Can crypto gambling be provably fair to regulators?

[hatshepsut93]

For a long time I was thinking that [fiat] online casinos are required to run licensed software just to ensure the players that they don't cheat, but then I understood that there's another side to it - casinos are traditionally a good spot for money laundering, so the government needs to be sure that the house doesn't create fake winnings for some players. As you know, the provably fair system guarantees that neither the player nor the house cheat, but when both the player and the house are the same entity, they know the result of the bet before it is made and can alter it.

Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

[Tipstar]

I don't think that would be possible or feasible.
For that to happen there should be a central regulatory entity that should maintain a different hash of it's own and provide it to every casinos. And the result should be the combination of the three. With current market where there are several ways to implement the provably fair system. It would be difficult to convince casinos to use the same system. And the third regulatory party involved too would require a operation cost as it would keep providing as well as self verifying every bet.

[DoublerHunter]

You have an idea in which gambling could be used for money laundering and so on. The Chinese nationals are actually taking advantage of it. They establish gambling sites where people can clean their money. Probably that idea is too costly for the casinos to accept, as well. In fact, the casinos will lose a lot of profit for their operation as the authorities could use that third part of the software as an advantage to casinos. It is like self-destruction for the casinos by giving the rights to the third party to software admins to place a 100% winning rate bet. Nevertheless, yes, their gray area of the source of income will be compromised as well.

[Strongkored]

Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

I think this is possible to do but requires additional costs because the third parties also needs funds to develop the system and also finance their operations.
However, the opportunity to continue to use the casino as a place for money laundering is still possible, with the casino cooporate to commit fraud unless the system itself is made by the goverment that has the most interest in combating money laundering.

[Kurokonobasuke]

Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

We are in the modern world now were all we want can created as long it is all about the technology everything can make a solutions.
Yes, i think it was possible to make, but it requires a lot of brain storming, research about money laundering and also the funds/sponsor for you project are also needed.
Your ideal system is very helpful because many people are cheater that's why creating a third party system is a fair to all gamblers/

[Nadziratel]

Personally, I don't think there will be any problems in casinos that are well controlled and work with some honest licensing companies. Auditing is a very important factor in this regard. Any well-controlled casino will make its best effort not to make a mistake. However, as we know, online casino can be easily published with a few simple scripts. And it doesn't even have to have any license. For this reason, players like us should be conscious of this issue first.

[Ucy]

For a long time I was thinking that [fiat] online casinos are required to run licensed software just to ensure the players that they don't cheat, but then I understood that there's another side to it - casinos are traditionally a good spot for money laundering, so the government needs to be sure that the house doesn't create fake winnings for some players. As you know, the provably fair system guarantees that neither the player nor the house cheat, but when both the player and the house are the same entity, they know the result of the bet before it is made and can alter it.


Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

I think things like this already exist, probably for mostly the Crypto-based casinos. Regulator could use the tool/system ("provable fair verifier", I guess) for their own verifications, of they are not doing so already. Such tool could be more reliable than the non-crypto based ones( assuming there is such thing like that outside of crypto).

[Haunebu]

I don't think a central authority checking casinos is a good thing since this goes against the decentralized anonymous nature of crypto which is why I don't think this is feasible at all.

Regulator could use the tool/system ("provable fair verifier", I guess) for their own verifications, of they are not doing so already. Such tool could be more reliable than the non-crypto based ones( assuming there is such thing like that outside of crypto).

I guess you misunderstood his post. The provable fair verifier tool that you mentioned can help check whether bets are legit, but what if the bets are placed by a single entity(House = Player) in order to conduct various operations? This is what op tried to convey through his post.

[Sanitough]

I guess this would be depending on the game, speaking about games where there is a house edge and they are claiming they are provably fair and they get a license for that then for sure that system is correct, otherwise why are they so confident.

Now on your concern if it's possible that a player would know the outcome, if the system is provably fair, no one would know until the game was process, otherwise its not probably fair.

[$crypto$]

Gambling game sites that already get a license I think that's fair because they have become the best to be home in the game.
I don't think that's unfair because there are already many people using it, so what are you worried about here?
So whatever happens with the results of the game then it must be ready to accept it because it is a risk in gambling games so in my opinion its unfair cannot be proven even though we already knew the results before.
Only think positively what we play in that house.

[Fundamentals Of]

Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

I admit I don't have any idea how such a system could be created and how it would possibly work but I think that is very possible. If a system could be made verifiable from the side of the players then it could also be made verifiable from a third party. I think gambling regulators will definitely come up with such a tool, if they have not yet, to make sure gambling casinos are not just becoming a money laundering system.

[Botnake]

They have to because if they cheat, they'll face the consequences, when a gambling site applies for a license, it's not the gambling site that will dictate on the terms, its the government, and therefore gambling sites has to follow the requirements in order for them to pass and will be granted a license.

if they cheap the government in any way, that's called a violation of the law, and there is a corresponding punishment on that, depending on how serious the case is against the gambling site.

[naikturun]

I guess it is impossible to last long, gamblers are also not too stupid they can pay attention or calculate, unless the game is full of luck.
if not, it will be difficult even for a few moments.
they can be reported if the law does expressly issue this regulation.
or their casino will be quiet because people will find out the cheating sooner or later.

[milewilda]

They have to because if they cheat, they'll face the consequences, when a gambling site applies for a license, it's not the gambling site that will dictate on the terms, its the government, and therefore gambling sites has to follow the requirements in order for them to pass and will be granted a license.

if they cheap the government in any way, that's called a violation of the law, and there is a corresponding punishment on that, depending on how serious the case is against the gambling site.

They would need to abide if they wont like for their business to be fucked up once they've been caught.Of course they are fully aware on terms and regulations that they should follow.
I wont say that their totally fair.It would vary on the house if they would consider on making those shady movements for their benefit but for a big business like casinos then
i dont see a reason for them to do such thing.They would prefer for their business to go long term rather than being busted on a short period of time.

I guess it is impossible to last long, gamblers are also not too stupid they can pay attention or calculate, unless the game is full of luck.
if not, it will be difficult even for a few moments.
they can be reported if the law does expressly issue this regulation.
or their casino will be quiet because people will find out the cheating sooner or later.

They can cheat but as said, nothing do last forever and yes, players arent that dumb not to detect any rigged situations.

[ralle14]

Yes, its possible I remember hearing a similar discussion in bustabit or bustadice chat room (forgot which one) and they explained this kind of provably fair to one of their users that was curious. I think you can also find this topic being discussed in their main thread. There's positives and negatives to it but still possible afaik.

[imstillthebest]

Yes, its possible I remember hearing a similar discussion in bustabit or bustadice chat room (forgot which one) and they explained this kind of provably fair to one of their users that was curious. I think you can also find this topic being discussed in their main thread. There's positives and negatives to it but still possible afaik.

the what ? the verfication of bets  ? or as known as provaly fair system  ? and what is its negative side  ? i dont think it has but i can only say that its a good idea that they implement such system because this  is for their users to verify if the site is legit or not .

 online gamber will be more confident if a platform is provably fair than compare to not    . the topic is also on other gaambling forums and as well here too  .  there are explanations that have been laid out if how those stuffs work   .

[avikz]

For a long time I was thinking that [fiat] online casinos are required to run licensed software just to ensure the players that they don't cheat, but then I understood that there's another side to it - casinos are traditionally a good spot for money laundering, so the government needs to be sure that the house doesn't create fake winnings for some players. As you know, the provably fair system guarantees that neither the player nor the house cheat, but when both the player and the house are the same entity, they know the result of the bet before it is made and can alter it.

Do you think it's possible to create a system where a third party can verify that the outcome of the bet wasn't known to any of the parties ahead of the time?

It's only possible if the offline casinos remove their slot machines and replace them with computer systems connected to one server. The physical slot machines can't be connected to a single network so desktop computers will be needed there. It will be very similar to the online casinos that we have today. Imagine the website as a physical casino floor where 10 computers are given to play Roulette and another 10 computers are given for blackjack and another 10 for Plinko. All of these systems are connected to a central server which ensures that the games are provably fair.

That doesn't look much feasible because majority of the players visit physical casinos for experience and relaxation. If this is implemented, casino floors will look more like a cyber cafe!

[AniviaBtc]

They have to because if they cheat, they'll face the consequences, when a gambling site applies for a license, it's not the gambling site that will dictate on the terms, its the government, and therefore gambling sites has to follow the requirements in order for them to pass and will be granted a license.

if they cheap the government in any way, that's called a violation of the law, and there is a corresponding punishment on that, depending on how serious the case is against the gambling site.

Yes, they should be fair because regulators did their part as they are doing their best just to manage the platform or casino that most of us are using. Cheating in gambling must be prohibited and should not be tolerated so that those people who will scam and hack the casino will face the consequences of that. Most of the people who use hacks are in a gambling section where crypto are being used, they see that there is more money in crypto than in gambling casino who only use fiat currency. Sadly, our regulators are still having a hard time fixing the problems in a certain gambling casino as it is not easy to handle it. That's true that license is essential so that the gambling casino is supported by the government. It is not that hard to have the license aifthe gambling casino is legit and follow some standard or they fulfill the requirements that is needed.

[slaman29]

Yes, they should be fair because regulators did their part as they are doing their best just to manage the platform or casino that most of us are using. Cheating in gambling must be prohibited and should not be tolerated so that those people who will scam and hack the casino will face the consequences of that. Most of the people who use hacks are in a gambling section where crypto are being used, they see that there is more money in crypto than in gambling casino who only use fiat currency. Sadly, our regulators are still having a hard time fixing the problems in a certain gambling casino as it is not easy to handle it. That's true that license is essential so that the gambling casino is supported by the government. It is not that hard to have the license aifthe gambling casino is legit and follow some standard or they fulfill the requirements that is needed.

You guys are funny. You want regulators to help make casinos fair? We have crypto gambling and provably fair concepts which already mean we can prove for ourselves the game outcomes are fair. Regulators can't do much. They can force audits, and then we can get certifications from third parties but how do we know for ourselves that things are fair? Only by provably fair algorithms!

[michellee]

I think maybe that is work in the land-based casino because the government can control the casino by requiring the owners to send the report to the government. The government will know if the casino cheats them and use the casino for money laundering. But I don't think that will easy if it's applying in the online casino because every owner of the gambling site will stay anonymous, and only a few people will know about them. It is what I am thinking so far because I see that on every website, it is difficult to know who the owner is.