Welcome to Finextra We use cookies to provide our services. We’ll assume you’re ok with this, but you can change your settings in our cookie center
Please read our privacy policy

Bitcoin has gone mainstream in the last four years and with it many online casinos have started accepting cryptocurrencies.The main advantage of blockchain technology in online betting, gambling and casino is that it offers transparency
Database transactions

For example, right now there are many new and upcoming open source lotteries where the return to player ratio is usually kept a secret, and while players are usually skeptical and may assume it is a scam site, they can help the blockchain see what they can see
exactly how the transactions are processed to solve this problem if you are playing with blockchain online and losing your money you can see where it is going in the system so you can see exactly how much and how much the website is making from your deposit
The page

is trustworthy

In the coming years, the use of blockchain in online betting or casinos will accelerate and become even more mainstream.We are already seeing projects disrupting the space by basing their infrastructure entirely on blockchain payments that exist
complete safety for their players and is enjoying increasing popularity

Many online gaming sites that host non-traditional games like blackjack or poker are not regulated by the UK Gambling Commission or the Malta Financial Services Authority (MFSA) In this case, such websites often do not provide any information
how they pick winners, who wins, and whether winnings are returned to players.As such, they could be a scam site

Blockchain addresses this issue for customers as it replaces the need for these regulators in this regard, due to blockchain technology and the transparency of transactions You can see what’s happening and what’s happening to your money and deposits
Visibility where losing another player contributed to your winnings It will also be clear how much the site is making on each transaction to ensure players don’t feel cheated

There are not a huge number of people interested in both gambling and cryptocurrencies. Gambling has been around for hundreds of years, while crypto is a relatively new concept and mainly attracts younger and tech-savvy people

Those interested in gambling are attracted to entertainment and are usually not afraid of losing their money However, gambling is usually not attractive to the younger cohort as they want to see but also understand a return on their investment
that the house always wins, so it’s a risk

For this type of person, crypto is a transaction method, similar to people who trade forex. If they invest in cryptocurrencies like Bitcoin or other well-known currencies and hold them there for the long term, we are talking about years, not years
Days – they will see a good return

The risks for crypto and fiat are the same when it comes to fraud Some lesser-known websites aim to steal or refuse to withdraw money, although the way in which this is achieved can vary, but there are also ways to reduce risk for both currencies and currencies
Using popular gambling sites is key

If games hosted by online gaming or betting websites are subject to regulatory scrutiny, as should be the case when operating with Fiat, it is very unlikely that the games could successfully cheat you other than that the site itself is still trying to scam you, maybe through
say the player did not provide the correct documents or is trying to avoid a withdrawal if the player wins

Because of the transparency of crypto and blockchain, it is ultimately safer for gamblers to use crypto-based gambling sites so that gamers can track their money, but crypto-based scammers have less work to do to achieve their goal, for example,
You don’t need to incorporate a regular payment gateway into their site or have escrow funds that way the site can steal your crypto or refuse to withdraw simply because it is unregulated

Anyone can create a website, host games and claim it is a gambling website, and ask users to deposit crypto to start playing but then it doesn’t work, unfortunately, it’s actually easier to create such a scam site , but the good news is that crypto is growing all the time
more mainstream so there are already well established gambling sites using it and as such the chances of being scammed are much lower

When it comes to issues regulating blockchain, crypto and gambling, tracking the source of funds is key.If players make a deposit using credit cards or wire transfers, it is much easier for regulators to keep track of this because they need a bank account, and
In order to open a bank account, they must first provide identification and go through verification checks

In addition, banks need to prevent money laundering and ask the account holder about any unusual activity or the origin of funds, but Crypto allows users to send a deposit to a wallet ID Since this is not checked, the money can come from anywhere
and from any kind of activity

Regulators want to prove where the money is coming from, but they cannot force players to reveal this information and unless the site operators have strict measures to ask about the source of the funds it is not possible to determine their origin to pursue it is
For these reasons, unfortunately, this crypto is the best way to launder money

Crypto-based gambling sites should be regulated in the same way as those working with fiat, complying with regulations and requiring customer identification, e.g. B. the date of birth, and the source of the funds request, however, this is not the case
This is often done for crypto-based sites as it is not a requirement

Additionally, many gambling sites are located in countries like Georgia or Armenia, where they are not as heavily regulated or monitored while many payment gateways do not provide their services to websites that are in risky jurisdictions, crypto-based websites are not available
thrive there because they don’t have to ask permission to accept payments

Regulators are trying to be stricter and set guidelines for crypto-based transactions, but it will be a long and difficult road to go. As long as players accept the Terms of Service, it is up to them to decide whether to do so for the time being
I believe the site is not fraudulent

28 August 2020




3 h


22nd February



22nd February




22nd February


Register for news

to register


World news – AU – How are crypto and blockchain used in the gaming sector?

Source: https://www.finextra.com/blogposting/19885/how-are-crypto-and-blockchain-being-utilised-in-the-gaming-sector