Although most jurisdictions still view cryptocurrencies as unregulated, they have quickly entered the online gambling sector and are likely to do so in the future.
While cryptocurrency gambling operators are still largely kept at bay in the UK, the U.S. is displaying signs of greater tolerance for it, even though financial regulators have not yet fully grasped it. For instance, it is currently acceptable to make bets using cryptocurrencies in Wyoming as long as they can be converted to a cash-based currency. The state is particularly pro-crypto and has recently looked into the possibility of accepting cryptocurrency payments for state taxes.
While this is happening, organizations like the U.S. The Securities and Exchange Commission is struggling to understand the complexities of such a volatile market. The UK’s Gambling Review does not consider cryptocurrency to be within its purview, but the Treasury recently announced its intention to pass legislation later this year to bring specific crypto assets under financial promotion regulation.
It aims to ensure that pertinent crypto asset promotions adhere to the same strict standards as those that are applicable in the financial services sector.
It is unfortunate that the Gambling Review is not examining the relative risks of cryptocurrency gambling and whether it needs to be regulated; after all, we can assume that it will still take place in unregulated and gray markets.
It is safe to say that the use of cryptocurrencies and other blockchain-based assets, such as non-fungible tokens (NFTs), in fraud and money laundering is widespread. According to OpenSea, a thriving NFT platform that is plagued by issues involving dubious activity by cunning users who have found loopholes to buy NFTs way below market value, over 80% of the items created with [smart contracts were plagiarized works, fake collections, or spam.
To say that it’s dangerously anonymous, however, is not entirely accurate. The blockchain’s architecture allows it to track every transaction from beginning to end. Cash and it may or may not be linked to a specific person’s name and address. To say that it’s dangerously anonymous, however, is not entirely accurate. The blockchain’s architecture allows it to track every transaction from beginning to end. Cash and it may or may not be linked to a specific person’s name and address.
It is occasionally possible to follow criminal activity. One cryptocurrency tracker recently discovered the transfer of 750 million dollars’ worth of bitcoins, which later turned out to be stolen money from the massive Bitfinex exchange hack in 2016.
Although the thief has not yet been identified, many in the crypto community think it would be possible to do so.
The iGaming industry can only assume that blockchain and cryptocurrencies will converge quickly. Game developers are already implementing NFT features, albeit with varying degrees of success because some players are vehemently opposed to them.
Within five years, it is predicted that the play-to-earn business model will dominate the video game industry.
Regulated crypto gambling, which is, in my opinion, already far ahead of the curve, is the next logical step for jurisdictions that have legalized online gambling and are promoting greater adoption of digital currencies.
The most recent example of convergence is the planned merger of the Australian cryptocurrency exchange FTX and the sports betting app PlayUp. It was revealed last week that the exchange had agreed to invest $35 million in the operator at the end of the previous year, despite the contentious conclusion of the acquisition negotiations.
Colorado and New Jersey currently allow sports betting on the app, and Indiana, Iowa, and Pennsylvania have signed agreements to allow sports betting. iGaming services are also provided in Pennsylvania, New Jersey, and Iowa.
Three bills sponsored by Arizona state senator Wendy Rogers, including one that would allow taxes to be paid in cryptocurrency, are intended to promote crypto adoption and compliance. With all of this in mind, it doesn’t seem far-fetched to assume that cryptocurrency gambling will become more widespread.
Gamblers are among the consumer groups most likely to take the highs and lows of extreme volatility with a grain of salt.
Three bills sponsored by Arizona state senator Wendy Rogers, including one that would allow taxes to be paid in cryptocurrency, are intended to promote crypto adoption and compliance. With all of this in mind, it doesn’t seem far-fetched to assume that cryptocurrency gambling will become more widespread.
Gamblers Launch casino online are among the consumer groups most likely to take the highs and lows of extreme volatility with a grain of salt.
