Industry Voices
We want to shed light on crypto in gaming and betting. There is no better way than ask people who know something about blockchain. Please, drop by for updates every week.
Can crypto make gambling better?
I think it can by adding a level playing field for everyone.
The biggest concerns reported by casino regulatory authorities who are currently considering allowing cryptogambling:
KYC. AML. Traceability for Tax Collection.
Luckily there is one cryptogambling token that already covers all these concerns: CSC or CasinoCoin.
The Nevada Gaming Control Board (the licensing authority for Las Vegas) currently doesnt allow gambling with crypto. There isn't anything CasinoCoin can do to bring CSC to Vegas until the state updates their regulations to allow cryptogambling.
Crypto is predation in its purest form.
While I admit crypto is garbage, it has usefulness. I live in a state where sports betting is illegal still, a joke, I won $32k last weekend & I was able to get it into my bank account in less than 3 days bc of btc. Bvada itself could only send a $3k check every 15 days otherwise
What are the main differences between crypto gambling and traditional online casinos?
What risks should players expect?
We are talking about two major cases of crypto gambling - casinos with blockchain games and ordinary ones with cryptocurrency among their banking options.
- Casinos with blockchain games. Usually, games are more straightforward, with mechanics similar to roulette. There is no such variety in graphics, game mechanics, and game providers as in traditional slot games. Offer a higher confidentiality level.
- Traditional online casinos with crypto. Some of them allow to bet with cryptocurrencies directly, but this is rare. Not all game providers support cryptocurrencies and denominations like 0.00001. Most casinos accepting and withdrawing cryptocurrencies keep player balance in fiat currencies like EUR, CAD, AUD, GBP, and similar currencies.
Why crypto is good for casinos:
- no problems with chargebacks;
- fewer problems with KYC and strict local license requirements;
- lower commissions on payments.
In terms of players' advantages, crypto allows casinos (at least theoretically) to:
- provide better service;
- give more promotions;
- make faster withdrawals.
Cryptocurrencies are usually considered more anonymous than traditional payment methods. A higher level of confidentiality has its disadvantages.
Firstly, casinos have problems identifying the new player as a unique person. Occasionally they cannot offer great welcome bonuses because of that. And bonuses are a must for "bonus hunting" players.
Secondly, casinos cannot check if you have a gambling addiction.
There are distinctive advantages of crypto gambling for players. The player decides how to pay taxes. They can always make a new account if she/he decides that the previous account was unlucky :)
Sometimes casinos with local licenses and old-fashioned ones accept crypto. Still, they make it so painful that it's no fun.