Category: Gambling

Crypto Casinos Shifting to Offshore Havens as Australia Enforces New Gambling Ban

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In a world where digital currency adoption is rapidly expanding, the gambling sector is at the forefront of the shift – from decentralized finance to crypto casinos – digital currencies are disrupting industries. However Australia’s new regulatory stance on crypto gambling has sparked widespread debate.

Implemented on June 11, 2024, the Interactive Gambling Amendment Bill 2023 bans the use of cryptocurrencies and credit cards for online gambling on domestically licensed platforms. This move aims to address gambling addiction and ensure consumer protection, yet it sidesteps offshore crypto casinos, highlighting a regulatory gap that raises questions about the future of digital assets in Australia’s gaming sector.

“Our government takes seriously our responsibility to prevent and reduce harm from online wagering. Our ban on credit cards will help with this goal. You can’t use your credit card to place a bet for land-based gambling. Now the same rules apply for online gambling.” Australia’s minister for social services, Amanda Rishworth.

But is this guaranteed to work out as expected especially considering the developments happening in both the crypto and online gambling worlds?

The Implications

While the Interactive Gambling Amendment Bill 2023 restricts crypto and credit card payments on Australian-registered gambling sites, it leaves a loophole for offshore platforms, creating an interesting dynamic. Many offshore crypto casinos, regulated by entities like the Malta Gaming Authority, remain accessible to Australians without violating local laws since they are not directed specifically at Australian players.

For many crypto casino users in Australia, this means a continued avenue for digital betting, as offshore casinos often offer enhanced user experiences with a wider selection of games, increased bonuses, and secure, anonymous transactions.

Other jurisdictions, like Malta, have even already integrated cryptocurrency into their regulatory frameworks, reaping economic rewards while maintaining regulatory oversight.

Looking Ahead

As blockchain technology and digital currency continue to reshape the gaming sector, other nations are exploring frameworks that combine regulatory oversight with the potential of new technologies. Australia, however, risks falling behind if it does not adapt its approach to balancing consumer protection with the growth of digital assets.

Should the country consider regulatory reforms that embrace technological advancements, it stands to unlock significant economic benefits and position itself alongside leading crypto-friendly nations in the gaming industry. A future-facing approach could enable Australia to attract global players and investments, setting the stage for a dynamic, responsible crypto gaming landscape in the region.

EVO.io Gets $3M Boost from SABA Sports to Lead Crypto iGaming Revolution

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SABA Sports, a leading Asian sportsbook provider, has invested $3 million in cryptocurrency-focused online casino EVO.io. With this commitment, SABA Sports is demonstrating its confidence in the expanding junction of blockchain technology and the international iGaming sector. A statement from SABA Sports shared the company’s optimism about the potential of blockchain in the gaming space, saying there’s no doubt that crypto will be pivotal in iGaming’s evolution.

“While it currently facilitates seamless deposits and withdrawals, blockchain’s potential extends far beyond that. Think transparency in casino games, on-chain betting data, and more innovative applications,” he said.

Why It Is Special

Backed by the potential of a decentralized Web3 network, EVO.io is positioning itself as a next-gen gaming platform, transforming how players interact with the iGaming world. The platform, scheduled to officially launch in September 2024, is currently in beta testing and undergoing a branding overhaul to prepare for its entry into the market. But what does it bring to the table?

Well, EVO.io is not just your typical crypto casino. While offering a full suite of casino games and betting options with digital currencies, it aims to go beyond the conventional model by leveraging decentralization to empower its players.

SABA Sports believes EVO.io is on a mission to revolutionize the industry by giving users more control—whether they want to “be the house” or challenge it, create their own games, control their funds, or bring in friends for a truly immersive and transparent experience.

More on Web3 Gaming and the Future of iGaming

Already, Web3 gaming is creating a stir with play-to-earn models, the selling of metaverse land, and the emergence of gaming DAOs. Whether it’s via in-game NFT income or secondary market asset selling, players may now make money in virtual worlds. Web3 betting has a promising future ahead of it, as blockchain transactions will make up a significant amount of gaming activity in recent years.

One of the many advantages of Web3 gaming is the increased security it provides. Thanks to blockchain technology, in-game data and assets are less likely to be compromised. Players may soon be able to transfer skins, equipment, and characters based on NFTs from one game to another, thanks to impending interoperability.

On the other hand, broad adoption continues to face significant obstacles, such as regulatory issues and the need for blockchain solutions that are scalable, quick, and secure. While full-scale cross-platform integration remains a challenge, early efforts are underway, offering a glimpse of the future. But as more developers and publishers, such as Ubisoft, experiment with distributed ledger technology (DLT), Web3 gaming’s footprint is set to grow.

New Report Explores Thriving World of Crypto Betting

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Crypto gaming has been rapidly expanding and can revolutionize the entertainment sector, according to the most recent ICODA report. Investors, operators, and players are showing a lot of interest in the industry, which is being driven by technical improvements and changing legal frameworks.

As a result of these developments, the crypto gaming industry is shaping up to be one to keep an eye on in the years to come. Here, innovation and adaptation are taking place at a breakneck speed, which speaks well for the future of crypto gaming as a dominant force in the entertainment industry throughout the world.

The details from ICODA’s study reveal even more.

A Whole Array of Market Dynamics

To begin with, the industry saw extraordinary growth, taking the market worth to $70 billion by 2024, up from $37 billion before the epidemic. Based on current predictions, the market might reach $150 billion by 2030, continuing its increasing path. In light of this tremendous growth, the iGaming industry is demonstrating its durability, and mainstream audiences are becoming more accepting of it.

Interestingly enough, there was a 50% growth from 2022 to 2023, with the number of active crypto gamblers reaching 15 million by the end of the year. Increased anonymity and security, made possible by blockchain technology, together with the accessibility of internet platforms, are among the driving forces behind this boom.

As of now, 65% of all cryptocurrency transactions take place on mobile platforms, making them the nerve center of the industry. It further backs up how the crypto gaming sector is very active, with a staggering $2 trillion in transactions reported in 2023.

Boosts From Regulatory Developments

The United States and Canada have become major players in the bitcoin gambling industry, with a 60% increase in activity as a result of new legislation and broad use of cryptocurrencies. Europe is not far behind, however, expanding at a pace of 55% thanks to digital advancements and supportive government policies. Potential growth opportunities in other markets have been underscored by these regions, which are in many ways establishing the pace for the global crypto betting sector. But it goes beyond that.

Progressive regulatory improvements have had a favorable influence on the expansion of the industry, according to the report. Countries like Gibraltar and Malta have put progressive regulatory frameworks in place, making their markets safer and more open to participants and operators alike. Investors are feeling more comfortable putting money into the industry because of the increased transparency and supervision. Consequently, businesses benefit from operational predictability and players enjoy the benefits of a well-regulated market.

UK Crypto Enthusiasts Find Clever Loopholes for Instant Gambling Action

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In a recent investigation, Sky News discovered a booming underground industry where crypto enthusiasts in the UK are easily gaining access to the excitement of unregulated gambling via the use of pre-verified accounts for well-known cryptocurrency casinos like Stake.com. With these accounts, which start at only £8, anybody interested in trying out cryptocurrency gaming can do so quickly and easily, without having to fill out any of the typical laborious paperwork or provide any personal information.

A Far-Reaching Phenomenon

Amidst the prohibition on crypto casinos in the territory, British gamblers are becoming creative to get around regulations and plunge headlong into high-stakes, unregulated gambling. This surge in popularity of crypto casinos, fueled by influential figures like rapper Drake, has given rise to a clandestine network where ready-to-gamble accounts are openly sold.

Despite the obstacles, determined gamblers are using open-source software to their advantage. Complying with regulations is so important to certain sites that they even demand picture identification from users when they create an account. If, on the other hand, the accounts that are being offered are pre-verified, purchasers can avoid these ID checks for as little as ten dollars (or seven and a half pounds).

These automated accounts are popping up all over social media, with vendors operating elaborate operations that include sales teams and “middlemen” who promise safe transfers for a cut of the activity.

Sky News’ months-long investigation has shown that Stake.com accounts are leading the way in this cryptocurrency gaming craze. One Discord server had over a hundred Stake.com accounts, and Facebook promoted almost two hundred of them. However, it is important to note that there is no evidence to suggest that the casinos were aware of or supported these activities.

Growing Concerns

Naturally, regulated casinos that accept cryptocurrency are making every effort to prevent fraud. They are highlighting their dedication to improving security measures and working together with authorities to combat this issue.

Still, some are worried that these accounts might fall into the wrong hands, especially young people and those struggling with gambling problems. Proponents of anti-gambling policies in the United Kingdom are concerned about the addictive potential of crypto casinos, which is exacerbated by features such as no time or bet restrictions.

The probe is still in its early stages, and social media platforms and cryptocurrency casinos are arguing over who is responsible. Nonetheless, increasing accountability is necessary, according to Carolyn Harris MP, who heads a parliamentary committee concerned with gaming’s negative effects in the region. Could this be the beginning of a ripple effect?

 

The Rise of Stake.com in the Multi-Billion Dollar Crypto Gambling Industry

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Stake.com opened its doors in 2017 with Ed Craven and Bijan Tehrani at the helm. The intention was to provide a trustworthy environment for crypto gamblers. They were motivated by the success of SatoshiDice, the pioneering cryptocurrency gaming platform that went live in April 2012 and now years later it has paid off.

The company has become a $2.6 billion industry powerhouse with customers all around the globe enjoying its cutting-edge services despite facing some setbacks in its early days.

What Makes Them Different?

Stake.com fully utilizes the benefits that cryptocurrencies provide to the online gaming industry, like anonymity, decentralization, quicker transactions, and cheaper costs. They have also adapted well-known games like Crash, Dice, and Plinko for the cryptocurrency community.

They’ve also established relationships with the industry’s top game developers, guaranteeing that their players will always have access to new and interesting games. This is in addition to the way they have capitalized on the rising popularity of live-streamed games, which has helped the business expand rapidly.

Continuous Growth Ambitions

Stake.com takes a proactive marketing approach, running campaigns aimed at both prospective consumers and regulatory organizations to better explain bitcoin and blockchain technology. This is evident in how they have put a lot of money into social media advertising, which has helped them reach more people and generate more buzz about the offerings.

Thanks to this, the company has risen to prominence as one of the most trusted brands in the cryptocurrency gaming industry.Stake.com is currently listed as the seventh biggest betting business internationally based on revenue, outperforming other well-established brands thanks to its 6 million registered accounts and over 600,000 regular and active users.

With ambitious aspirations for worldwide development and the ability to successfully navigate varying legal climates, Stake.com is undoubtedly at the forefront of the crypto-gaming revolution.

And it just keeps going.

Stake.com has highlighted plans to offer ‘unique and exclusive betting markets’ for its new audience. This includes esports, entertainment, and political events, all of which have the potential to produce significant income streams within the sector over time. As part of their company growth plans to maintain the competitive edge in an increasingly saturated industry, they provide a welcome bonus and a VIP program in addition to the 15 other promos that they already provide.

Crypto Gaming in 2023: What to Expect

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As we go closer and closer to the year 2023, one of the most popular topics of conversation is play-to-earn (P2E) cryptocurrency gaming. This kind of gaming combines the most successful aspects of the cryptocurrency and gaming industries.

More people resorted to internet games as a way to socialize during the COVID-19 pandemic, boosting the development of the gaming industry as a whole. As we enter a new year, it’s becoming apparent that the recent uptick in global growth was no fluke.

A Novel Way to Game

The implementation of blockchain technology in play-to-earn games enables players to earn digital currency payouts depending on their in-game activities. Within the context of the P2E paradigm, players have the option of using cryptocurrencies to get payment for the time they spend participating in gaming activities or delivering other services to other users within the same virtual environment.

What differentiates crypto gaming apart from typical video games is that players, in addition to receiving NFTs, may own their in-game assets and convert them to fiat currency, trade them for other cryptocurrencies, or join a liquidity pool.

Thanks to this novel, community-driven business model, players, and creators may work together and more freely on game content.

A Stronger 2023

Although blockchain gaming and play-to-earn (P2E) enjoyed a surge in popularity during the crypto bull market of 2021, the industry was then struck hard by the arrival of crypto winter, which has been worsened by a couple of high-profile crashes, destroying the valuations of the top P2E firms.

Many speculated, because of the decline in values, that the P2E and gaming industries were only profiting from bull market circumstances, and that the long-term future is grim because of weak adoption rates.

However, there is evidence from recent studies that the predicted demise of P2E may be exaggerated since the vast majority of players are interested in exploring ways to earn cryptocurrency via in-game achievements.

Given that 64% of respondents claimed they had never played a P2E game with monetary benefits, the study findings suggest there is a lot of space for expansion in the P2E industry among existing players. Furthermore, 38% of U.S. gamers indicated they knew nothing about the use of cryptocurrencies, NFTs, or blockchain technology in gaming, suggesting that more education is needed in this area. That is more than enough to induce some growth in the coming year.

Polygon Now on 1xBit

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Players and users of the popular gaming site 1xBit now have access to Polygon, a new cryptocurrency designed specifically for usage in crypto games. Polygon, a novel digital currency, is the brainchild of Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Together, the four of them saw the need to fix Ethereum’s lack of interoperability. Ethereum’s seamless interaction with other blockchains was a pipe dream until Polygon made it a reality.

Of course, it’s about a lot more than that. With Polygon’s simple-to-use architecture, developers now have a chance to introduce their own groundbreaking Ethereum-friendly blockchain. Now the development of an “Ethereum Blockchain Internet” has become feasible with the help of the Polygon network.

This ground-breaking network is completely compatible with Ethereum’s Virtual Machine (EVM). Chains that are connected keep their independence and control themselves. All of these systems are compatible with Ethereum and can communicate with one another.

Solid Debut

The cryptocurrency community as a whole has warmed to this new development due to its unique character. It thus comes as no shock that 1xBit has included Polygon as a bitcoin payment option. Since its inception, 1xBit has been a bitcoin betting platform that keeps an eye on the latest and greatest cryptocurrency developments to provide more betting alternatives to its customers. There is a really bright future for the project within the context of crypto gambling going forward.

The Polygon network stands out among Ethereum’s decentralized exchanges because of its emphasis on both interchain cooperation and decentralized security. This ensures that no blockchain is compromised in its pursuit of interoperability.

Some of the amazing features that users can look forward to include:

  • Support for dozens of other digital currencies
  • Even faster payments
  • Amazing welcome bonuses and other incentives
  • Fast and user-friendly registration
  • Unmatched anonymity capabilities

When using 1xBit, polygon transactions are quick and inexpensive. Players should expect to get their winnings as soon as possible. All new players are also eligible for a 7 BTC Welcome Bonus, spread out across their first four deposits. That is a really well-rounded package that will push 1xBit’s efforts even further.

Could Crypto Wagering Be Coming to Australia’s Regulated Gambling Industry?

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Wagering in cryptocurrency might join the realm of legally sanctioned gambling if reports of discussions between the Northern Territory Racing Commission (NTRC) of Australia and gaming enterprises and license holders are true. The deadline for interested parties to submit their comments to the regulator is September 29.

The NTRC recently sent a piece of correspondence to all of the gaming companies that have valid licenses as part of their ongoing efforts. These gaming companies include well-known international gambling businesses like Betfair, Entain Group, and Draft Kings, among others.

The paper requests their comments on the viability of cryptocurrencies being used in gaming in the Northern Territory. In addition, licensees are asked for their input on the paper on the kind of legislative and industry reforms that would be necessary to make this a reality.

“What it provides for is a licensee, say a sports bookmaker who holds a license in the Northern Territory, who wants to accept cryptocurrency for striking or paying out wages, [is that they] need to apply for consent to be able to do that. And there’s certain conditions that attach to that.”

~ Julian Hoskins, the principal of Senet, one of Australia’s major gambling law and regulatory advisory firms.

At least for the time being, gamblers using one platform will have to make separate wagers in fiat currency and cryptocurrencies. This is because these two forms of currency won’t be able to be exchanged for one another while gaming.

The Tax and Legal Implications

According to sources close to these initiatives, the NTRC is also mulling over the subject of the tax implications of utilizing cryptocurrencies for gaming purposes. It will take a bit of time to understand the full scope of that but there are certainly a lot of potential solutions.

Nevertheless, the use of cryptocurrency in gaming would first need jumping over several legal hoops, such as adhering to strict identification criteria to comply with Anti-Money Laundering (AML) legislation. It is quite probable that gamblers will be required to have the addresses of their cryptocurrency wallets validated, and winnings will have to be withdrawn to the same wallet that was used to make the original deposit.

As is standard procedure in gaming that is based on fiat currency, local gambling enterprises will be legally obligated to have cryptocurrency wallets that store sufficient cash to adequately collateralize the wager amounts of their customers.

Addiction Specialists Point Out Dangers of Crypto Trading

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Young males trading bitcoin have begun to seek therapy for symptoms linked with problem gambling, according to gambling addiction advocates. Four or five males, most of them young, have reported a lack of control over their crypto trading in the last two years.

Now, is it possible to become hooked on cryptocurrency trading? Well, the concept is divisive, but it is certainly not out of the realm of possibility. That is especially in the lucrative addiction-treatment market which has been growing as gambling and related industries expand across the globe.

Crypto, of all things, has made its way to rehabilitation facilities. Services related to trading addiction now include a $90,000-per-week facility. If that seems to be too pricey there are also alternatives like the comparatively low-cost teletherapies.

A very small percentage of people who experiment with technologies like Bitcoin will ever run into issues. That might make taking addiction seriously a bit of a hassle. Moreover, the exact clinical terminology is also a still point of contention.

Special Scientific Attention

As niche as it may seem, addiction to crypto trading is getting quite a bit of attention from many activists and mental health specialists. A rising number of experts are looking into the world of cryptocurrencies. In their guidelines, they have marked them as a potential source of problems, like gambling but perhaps more devious in some ways.

Our brains have an insatiable need for money. The high from certain drugs and the joy of purchasing a lucrative piece of crypto are both governed by the same reward circuits. In fact, an extended variant of one cerebral receptor, dopamine receptor No. 4, has even been linked to a proclivity for financial risk-taking, according to studies.

To make it even worse, many established digital currencies have taken on the appearance of respectable investments, notwithstanding the lunacy that may exist in the realm of cryptocurrency. As such, many individuals can justify speculative wagers that are often nothing more than a gamble. Furthermore, crypto-trading takes place around the world, 24 hours a day, 7 days a week, and is accessible to lots of people through computers and even mobile devices.

“Excessive crypto trading and high-risk stock trading could be forms of gambling and lead to gambling disorder.”

– Lia Nower, director of the Center for Gambling Studies at Rutgers University –

It will be very interesting to see where all the studies and efforts to rationalize crypto lead. The sector is growing rapidly and any kind of checks and balances that make it safer for everyone will certainly be well-appreciated.

 

Crypto Casino Project FoggyStar Receives $5 Million Investment

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Fast-rising crypto casino FoggyStar.com has recently received a whopping $5 million investment. Aimed at pushing the operator’s ambitious crypto plans forward, this investment from Canadian and Japanese investors will certainly shake things up not just for FoggyStar but for the online gambling industry as a whole.

For many people, this might come as a surprise especially considering the fact that the operator is just a few months old. It officially kicked off operations at the beginning of the year and its core product is just now in its alpha version. However, it has a lot going for it hence the confidence that the investors have in its operations.

As it stands, FoggyStar offers a solid range of games from reputable software developers including Play’n GO, NetEnt and Pragmatic Play. In addition to the crypto-powered casino games, the gaming site also features an outstanding bonus program that is specifically designed to appeal to the growing community of crypto gamblers.

More To Come

Clearly, there is a lot of optimism about the operator’s potential for success. With the investment secured, FoggyStar will be able to pursue even more growth. There are already plans for the development of additional features. The goal with most of these products is to create an open platform that can be scaled and used elsewhere. In addition to that, FoggyStar is working on ensuring that the products that are in development all use crypto at their core.

The approach has very clearly-defined targets too. Not only will the company be able to scale the audience but it will also be able to increase engagement and the trustworthiness of crypto products.

Speaking on the development plans, the FoggyStar team states that the goal is to ensure that the interests of their target market are met. The product will leverage industry trends while at the same time leveraging some of its unique selling points.

“The project is focused on the users and the security and transparency of the infrastructure that surrounds them. Our team aims to improve the project using innovative technologies and methods that will lead to a completely new game experience.”

All these are very important aspects and it is great to see that FoggyStar is paying close attention.

Plans for the Metaverse

FoggyStar, as it turns out, also has huge plans for the Metaverse. It is working towards becoming the very first online gambling venue in the metaverse. This move will not only push the industry forward but also redefine how we think of the casino of the future.