Online gambling legalized in Nevada

[cbeast]

What auspicious timing. As Bitcoin price is skyrocketing it has been announced that Nevada will open up online gambling again. The biggest complaint against this form of entertainment has been the length of time it takes to cash out. Does anyone know why this is? Will Bitcoin offer a solution to licensed casinos or remain in the shadows as play money? This could make or break bitcoin gambling.

[hamdi]

nevada is nevada. there are 50 more states.

[lebing]

Legal to play in nevada? Or legal to setup a online casino that uses dollars?

[01BTC10]

Legal to play in nevada? Or legal to setup a online casino that uses dollars?

Interstate gambling is now legal. They only need to convince the others states to allow it...

[lebing]

Legal to play in nevada? Or legal to setup a online casino that uses dollars?

Interstate gambling is now legal. They only need to convince the others states to allow it...

Yeah, lol at the thought of other states passing that anytime soon.

What do you mean by "interstate gambling"?

[01BTC10]

Legal to play in nevada? Or legal to setup a online casino that uses dollars?

Interstate gambling is now legal. They only need to convince the others states to allow it...

Yeah, lol at the thought of other states passing that anytime soon.

What do you mean by "interstate gambling"?

Intrastate == only allowed to resident of the state where the casino is operating.
Interstate == allowed to resident of others states as well.

[lebing]

Legal to play in nevada? Or legal to setup a online casino that uses dollars?

Interstate gambling is now legal. They only need to convince the others states to allow it...

Yeah, lol at the thought of other states passing that anytime soon.

What do you mean by "interstate gambling"?

Intrastate = only allowed to resident of the state where the casino is operating.
Interstate = allowed to resident of others states as well.

If thats the case, then why do other states need to legalize anything? As long as the casino is in nevada, it doesnt matter, no?

[01BTC10]

Legal to play in nevada? Or legal to setup a online casino that uses dollars?

Interstate gambling is now legal. They only need to convince the others states to allow it...

Yeah, lol at the thought of other states passing that anytime soon.

What do you mean by "interstate gambling"?

Intrastate = only allowed to resident of the state where the casino is operating.
Interstate = allowed to resident of others states as well.

If thats the case, then why do other states need to legalize anything? As long as the casino is in nevada, it doesnt matter, no?

Because some states like NY don't allow online gambling at all or they protect their own intrastate online gambling monopoly.

[lebing]

Ok, so this apparently only applies to states without their own legislation against gambling?

Would be interested to see the numbers/ infographic on this, because it could have a large impact on the future price of bitcoin.

[cypherdoc]

How about a link or some specific details?

If true,  this would cause bitcoin to explode as the same principle advantages apply versus fiat that exist everywhere else.

In fact I'd say that bitcoin was made for online gambling.

[muckthenuts]

Licensed Nevada casinos won't be accepting players from other states unless compacts are reached with each State.  People are predicting that regulated poker will be live in Nevada later this year.  It will likely be several years before a significant portion of the country is playing on regulated sites.  DE and NJ have also passed igaming bills.

There is talk of a Federal bill but it's tough to pass igaming legislation on the Federal level because there are so many interests - lotteries, tribes, and casinos.  Most likely we'll see legislation passed on a state by state basis.

In the meantime Seals With Clubs offers btc poker.  Infiniti Poker is expected to launch in the next month (though there have been several delays) with btc as a deposit method.  Also there are rumors that one of the larger unregulated sites that serve the US will offer btc as a deposit method soon.  The near term growth potential for btc is with these unregulated sites, so the length of time regulation will take is a good thing.  Regulated sites might also accept btc at some point, but not before folks like Amazon do.

[pikeadz]

How about a link or some specific details?

If true,  this would cause bitcoin to explode as the same principle advantages apply versus fiat that exist everywhere else.

In fact I'd say that bitcoin was made for online gambling.

Just google it.  There's tons of links out on this.

Here's the first that pops up.

http://www.washingtonpost.com/business/technology/nevada-governor-signs-online-gambling-bill-law-after-measure-fast-tracked-through-legislature/2013/02/21/b6300934-7c8a-11e2-9073-e9dda4ac6a66_story.html

[cypherdoc]

How about a link or some specific details?

If true,  this would cause bitcoin to explode as the same principle advantages apply versus fiat that exist everywhere else.

In fact I'd say that bitcoin was made for online gambling.

Just google it.  There's tons of links out on this.

Here's the first that pops up.

http://www.washingtonpost.com/business/technology/nevada-governor-signs-online-gambling-bill-law-after-measure-fast-tracked-through-legislature/2013/02/21/b6300934-7c8a-11e2-9073-e9dda4ac6a66_story.html

thanks.  thats so beautiful.

so you know what this means, right?  it's the beginning move towards widespread adoption of online gambling nationwide, though it may take a few years.  that can only help Bitcoin.  with time the increased cost advantages and anonymity capabilities will make it inevitable that they adopt this technology.  the players will demand it.

[redbeans2012]

Legal to play in nevada? Or legal to setup a online casino that uses dollars?

Interstate gambling is now legal. They only need to convince the others states to allow it...

Yeah, lol at the thought of other states passing that anytime soon.

What do you mean by "interstate gambling"?

There are alot of stats working to legalize online gambling.  I read about it the other day.

[cypherdoc]

the thing is, all these "regulated" sites will have to compete with the likes of Seals with Clubs.  just who has the cost advantage there as well as the features?

[muckthenuts]

the thing is, all these "regulated" sites will have to compete with the likes of Seals with Clubs.  just who has the cost advantage there as well as the features?

Regulated sites will have more expenses.  They'll need to comply with all the regulations, pay the licensing fees, get their software and processes audited, etc.  However they'll in general have better software and features.

The unregulated market is somewhat shady right now.  The sites that serve the US generally don't answer to a regulatory body that protects the players.  Several online poker rooms have gone out of business without paying customers their balances.  Existing rooms that serve the US often take several months to deliver a payout.  This is where bitcoins are attractive.  Since they can be delivered so quickly and without using traditional banking methods it significantly limits player risk.

When regulated rooms open, most of the risk will be gone for the player.  Some may still choose to play on unregulated sites but most will choose the regulated rooms run by the name brand casinos they're familiar with.  I think it's unlikely those casinos will accept bitcoins in the early goings as they will have regulatory bodies to answer to, strict KYC requirements, and that sort of thing. 

[cbeast]

The "regulated sites" won't have provably fair technology.

[lebing]

The "regulated sites" won't have provably fair technology.

[cypherdoc]

the thing is, all these "regulated" sites will have to compete with the likes of Seals with Clubs.  just who has the cost advantage there as well as the features?

Regulated sites will have more expenses.  They'll need to comply with all the regulations, pay the licensing fees, get their software and processes audited, etc.  However they'll in general have better software and features.

The unregulated market is somewhat shady right now.  The sites that serve the US generally don't answer to a regulatory body that protects the players.  Several online poker rooms have gone out of business without paying customers their balances.  Existing rooms that serve the US often take several months to deliver a payout.  This is where bitcoins are attractive.  Since they can be delivered so quickly and without using traditional banking methods it significantly limits player risk.

When regulated rooms open, most of the risk will be gone for the player.  Some may still choose to play on unregulated sites but most will choose the regulated rooms run by the name brand casinos they're familiar with.  I think it's unlikely those casinos will accept bitcoins in the early goings as they will have regulatory bodies to answer to, strict KYC requirements, and that sort of thing.  

all good points but i'm not sure i buy the one where most will choose the regulated rooms.

i would think there are quite a few players who will like Bitcoin for it's anonymity properties since their winnings could be hidden.  also, there's the ongoing USD debasement risk that more libertarian types will always want to avoid.  if you're good at poker and can accumulate alot of Bitcoin winnings while it's price continues to escalate, you can win on both ends.  the speed of the tx's are also important.  the provable risk is another feature.

frankly, the regulated casinos are going to be subjected to exactly the same types of fiat and banking pressures that Bitcoin exerts on any inefficient or potentially corrupt industry.

[muckthenuts]

the thing is, all these "regulated" sites will have to compete with the likes of Seals with Clubs.  just who has the cost advantage there as well as the features?

Regulated sites will have more expenses.  They'll need to comply with all the regulations, pay the licensing fees, get their software and processes audited, etc.  However they'll in general have better software and features.

The unregulated market is somewhat shady right now.  The sites that serve the US generally don't answer to a regulatory body that protects the players.  Several online poker rooms have gone out of business without paying customers their balances.  Existing rooms that serve the US often take several months to deliver a payout.  This is where bitcoins are attractive.  Since they can be delivered so quickly and without using traditional banking methods it significantly limits player risk.

When regulated rooms open, most of the risk will be gone for the player.  Some may still choose to play on unregulated sites but most will choose the regulated rooms run by the name brand casinos they're familiar with.  I think it's unlikely those casinos will accept bitcoins in the early goings as they will have regulatory bodies to answer to, strict KYC requirements, and that sort of thing.  

all good points but i'm not sure i buy the one where most will choose the regulated rooms.

i would think there are quite a few players who will like Bitcoin for it's anonymity properties since their winnings could be hidden.  also, there's the ongoing USD debasement risk that more libertarian types will always want to avoid.  if you're good at poker and can accumulate alot of Bitcoin winnings while it's price continues to escalate, you can win on both ends.  the speed of the tx's are also important.  the provable risk is another feature.

frankly, the regulated casinos are going to be subjected to exactly the same types of fiat and banking pressures that Bitcoin exerts on any inefficient or potentially corrupt industry.

Unregulated rooms have been serving the US for a decade.  $100s of millions have been lost by players on those rooms to corrupt ownership.  The US igaming industry and customer base is going to explode with joy when Caesars and others open poker rooms.  They will trust the games to be fair, that their money is safe, and that they'll get it quickly.  They will also like the product as Caesars will have spent a ton of money refining it.  Further some states may even choose to criminalize players who participate in unregulated gaming.  This might not phase the hardcore player but it will phase the masses.

I agree that there will be players that will prefer to play on unregulated sites for many reasons, including btc acceptance.  Theres going to be room for that market to exist.  But realistically igaming is going to be dominated by the big boys with the big customer lists and the ability to offer things like Vegas vacations to their customers.

This whole process is going to take a long time though.  We might see one or two states offer igaming in 2013.  Without a Federal bill, it'll be maybe 5 or 10 more states in 2014 at most.  Not all states will jump on the bandwagon.  Theres time for things to evolve and for bitcoin gaming to find it's market.