Understanding the Emergence of Crypto Gambling - page 2.

Forsyth Jones

hero member

Activity: 1120

Merit: 540

Duelbits - Play for Free | Win for Real

Quote from: Zlantann on May 28, 2024, 02:05:40 PM

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

Crypto Gambling Provides What Bettors Seek
If gambling cryptocurrencies didn’t give sports bettors and casino gamers what they wanted, it wouldn’t exist. See below for the things that make crypto betting the choice among professional gamblers.

One of the benefits of crypto casinos is that they can easily invade government influence and regulations. These casinos don't need a license to operate. But they just need it to show bettors that they a legitimate and operate under some form of control. They don't need to register in all the country they operate just like traditional casinos.

Before now, some casinos didn't care about KYC, but currently, the majority of these casinos demand personal information. Even if they don't ask for it during registration it will surely be a requirement during withdrawals..

Crypto gamblers are not really anonymous, especially if they require KYC. Gamblers can be easily traced in the Blockchain.

Other cryptocurrencies can be said to have cheap transactions fees. But the recent congestion of the mempool by ordinals has made Bitcoin transactions very high. With this traditional gambling platforms could be said to be cheaper.

One of the great advantages of crypto casinos is that most operate in dollars, so if I'm from a country where the currency is weak, if I win bets at that casino, I'll be taking advantage of the ability to withdraw crypto based on the value of the dollar.

Certainly governments can't see a good branch emerging that it is eager to ruin a little, making the business less viable than before.

I believe that if bitcoin continues to be frequently congested due to bull run times, coins with transaction fees like LTC, Doge etc will become more prevalent in these casinos. I think this is cool, as the market is a self-regulating mechanism.

topbitcoin

hero member

Activity: 1694

Merit: 691

Vave.com - Crypto Casino

Quote from: 0t3p0t on May 28, 2024, 12:53:54 PM

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

I don't think so, there are still certain restrictions for you to not do KYC but still be able to do gambling activities without having to do KYC. At Stake is one of them, I still don't do KYC but I can still gamble safely and my privacy is still maintained to this day.

In the beginning maybe we like crypto gambling because it's privacy and we can do gambling activities without being harassed by anyone, that's where I feel safe and maybe to this day, that's why I keep from not depositing more than the specified limit so that I still maintain my privacy, maybe when I use bigger money and my VIP level rises faster of course I have to do KYC too.

Telegram crypto casino? I've never heard of it, is it fun like using a website? especially the security that you yourself still doubt about the casino, maybe I personally will also be more doubtful than you, I can still use some web3 casinos that can still be said to be decentralized casinos or without doing KYC to play there, so what can be made by taking risks on a platform that many people still use.

Porfirii

legendary

Activity: 1932

Merit: 2354

The Alliance Of Bitcointalk Translators - ENG>SPA

Quote from: mr_random on May 29, 2024, 07:26:52 AM

Crypto and gambling are a perfect match due to the demand for privacy, transparency, and speed. Key benefits of crypto over traditional platforms include KYC regulations and provably fair games. The trend is further fueled by lower fees and faster transactions with cryptocurrency. Clearly, crypto gambling is here to stay and will likely transform the industry significantly. With more people adopting crypto and seeking safe gambling options, the future of crypto gambling looks promising. Anonymity, speed, and provable fairness are exactly what many gamblers desire. KYC requirements can be a hassle, but crypto gives players more control. Provably fair games are also a major advantage, eliminating any doubts about fairness. How traditional casinos gonna respond – adapt or fall behind, just matter of time they have to match the requirements to stay alive in the industry. Crypto is revolutionizing the gambling world slowly.

And not only the gambling world, but it is true that this is one of the most obvious use cases for crypto. Rather than giving your bank details or your credit card info, if you hold a few sats you can send them seamlessly between wallets and services. If your info was leaked because any of these platforms/services was attacked, I think that you'd be less exposed to phishing and the like.

retreat

sr. member

Activity: 1106

Merit: 391

Quote from: 0t3p0t on May 28, 2024, 12:53:54 PM

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

I personally don't really have a problem giving my identity to the casino platform that I play on, because it's just an identity and I'm not so rich or a powerful person that my identity has to be kept tightly hidden - as long as the casino platform protects my identity, then I won't object to performing KYC on their platform. My own reason for using a crypto casino is more about the ease of withdrawing and depositing into an account, because you only need to deposit to the address they provide or include your crypto wallet to withdraw, and all of that is processed quite quickly. There is no feature that users want more than fast and easy deposits or withdrawals.

Dr.Bitcoin_Strange

hero member

Activity: 770

Merit: 538

Leading Crypto Sports Betting & Casino Platform

Quote from: 0t3p0t on May 28, 2024, 12:53:54 PM

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

Yes, it actually tried to provide the solution of privacy security, but things didn't go in that direction straight forward because this time around, online casinos are requesting KYC details, which are details that accurately describe who the gambler is, just as you said. Another thing to note is the use of a centralized exchange to sell your crypto. For example, if you luckily gamble at a casino that doesn't request KYC, after you have withdrawn to a CEX, you will have to pass KYC on that exchange to be able to sell your coin. So, the privacy of an individual is still not too private.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

Quote from: Nwada001 on May 28, 2024, 05:12:14 PM

Quote from: Ojima-ojo on May 28, 2024, 01:27:22 PM

The success of online gambling can not be complete without mentioning the role COVID-19 lockdown plays in forcing wider adoption of online casinos because their where the only available option when physical casinos was locked down because of COVID-19 social distancing laws, and also not forgetting to mentioned the greater role cryptocurrencies plays in making payments easy for both the platform and it players since financial institutions where locked and keyed during the lockdown.

I also agree with this part, but it was not just online casinos but other online gambling platforms adoption raised to the highest level during the COVID time.

There were only a few popular casinos before the COVID-19, but during the lockdown data shows that there was mass adoption of the online casino and enough revenue that those casino operators gained from the gamblers, which needed other competitors to come to the game. With better offers and promotions, COVID was not a good thing, but still, there were a lot of people who turned that into a golden opportunity, and the casino operators were one of them.

When Covid-19 attack to many countries, that will be the time for online gambling platforms takes their position to grow as many people can't go to anywhere easily. Many people gets lockdown because of the rules of their government and makes them doing many activities by online. The online casino sees that as an opportunity to promotes their sites in many sites as their developments grows and becomes popular among the people.

The lockdown that happens to many countries gives a big chance for online casino to invites many gamblers as those gamblers can't go to the local casino. They used online gambling to continue their gambling activity and that's why online casino become more popular and have many members. Even if online casino re-open their business now, online casino still takes its position and still have many members that visits that casino regularly.

mr_random

legendary

Activity: 1344

Merit: 1001

Crypto and gambling are a perfect match due to the demand for privacy, transparency, and speed. Key benefits of crypto over traditional platforms include KYC regulations and provably fair games. The trend is further fueled by lower fees and faster transactions with cryptocurrency. Clearly, crypto gambling is here to stay and will likely transform the industry significantly. With more people adopting crypto and seeking safe gambling options, the future of crypto gambling looks promising. Anonymity, speed, and provable fairness are exactly what many gamblers desire. KYC requirements can be a hassle, but crypto gives players more control. Provably fair games are also a major advantage, eliminating any doubts about fairness. How traditional casinos gonna respond – adapt or fall behind, just matter of time they have to match the requirements to stay alive in the industry. Crypto is revolutionizing the gambling world slowly.

Lida93

hero member

Activity: 938

Merit: 605

Leading Crypto Sports Betting & Casino Platform

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

.
.

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

Talking of the middleman, it is a true fact that crypto casino has completely eliminated his involvement in the transaction process in online gambling.

But on the notion of fast and cheaper transactions I probably be sitting on the fence about that because I do make use of crypto casinos, and also with a couple of fiat/traditional gambling platforms (I choose not to give a name) that are with fast and moderately cheap transaction just as crypto casinos. So If we're to deeply delve in on the issue of cheap transaction I don't think crypto casinos are really winning in that aspect in as much as mempool congestion issues are bound to perpetually happen.

Julien_Olynpic

legendary

Activity: 2562

Merit: 3477

The emergence of cryptocurrencies and the adoption of this technology by casinos and bookmakers has truly led to a small revolution in gambling. The same revolution was made at one time by the invention of live betting, that is, betting in real time, when you can place a bet after the start of the match. But not all casinos and betting organizations have yet abandoned CUS, and probably not all are going to refuse. And for the players this would be a big step forward on the path of progress. The next step would be to eliminate conflicts of interest when a player plays against a casino or bookmaker rather than against other players. But progress does not stand still. Sooner or later, most casinos, in my opinion, will be decentralized.

Hirose UK

hero member

Activity: 1302

Merit: 503

Leading Crypto Sports Betting & Casino Platform

Quote from: Nwada001 on May 28, 2024, 05:12:14 PM

Quote from: Ojima-ojo on May 28, 2024, 01:27:22 PM

The success of online gambling can not be complete without mentioning the role COVID-19 lockdown plays in forcing wider adoption of online casinos because their where the only available option when physical casinos was locked down because of COVID-19 social distancing laws, and also not forgetting to mentioned the greater role cryptocurrencies plays in making payments easy for both the platform and it players since financial institutions where locked and keyed during the lockdown.

I also agree with this part, but it was not just online casinos but other online gambling platforms adoption raised to the highest level during the COVID time.

There were only a few popular casinos before the COVID-19, but during the lockdown data shows that there was mass adoption of the online casino and enough revenue that those casino operators gained from the gamblers, which needed other competitors to come to the game. With better offers and promotions, COVID was not a good thing, but still, there were a lot of people who turned that into a golden opportunity, and the casino operators were one of them.

Gambling is an activity that is enjoyed by most people from various countries, when the COVID pandemic occurred, everyone was really restricted by the government from traveling, they just stayed at home without working and also doing whatever they could before do it freely.
Boredom and loneliness arise without any activities, those who were previously familiar with gambling started by entering online gambling on fiat or crypto basis and those who were not yet familiar with gambling were interested in joining because they saw several promotions on social media.
Beginning of the development of crypto gambling sites during the pandemic really increased significantly and several new names of gambling sites emerged that wanted to compete in business and generate large profits, but not many have been able to compete and survive until now.

But on the other hand, the development of crypto-based online gambling sites has also had many positive impacts on the cryptocurrency industry, especially for investors and traders because the adoption of various crypto tokens has also increased.

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

The Intersection of Crypto and Casino
Crypto Gambling Provides What Bettors Seek
If gambling cryptocurrencies didn’t give sports bettors and casino gamers what they wanted, it wouldn’t exist. See below for the things that make crypto betting the choice among professional gamblers.

In the past, it's actually one of the best use case of Bitcoin when it was on its infancy. Although we can still say that it's sort of its late infancy nowadays but the casinos and the entire gambling industry that has adopted Bitcoin as their main currency did really helped the acceptance and adoption growth of Bitcoin consistently. And we have seen how the crypto casinos have contributed to the market a lot because they've helped with the demand for the use of Bitcoin.

They have actually provided all of the gamblers with an option and what had became best for us. What happened is because of Bitcoin's nature as a decentralized cryptocurrency, all of the crypto casinos before are decentralized. Not until that the governments have seen that they're missing with the profitability of these businesses and so they started to involve themselves and legalize it. Whether we like it or not, I guess that most of the casinos have seen this coming when they can no longer be ignored by the regulators with vast money they make.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Crypto gambling popularity has been increasing since its introduction on the very early years of Bitcoin due to its decentralized and anonymous nature. This way, many people who didn't have any means to gamble back then due to restrictions on their native countries by authorities found an alternative to gamble virtually without revealing their personal data. From that moment on, this industry just evolved more and more, as gamblers demanded user friendly platforms, without bureaucracy and surveillance by regulators who are always avid to tax money from winners.

It's true there is also the money laundering part which must be a reality in this industry, even though we don't know much about it publicly. I guess it's also a very important factor which has been boosting the popularity of crypto gambling along the years.

Right now, due to heavy regulations, I don't see lots of differences between crypto and traditional gambling anymore. The advantages I mentioned above are slowly disappearing as regulations become more present. Anonymity is already rare, taxes are already a reality and bureaucracy is also increasing. At least at the main casinos of the crypto industry that is how it works...

Nwada001

hero member

Activity: 700

Merit: 673

Quote from: Ojima-ojo on May 28, 2024, 01:27:22 PM

The success of online gambling can not be complete without mentioning the role COVID-19 lockdown plays in forcing wider adoption of online casinos because their where the only available option when physical casinos was locked down because of COVID-19 social distancing laws, and also not forgetting to mentioned the greater role cryptocurrencies plays in making payments easy for both the platform and it players since financial institutions where locked and keyed during the lockdown.

I also agree with this part, but it was not just online casinos but other online gambling platforms adoption raised to the highest level during the COVID time.

There were only a few popular casinos before the COVID-19, but during the lockdown data shows that there was mass adoption of the online casino and enough revenue that those casino operators gained from the gamblers, which needed other competitors to come to the game. With better offers and promotions, COVID was not a good thing, but still, there were a lot of people who turned that into a golden opportunity, and the casino operators were one of them.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: Assface16678 on May 28, 2024, 04:55:34 PM

Quote from: Baofeng on May 28, 2024, 04:49:33 PM

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

There were times though that Bitcoin and Ethereum transaction fees are so high that even casinos are complaining as well specially for some casinos that give free withdraws for their customers. So it was not an option to used this currency for crypto gambling. Nevertheless, it's back to it's lowest right now, at least it's in a manageable level.

Most casinos adjusted though, by accepting more cryptos or altcoins, unlike before wherein it's pure Bitcoin and Ethereum only for deposits and withdrawals. So crypto is still evolving as of this time also the basics remains the same.

True, and for me, I think it's a waste to use a crypto currency for gambling. I mean, there are a lot of crypto-based casinos out there, but is it okay for you to use your assets to stake in a crypto game? If yes, then I think you are just wasting your assets. I mean, for me, crypto currency is a valuable asset, and if you waste it by losing in gambling, then it will be a regret to me or it will be too painful. If you want to gamble, then use fiat currency. If the casino only accepts assets or crypto currency, then convert your fiat to that specific currency, but never use your hard-earned crypto currency just so you could play gambling and have a high chance of losing it. Especially if you will use bitcoin? Then what are you thinking? Losing a valuable asset just so you could entertain yourself?.

It really depends though, but there are threads here in gambling wherein we are ask if we continue to used our precious crypto like BTC in gambling when we are in a bull run as it is very expensive and it might have crossed our mind to just HODL on it because there is a potential that it will grow more in the future.

I do agree that in the beginning, we haven't heard about KYC or sending our personal info because it is against the anonymity and privacy or using crypto. But it's a total different era now, casinos are "forcing" KYC to their customers, and we really don't like it at all.

Mia Chloe

sr. member

Activity: 448

Merit: 560

Crypto Casino and Sportsbook

Quote from: 0t3p0t on May 28, 2024, 12:53:54 PM

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

I think one of the biggest advantages crypto casinos have over fiat casinos is the size of their audience, or rather the size of their users. I believe that with crypto casinos it is easier and more effective to have a large number of users from different locations without having some sort of currency barrier. This is because sometimes it's easier to just purchase a particular crypto currency via methods like P2P transactions than to swap seemlssly between two different fiat currencies. we obviously are in a digital era and therefore crypto has become so widely and vastly accepted and casinos making use of nice popular currencies is quite dynamic and allows more users from different regions to join.

taufik123

legendary

Activity: 2716

Merit: 1855

Rollbit.com | #1 Solana Casino

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

-snip-
Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations
KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.
-snip-

The application of KYC to crypto-based gambling depends on how regulated each gambling in their region is.
Online casinos that are legal and get approved by the government require them to do KYC on each of their customers with predetermined rules.

For example, there is a maximum transaction, which is an indicator that every withdrawal that exceeds the maximum limit requires KYC verification.
It is needed to avoid money laundering crimes.

Strict regulations are imposed because they follow government regulations and if they (the casino) do not do, so then their license will be revoked and can be blocked.

Assface16678

full member

Activity: 1484

Merit: 136

★Bitvest.io★ Play Plinko or Invest!

Quote from: Baofeng on May 28, 2024, 04:49:33 PM

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

There were times though that Bitcoin and Ethereum transaction fees are so high that even casinos are complaining as well specially for some casinos that give free withdraws for their customers. So it was not an option to used this currency for crypto gambling. Nevertheless, it's back to it's lowest right now, at least it's in a manageable level.

Most casinos adjusted though, by accepting more cryptos or altcoins, unlike before wherein it's pure Bitcoin and Ethereum only for deposits and withdrawals. So crypto is still evolving as of this time also the basics remains the same.

True, and for me, I think it's a waste to use a crypto currency for gambling. I mean, there are a lot of crypto-based casinos out there, but is it okay for you to use your assets to stake in a crypto game? If yes, then I think you are just wasting your assets. I mean, for me, crypto currency is a valuable asset, and if you waste it by losing in gambling, then it will be a regret to me or it will be too painful. If you want to gamble, then use fiat currency. If the casino only accepts assets or crypto currency, then convert your fiat to that specific currency, but never use your hard-earned crypto currency just so you could play gambling and have a high chance of losing it. Especially if you will use bitcoin? Then what are you thinking? Losing a valuable asset just so you could entertain yourself?.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

There were times though that Bitcoin and Ethereum transaction fees are so high that even casinos are complaining as well specially for some casinos that give free withdraws for their customers. So it was not an option to used this currency for crypto gambling. Nevertheless, it's back to it's lowest right now, at least it's in a manageable level.

Most casinos adjusted though, by accepting more cryptos or altcoins, unlike before wherein it's pure Bitcoin and Ethereum only for deposits and withdrawals. So crypto is still evolving as of this time also the basics remains the same.

Hatchy

sr. member

Activity: 336

Merit: 365

The Alliance Of Bitcointalk Translators - ENG>PID

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations
KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.
All crypto transactions are recorded on blockchains. The transactions are there for everybody to see, but they don’t provide details regarding the transactions. This keeps gamblers anonymous for the most part. Anonymity and privacy are two things all casino and sports bettors crave.

Crypto casinos requires the kyc as they all have to comply with government regulations also. Even though not all of them will ask upon registeration, a good number of them would require it when you are about to make a withdrawal of some certain amount. It's why you have to read through their terms and conditions before using any casino and it's usually adviced to go through the kyc precedure before playing just Incase you make a huge withdrawal, you won't be stress by kyc restrictions like we have seen in some situations. Crypto betting has brought about an advancement to gambling, where any one can gamble from anywhere on any casino of their choice with much stress. You also have a wide range of crypto to select and fund your Casio account.

_act_

legendary

Activity: 1064

Merit: 1298

Lightning network is good with small amount of BTC

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

All crypto transactions are recorded on blockchains. The transactions are there for everybody to see, but they don’t provide details regarding the transactions. This keeps gamblers anonymous for the most part. Anonymity and privacy are two things all casino and sports bettors crave.

Is KYC not mandatory on your gambling site? But regardless of that, you are a centralized gambling site. Which means you can force any customer to get verified at anytime.

Quote from: nitrobetting on May 28, 2024, 12:34:15 PM

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

Only foreign gambling site transactions can be slow. If it is local gambling sites, they have modern ways that banks and gambling sites makes transactions very fast like immediately. But you are not wrong about crypto gambling sites about this because their transactions are fast also.

Topic: Understanding the Emergence of Crypto Gambling - page 2. (Read 367 times)