Category: Gambling

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.

New Report Reveals Surge in Crypto Use in Online Gambling

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Last Tuesday, BGaming, a notable figure in the world of crypto gambling released a publication detailing some of the key gambling trends of the third quarter of 2021. According to this report, online gambling recorded some of the most interesting developments.

In addition to the impressive demand for iGaming solutions, innovative additions to the sector have also been growing rapidly. For instance, gambling with crypto is now a very big deal. While crypto gambling is not an entirely new concept, it is still in the early stages in terms of mainstream adoption. The gambling sector is leading the pack in that regard with more interest in crypto-gaming solutions than ever. This sector’s popularity was where BGaming found the most growth.

Big Boost from Mobile Gambling

iGaming is generally on the rise in the United States as well as in other parts of the globe. One of the biggest contributors to that has been the increased accessibility of mobile devices. These devices are arguably the most vibrant markets for modern online gambling operations. Every operator has worked towards delivering amazing mobile casino offerings and crypto-friendly casinos have not been left behind.

Moreover, there is more ease of access to such things as crypto wallets and trading services are available for mobile users. That has made using crypto for real-money online casino games so much more accessible and convenient. It could even be said to be enjoyable in its current state.

Driven By a Growing Market

One other aspect that has been very important for the growth of crypto gambling has been the deep interest shown by the young adult population. This particular audience has grown by over 5 percent this year adding to what was already a very impressive number. Since they are more tech-savvy and open to innovative technologies, their interest in crypto gambling is not surprising.

“In the current climate, young adults are spending more and more time at home looking for new forms of entertainment. Following that trend, iGaming providers track the most popular demands of this new generation, creating and adapting new games and products to meet the needs of this growing market,” reads a statement from BGaming.

BGaming’s report is certainly something that other players would be interested in looking at. The company has already built a solid reputation for being the first operator to offer crypto-powered iGaming experiences. As it looks to expand the business and its network further, the company will leverage the finding on its report.

Cashio Unveils Semi-Decentralized Blockchain Casino

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The world of crypto betting just got yet another boost thanks to a recent addition. Cashio, a new entrant into the sector, is making quite the debut by launching a semi-decentralized casino. This will not only offer customers a way of enjoying their favorite casino games but also give them the opportunity to profit via Cashio token.

A Revolutionary Gambling Offering

The gambling operator has recently detailed its plans for a revolutionary casino experience. As it stands, the company is developing some special decentralized games that will alter the casino as we know. Still, the target audience for this amazing product is mostly people who gamble crypto. That is already a pretty huge number.

According to the company, the goal is to integrate the gambling and NFT industries in a manner that allows investors to get a piece of the casino revenue. That is, of course, when the token price eventually rises to increased demand. Cashio has further committed to distributing the retained profits to the token holders. It will also be accumulating a massive amount into its Jackpot contract.

How It Works

Cashio’s Jackpot contract will gather BNB from the Casino earnings and from every buy/sell fees. It will then be deployed as a Lotto game. This Jackpot amount will then first be bought as Cashio Tokens thus boosting the price to the limits. As a result, the winner will receive their loot and the increase in the token’s value will reward Cashio Token holders in the process.

The operator will also be adding a 3-tier system where the rewards will be distributed to the token’s investors accordingly to their Holdings. This reward pool relies on Casino earnings and Cashio Token transactions. All the investors will not only be able to claim their rewards but also track all the useful information on the site’s Earnings Dashboard. More detail on this aspect is available on the operator’s whitepaper.

Is It Viable?

Well, the crypto and gambling spaces are always filled with new and interesting innovations. A good number of them are thriving or are at least headed there. Some do not make it due to several factors. As for Cashio, it is early on in its growth and it is hard to foreshadow where it will be a year or so from now.

Still, the casino operator has some solid ideas that could take off especially if crypto gamblers get on board. The innovative features will certainly make online gambling even more exciting than it already is.

Are NFTs Headed to Gaming?

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Cryptocurrencies are perhaps one of the most notable developments of the past decade or so and they continue to spawn even more innovations. Now, one of the most talked-about aspects of the crypto landscape is non-fungible tokens otherwise known as NFTs.

What Are NFTs?

As it is with several aspects of the crypto industry, NFTs are still not understood by everyone which is totally understandable. They are simply collectible digital assets that hold value as a form of cryptocurrency and as a form of art or culture. The reason why they are such a big deal is that they are a way to create both scarcity and uniqueness to digital art. You can also think of it as a new vessel of distribution and ownership for an already rather experimental medium.

How This Relates to Online Casinos

Well, if history is anything to go by, the casino industry is likely to pick up on this new buzz much like did with other emerging technologies. Today, bettors can leverage some of the latest technologies on their gambling platforms of choice. These include things like digital currencies, live betting, and even other arguably niche technologies like Augmented Reality (AR) and Virtual Reality (VR).

Now, if we consider the massive popularity of NFT, it is almost guaranteed that a massive push for its adoption in the online gaming world will be a reality soon. The rise of such activities like eSports also serves to prove the potential of the new technology as a way to take online gambling and gaming to the next level.

In many ways, the NFT blockchain network, online gaming, and the online casino industry seem to be built in such a way that they complement each other. Some companies have already begun investing in that future and they are already projecting some pretty impressive returns from that.

Should You Jump In?

People are already trading NFTs which sort of gives it a start that is much like the launch of digital currencies in the early 2010s. However, the phenomenon is still marred in quite a bit of skepticism just in the same way that digital currencies were in the beginning. All things considered, jumping in at this very moment is mainly a question of how much faith you have in what is arguably the future of gambling, art, and entertainment.

There is still a long way to go and a lot to learn before everything falls to place as projected but there are lots of people who are more than happy to be a part of that journey. Are you one of them?

DAOGroup Sets Sights on The Growing Sports Betting Sector

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The growth of the mainstream sports betting industry has caught the attention of renowned online gambling digital currency and blockchain solutions provider, DAOGroup. Now, the company is doubling down on its efforts in the hopes of getting even more out of the growing sector.

The first move that DAOGroup is pursuing in its quest to capitalize on sports betting is strengthening its business development team. This came in the form of two new hires – Yelena Kensborn is the group’s new Sales and Marketing Director, while Adam Lee will be taking up the role of the Business Development Manager.

According to the DAOGroup CCO Glen Bullen, the decision to strengthen the company’s commercial team further could not have come at a better time. With such a robust team, they will now be able to effectively tailor their decisions to boost brand presence and cater to the needs of their customers. Many gaming operators are ramping up efforts to integrate crypto-gaming products in anticipation of the return of sports-related gambling activities.

“We’re here to help the industry benefit without the compliance headache, and I’m thrilled to be welcoming Yelena and Lee aboard. Both are strong individuals with proven credentials who will no doubt be key in helping our partners appeal to an even broader player base as mainstream betting returns,” Glen Bullen commented.

DAOGroup already has quite a neat portfolio of crypto-based products. Earlier this year, it launched DAOWallet, its flagship product. Gaming operators have shown a great deal of interest in the product owing to the fact that it does not require them to conform to addition AML and compliance procedures. The solutions provider has integrated all necessary features to ensure it is safe to use for both gamblers and operators.

Crypto and The Rise in Online Gambling

Needless to say, the rise of online gambling was inevitable. However, it is safe to say that the coronavirus pandemic may have catalyzed the process and now some crypto betting sites are experiencing an unprecedented surge in player traffic.

Many of these new-age and futuristic online gambling platforms now have to deal with issues related to transaction processing while at the same time tailoring newer and more competitive products. This is, of course, a good thing especially because it will hasten the growth of the crypto betting sector as well as the mainstream adoption of digital currencies.

Thankfully, a lot of improvements are already being put in place. Moreover, even traditional iGaming businesses are beginning to take crypto very seriously.

Better Collective Buys HLTV.org Esports Site

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Renowned global esports betting media group Better Collective has recently acquired HLTV.org A/S for a whopping €34.5 million on a cash-free and debt-free basis. The Stockholm-based Better Collective has had plans to further diversify its publishing network and the recent acquisition is now one of the most notable moves in that regard. The multi-billion deal also happened to include the purchase of the CS:GO community platform that is known as Dust2.dk.

The Terms of the Acquisition

According to the press release that announced the acquisition, the core business model for both companies will be the promotion and advertising of esports betting operations. Jesper Søgaard, the chief executive of Better Collective, says that the decision to acquire the sports betting company was a well-thought-out one. The company had its sights set on the esports industry for a very long time before they arrived at the decision.

The essence of the time Better Collective took to analyze and monitor the esports industry was to ensure that they had all their card rights before diving. Esports is quite dynamic and differs in many ways from traditional sports which means that it was very important that they found the right partner. HLTV.org along with dust2.dk are these ideal partners – they already have a great reputation for operating the best-positioned esports brands across the globe.

“We expect strong synergistic effects as many of the betting operators we collaborate with today also offer bets on esports, so I look forward to a prosperous esports future for Better Collective together with our new colleagues,” the Better Collective CEO said.

HLTV.org executives also expressed their support for the move especially because the acquisition will support their bid to remain the leading CS:GO brand in the world. Better Collective has nearly 2 decades of experience in the sports betting industry and this makes it a great partner for HLTV.org whose growth has also been quite meteoric.

Esports Across the Planet

Needless to say, the esports industry is one of the fastest-growing sectors on the planet. It is estimated that by 2020, the sector will have a viewer base of over 300 million people. Moreover, the global esports market revenue should reach $1.79 billion by then. With more accessible features coming to players and the number of esports betting markets also growing rapidly, it is expected to create one of the most lucrative business ecosystems over the next decade.

That said, a number of partnerships are being inked in order to take advantage of the growing market. All these will go a long way in not only legitimizing the activity further but also fostering its entry and growth in newer markets.

BLUEBET Emerges as World’s Top Crypto Betting Site

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According to blockchain user analysis website DappRadar, BLUEBET is the world’s leading cryptocurrency betting platform. Further analysis of the gaming website suggested that it is set to consolidate the positions for even longer thanks to its longer-term strategic focus on the so-called cross-chain crypto gambling – this will definitely be a revolutionary step forward for the recently launched gambling website.

On the DappRadar website, BLUEBET which has been in operation for just a little over seven months is described as a “multi-person online entertainment platform that is based on blockchain.” The online gaming platform supports a number of popular gaming titles including Texas, multiplayer Blackjack, Baccarat, PowerBall Lottery, Caribbean Poker, Sports, and multiplayer Three Card among many others. Its goal is to create a professional, safe and transparent gaming environment for their customers who are from all around the world. Furthermore, the company leverages the power of blockchain technology to build “a user autonomous community, and create a platform that belongs to poker enthusiasts and sports enthusiasts.”

The EOS-based project also currently ranks as the most popular blockchain projects with more than three thousand customers using it on a daily basis. However, there have been speculations that the traffic may not be quite as impressive as portrayed.

“There is a very high level of bot traffic on gambling dApps. We’re currently doing some research on this subject at DappRadar, but my personal gut feeling is +50% of traffic for some gambling dApps comes from bots,” Jon Jordan, a spokesperson for DappRadar website.

The presence of bot traffic might be a result of deliberate manipulation in order to fake user adoption numbers. Another possibility is that the bot interaction may be the result of algorithmic interactions which are completely legitimate in the context of online gambling.

Still, this might just be mere speculation as stated above especially considering the fact that BLUEBET was primarily designed and built with the Chinese gaming market in mind. Chinese gamblers have been switching to blockchain-based casinos particularly because of the anonymity they offer – this is a very important factor since gambling is still illegal in the country.

Cross-Chain Functionality

BLUEBET plans to eventually accommodate many other digital currencies including Ethereum and bitcoin. This is directly in line with the platform’s plans to build cross-chain functionality. This will allow for peer-to-peer betting by users using different cryptocurrencies. Needless to say, the functionality is almost unheard of in the crypto gambling sector and therefore it will set BLUEBET apart from all other gaming platform and give it an upper hand in the very competitive market.

 

Crypto Gaming Platform Helping Physical Casinos Move Online

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Pbet, a brand new crypto-powered gambling platform has recently launched an initiative that is set to help land-based or physical casinos to move online. The initiative not only promises to see the casino operators incur much lower costs but also intends to afford them with the assurance of more savings. In addition to that, the platform is also meant to ensure better credibility for casino players thanks to its blockchain crypto-based Unified Gaming Platform.

Pbet is already considered to be a next-gen gaming platform and its crypto token that is referred to as “PBET” is also beginning to take off. In fact, the platform has already had its Initial Exchange Offering (IOE) in a number of popular cryptocurrency exchanges including the renowned P2PB2B. Furthermore, Pbet has gone ahead to further its participation through IEO sessions in a good number of other leading exchanges like ExMarkets. Now, after the Initial Exchange Offering (IEO), the platform’s token will now be officially listed on host exchanges where its holders will be able to trade it.

Revolutionary Casino Management System

Pbet has been around for over two years now and in that time, it has been able to penetrate the gaming market thanks to “Genuina”, its casino management system. Genuina is the brainchild of some hospitality and gaming industry veteran. Now, as mentioned earlier, Pbet has plans to create a smooth convergence of physical casinos and online casinos while at the same time integrating crypto-based payments.

The platform’s blockchain technology is set to help in ensuring that there is a trust factor for players through the delivery of transparency information among other things. This mission is based on the company’s vision to combine all the three pillars of physical casinos, that is, the players, the physical casinos themselves as well as Pbet.

One of the most notable but rather overlooked features is the fact that, with the adoption of blockchain technology, Pbet will now be able to offer the players crypto payment solutions that are not only more affordable but also assure the customers of much faster withdrawal speeds.

“We will enable physical casinos to beat the high cost of penetrating into online space with our blockchain crypto-based turn-key, zero fix fees, revenue sharing system. Pbet also assures almost ‘0’ transaction fees and super-fast withdrawals for players,” stated a Pbet spokesperson.

The convergence between crypto or blockchain and the gambling industry has been a long time coming but it is certainly refreshing to see companies such as Pbet take the leap forward by actualizing it. As such, it will not be long before even more companies begin to adopt the new model

Japan Ramps Up Crypto Gambling Regulation

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Even though Japan is known to be one of the most welcoming environments for new technologies, the country is seemingly very cautious when it comes to gambling. In fact, it has been very strict about the spread of crypto gambling activities and this has been a major obstacle for the most, if not all, of the crypto gambling companies.

Most recently, in March 2019, the company behind renowned cryptocurrency Tron announced that it would no longer allow gambling DApps (Decentralized Applications) based on its platform to be used in Japan – this move was in compliance with the country’s regulations. Moreover, Tron has discouraged crypto enthusiasts in Japan from creating similar DApps while also imploring non-Japanese developers to block the country’s IP addresses from using their gambling platforms. To top it all off, the company has promised to work alongside Japanese authorities in order to identify breaches of the laws and regulations.

The State of Online Gambling and Crypto in Japan

Japan has been one of the most resistive territories in the world when it comes to gambling. However, the country has softened its stance in recent years with the legalization of casinos and resorts casinos – there was significant resistance to these plans particularly due to concerns that the move would result in more case of gambling addiction. As it turns out, there are already a number of illegal casinos operating across the country’s cities and therefore regulation might have been the best way to go about the issue.

Digital currencies and blockchain have also taken off in recent years and people and business have been working hard to find uses for them across several different platforms. Crypto gambling, for instance, has been one of the most widespread and interesting applications of the technology. In the simplest form, these digital currencies can be used in place of fiat currency in online gambling sites and this means that online gambling will be less costly, transactions will be faster and the gamblers can place bets anonymously.

Anonymity, while considered to be a desirable feature by very many gamblers, is not a very appealing idea for regulators. As such, the Japanese authorities have come to the realization that crypto gambling poses a threat to its ability to regulate the activity. This is precisely the reason why the agreement with Tron to purge all gambling DApps from the territory is a major win for the country as it fights to keep gambling activities under its control.