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The Shady Side of Online Gambling with Bitcoins

The Shady Side of Online Gambling with Bitcoins

June 23, 2017 · Filed Under Gambling Articles 

Ever since people started to trust Bitcoins, this modern currency became quite popular amongst business owners and casino operators especially. Since it isn’t controlled by any government, it was obvious that gamblers would eventually prefer Bitcoins as the main currency. But like most things, if something is too good to be true, I probably am not. This doesn’t mean the Bitcoins are not useful, it only means they are so useful that even the Mafia is using this method!

Lucrezia Ricchiuti is an Italian politician, member of the Democratic Party, who claims there is a link between illegal gambling activity happening in Italy and Bitcoins. It looks like Italian mobsters got creative and acknowledged the potential of this modern currency and, due to its rise, it has been used for tax evasion by casino operators who are allegedly run by Italian Mafia.

The authorities are having a tough time dealing with the situation because any online casino may use Bitcoins without having to get approval from the government. This means that gamblers will be able to “sneak” past the laws and regulations regarding online gambling and operate in complete anonymity, without leaving any trace.

This scenario creates the perfect opportunity for money laundering and, for the moment, there is no legal way to stop these activities. This payment method is legal worldwide and no government has taken actions against it yet. Even if there were many questionable activities linked with this currency, its current growth is a clear indicator that it’s here to stay. Anyone who has $920 can purchase a Bitcoin and use it as it pleases, on websites that accept this payment method.

Luckily, many of today’s online casinos encourage players to place a deposit via Bitcoins and that doesn’t necessarily mean they are shady. Since 2008, this currency has reached its peak with a market cap of $15 billion and it surely continues growing. It’s actually a very smart move to invest in a couple and hold on to them until the experts advise so.

At this moment, the Italian scene is waiting for Ricchiuti’s next move and hopefully, she will be able to expose everything that’s going on behind closed doors. Truth is, this type of activities is hurting the reputation of this currency and, although people are still interested in investing in it, authorities are starting to build up against.

NetBet, one of the leading online casinos in the gambling market, was the first verified operator from the UK that has implemented Bitcoins. It was shortly followed by The Isle of Man and we can expect to see a worldwide spread of this method.

As for players, if you’re thinking about using Bitcoins as a deposit method, here are a couple of advantages keeping in mind:

  • Privacy: since it isn’t centralized by any government, the owner is the only one who has full control. No one can take them away.
  • No taxes: the purchasing process is tax-free. There are no regulations over these transactions.
  • Inflation does not apply: a maximum of 21 million Bitcoins will be issued and they will not be poured into the economy.
  • Easy transaction: once again, the transaction fees are almost nonexistent.
  • Safe and secure: unlike other methods, no one can steal your personal information. Once you buy it, it’s yours and yours only.
  • Popular amongst gamblers: transactions made through Bitcoins are not only safer but also way faster.
  • Popular amongst casino operators: since there are no third-party implications, casinos have full control over transactions.

Even though there are many advantages to this method, there are also a couple of disadvantages that you might want to consider:

  • A bit too modern: what I mean by this is that Bitcoins are still considered an experiment. It hasn’t been on the market for that long and people are still concerned about a possible decline.
  • It’s constantly changing: due to its fluctuations, the value can suffer dramatic changes.
  • It can only be used online: moreover, it can only be used on websites that have implemented this method. It cannot be used at your local mall!
  • May encourage criminal activity: since there is no way to keep track of these transactions, many illegal activities can occur throughout Bitcoins, as we have seen with the Italian Mafia.

If you already purchased and wish to gamble via Bitcoins, it is advisable that you do a thorough research regarding casino policies. Find the one that is suitable for your needs and also make sure it is licensed and verified. There are many fraudulent businesses that are only looking for quick money and have no intention of paying their debts.

What can we expect in the future? The fall of the Bitcoin is quite unlikely but authorities will have to do a better job in stopping crimes that use this technology as a cover up. In fact, more and more players are excited about experiencing online gambling with Bitcoins and, with such wonderful review already, it will certainly replace other methods.

The only thing that players are curious about is whether there will ever be a way to use these coins in land-based casinos for games such as poker and roulette. Just imagines staking up Bitcoins instead of chips! Unfortunately, this is still Sci Fi and, if it were true, Bitcoins would become just another currency that must comply with the same laws as the others.

In the end, we are all curious to see what BTC has in store for its users and how business owners will get creative and use this technology. After all, if giants like PayPal have accepted it, there is no doubt that Satoshi’s invention will make history and we can expect more brilliant companies to make the switch or at least include the possibility of using BTC as a viable, safe, and fast payment method.

If you are looking for a list of trustworthy casinos that use BTC, Takebonus.com is almost like an encyclopedia of online casinos, bonuses, promotions, games, and software providers. Check it out and pick your favorite casino!

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Online Gambling Licenses in Phillipines Might Be Capped at 50

June 8, 2017 · Filed Under Online Gambling News 

PAGCOR – Offshore Online Gambling Licenses Could Be Capped in the Philippines

According to the Philippine Amusement and Gaming Corporation, the number of offshore online gambling licenses could be capped at 50. The limitations are a possibility due to 42 operators already receiving the approval needed and 12 still waiting under review. Jose S. Tria Jr, the Vice President of the Philippine Amusement and Gaming Corporation Offshore Gaming Operators division confirmed the total number of licenses approved already and said that “it depends on the evaluation; our audit system is delayed and the procurement [process], and once the audit system is up and running, POGO and PAGCOR will be able to monitor the market saturation.”

Tria added that “When their income declines from the previously reported income, it means that there are too many operators.”

It was last month when the PAGCOR had said that licenses that are approved will cover wagering across dog and horse racing verticals, but they won’t be limited to just these types of events. They said with operators being able to provide live feeds and visuals of regulated events limitations won’t be delimited.

All operators who obtain a license will have to pay 1.5% tax on all gross gaming revenue on a monthly basis.

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Play Bitstarz and Explore the Richness of Bitcoins Over Dollars

June 3, 2017 · Filed Under Bitcoin, Gambler's Report, Online Gambling News 

Bitcoin at its Highest Value Yet as CryptoCurrency Reaches Double Versus the Dollar

Play Bitstarz and Explore the Richness of Bitcoins Over DollarsBitcoin’s value today is outpacing any other currency in the entire world; in the month of May alone, Bitcoin doubled versus the Dollar at its highs. Today’s value is well over $2,200 for one BTC, but this amount has left players with much confusion on how much they are actually betting when gambling online.

Although Bitcoin is at a high right now, it’s actually down by 19% compared to last week, but it’s still at a record high and an impressive one at that. The highest it’s ever been was $2,791.69 and that was on May 24 2017. Investors took their profits and sold off which was about $4 billion USD.

Online players love using BTC to deposit and withdraw winnings because of transactions being anonymous, but the rapid fluctuations have slot spinners and poker players confused more than ever due to how much they are actually betting per hand/spin. This is because most Bitcoin operated casinos offer bets as low as 0.05 mBTC which is a millionth of one Bitcoin or otherwise known as a millibitcoin. If you calculate the current price or value of one BTC this equals out to be close to 11 cents. Back in March, which was only 2 months ago a 0.05mBTC bet was $0.05.

Luckily for players, bitcoin casinos like Bitstarz offer a comprehensive guide to making successful wagers. Utilizing their getting started with Bitcoins guide, players can learn to Pick their Wallet, receive their Bitcoins and cash in on great purchases using Bitcoins. New players can join Bitstarz and receive 20 Free Spins, no deposit + a first deposit match of a 100% bonus up to €100 or 1 BTC. In addition, you get 180 FREE SPINS on Boomanji or Fruit Zen or Starburst.

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Illinois General Assembly Passes Gambling, DFS HB 479

June 3, 2017 · Filed Under Gambler's Report, Online Gambling News, Online Poker News 

Illinois Senate Passes Bill Legalizing Both Online Gambling and Daily Fantasy Sports

Online poker legislation finally happened in Illinois this week. This past Wednesday, the Illinois Senate approved legislation that will regulate online casino, poker, and daily fantasy sports. The bill was passed by a 42-10 vote. Provisions of the bill have moved quickly through the proper channels with positive results as supporters can finally breathe a sigh of relief.

Per details of the bill, lawmakers are saying “that Illinois residents participate in illegal online gambling on unregulated Internet websites operated by offshore operators who are not subject to regulation or taxation in the United States. Neither federal nor Illinois laws provide sufficient consumer protections for Illinois residents who play games of chance or skill on these illegal websites, nor does the State realize any benefits from the revenues generated nor jobs created by illegal online gaming.”

With the details of HB 479, casinos that already exist in the state will be able to offer online activities. As it was proven last year, casinos in the state don’t want online activities limited, they want to be able to offer several sectors, not just fantasy sports.

The poker market in the state was more than $3.3 million for the first three months of the year. With online regulations, revenues will soar and boost all gaming sectors in the state.

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Online Gambling Legislation Still a Possibility in Illinois

Two New Bills for Online Gambling in Illinois Give Life to Legalization for the State

Online gambling in the state of Illinois has been a topic of choice for some time now. The state joins many others since the beginning of the year to try for the legalization of online activities. Illinois wasn’t too eager to push for regulated online activities until now. There have been two bills proposed with online gambling included in them. The bills are at the statehouse with one more day to be acted upon when adjournment takes place.

If you look at the timeline these things need the chance that the bills will get approved are slim to none, but there is always hope, leaving the possibility of online gambling getting approved an option.

Online gambling and Illinois have always clashed. Revenue questions were always an issue with even getting the bills to the first stage, but this time is different, way different. The first bill S208 is an amendment that will legalize online activities in the state. This bill is the one that is in the Senate now. The second bill S1805 has already passed through the Senate and now sits in the House. Excitedly enough, daily fantasy sports is included in both bills that are waiting.

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New Reports Show it’s an Online Win for New Jersey Gambling

May 2, 2017 · Filed Under Casinos, Gambler's Report, Online Gambling News 

New Jersey New Tax Revenue Up Despite Naysayers Argument Against Regulated Online Gambling

New Reports Show it’s an Online Win for New Jersey GamblingThe garden state has enjoyed a windfall of tax revenues from its online gambling market. Ever since the launch, opponents have argued against online regulations with overwhelming myths that have been proven to be untrue.

Recent reports have been released showing the benefits of online gambling in the state with successful implementations of regulations that have protected players. There has been $536.62 million in total revenues for all licensed operators as well as $93.91 million in direct tax revenues for the state.

With the online websites that have been licensed and regulated there has been more than 3,300 new jobs created for employees that reside in the state.

“Sweep aside the misinformation spread by agenda-driven critics and a clear picture emerges: Regulated online gambling in New Jersey has been a definitive win for casinos, consumers and the state. Any state looking to New Jersey can draw three clear lessons. First, regulation works. Second, there is a massive consumer demand for online products. Finally, online gambling supports the health and long-term viability of land-based casinos,” commented Chris Grove, a Las Vegas-based gambling industry expert. Grove added, “Hard data from the Borgata, Caesars and the Golden Nugget has demolished any doubt.”

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Adeslon Donation to Trump Inauguration Stirs iGaming Controversy

April 22, 2017 · Filed Under Casinos, Online Gambling News 

A $5 Million Donation Made by Sheldon Adelson Leaves Anxieties of Fear for the Online Gambling Industry

Adeslon Donation to Trump Inauguration Stirs iGaming ControversyTuesday during the Federal Election Commission filing several documents were leaked that Sheldon Adelson donated $5 million to Trump’s inauguration. The election and campaigning happened over the course of the last couple of years with the news just now hitting in the industry. The news has left for a level of feared anxiety for many reasons. This ‘donation’ is on top of the $11.2 million of previous donations made by Adelson.

The news brings concerns with all aspects of online gambling as the main response being that of a gambling ban at a federal level now. Although these are rumors and speculations, the news of the released documents, or that of the actions it’s being said the DOJ will revisit the opinion on online gambling in the US.

Adelson is a sneaky rat, if you will! He sneaks in and slithers his lump sums of money to political parties with everyone thinking he’s donating to good cause, when in all actuality, he’s donating for everything he believes in just like his $20 million he sent to a GOP super PAC that was called the Senate Leadership Fund last year. This was done just a few days before the Restoration of America’s Wire Act was reintroduced into the Senate.

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Bitcoin Popularity Rises Among Gamblers with Over $4Billion Wager Since 2014

April 14, 2017 · Filed Under Bitcoin, Gambler's Report, Online Gambling News 

$4.5 Billion Wagered in Bitcoin on Gambling Over the Last 3 Years as Gamblers Giving Popularity in the CryptoCurrency

Bitcoin, the digital cryptocurrency has continued to rise in popularity over the years. Recent reports confirm the virtual currency is one of the more popular and most used forms of payment to gamble online. There have been $4.5 billion wagered with bitcoins since 2014, so over the last 3 years.

Statistics show that most all gamblers strongly believe that bitcoin is the perfect payment option for online transactions. Using bitcoin has made it possible for more confidential and privatized gambling with faster transactions, anonymous and more secure transfers. Just last year more than $45 billion in bitcoin was purchased, sold and transferred, this is a remarkable volume for the industry.

According to a bitcoin tracker website that tracks the value of BTC and more, reports that more than 24.5 billion wagers were placed just in the last two years. There are more bitcoin gambling websites that have appeared over the last couple years too.

Amongst 60 bitcoin websites there are close to 337 wagers being placed per second with 3 BTC being the average per minute. At the time of the report, 3.7 million BTC was wagered which equals out to be right around $4.5 billion.

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Ukraine Looking to Capitilize on Gambling Revenue Benefits

April 14, 2017 · Filed Under Online Gambling Laws, Online Gambling News 

Ukraine to Re-Legalize Gambling by 2018 as Prime Minister Makes Point in Regards to Missed Revenue

The Prime Minister of the Ukraine has finally accepted a letter promising the re-legalization of gambling by the Ministry of Finance. The promise is supposed to allow gambling in the region by 2018.

Aleksandr Danilyuk, Finance Minister of the Ukraine said, earlier this year, that there has been $370 million missed out on with taxes over the past two years because of delays to opening back up the market.

Gambling was outlawed just about 8 years ago in the region. Previous legalization proposals have failed over the last two years because of tax rates and licensing fees were extortionate. Back in 2015 when the proposals were denied, it was suggested that the regulations would allow iGaming activities as well as land-based, lotteries and sports betting generations to accumulate more than $1.5 billion worth of revenues annually.

The acceptance of new regulations and legislations have been seen before. Back in 2009 there were legitimate interests with Ukrainian players with the lift of the ban being considered. There has been, since then, more issues arise with gambling addiction, licensed operators and so on, so it has caused the banning of gambling to continue. Hopefully the acceptance of the promise letter is a step in the right direction.

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Michigan’s Legalization of Online Gambling is a Bit Absurd

April 11, 2017 · Filed Under Online Gambling News 

Michigan’s Senate Bill 203 Will Only Legally Allow Players Online Gambling within Land-Based Casino Walls

Michigan's Legalization of Online Gambling is a Bit Absurd

While Michigan may become the fourth state behind Nevada, New Jersey and Delaware to legalize gambling, players will still not be able to play online in their homes. The Michigan online gambling bill that was introduced back in March seems to offer an unusual twist that some say will drastically limit the potential payoff to the state.

State Senate Majority Leader Mike Kowall introduced SB203 which has gained the support needed in the capital, but this week the gambling expansion must be approved by voters, not just lawmakers making for a huge setback with arguments considering the bill to be unconstitutional.

“Under Article 4, Section 41 of the Michigan Constitution, any law enacted after January 1, 2004, that authorizes any form of gambling must be approved by a majority of voters in a statewide election,” says details of the latest analysis that was completed this month.

Details of Kowall’s bill would allow the three commercial casinos with the Native American groups and in Detroit to engage in online poker and gambling.

One of the legislative analyst’ who authored the bill’s legal studies, Drew Krogulecki responded to providing the unconstitutional details of SB203 saying the laws in Michigan exempt commercial casinos and Native American groups from Article 4, Section 41.

As David Schwartz director of the Center for Gaming Research at the University of Nevada, Las Vegas so plainly stated;

“You’re definitely constraining the market by making people go to a casino to play online,” Schwartz said. “Would you drive to Home Depot to use Amazon to buy something? I probably wouldn’t, as nice as Home Depot is. I want the convenience of getting something at home.”

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