Tag: Gambling

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?

 

Our Tops Picks For 2024’s Gaming Trends

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The last year brought about some remarkable developments at the forefront of digital money and online gambling, which have revolutionized how we play at online casinos. A new age has dawned, spearheaded by crypto giants like Bitcoin (BTC) and Ethereum (ETH), in which virtual transactions and games come together. Coincident with the spirit of virtual play, users now have more financial freedom and flexibility thanks to the seamless integration of cryptocurrencies into online gaming.

Although the value of cryptocurrencies remains volatile, the fact that it is so well-liked by players brings an exciting new dimension to the intersection of cryptocurrency and online gaming. It is an exciting journey, and everyone cannot wait to see what happens next.

That said, as we look forward to 2024, we have the inside scoop on the most talked-about crypto-gaming ideas that are set to revolutionize online gaming.

Better User Experiences

For those seeking instant wagers and payouts, traditional payment options have proven to be a nuisance due to lengthy nuances such as identification verification processes and painfully delayed cash-outs.

We are entering a new age when players build a deep feeling of ownership and autonomy inside the vast gaming world, made possible by developers using cryptocurrencies to create distinct in-game economies where virtual goods can be tokenized and sold.

In 2024, when we break new ground in gaming, the combination of cryptocurrencies and online gaming does more than just make transactions easier; it creates an environment where players can fully immerse themselves in an experience that is focused on them and their needs, breaking free from the remaining constraints of conventional gaming.

The Rise of Crash Games

A lot of people are really into crash games right now. In these games, the thrill is in anticipating when a rising curve will “crash,” and players must collect their winnings before the curve takes a nosedive.

In what ways is this trend revolutionary? It is the amalgamation of cryptocurrencies, with the addition of increased speed and security to the mix. Due to the distributed nature of the blockchain, users may quickly enter and exit games, allowing them to better capitalize on market fluctuations.

With Bitcoin at the forefront, these crash games will undoubtedly make waves in the online gambling industry next year.

A larger movement toward decentralized solutions prioritizing individual protection is at play here, not only in the gaming community. Online gambling will most certainly reach a tipping point in 2024 when state-of-the-art security measures are fully implemented, resulting in a more streamlined and risk-free gambling experience for players and operators alike.

 

Exploring Cryptocurrency’s Eco-Gamble

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The explosion of cryptocurrencies in gaming circles is mostly due to their many advantages, but one aspect that is frequently overlooked is their impact on the environment. Sustainable practices are becoming more important for many reasons, especially in the world of Bitcoin casinos, considering concerns about energy consumption.

Given Bitcoin’s status as a popular cryptocurrency, it possesses resilience, making it a favored choice for many who anticipate its lasting value amidst fluctuating markets. The stability of the Bitcoin market, evident from its consistent trading around $38,000, underscores this optimism. Yet, while the economic trajectory of Bitcoin remains uncertain, its sustainability remains a steadfast aspect.

Exploring the environmental footprint of Bitcoin, we have to delve into how Bitcoin casinos and the currency itself contribute to environmental sustainability.

Pursuing Efficiency

A notable facet of Bitcoin casinos is their embrace of energy-efficient blockchain technology. Operating across these platforms, blockchain technology manages crucial data such as financial transactions and user information. However, the expansion of the blockchain network demands substantial energy.

Initially reliant on Proof of Work (POW) for transaction validation, Bitcoin’s energy-intensive system posed challenges due to the vast computational power required by miners to validate transactions. This approach, while functional, was unsustainable given the growing user base and the accompanying demand on miners.

Consequently, Bitcoin casinos pivoted towards more sustainable alternatives like Proof of Stake (POS), markedly reducing energy consumption. POS involves a selected individual validating transactions through staking, using far less computer power compared to the energy-intensive POW model. This shift not only minimizes energy consumption but also enhances transaction speeds, offering a more efficient and sustainable solution.

Moreover, some Bitcoin casinos have initiated carbon offset programs to counter the environmental impact of cryptocurrency transactions. These programs aim to neutralize carbon emissions generated by the casinos’ activities. Investments in projects addressing issues like deforestation and environmental conservation serve to offset the environmental burden created by Bitcoin transactions.

Optimizing Operations

In the operational realm, the adoption of cloud-based systems by online casinos, including Bitcoin casinos, has gained prominence. These systems, characterized by their lower energy requirements and cost-effectiveness, often employ eco-friendly data centers powered by renewable sources like solar energy. This eco-conscious approach not only reduces energy consumption but also ensures seamless gaming experiences for cryptocurrency users.

Additionally, Bitcoin casinos mandate the use of online wallets for transactions, eliminating the need for paper currency typical in traditional casinos. This digital documentation not only reduces paper waste but also contributes to energy conservation by keeping transactions exclusively in the digital domain.

Crypto Betting in the Current Crypto Crash

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As a result of the global political and economic turmoil, the cryptocurrency market has deteriorated sharply in recent months. This is the lowest price for bitcoin in the last couple of years. Of course, this has had significant ramifications across a wide range of industries, and the gaming sector is no exception. The bulk of gamblers have converted entirely to bitcoin gaming; thus they are suffering large losses as a result of the collapse of the cryptocurrency market.

There is no way to know for certain whether the value of a bitcoin will increase or fall further in the months to come. The professional perspectives on this topic are all over the place, and there has been no agreement on any definitive conclusions yet.

On the other hand, crypto gaming has emerged as one of the most popular methods used in most casinos over the last few years. Consequently, players who possess significant amounts of Bitcoin have been subjected to rather disastrous outcomes.

Accordingly, by looking at current data, we can see that many gamblers have decided to abstain from betting with bitcoin, at least for now. Instead, they plan to wait to see how the possibility presents itself in the future.

Critical Learning Opportunity

When it comes to crypto gaming, insiders say that there is no cause for excessive panic even though the market collapse has been devastating. A growing number of crypto-friendly casinos have been established during this time. This is because these casino operators have remained confident that the cryptocurrency sector would play a vital role in their futures.

All parties affected by the market crisis will get valuable insight on how to better protect themselves from such events in the future. To protect clients who incurred large financial losses, several consumer protection regulatory laws will also be put into place. For obvious reasons, Bitcoin is in the spotlight, since the value of this one cryptocurrency almost always dictates all others.

Whether or not the economy will recover hinges on how investors respond to these developments. Many people feel that despite the present economic climate, the price of Bitcoin and other cryptocurrencies will continue to grow. Despite the evidence in favor of this assertion, we nonetheless advise bettors to proceed cautiously and avoid making hasty decisions.

Gambling platforms have now devised a strategy for dealing with the situation at hand. People are encouraged to retain their money in cryptocurrencies since the industry is projected to increase soon. This might take weeks or even months since it is difficult to narrow down specific timelines for those improvements.

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.

Venezuela Pushes Petro With Launch of Crypto-Only Casino

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Venezuela, the very first country on the planet to launch its own national digital currency, has been trying to get Petro, its state-sanctioned digital currency off the ground for quite some time now. The digital currency was primarily conceptualized as a way for the country to escape United Sanctions and it was hoped to be the ultimate solution to the country’s woes in that regard.

However, everything did not go as smoothly as initially expected with the most recent effort to push adoption of Petro being the launch of a crypto-only casino.

Capitalizing on The Gambling Industry

Recently, Nikolas Maduro, the president of Venezuela, announced plans for an upcoming casino at the Hotel Humboldt in the Ávila National Park. This would be a special project for the country and the world of crypto as it would be the first retail casino in the world to operate exclusively using crypto. At the casino, everyone will be required to use Petros (PTS).

The casino’s customers will, therefore, need to exchange their fiat currencies or digital currencies into PTR. According to the president, the funds from the casino will be used to fund education and healthcare in the country.

As expected, this was a rather unexpected move especially considering the fact that it is a total turn around for the country where gambling was completely banned back in 2011. Legal and regulated gambling in Venezuela essentially went extinct after the ban.

Previous Efforts

Venezuela officially launched in February 2018 as an oil-backed digital currency. Unfortunately, the digital currency has not been able to attract much interest since its launch because of the purpose of its creation – that is, circumventing US sanctions. To make the situation even worse, a number of risk rating sites have labeled it as a scam.

In an effort to improve the standings of the digital currency, the president has on a previous occasion announced that millions of barrels of oil would be sold for PTR.

Will It Work?

President Maduro and his government are quite aggressive about getting PTR off the ground. While it can be hard to tell what these efforts will amount to in the long term, it is safe to say that they may just have a chance. The gambling industry is a great way to boost crypto adoption and this can be seen across the industry.

Still, lots of people still prefer Bolivars and dollars for other transactions beyond gambling. That said, it might take a little longer for things to turn out the way that President Maduro is hoping they will. Still, it remains a significant development in the worlds of crypto and gambling.

Electronic Arts (EA) Ceases Sale of FIFA Points in Belgium

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Belgium declared loot boxes in video games as illegal and unregulated forms of gambling in 2018 and since then a number of game developers made changes so as to comply with the new law. Not Electronic Arts (EA) though – the company was not amused by the directive and chose to defend the use of loot boxes in video games instead of honoring the law, at least until now. Owing to increased pressure, the game developer has backed down from its previously defiant stance and has now ceased the sale of FIFA Points, an in-game currency that is offered in the company’s FIFA series.

The changes were meant to come into effect by January 1 which means that as from the first day of February, FIFA gamers in Belgium will not be able to purchase points in order to obtain FIFA Ultimate Packs. Fortunately, the players will still be able to access the Ultimate Team and play with their existing players. Also, as it has always been, players will still be able to earn all content in the game through gameplay and use coins as well as the in-game transfer market. For Belgian players who already have FIFA points in their accounts, they will still be able to use them but they will not be allowed to purchase more of them.

Belgium’s and Netherland’s gambling commissions came to the conclusion that loot boxes in video games that were fueled by real-money purchases are equivalent to casino games like roulette or spinning the reels of a slot machine. In essence, most countries, including the United States, classify the spending of real money on wagers for potential reward as gambling. Many game developers are mulling over these facts trying to find suitable workarounds.

What It Means for the Industry

In many ways, Electronic Arts started this whole thing thanks to its decision to include tons of heavy-handed transactions as well as loot crates in Star Wars Battlefront II. Despite the backlash from both players and gaming authorities, EA maintains its adamancy that loot boxes are not a form of gambling. In fact, the company said that it would still be seeking “more clarity” on the matter. Luckily enough, the FIFA Points were not critical to the company’s finances which means that this would have played out quite differently if that was not the case.

All things considered, while Belgium may seem like a relatively small market for video games especially when compared to other countries in Europe, its decision to ban loot boxes is certainly bound to get some attention. As is stands, legislators in the United States, the United Kingdome, and Japan have all been looking into loot boxes in the recent past with the main aim being to protect consumers especially those are underage or at risk of becoming gambling addicts.

Worldpay, Paysafe Unite for US Gambling Partnership

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Global payment providers Worldpay, Inc., and Paysafe Group have recently announced a new strategic partnership that is aimed at establishing a standard for the sports betting and online gaming digital payments acceptance and security in the United States. This move is perhaps a well-timed response to the rapid growth of the online and sport betting industry following the May Supreme Court ruling that event that lifted the federal ban on sports betting thus individual states the go-ahead to liberate on their own sports betting regulations.

Paysafe Group is one of the world’s most popular providers of end-to-end payment solutions and its core business is enabling businesses and consumers to connect and perform seamless transactions. The company has well over two decades worth of experience, close to 3,000 employees and up to 12 global locations. Worldpay, Inc, on the other hand, is highly regarded for its capability to power global omni-commerce.

The duo’s partnership will leverage Worldpay’s optimized credit card processing, fast-fund payouts as well the included treasury and payment solutions. Paysafe, on the other hand, will be providing its online gambling and gaming digital payment options which include Paysafecard online cash solution and NETELLER wallet. With this partnership in place, the duo will be able to facilitate seamless transactions while reducing operating costs and allowing universal payment acceptance.

This is exactly what the American sports betting and online gaming industry need as they continue to grow – the American Gaming Association estimates that the sports betting market in the country is worth over $150 billion in gross online and offline gaming revenue. From the looks of it, it could become the largest sports betting market in the world and therefore reliable and convenient payment systems are necessary.

More Choices for the Players

Joel Leonoff, the President and CEO of Paysafe Group believes that the partnership will be able to effectively champion the needs of both the players and the operators by giving them access to a secure, high-configurable and cost-effective payments systems that will deliver an unmatched player experience. The innovative approach the duo will be going with means that the partners will be able to support all transactions. In essence, this means that there will be a ton of payment choices for players to choose from.

In a statement released shortly after the announcement of the partnership, Shane Happach, Worldpay’s executive vice president and head of global enterprise eCommerce pointed out that the combined strengths and capabilities of the two companies would simplify payment options for the gaming operators while “continuing to show our attentiveness to responsible gaming and our mission to protect the integrity of every transaction.”

Are Esports Operators Prepared to Handle Skill-Based Games?

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Last month, renowned esports gambling website Unikrn announced plans to bring legal skill-based betting to the United States which will allow players to wager on themselves. Players will be able to link their games to their Unikrn accounts and the platform will in turn generated odds for the player based on their profiles within the game. This is one of the biggest milestones since the launch of such skill-based competitive video games such as Player Unknown’s Battleground and Fortnite.

As much as the esports industry is picking up in several different areas, Ian Smith, the commissioner of the Esports Integrity Coalition (ESIC) is concerned that the industry is yet to be prepared for it. To be more specific, Mr. Smith is skeptical about operators like Unikrn having the ability to ensure the skill ratings of the punters match the abilities of those that are manning the game controls.

The Loopholes

One of the most notable loopholes of this model is the fact that some players may place Fortnite bets using their personal account then handle the controller over to a more talented gamer. Similarly, there is the possibility that some players may nuke the game profile and then hustle the system by placing a series of bets. To make it worse, the ESIC commissioner is still not certain about the existence of any tools that identify players and make sure that player is actually the holder of the game account on platforms such as Unikrn’s.

Unikrn, on the other hand, is very confident about the ability of its team to handle issues to do with fraud. According to Unikrn’s chief executive officer, Rahul Sood, the platform has been studying each and every player’s game so as to thoroughly understand the competitive ecosystem of all the games hosted on its platform. This might be the case especially considering how great the platform’s customer experience is – this is only possible by knowing the gaming style of each player. This information can also be very useful for the company if it is to maintain the integrity of the betting platform.

Is This Effective Enough?

It is still quite obvious that it will be very difficult to detect cheating in battle royale such as Fortnite and Player Unknown’s Battlegrounds than in other types of video games. This is primarily because these battle royale games usually feature multiple players all fighting to emerge as the last man standing.

Furthermore, data from these games are not very reliable because their results are not very predictable – most anti-fraud measures are based on the predictability of certain activities or actions. For instance, talented players can sometimes be easily knocked out of the games during the early stages and a less experienced player may, in some case, get lucky enough to win the game. Since battle royale games are not like the conventional esports betting formats better solutions are definitely needed.

High Hopes for US Sports Betting as Pa. Sportsbook Goes Live

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Last Thursday (November 15, 2018) Pennsylvania finally took its first ever legal sports bet. This was after the Pennsylvania Gaming Control Board approved Hollywood Casino at the Penn National Race Course for a two-day testing period that was run by renowned US sports betting operator, William Hill US. Fortunately, the testing period went so well that on Saturday, November 17, the operator was given the go-ahead by the state regulator to proceed with its official launch.

It has been a very long road to the first ever legal sports bet in the state. When the United States Supreme Court lifted the federal ban on sports betting earlier this year in May, the Keystone State’s sports betting could have kicked off on that very day – in theory, is. Pennsylvania’s sports betting laws and regulations were approved in a sweeping bill in October 2017 that complimented Pennsylvania’s booming lottery and land-based casino industry. This has really helped propel the state into one of the country’s most lucrative gambling markets.

More States to Swarm into Sports Wagering Next Year

Of all the states that have operational sports betting industries, Pennsylvania is the perhaps the most consequential especially since it is the most populated state with legal sports betting so far and thus it opens up a major chunk of the US population to legal sports betting. Furthermore, the move significantly bolsters the growing Mid-Atlantic market as a whole – this area has been the epicenter of the gambling expansion in the US following the Supreme Court ruling that abolished PASPA and lifted the federal ban on sports betting.

According to industry experts, at least 12 more states could legalize sports betting next year, and up to eight of them could launch their sportsbooks before the 2019 football session kicks off. This means that within the next 2 years there could be at least 24 states with legal sports betting operations. Among the states that are expected to close in on legislation or new regulations by the end of 2019 are Connecticut, Ohio, New York, Florida, Oregon, Kentucky, Indiana, Illinois, and Michigan.

Even so, the Keystone State’s is quite different from all other states especially because considering the fact that it will be the first state with franchises in each of the four major US professional sports leagues to offer legal and regulated sports wagering. This, when added to the potential size of the market, will make the state a force to reckon with in as far as sports betting in the United States is concerned.

While it will certainly be a while before Americans are able to enjoy a fully-fledged legal sports betting environment, the developments in various states, more so Pennsylvania, is certainly a vital step towards the future many are hoping for.