You have to prove that you can take the loss - page 14.

Questat

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Quote from: swogerino on August 06, 2020, 06:31:30 AM

Quote from: Natalim on August 06, 2020, 06:28:21 AM

This must have a big impact to the profitability of the casinos, especially the regulated ones where gamblers needs to perform the KYC before they can gamble. However, in crypto space where gambling is anonymous, I think there will be no effect, and besides how can we prove to them if they don't know us since they are offering an anonymous gambling platform.

Me, I should not worry as I am a crypto casino gamblers for years already.

When we reach certain limits in crypto casinos sometimes they may require KYC in order to let you withdraw the big amount of money you have won.Some of them do not let you withdraw 10.000 Usd in Bitcoin without verification.However this is just between you and the site and the crypto sites most probably different from the Fiat ones do not pass your documents to the government as easily as Fiat casinos do.You,I and every crypto lover are safe for at least 5-7 years to come.

I think bettors that stake big amount of money are mostly betting on fiat casinos, but with this restriction by their government, I'm sure we will get more gamblers to adopt in crypto gambling. $10,000 is a huge money, I never gamble or won that in a crypto casino so I guess I'm safe with the KYC though. But if you look and compare crypto casinos between fiat in case that 100 EUR limit will be pass into law, fiat casino in that particular country might shift its operation in different country as there's no way they can maximize their profit when the government itself are limiting people to gamble.

imstillthebest

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Quote from: target on August 06, 2020, 03:58:17 PM

How else should you prove you can take the loss of £100 each month except by providing KYC data?

the amount is high enough for me and i dont think i can be qualified for this rule . im afraid i cant gamble again if these regulations will be implemented .

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A "cap" does mean that you are only to lose such amount and nothing more. Martingale isn't going to work with this kind of policy. Cheesy

you can still play martingale but you only need to decrease your starting bet size according to their limits .

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This proposal will only give these casinos and the government the list of individuals that may be able to join some club that they can exclude the small-time gamblers who just take their luck from time to time.

that will be thier loss if they do that . before when no regulations are implemented , no casinos do that because small time gamblers are still gamblers and its part of the casinos responsibility when they loose or when those gamblers win .

CarnagexD

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Quote from: Genemind on August 06, 2020, 12:22:06 AM

Since online gambling is preferable during the pandemic the government most likely had put their eye on it because there's no way they can get taxes on land-based casinos.

Definitely they are eyeing for any direction on how to get a tax since most of people these days are not on their job to be productive and pay for taxes especially in countries that have been experiencing a high unemployment rate like America. And talking about gambling, gambling is one of the highest tax income for the government, houses that pays for millions of dollars each year to operate is the heart of many city's economy.
It really makes sense if they start to work with online gambling regulation.

Quote from: Genemind on August 06, 2020, 12:22:06 AM

I'm wondering why the government only had this kind of thought now that online gambling is gaining more demand. They might actually start focusing on regulating online gambling instead of land-based casinos since they will be getting more taxes on it.

On the other hand, this might both help and put a burden on gamblers since they will have to provide proof that they can afford playing on casinos further if they will exceed £100 losses.

I think there will be more of online services taxation that would happen in the future since most of us rely on the online, especially when it comes to our transactions every thing under the law must be taxed for the government and its sector to operate. Not only talking about the online gambling, but also the other services that we use online like netflix and youtube.

FlightyPouch

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Quote from: yazher on August 06, 2020, 06:16:00 AM

That does not really matter at all, no one in this world has some mentality to take the loss unless that someone is fully loaded with money. every loss is hurting us in any way, the only problem here is how a person handle that loss. The countries that still implementing ban on gambling, has already known the negative impact of gambling on their people. one might commit suicide if they lose a big amount of money. Like what happened with this one: https://www.bbc.com/news/world-asia-40128776

This literally says he can't take a loss at all but not all of us would be taking this way of losing. Not all of us are quite desperate to win in gambling nor look at it to even win money. We have fun with ot that is the reason we stick with it, I guess earning money is just the bonus of it.

I also talked about my friends about this like a way for gamblers to check whether they can afford to gamble in a casino or even take a loss and I think a cap is really what it needs.

Quidat

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Quote from: target on August 06, 2020, 03:58:17 PM

How else should you prove you can take the loss of £100 each month except by providing KYC data?

A "cap" does mean that you are only to lose such amount and nothing more. Martingale isn't going to work with this kind of policy. Cheesy

This proposal will only give these casinos and the government the list of individuals that may be able to join some club that they can exclude the small-time gamblers who just take their luck from time to time.

Most likely for it to happen on which there would be gamblers that will not really abide nor approve this kind of law or regulation yet said limitation was just too small.
And here comes with those VIP clubs Grin

and of course that would be requiring some under the table fees for such exclusion- its nothing something new for these situation because
for those people who does have lots of money will really find a way to play more.When it comes on making such regulation then it would really have pros and cons.

target

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How else should you prove you can take the loss of £100 each month except by providing KYC data?

A "cap" does mean that you are only to lose such amount and nothing more. Martingale isn't going to work with this kind of policy. Cheesy

This proposal will only give these casinos and the government the list of individuals that may be able to join some club that they can exclude the small-time gamblers who just take their luck from time to time.

peter0425

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Quote from: aioc on August 06, 2020, 08:50:18 AM

Quote from: fiulpro on August 05, 2020, 10:24:28 PM

According to the source stated , the online Gamblers needs to prove that they can handle the losses . This decision was taken into account after the government had a lot of news regarding the gambling addiction and problem that was arising especially during the pandemic.

It's a proposal by Social Market Foundation therefore still not implemented.

Other than that , one needs to actually follow some rules if this gets cleared:

Therefore even if you loose 100 Euro , you might have to get ready to prove that , the loss was indeed flexible and you can take it . Unfortunately now the Government is looking forward to regulate the online Gambling since , the revenues from the offline casinos have taken a strong loss , online Gambling is now being preferred since it's safer and much needed during the pandemic.

If you've lost a higher amount than 100 EURO you already passed the test, I don;t know how they come out with that amount and will they employ psychologist to prove if you can handle losses, although it's a good move but I don;t think it can and it will be implemented in other countries the regulators will have a body set up for this and they will also spend money too.

This proposal indeed needs allocated budget.

If the government will proceed and take this into the account they need to hire professional
to take care of those people / gamblers who already have too much addiction.
in the brighter side, it will help those gamblers who already getting deep from this activities.

iv4n

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Quote from: aioc on August 06, 2020, 08:50:18 AM

Quote from: fiulpro on August 05, 2020, 10:24:28 PM

snip

If you've lost a higher amount than 100 EURO you already passed the test, I don;t know how they come out with that amount and will they employ psychologist to prove if you can handle losses, although it's a good move but I don;t think it can and it will be implemented in other countries the regulators will have a body set up for this and they will also spend money too.

Hehe, you got it wrong, at least I think you got it wrong. It's about you proving that you have money and that you can afford to lose 100 euros. Like you have big salary, or saving, like you have for your family needs, for ex-wife alimony, for kids, bills, and that kind of stuff. And in some case if you owe to bank, or to anyone else, how can you afford to gamble with 100 euros?
This is probably one of the reasons why people will choose crypto gambling!

aioc

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Quote from: fiulpro on August 05, 2020, 10:24:28 PM

According to the source stated , the online Gamblers needs to prove that they can handle the losses . This decision was taken into account after the government had a lot of news regarding the gambling addiction and problem that was arising especially during the pandemic.

It's a proposal by Social Market Foundation therefore still not implemented.

Other than that , one needs to actually follow some rules if this gets cleared:

Therefore even if you loose 100 Euro , you might have to get ready to prove that , the loss was indeed flexible and you can take it . Unfortunately now the Government is looking forward to regulate the online Gambling since , the revenues from the offline casinos have taken a strong loss , online Gambling is now being preferred since it's safer and much needed during the pandemic.

If you've lost a higher amount than 100 EURO you already passed the test, I don;t know how they come out with that amount and will they employ psychologist to prove if you can handle losses, although it's a good move but I don;t think it can and it will be implemented in other countries the regulators will have a body set up for this and they will also spend money too.

mezzaluna

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Quote from: fiulpro on August 05, 2020, 10:24:28 PM

This regulation might be problematic for some , for sure now the crypto gambling sites will receive a notice and let's see what would be the height of regulation.

I guess messing around Crypto Gambling websites already comes with a cost since you are gonna play with your money on it. It would really gain some popularity since people are bored and wanted to kill some time. Crypto websites will always come with the risk of losing money and I guess some people are always ready for that UNLESS they are inconsiderate of the fact that they can lose.

MCobian

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I think the UK government is trying to regulate online gambling for tax revenue, after a few months offline casinos closed
and the government is losing income. Regarding prevent addicted, the only reason is the UK government to regulate online
gambling.Because it is very difficult to prove people can take the loss, and if it is implemented, it will probably fail in my opinion.
Let's wait and see the wishes of the UK government whether it can run well or not.

Mauser

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Quote from: fiulpro on August 05, 2020, 10:24:28 PM

Therefore even if you loose 100 Euro , you might have to get ready to prove that , the loss was indeed flexible and you can take it . Unfortunately now the Government is looking forward to regulate the online Gambling since , the revenues from the offline casinos have taken a strong loss , online Gambling is now being preferred since it's safer and much needed during the pandemic.

This regulation might be problematic for some , for sure now the crypto gambling sites will receive a notice and let's see what would be the height of regulation.

Making sure that gamblers have the financial means to take a decent loss in gambling seems quite reasonable from the casinos. Something similar is done with investing in derivatives where you might have to take losses in the multiple of the money invested. You have to fill out a questionaire when opening your broker account. It definitely makes you think more about potential losses.
But more important than financial coverage is the emotional one. I think it's good to try to fight against gambling addiction very early on. It's very sad to read the stories where people bet their home away just because they coudln't stop.

Sadlife

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Its easier said than done, most gamblers bets money that they can't afford to loss especially when most people are unemployed and doesn't have any source of income, so they turn into casino's to make money.
The governments decision towards gambling addiction may also affect its economy especially when there's a lot of revenue in online gambling during the pandemic.

acroman08

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Quote from: yazher on August 06, 2020, 06:16:00 AM

That does not really matter at all, no one in this world has some mentality to take the loss unless that someone is fully loaded with money. every loss is hurting us in any way, the only problem here is how a person handle that loss. The countries that still implementing ban on gambling, has already known the negative impact of gambling on their people. one might commit suicide if they lose a big amount of money. Like what happened with this one: https://www.bbc.com/news/world-asia-40128776
-snip

mentality and emotion is not the focus here, but financially. the only thing they will check is if you're financially capable of loosing a £100 a month(which I think is very low).

Quote from: yazher on August 06, 2020, 06:16:00 AM

one might commit suicide if they lose a big amount of money.

but this is not a common case. a lot of gamblers gamble even if they are not financially capable of losing x amount of money and implementing what the OP posted will most likely prevent them from losing money that they actually need.

swogerino

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Quote from: Natalim on August 06, 2020, 06:28:21 AM

This must have a big impact to the profitability of the casinos, especially the regulated ones where gamblers needs to perform the KYC before they can gamble. However, in crypto space where gambling is anonymous, I think there will be no effect, and besides how can we prove to them if they don't know us since they are offering an anonymous gambling platform.

Me, I should not worry as I am a crypto casino gamblers for years already.

When we reach certain limits in crypto casinos sometimes they may require KYC in order to let you withdraw the big amount of money you have won.Some of them do not let you withdraw 10.000 Usd in Bitcoin without verification.However this is just between you and the site and the crypto sites most probably different from the Fiat ones do not pass your documents to the government as easily as Fiat casinos do.You,I and every crypto lover are safe for at least 5-7 years to come.

Natalim

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This must have a big impact to the profitability of the casinos, especially the regulated ones where gamblers needs to perform the KYC before they can gamble. However, in crypto space where gambling is anonymous, I think there will be no effect, and besides how can we prove to them if they don't know us since they are offering an anonymous gambling platform.

Me, I should not worry as I am a crypto casino gamblers for years already.

yazher

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That does not really matter at all, no one in this world has some mentality to take the loss unless that someone is fully loaded with money. every loss is hurting us in any way, the only problem here is how a person handle that loss. The countries that still implementing ban on gambling, has already known the negative impact of gambling on their people. one might commit suicide if they lose a big amount of money. Like what happened with this one: https://www.bbc.com/news/world-asia-40128776

shoreno

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i thought the topic is about accepting a loss but its all about gambling regulations .

i cant literally accept my loss but i can show or i can prove to them that i loss that certain amount . im only thinking if what if i over bet one time and i loose but i cant really afford to loose that amount i made that day , how will they know that . no problem of showing a loss but they are also asking other stuffs and they look harder to fullfill .

livingfree

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I don't have to prove anything but I can take any losses that I'm aware of gambling with.

There are countries already that have regulated online gambling and some decided to ban and won't operate through it. I think the reason for others to prohibit it so the land-based casinos won't have any competition.

But if they allow so, they might be looking into crypto casinos too.

AmoreJaz

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Quote from: bitbunnny on August 06, 2020, 04:49:24 AM

Interesting proposal, although for UK only, I guess. That might help to prevent addiction however I'm not sure how successful this regulation could be implemented or better to say controlled and monitored. I also think that this might pose another problem for online casinos and many gamblers will not be happy with this solution. But I'm curious to see how and if it's going to work.

with this regulation, it's either the gambler will follow such protocol or find ways how to go around it. there are so many ways how to break this regulation, however, this initiative is actually for the welfare of the gamblers. of course, online casinos dont like a regulation like this coz as much as possible they want to rekt the money of the gamblers as much as possible.
as a gambler during this crisis, you should know your priorities and responsibilities so not to incur debt from others. you will have better sleep at night if you dont owe from somebody, right?

Topic: You have to prove that you can take the loss - page 14. (Read 1632 times)