Your opinions on Online Gambling and Bitcoin

[BayAreaCoins]

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

[ashour]

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

You never know if an admin is trustworthy, mark karpeles was trustworthy, the evolve market admins were trustworthy and etc. It's in the human nature to be corrupt and greedy so a human admin would be corrupt as a government would be. Decentralised p2p gambling platforms will the future since none controls them, only code does. And code isn't corrupt nor greedy.

[BayAreaCoins]

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

You never know if an admin is trustworthy, mark karpeles was trustworthy, the evolve market admins were trustworthy and etc. It's in the human nature to be corrupt and greedy so a human admin would be corrupt as a government would be. Decentralised p2p gambling platforms will the future since none controls them, only code does. And code isn't corrupt nor greedy.

It'll be interesting to see what the future will bring.

[ashour]

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

You never know if an admin is trustworthy, mark karpeles was trustworthy, the evolve market admins were trustworthy and etc. It's in the human nature to be corrupt and greedy so a human admin would be corrupt as a government would be. Decentralised p2p gambling platforms will the future since none controls them, only code does. And code isn't corrupt nor greedy.

It'll be interesting to see what the future will bring.

More DAPPS will be built in the future since the needed a decentralised currency and now that bitcoin is here there is not stop.  Decentralised market, file sharing, exchanges, gambling etc platform will be built with teh power of bitcoin. Bitcoin was the last piece of the puzzle for all that.

[eerygarden]

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

As a young entrepreneur where is your profit going to come from if you provide a platform that has exactly zero house edge? You will have variances of profits and losses but in the long run you will make exactly zero minus your costs for running your service. And any intelligent statistician will quickly deduce that he can't beat your game without counting cards or cheating in some way because there is zero house, and therefore, player edge.

I am unaware of what online gaming services the UK government has recently started to offer, but I am eager to learn. I know that Totesport was owned by the UK government until a few years ago, I believe it was set up by Sir Winston Churchill way back when, so it would not surprise me that they are now offering online gaming services, but please, do share with me who or where.

All this talk in favour of regulation does make me chuckle. Well actually it grates me. The UK Gambling Commission is appalling. They regulated canbet, people lost thousands, they regulated bodugi, same thing, and betbutler, same thing and the latest book that this has happened to is 666bet with that squeaky clean character Harry Redknapp plastered all over their website. And what has happened to them? Gone! With it's customers balances throwing out empty promises just like the other aforementioned bookmakers in a vague threat to the Gambling Commission saying, 'Give us our license back and we will pay our customers'.

The UK Gambling Commission forced itself into law in December 2014 so that all online gambling accessed in the UK requires the provider to have a license and pay 15% tax, whether they are located offshore or not. Undoubtedly this will be passed on to the customer in terms of worsening odds/limits/promotions etc. This has caused the likes of pinnacle sports to suspend it's services to UK customers which is horrible news because those guys take large stakes and offer industry best odds, unlike their UK high street counterparts who limit the smart money as quick as they can cotton on.

Anyway, I digress. Bitcoin seems to me an ideal platform for gambling but having said that I haven't done any gambling with any gambling sites with bitcoin. Why? Too many variables, namely exchange rates and lack of trust in providers. Ideally somewhere like sportsbookreview or casinomeister would adopt a bitcoin only section or some similar bitcoin gambling watchdog would come on the scene and start successfully applying pressure during customer disputes. Because frankly, if the guys who are regulated run off with the money, it's going to be even easier in the bitcoin world surely?

Will the whales want to place a bet at a bitcoin gambling site? Only if they trust them. How is that trust going to be earned?

[bitllionaire]

I think that it is a really good niche, gambling is subjected to many regulations in every country in the world, and bitcoin gambling let surpass this and play freely in all type of games, I had never seen dice with FIAT for example.
But with no house edge? and where do you get the profit from? even with house edge many gambling sites are in negative...

[OpenOcean]

Hello dear community,

Thank you for your responses. We at Open Ocean have decided to make our product known now (it will be up and running within a month) for any interested parties.

Before I list the details I must clear up that by what we mean with regards to no house edge. No house edge means we will not adversely affect any parties changes at winning using our code. We will however rake on action to pay our fees.

With no further ado, Open Ocean would like to present:

Lottery Bonds

What are Lottery Bonds?

Lottery Bonds are an online Bitcoin draw that pays out two groups of users (Ticket Holders and Bond Holders) depending on how many users in the first category (Tickets) are active on the site.

How to use Open Ocean Lottery Bonds:

To play, first deposit funds to one of your two Personal Deposit Addresses.
 
-   The first address funds your Bond account

-   The second address funds your Ticket account

You need to wait until the transaction gets a confirmation before the balance becomes available

How does the System work?

Whenever you deposit Bitcoin into your Bond Account, our database will register the time and price of the account update

The price of a Bond is $100USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 0.5 Lottery Bonds
    If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 1.0 Lottery Bonds
•   The entire community’s collective Bonds collect 2% from the total of sum of Tickets entered into the draw pool
   This 2% is distributed amongst Bondholders by the weight of their holdings
o   A bondholder with 1.0 Bonds will received twice as much as a Bondholder with 0.5 Bonds
   Therefore the more Ticketholders there are, the bigger becomes the 2% return divided among the Bondholding community

When a Bondholder withdraws their Bond, a 2% fee will be removed and put forward into the following Ticket draw

The price of a Ticket is $1USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 50 Lottery Tickets
   If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 100 Lottery Tickets
•   Tickets are entered into a draw pool against each other
   Each Ticket is assigned a random number which at the time of the draw (12:00PM CET) will determine a winner
o   The ticket with the highest number wins the entire draw pool minus 15%
   2% is divided by weight among Bondholders, 3% goes to the services providers, and 10% is forwarded towards the Mega Jackpot

What is the Mega Jackpot?

The Mega Jackpot is a side prize that will cumulate with each additional draw and will be awarded on a roughly monthly basis to any winning ticket

If your ticket wins, you will have a chance to choose a number out of 30, choosing the right one unlocks the Mega Jackpot
•   Choosing the wrong number cumulates the Mega Jackpot available for the next winner

Membership

Though the minimal statistics will be available to all (i.e. total of Daily and Mega Jack Pots) for a small membership (very cheap, optional) we will provide additional statistics on how many bondholders and ticketholders there are and how the holdings are separated with regards to who is most likely to win the next pot and who will receive the most returns on pot coupon payments
•   Hopefully this will allow users to optimize on their investment/gambling choices

What Open Ocean Lottery Bonds hope to Accomplish

Lotteries are used to raise funds from the public to be invested in public goods

The bonds are a way of directly transferring the money from lottery ticket buyers to lottery ticket funders (who are Bondholder that submit a small percentage of their holdings towards the next pot whenever they withdraw funds from their account)
•   Taxes are inefficient, this method uses a gaming-backed security to pay out interest (it’s pretty novel and took us 2 years to develop, even though it’s not that sophisticated)
•   An investment mentality is rewarded, since you will not lose bitcoin by simply buying and holding onto bonds (unless you withdraw at a point where your 2% fee > than your 2% pot coupon, which is divided by weight)

The return on your bet (ticket) rises in proportion with the decreases in your chances of winning
•   Each additional ticket in the draw pool will give you an extra 85 cents on every dollar whilst decreasing your chances by one increment relative to the total amount of tickets in the pool already
   This is statistically superior to 49 choosing 6 or 7 which would require over 13983816  tickets to be sold before making a similar return in the case of choosing 6, or 85900584 tickets to be sold in the case of choosing 7
   The risk/profit ratio is clearly superior, the direct transfer of money to investors accounts is also superior to misappropriation through public spending (for the Bonds)

There are very few investments that provide returns on your bitcoin, we hope to add another to the fray

This could be a global lottery (in the very distant future)
•   Every day someone could win huge, whilst, though less frequently (once a month on average if we choose to use 30 choose 1) Mega Jackpots could be revolutionary
•   Draws could be sped up as we are now working on the mobile application for this
   There are many, many more possibilities.

You tell us if this idea is new, novel, and game-changing. It may not be, but my colleague and I tried our very, very best and earnest to be cavaliers.

Failure does not frighten us with regards to public opinion on the novelty of our idea. Failure, however, is not an option with regards to user experience, rest assured your interests are in our hearts via economic incentive.
•   Our next move is to have our site audited by a security expert we know to make sure we are in line with best practices.

Constructive criticism is welcomed and encouraged and you can be nevertheless, because we want honest-to-goodness advice on how to make this successful on a grand scale.

Despite the fact that there are more intellectually stimulating projects out there (which we support and admire), we believe that this lottery offers value in the return on equity purchased per unit of risk (relative to all other lottery systems out there), as well as means for conservative and patient bitcoin holders to create a small rake with their assets.

Lastly, we aim to outperforming governments in the redistribution of public funds through lottery operations by taking lottery systems and privatizing them (it's not a new concept, but we hope that using bitcoin to do so makes it ingenious enough to overcome the chasm).

[arlekyn13]

Hello dear community,

Thank you for your responses. We at Open Ocean have decided to make our product known now (it will be up and running within a month) for any interested parties.

Before I list the details I must clear up that by what we mean with regards to no house edge. No house edge means we will not adversely affect any parties changes at winning using our code. We will however rake on action to pay our fees.

With no further ado, Open Ocean would like to present:

Lottery Bonds

What are Lottery Bonds?

Lottery Bonds are an online Bitcoin draw that pays out two groups of users (Ticket Holders and Bond Holders) depending on how many users in the first category (Tickets) are active on the site.

How to use Open Ocean Lottery Bonds:

To play, first deposit funds to one of your two Personal Deposit Addresses.
 
-   The first address funds your Bond account

-   The second address funds your Ticket account

You need to wait until the transaction gets a confirmation before the balance becomes available

How does the System work?

Whenever you deposit Bitcoin into your Bond Account, our database will register the time and price of the account update

The price of a Bond is $100USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 0.5 Lottery Bonds
    If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 1.0 Lottery Bonds
•   The entire community’s collective Bonds collect 2% from the total of sum of Tickets entered into the draw pool
   This 2% is distributed amongst Bondholders by the weight of their holdings
o   A bondholder with 1.0 Bonds will received twice as much as a Bondholder with 0.5 Bonds
   Therefore the more Ticketholders there are, the bigger becomes the 2% return divided among the Bondholding community

When a Bondholder withdraws their Bond, a 2% fee will be removed and put forward into the following Ticket draw

The price of a Ticket is $1USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 50 Lottery Tickets
   If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 100 Lottery Tickets
•   Tickets are entered into a draw pool against each other
   Each Ticket is assigned a random number which at the time of the draw (12:00PM CET) will determine a winner
o   The ticket with the highest number wins the entire draw pool minus 15%
   2% is divided by weight among Bondholders, 3% goes to the services providers, and 10% is forwarded towards the Mega Jackpot

What is the Mega Jackpot?

The Mega Jackpot is a side prize that will cumulate with each additional draw and will be awarded on a roughly monthly basis to any winning ticket

If your ticket wins, you will have a chance to choose a number out of 30, choosing the right one unlocks the Mega Jackpot
•   Choosing the wrong number cumulates the Mega Jackpot available for the next winner

Membership

Though the minimal statistics will be available to all (i.e. total of Daily and Mega Jack Pots) for a small membership (very cheap, optional) we will provide additional statistics on how many bondholders and ticketholders there are and how the holdings are separated with regards to who is most likely to win the next pot and who will receive the most returns on pot coupon payments
•   Hopefully this will allow users to optimize on their investment/gambling choices

What Open Ocean Lottery Bonds hope to Accomplish

Lotteries are used to raise funds from the public to be invested in public goods

The bonds are a way of directly transferring the money from lottery ticket buyers to lottery ticket funders (who are Bondholder that submit a small percentage of their holdings towards the next pot whenever they withdraw funds from their account)
•   Taxes are inefficient, this method uses a gaming-backed security to pay out interest (it’s pretty novel and took us 2 years to develop, even though it’s not that sophisticated)
•   An investment mentality is rewarded, since you will not lose bitcoin by simply buying and holding onto bonds (unless you withdraw at a point where your 2% fee > than your 2% pot coupon, which is divided by weight)

The return on your bet (ticket) rises in proportion with the decreases in your chances of winning
•   Each additional ticket in the draw pool will give you an extra 85 cents on every dollar whilst decreasing your chances by one increment relative to the total amount of tickets in the pool already
   This is statistically superior to 49 choosing 6 or 7 which would require over 13983816  tickets to be sold before making a similar return in the case of choosing 6, or 85900584 tickets to be sold in the case of choosing 7
   The risk/profit ratio is clearly superior, the direct transfer of money to investors accounts is also superior to misappropriation through public spending (for the Bonds)

There are very few investments that provide returns on your bitcoin, we hope to add another to the fray

This could be a global lottery (in the very distant future)
•   Every day someone could win huge, whilst, though less frequently (once a month on average if we choose to use 30 choose 1) Mega Jackpots could be revolutionary
•   Draws could be sped up as we are now working on the mobile application for this
   There are many, many more possibilities.

You tell us if this idea is new, novel, and game-changing. It may not be, but my colleague and I tried our very, very best and earnest to be cavaliers.

Failure does not frighten us with regards to public opinion on the novelty of our idea. Failure, however, is not an option with regards to user experience, rest assured your interests are in our hearts via economic incentive.
•   Our next move is to have our site audited by a security expert we know to make sure we are in line with best practices.

Constructive criticism is welcomed and encouraged and you can be nevertheless, because we want honest-to-goodness advice on how to make this successful on a grand scale.

Despite the fact that there are more intellectually stimulating projects out there (which we support and admire), we believe that this lottery offers value in the return on equity purchased per unit of risk (relative to all other lottery systems out there), as well as means for conservative and patient bitcoin holders to create a small rake with their assets.

Lastly, we aim to outperforming governments in the redistribution of public funds through lottery operations by taking lottery systems and privatizing them (it's not a new concept, but we hope that using bitcoin to do so makes it ingenious enough to overcome the chasm).

Think this should be moved to Gamble section?

[OpenOcean]

Hello dear community,

Thank you for your responses. We at Open Ocean have decided to make our product known now (it will be up and running within a month) for any interested parties.

Before I list the details I must clear up that by what we mean with regards to no house edge. No house edge means we will not adversely affect any parties changes at winning using our code. We will however rake on action to pay our fees.

With no further ado, Open Ocean would like to present:

Lottery Bonds

What are Lottery Bonds?

Lottery Bonds are an online Bitcoin draw that pays out two groups of users (Ticket Holders and Bond Holders) depending on how many users in the first category (Tickets) are active on the site.

How to use Open Ocean Lottery Bonds:

To play, first deposit funds to one of your two Personal Deposit Addresses.
 
-   The first address funds your Bond account

-   The second address funds your Ticket account

You need to wait until the transaction gets a confirmation before the balance becomes available

How does the System work?

Whenever you deposit Bitcoin into your Bond Account, our database will register the time and price of the account update

The price of a Bond is $100USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 0.5 Lottery Bonds
    If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 1.0 Lottery Bonds
•   The entire community’s collective Bonds collect 2% from the total of sum of Tickets entered into the draw pool
   This 2% is distributed amongst Bondholders by the weight of their holdings
o   A bondholder with 1.0 Bonds will received twice as much as a Bondholder with 0.5 Bonds
   Therefore the more Ticketholders there are, the bigger becomes the 2% return divided among the Bondholding community

When a Bondholder withdraws their Bond, a 2% fee will be removed and put forward into the following Ticket draw

The price of a Ticket is $1USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 50 Lottery Tickets
   If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 100 Lottery Tickets
•   Tickets are entered into a draw pool against each other
   Each Ticket is assigned a random number which at the time of the draw (12:00PM CET) will determine a winner
o   The ticket with the highest number wins the entire draw pool minus 15%
   2% is divided by weight among Bondholders, 3% goes to the services providers, and 10% is forwarded towards the Mega Jackpot

What is the Mega Jackpot?

The Mega Jackpot is a side prize that will cumulate with each additional draw and will be awarded on a roughly monthly basis to any winning ticket

If your ticket wins, you will have a chance to choose a number out of 30, choosing the right one unlocks the Mega Jackpot
•   Choosing the wrong number cumulates the Mega Jackpot available for the next winner

Membership

Though the minimal statistics will be available to all (i.e. total of Daily and Mega Jack Pots) for a small membership (very cheap, optional) we will provide additional statistics on how many bondholders and ticketholders there are and how the holdings are separated with regards to who is most likely to win the next pot and who will receive the most returns on pot coupon payments
•   Hopefully this will allow users to optimize on their investment/gambling choices

What Open Ocean Lottery Bonds hope to Accomplish

Lotteries are used to raise funds from the public to be invested in public goods

The bonds are a way of directly transferring the money from lottery ticket buyers to lottery ticket funders (who are Bondholder that submit a small percentage of their holdings towards the next pot whenever they withdraw funds from their account)
•   Taxes are inefficient, this method uses a gaming-backed security to pay out interest (it’s pretty novel and took us 2 years to develop, even though it’s not that sophisticated)
•   An investment mentality is rewarded, since you will not lose bitcoin by simply buying and holding onto bonds (unless you withdraw at a point where your 2% fee > than your 2% pot coupon, which is divided by weight)

The return on your bet (ticket) rises in proportion with the decreases in your chances of winning
•   Each additional ticket in the draw pool will give you an extra 85 cents on every dollar whilst decreasing your chances by one increment relative to the total amount of tickets in the pool already
   This is statistically superior to 49 choosing 6 or 7 which would require over 13983816  tickets to be sold before making a similar return in the case of choosing 6, or 85900584 tickets to be sold in the case of choosing 7
   The risk/profit ratio is clearly superior, the direct transfer of money to investors accounts is also superior to misappropriation through public spending (for the Bonds)

There are very few investments that provide returns on your bitcoin, we hope to add another to the fray

This could be a global lottery (in the very distant future)
•   Every day someone could win huge, whilst, though less frequently (once a month on average if we choose to use 30 choose 1) Mega Jackpots could be revolutionary
•   Draws could be sped up as we are now working on the mobile application for this
   There are many, many more possibilities.

You tell us if this idea is new, novel, and game-changing. It may not be, but my colleague and I tried our very, very best and earnest to be cavaliers.

Failure does not frighten us with regards to public opinion on the novelty of our idea. Failure, however, is not an option with regards to user experience, rest assured your interests are in our hearts via economic incentive.
•   Our next move is to have our site audited by a security expert we know to make sure we are in line with best practices.

Constructive criticism is welcomed and encouraged and you can be nevertheless, because we want honest-to-goodness advice on how to make this successful on a grand scale.

Despite the fact that there are more intellectually stimulating projects out there (which we support and admire), we believe that this lottery offers value in the return on equity purchased per unit of risk (relative to all other lottery systems out there), as well as means for conservative and patient bitcoin holders to create a small rake with their assets.

Lastly, we aim to outperforming governments in the redistribution of public funds through lottery operations by taking lottery systems and privatizing them (it's not a new concept, but we hope that using bitcoin to do so makes it ingenious enough to overcome the chasm).

Think this should be moved to Gamble section?

Noted and will do so now!

Thank you. I got carried away.

[OpenOcean]

The gambling thread is now located at: https://bitcointalk.org/index.php?topic=1026771.0

[Amph]

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

i would say that any human isn't needed, better to invest in some serious automatized super bot, that can do the escrow, for problem related to "Lies" from one of the two part that are selling/buying, you can rely on sign by both

for example if one of the two say that it's item is no arrived, you know he is talking no-sense because he signed the package from the courier, ecc...

[Sithara007]

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

i would say that any human isn't needed, better to invest in some serious automatized super bot, that can do the escrow, for problem related to "Lies" from one of the two part that are selling/buying, you can rely on sign by both

for example if one of the two say that it's item is no arrived, you know he is talking no-sense because he signed the package from the courier, ecc...

Even that can also have a loophole and admin can identify it very easily. He will surely going to use that for his/her own good.
Couldn't understand your example buddy.

[duckydonald]

The gambling thread is now located at: https://bitcointalk.org/index.php?topic=1026771.0

you sound like a robot, beware the machines are taking over in gambling!!!!

[Q7]

Gambling is nothing more than entertainment and to ban it sounds ridiculous to say the least. When that is done people will still find a source of channel or another way to gamble illegally so no way can you stop this. Having said all that it's important that some form of regulation is imposed to ensure it is provably fair.

[Amph]

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

i would say that any human isn't needed, better to invest in some serious automatized super bot, that can do the escrow, for problem related to "Lies" from one of the two part that are selling/buying, you can rely on sign by both

for example if one of the two say that it's item is no arrived, you know he is talking no-sense because he signed the package from the courier, ecc...

Even that can also have a loophole and admin can identify it very easily. He will surely going to use that for his/her own good.
Couldn't understand your example buddy.

what do you mean? i'm talking about 100% automatization, no maintenance needed ever, there is an user here on bitcointalk that is working on something similar

[WhatTheGox]

Gambling is nothing more than entertainment and to ban it sounds ridiculous to say the least. When that is done people will still find a source of channel or another way to gamble illegally so no way can you stop this. Having said all that it's important that some form of regulation is imposed to ensure it is provably fair.

Its good to be provably fair and gambling is just another entertainment form.  When getting into the space i think its good to focus on what games people like to play or how people like to gamble.  It doesnt always have to be poker and casino games though.

[harlenadler]

Though gambling might result in huge losses but it's as tempting as it comes. What i would suggest you is start with small amount , if you make some profit , withdraw investment and keep playing wisely in case you loose just move-on. There are many gambling sites which you can find in Gambling section. It should surely be regulated , though i don't think our government cares about it unless they see a fortune there to steal , so good luck making a great site and zero house edge is great but how will you be making good profit with 0 house edge???

[Snipe85]

My opinion is positive. Gambling can become an addiction, but we can't protect everyone and shield them from their own cravings. It can also make you rich, not all gamblers are losers, some make fortunes.
If somebody wants to gamble away his life savings and live on the street it's his choice.

[Cray4Cryptz]

i think that online gambling should be regulated in some way, now with bitcoin, people feel even more secure to gambling(it sound like an oxymoron) but really it is the true, maybe put a limit on the bet or something?

because many of them can't stop playing until they lose all(and i know how they feel, fortunately i have good selfcontrol), and with bitcoin i find that it is even worse then regular fiat, because they can play with more anonimity

Yes, gambling sites should be regulated but I do not agree taxing it. Regulation is enough, if theyll tax bitcoin gambling sites then a lot of gambling sites will probably shut down.

About losing in a gambling site, its out of the operators concern. One should know their limits if they want to gamble.

[WhatTheGox]

i think that online gambling should be regulated in some way, now with bitcoin, people feel even more secure to gambling(it sound like an oxymoron) but really it is the true, maybe put a limit on the bet or something?

because many of them can't stop playing until they lose all(and i know how they feel, fortunately i have good selfcontrol), and with bitcoin i find that it is even worse then regular fiat, because they can play with more anonimity

Yes, gambling sites should be regulated but I do not agree taxing it. Regulation is enough, if theyll tax bitcoin gambling sites then a lot of gambling sites will probably shut down.

About losing in a gambling site, its out of the operators concern. One should know their limits if they want to gamble.

Lucky in the UK gambling earnings are already non taxable, thats a pretty awesome law we have over here at least.