read 646 times)