Your opinions on Online Gambling and Bitcoin

[Rampton]

Bitcoin and gambling are a perfect match and go hand in hand in my opinion. Many countries prohibit online gambling so bitcoin is the perfect medium for getting around that. It's also very costly for gambling sites to pay winnings with fees and bitcoin could save them big time on this.

Gambling is tax-free in the UK.
A few years ago the UK government got rid of taxes for betting in real life bookies because they couldn't compete with tax-free online gambling sites based in Gibraltar and Jersey. IIRC.
Also,I just lost £20 on the Grand National on Saturday and i didn't pay tax.

You might not pay tax on your bets but the profits the gambling companies make certainly aren't tax free, though.

[TippingPoint]

i will suggest gambline is just a waste of time play it just for fun not for earning..no martangle and any other stratagy will work

Playing against other humans (particularly in a low-rake environment) works. A combination of gambling and skill. It rewards patience, observation, logic, emotional stability, discipline, and aggression. Players who already have, or can cultivate those skills, consistently outperform their opponents.

http://www.amazon.com/The-Theory-Poker-Professional-Teaches/dp/1880685000

[ashour]

i will suggest gambline is just a waste of time play it just for fun not for earning..no martangle and any other stratagy will work

Playing against other humans (particularly in a low-rake environment) works. A combination of gambling and skill. It rewards patience, observation, logic, emotional stability, discipline, and aggression. Players who already have, or can cultivate those skills, consistently outperform their opponents.

http://www.amazon.com/The-Theory-Poker-Professional-Teaches/dp/1880685000

Yes but there isn't much profit to be earned by human vs human gambling games. Gambling operations with a house edge will always be more profitable and popular. P2P gambling platforms will be the feature of gambling bitcoin.

[Ron~Popeil]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

i will suggest gambline is just a waste of time play it just for fun not for earning..no martangle and any other stratagy will work

True. Gambling is supposed to be fun. The problem gamblers are the ones that actually have an expectation of profit from gambling. They will always find a place to get their fix.

[unamis76]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

If you're planning on offering a good dice site or something entirely new and different I think you're welcome. But you won't go far yourself without an house edge.

And yes, Bitcoin is a good opportunity for some online gambling, so you'll always have a market there As for government ownership... Forget about it. I wouldn't spend a dime on a site that's publicly known to be somewhat government controlled.

[ashour]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

If you're planning on offering a good dice site or something entirely new and different I think you're welcome. But you won't go far yourself without an house edge.

And yes, Bitcoin is a good opportunity for some online gambling, so you'll always have a market there As for government ownership... Forget about it. I wouldn't spend a dime on a site that's publicly known to be somewhat government controlled.

Decentralised and P2P gambling networks will be the way to go. The bitcoin technology is really useful for online decentralised gambling, none is going to use a government controlled bitcoin gambling site.

[OpenOcean]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. ...

You should seriously reconsider that idea.
Bitcoin gambling market seems to be already saturated and P2P is particularly the hardest one to start. Not to mention that there already are P2P betting sites (bitbet.us, peerbet.org and probably few other).

...
Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate?

No. If anything it can be the other way around. If gambling is made illegal with exception of government owned entities, then such gambling operators are in monopoly position and don't really have to care about providing fair odds, transparency etc, and are likely protected from any type of control.

I remember heavy rumors, a few years back, about Lotto results being manipulated in Italy and also in Poland (iirc).

While it is true that we have a lot of services and casinos which let us play online. But I don't think that market is saturated at this point. I think there is plenty of room for new ideas and awesome sites. With good dose of marketing backed by really good service your website will be skyrocketing in no time. I don't trust anybody until I see proofs of bets being fair that means government's  casinos are no exception here, and if government will ensure that private casinos will be illegal I would definitely won't support government's casino but instead will be using unblocked online service.

This post is the perfect one for me to launch my next point on. However before I do, I want to earnestly and sincerely thank everyone for the precise, practical, and polite input. It really has been some of the best forum discussion I have ever seen.

I will answer in full detail our product offering once my colleague is informed of the great feedback that you have graciously provided us. We believe our system to be novel. We hope you think so, too. The only reason my colleague does not know about this at the moment is because he lives in a different time zone and is not awake as of yet. The second we agree how much to post, AND of way to reward any parties interested in promoting, we will get back to you with full details.

Honestly guys, it's hard to describe how much we appreciate this. Thank you.

[Cruxer]

Well, gambling in intself is just fun. When people start having addiction its diffirent matter then.

[arlekyn13]

Well, gambling in intself is just fun. When people start having addiction its diffirent matter then.

People tend to confuse addiction with fun. Many gamblers can't stop gambling because they find it "funny", in reality, the "fun" part is long gone and replaced with a bad addiction mostly caused by adrenaline. When addiction turns into obsession, the gambler is now in pretty deep shit without even realizing it. Unfortunately for some, they only give up on gambling when either forced by the complete lack of funds or following a bad life event such as wife divorcing (not necessarily a bad thing though, maybe not the best example?).

[Sithara007]

Well, gambling in intself is just fun. When people start having addiction its diffirent matter then.

People tend to confuse addiction with fun. Many gamblers can't stop gambling because they find it "funny", in reality, the "fun" part is long gone and replaced with a bad addiction mostly caused by adrenaline. When addiction turns into obsession, the gambler is now in pretty deep shit without even realizing it. Unfortunately for some, they only give up on gambling when either forced by the complete lack of funds or following a bad life event such as wife divorcing (not necessarily a bad thing though, maybe not the best example?).

Yes gambling is also one form of addiction like Alcohol, drugs, dope, women, etc. You get same Kick from Gambling as you get in case of above addictions. The only difference is here you directly dealing with money, so if you lose it then it's gone. 

[WhatTheGox]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

Please you or some developer make a p2p multiplayer skill game platform where people can play for bitcoins.   I was a professional online poker player for many years, the lifestyle was very unhealthy but the "gambling" aspect is very healthy if the game is truly a skill game - i can explain further if needed.

https://bitcointalk.org/index.php?topic=1016604.msg11014085#msg11014085   < i made this thread just recently.

Im very interested in helping with p2p skill gaming platforms using bitcoin, im passionate about gaming and this stuff is really fun to me not work.  

If you want to talk more PM me or talking here is fine also, i just want to see the system made.

[jaberwock]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

You'll have to get money from players in some way or another, so you probably will charge a % of the game pot. It will work the same way as a house edge.

The only gambling that really has no edge is sport beting.

[WhatTheGox]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

You'll have to get money from players in some way or another, so you probably will charge a % of the game pot. It will work the same way as a house edge.

The only gambling that really has no edge is sport beting.

I dont see a problem in charging a small fee, if you can make a system without a fee then thats amazing.

Its all about +ev and -ev bets.  You can do either with sports betting, poker, most gambling decisions.  You cant make +ev bets vs a house unless you cheat.  If you can make a system where +ev and -ev bets are possible then its more just like the kind of "gambling" you'd take in everyday life vs a slot machine etc.

[afriezalie]

Gambling is a game when you try it. Then, it will take your money away when you think that is an addicted thing. That's my opinion.

[Troonetpt]

Bitcoin make online gambling more convenient, it could help the develop of bitcoin. The potential is huge.

[countryfree]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

My opinion is that gambling is bad for BTC.

BTC has suffered too much from being associated with terrorism, pedophilia or gambling, even if hard facts were non existent. I don't want anyone to think of BTC as some kind of monopoly money, and there's nothing positive in online gambling. I advise you to look for another business idea.

[WhatTheGox]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

My opinion is that gambling is bad for BTC.

BTC has suffered too much from being associated with terrorism, pedophilia or gambling, even if hard facts were non existent. I don't want anyone to think of BTC as some kind of monopoly money, and there's nothing positive in online gambling. I advise you to look for another business idea.

Is online poker bad for bitcoin or USD in your opinion? 

I cant believe we can lump skill gambling and luck gambling in together and also think we can decide that all forms are bad for everyone at all times.

[pawel7777]

My opinion is that gambling is bad for BTC.

BTC has suffered too much from being associated with terrorism, pedophilia or gambling, even if hard facts were non existent. I don't want anyone to think of BTC as some kind of monopoly money, and there's nothing positive in online gambling. I advise you to look for another business idea.

You can argue whether gambling itself is good or bad, but it's definitely good for BTC (in terms of price and adoption).

Like it or not, currently large % of all bitcoin transaction relate to gambling, which probably creates fair part of demand. Would it be good if you take it away?

What you're talking about is the image issue. You seem to want to present Bitcoin to the world as 'pure goodness', that's bullshit. Bitcoin is not meant to be solution to all the problems, it's meant to be an alternative to fiat. That means it could be used both for noble and for shady things. And that's OK.

[Sithara007]

Bitcoin make online gambling more convenient, it could help the develop of bitcoin. The potential is huge.

but the milliion dollar question who is going to do that? Who will be having that much resource and time to do that.

[WhatTheGox]

Bitcoin make online gambling more convenient, it could help the develop of bitcoin. The potential is huge.

but the milliion dollar question who is going to do that? Who will be having that much resource and time to do that.

The punters love to use the bitcoin chip to move around to gamble, the site owners prefer to deal in bitcoin due to govs.  Further growth is inevitable for bitcoin in the gambling market, i would guess in a few years time bitcoin will be the dominant currency in the space.