PhucS
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June 18, 2020, 07:40:05 AM |
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Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally. Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them. Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos. Sources: https://calvinayre.com/2020/05/31/business/vietnam-biggest-ever-online-gambling-bust/https://www.gamblingsites.com/online-casino/safe/ (Ignore those banners and links, but read those pointers) In my opinion, they don't legally register casinos because they can hide illegal activities, possibly money laundering, trading illegal substances like drugs. $3 billion is a massive amount, this is very suspicious. And I agree with you, we should check the casino reputation before placing bets to avoid unfortunate risks
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Bezobraznike
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June 18, 2020, 08:14:47 AM |
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-Seen
In my opinion, they don't legally register casinos because they can hide illegal activities, possibly money laundering, trading illegal substances like drugs. $3 billion is a massive amount, this is very suspicious. And I agree with you, we should check the casino reputation before placing bets to avoid unfortunate risks This money is is more than just a massive amount, I can't imagine that can be in some illegal casino. Where did they find rich players, I wonder what kind of games they had and minimal bet in that casino? And I wonder for how long they worked, how police didn't notice them? I am not sure how people who decided to gamble in this casino had fait that casino is provably fair? I would be afraid to gamble in underground casino.
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tranthidung
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June 18, 2020, 12:11:45 PM |
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This is how it goes on Vietnam, I wonder how much does it cost for the Casino to run in our Country. Here they legalize it but still, there are lots of illegal casinos running. especially in Capital City where most of them got busted by the authorities and most of the players are Chinese. Maybe they cannot run casinos in their own country because of huge payment that's why they came to us to play because the consequences if caught are just lightly deported back to their country.
It is better to run anything legallly because owners won't get troubles with law regulation. With crypto and online crypto casinos, owners will have to be very flexible with fastly law regulation changes. There are costs and risks to run casinos legally or illegally. Running them illegally causes higher risks for owners but still owners get beneficial income, definitely. About risks, they have to think of risks carefully. Getting money and go in jails are not good endings. Another thing is moral aspect in specific nations about gambling. I am not sure how people who decided to gamble in this casino had fait that casino is provably fair? I would be afraid to gamble in underground casino.
Provably fair is a technical term for blockchain-based casino industry. Nevertheless, I don't think all gamblers actually know and care about provably fair. What they want is place to gamble and satisfy their greediness. There are limited gamblers understand what is provably fair and know how to verify seeds to judge provably fair characteristic of casinos. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Russlenat
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June 18, 2020, 12:19:20 PM |
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This is how it goes on Vietnam, I wonder how much does it cost for the Casino to run in our Country. Here they legalize it but still, there are lots of illegal casinos running. especially in Capital City where most of them got busted by the authorities and most of the players are Chinese. Maybe they cannot run casinos in their own country because of huge payment that's why they came to us to play because the consequences if caught are just lightly deported back to their country.
It is better to run anything legallly because owners won't get troubles with law regulation. With crypto and online crypto casinos, owners will have to be very flexible with fastly law regulation changes. There are costs and risks to run casinos legally or illegally. Running them illegally causes higher risks for owners but still owners get beneficial income, definitely. About risks, they have to think of risks carefully. Getting money and go in jails are not good endings. Another thing is moral aspect in specific nations about gambling. I am not sure how people who decided to gamble in this casino had fait that casino is provably fair? I would be afraid to gamble in underground casino.
Provably fair is a technical term for blockchain-based casino industry. Nevertheless, I don't think all gamblers actually know and care about provably fair. What they want is place to gamble and satisfy their greediness. There are limited gamblers understand what is provably fair and know how to verify seeds to judge provably fair characteristic of casinos. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Legality of casinos will be look into first for big bettors, I'm just surprise that one can risk that big amount of money knowing the casino is not legally operated. This favors the casino owners though since the casino is not registered, he will not pay taxes for it, but the risk is high as anytime the authorities can arrest the owners since they are known to be illegally operating, and that is regardless of the amount of bets they accepted. Therefore if they like some business security, casino owners has to ensure that their casino complies with the law they need to give the fair share to the government in the form of taxes.
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peter0425
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June 18, 2020, 12:59:39 PM |
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I guess the demand for gambling casinos is that high on Vietnam since there are only a few casinos and only land-based casinos which are only a few are allowed to operate. That is also the reason why this illegal online casino app was able to gather a lot of users. I also doubt if they can even get a license to operate even with the amount of money they are earning since it is illegal in Vietnam.
That is why it is best to use a platform that is already trusted to lessen the risk of your funds getting lost if you are using an illicit gambling platform.
I believe Vietnam is really strict in their gambling rules thats why people are In need to play because of limited chances. This is how it goes on Vietnam, I wonder how much does it cost for the Casino to run in our Country. Here they legalize it but still, there are lots of illegal casinos running. especially in Capital City where most of them got busted by the authorities and most of the players are Chinese. Maybe they cannot run casinos in their own country because of huge payment that's why they came to us to play because the consequences if caught are just lightly deported back to their country.
Vietnam is not corrupt and they are for justice and not for Profit or income,the rules must be implemented .
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yazher
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June 18, 2020, 01:36:16 PM |
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I guess the demand for gambling casinos is that high on Vietnam since there are only a few casinos and only land-based casinos which are only a few are allowed to operate. That is also the reason why this illegal online casino app was able to gather a lot of users. I also doubt if they can even get a license to operate even with the amount of money they are earning since it is illegal in Vietnam.
That is why it is best to use a platform that is already trusted to lessen the risk of your funds getting lost if you are using an illicit gambling platform.
I see now I understand why they gathered that much in just an online casino. They will be back again if they don't face any charges with this act or permanently close their site. In Vietnam, Casino is banned at some point they don't allow the citizen to make their own version of it. unlike in other countries where they allow this kind of game, they can do as they please. they just need to pay the right tax to the government to get their license to run it.
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dothebeats
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June 18, 2020, 05:07:56 PM |
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This is another reason why I believe gambling should be legalized on places where there is a huge demand for such. Business operators and gamblers would always find a way to satisfy their needs, and oftentimes would resort into illegal things just to satiate their hunger to gamble and make money. Operators and investors know that there is money to be made, and since these ventures aren't wholly legal and tax isn't an issue, they would try their best to hide it and profit big from it. End result is that people make money and the government does not.
Would be nice for Vietnam to open a city and develop it as a gambling hotspot. The demand is there, the initiative and acceptance however, isn't.
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batang_bitcoin
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June 18, 2020, 05:17:18 PM |
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The local authorities will still ask the money for the security reason to the house so they can operate illegal gambling without any risk. I see that is happening not just in gambling but also in the discotheque, and that is like a mushroom everywhere. The security money is not too big, but it's enough to give "hot money" to the corrupt local authorities, and they will shut their mouth, pretending that everything is okay in their area.
Yes but they won't be hunted because of that protection money. They're small and they know how much they can ask with that so there's no need to chase them for legal matters and separation. This is one of the realities that do happen probably not just in third world countries. And that's the reason why there are movies that's being inspired with this kind of scene. Going to the burst, this will remind other casinos that they have to be registered. The local authorities will not chase them, but only use them to add more "hot money" every month. As long as nothing bad happens in that place, everything will be okay, and the small casino in that place will continue their business while they still give that "hot money." That movie gets their research by asking some people who play on that local casino and interviewing them so the director and the staff can start the movie. The movie shows reality about what happens in the third world, even in the big country, that happens too. Yes, we've said it that they won't be on the hunting list of the authorities because of what they give. Think of this, if it's happening in small local casinos that they think it can't generate that much money. Then there's a bigger picture for this situation.
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KTChampions
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June 18, 2020, 08:56:41 PM |
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The concept of legality is quite plastic ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) I did not check the information in the primary sources, but knowing a lot of examples from my country I can say that many businesses can be declared illegal - you just need to find some kind of tax evasion (almost always there is one). In the case of online businesses, it is still more difficult. It is possible to register in many different jurisdictions and the authorities of the country (where the owner is from) can consider these registrations illegal for one reason or another.
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stomachgrowls
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June 18, 2020, 09:07:35 PM |
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This is another reason why I believe gambling should be legalized on places where there is a huge demand for such. Business operators and gamblers would always find a way to satisfy their needs, and oftentimes would resort into illegal things just to satiate their hunger to gamble and make money. Operators and investors know that there is money to be made, and since these ventures aren't wholly legal and tax isn't an issue, they would try their best to hide it and profit big from it. End result is that people make money and the government does not.
Would be nice for Vietnam to open a city and develop it as a gambling hotspot. The demand is there, the initiative and acceptance however, isn't.
For some who arent scared about legal issues then they would definitely go to this path since they would really have that in mind that they can easily pay-off some under-the-table transactions just for their illegal business to continue without any problem.It will always vary on each country though since there are places which cant really be negotiate into this kind of manner. When it comes to tax matters then we know on how big it is and thinking of that not all owners wont really be willing to pay up such amount so thats why they do hide out theirselves and operate illegally and making profit most of it. They do really exist but only a few been bust out and this is already part of the reality.
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pixie85
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June 18, 2020, 09:43:56 PM |
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This is another reason why I believe gambling should be legalized on places where there is a huge demand for such. Business operators and gamblers would always find a way to satisfy their needs, and oftentimes would resort into illegal things just to satiate their hunger to gamble and make money. Operators and investors know that there is money to be made, and since these ventures aren't wholly legal and tax isn't an issue, they would try their best to hide it and profit big from it. End result is that people make money and the government does not.
Would be nice for Vietnam to open a city and develop it as a gambling hotspot. The demand is there, the initiative and acceptance however, isn't.
I strongly believe that gambling should be legal in every country but unfortunately it is not. Illegal things also make money for the government but it has to do more work by shutting them down and seizing assets. That casino operator knew what he was getting into and did not regioster his operation because there was no other way to operate in Vietnam. Illegal things are usually in demand and this is a rule everywhere you go. I'm sure he made a lot of money from it before he was shut down.
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DarkDays
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June 18, 2020, 10:00:02 PM |
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Pretty incredible that a casino of that size was able to operate under the radar for so long.
Even if he had a house of judge 1%, that means the guy successfully generated $30 million in profit without even raising a suspicion? The place more likely had a crazy high house edge too, given that it was already operating illegally, so something like 3% ($90m profit) is more likely (deducting operating costs).
Not really much of a difference between a licensed an unlicensed platform so long as they're using fair equipment and not rigging the games. But the government's gotta get its share of the revenue or its curtains!
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STT
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June 18, 2020, 11:45:48 PM |
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Communist country so not that surprising, unless you are attached to the government or military with troops underneath you then you dont own anything; you may be allowed to exist but that is the exception. Things we take for granted like private enterprise, profits and capital are crimes against the hierarchy in quite a few places. Sadly not every part of the world recognises the benefit of allowing freedom and how it creates business. I would guess this casino was already paying certain officials just to get this far but eventually its taking money away from the official main government operation hence its gone, maybe the operator lapsed in their bribes for this month and received a lesson. I have an interest in some companies which have no choice but to allow 50% of the operation to held by government, means officials have their hands in every pocket and kinda reminds me of the mafia really.
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maydna
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June 19, 2020, 05:35:00 AM |
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I see now I understand why they gathered that much in just an online casino. They will be back again if they don't face any charges with this act or permanently close their site. In Vietnam, Casino is banned at some point they don't allow the citizen to make their own version of it. unlike in other countries where they allow this kind of game, they can do as they please. they just need to pay the right tax to the government to get their license to run it.
Even if their government close the online gambling, that will not stop the other online gambling from starting their website to attract the other gamblers. Illegal online gambling or illegal local casino will operate in another place to avoid the government because they don't have a license to operate the gambling place. However, if the government can give the license to the local casino, I think it can be a solution for some gamblers not to hide their gambling activity. But the government needs to be strict with their rule, and they will punish the casino, which allows young people who come to that casino.
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PhucS
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June 19, 2020, 07:44:55 AM |
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-Seen
In my opinion, they don't legally register casinos because they can hide illegal activities, possibly money laundering, trading illegal substances like drugs. $3 billion is a massive amount, this is very suspicious. And I agree with you, we should check the casino reputation before placing bets to avoid unfortunate risks This money is is more than just a massive amount, I can't imagine that can be in some illegal casino. Where did they find rich players, I wonder what kind of games they had and minimal bet in that casino? And I wonder for how long they worked, how police didn't notice them? I am not sure how people who decided to gamble in this casino had fait that casino is provably fair? I would be afraid to gamble in underground casino. The police may have noticed the suspicious activities of the casino, but they wanted to find out more clearly about the incident to arrest all the leaders, I think. And of course, gambling in an underground, illegal and unreliable casino is quite risky, we don't know what will happen.
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Barnabe
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June 19, 2020, 08:03:00 AM |
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Communist country so not that surprising, unless you are attached to the government or military with troops underneath you then you dont own anything; you may be allowed to exist but that is the exception. Things we take for granted like private enterprise, profits and capital are crimes against the hierarchy in quite a few places. Sadly not every part of the world recognises the benefit of allowing freedom and how it creates business. I would guess this casino was already paying certain officials just to get this far but eventually its taking money away from the official main government operation hence its gone, maybe the operator lapsed in their bribes for this month and received a lesson.
Hey also got greedy, I mean taking houses as a collateral is maybe good for profits, but doing this sorts of things puts you in the sight of the public and the government ... They should have kept their head down and continue a silent underground operation.
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Saint-loup
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June 19, 2020, 09:53:21 PM Last edit: June 19, 2020, 10:04:35 PM by Saint-loup |
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What kind of games are you talking about? Can you be more specific?
For example maybe it's forbidden to bet on cockfighting, but in illegal casinos you can watch fights, or they have it on TV and people watch and bet. Same like with dog fights and races, or any other kind or racing or fighting (maybe we can include here people fight to death, or I went too far?)... games that are forbidden by law, but people still do it! It's cruel but it exists. You know illegal casinos where you can bet on people fighting to death? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) Where have you seen that please? Are you interested in that "Saint"-loup? See what I did there? Lol Anyways, I only have seen kind of things in movies, not in real life. I bet it's the same where the richest group of people who pay people just to fight. Isn't fighting sports something like that? It's not like up to the death thing but it's close. Maybe there are parts of it in the deep web. Thank you but I was talking to iv4n. And I don't think it's your alt account since you replied to him... ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Being part of the quoted post makes you part of the conversation as well. Better yet, you could specifically put "iv4n" on that question. You should've just deleted my quote on there and prevent this confusion. ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) No problem bro, it was just a (very funny) joke. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) BTW do you know, or someone else, urls of casinos in the deep web ? In my country we must report to the tax authorities every single account able to receive cryptos we open. ![Sad](https://bitcointalk.org/Smileys/default/sad.gif)
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Barnabe
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June 20, 2020, 04:34:23 AM |
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What kind of games are you talking about? Can you be more specific?
For example maybe it's forbidden to bet on cockfighting, but in illegal casinos you can watch fights, or they have it on TV and people watch and bet. Same like with dog fights and races, or any other kind or racing or fighting (maybe we can include here people fight to death, or I went too far?)... games that are forbidden by law, but people still do it! It's cruel but it exists. You know illegal casinos where you can bet on people fighting to death? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) Where have you seen that please? Are you interested in that "Saint"-loup? See what I did there? Lol Anyways, I only have seen kind of things in movies, not in real life. I bet it's the same where the richest group of people who pay people just to fight. Isn't fighting sports something like that? It's not like up to the death thing but it's close. Maybe there are parts of it in the deep web. Thank you but I was talking to iv4n. And I don't think it's your alt account since you replied to him... ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Being part of the quoted post makes you part of the conversation as well. Better yet, you could specifically put "iv4n" on that question. You should've just deleted my quote on there and prevent this confusion. ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) No problem bro, it was just a (very funny) joke. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) BTW do you know, or someone else, urls of casinos in the deep web ? In my country we must report to the tax authorities every single account able to receive cryptos we open. ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) You don't need to go to the deepweb to be safe, just use a VPN and use more trustworthy websites. Usually the taxmen will only go for the easiest targets, by using a VPN you are already ahead of most people.
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TheUltraElite
Legendary
Offline
Activity: 2982
Merit: 1312
So anyway, I applied as a merit source :)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 20, 2020, 06:03:22 AM |
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I strongly believe that gambling should be legal in every country but unfortunately it is not. Thats not how it works. You know there are anti-gambling organizations which attempt to gain political power just like other anti-establishment movements? Their work is racketeer casinos to pay them to keep their mouths shut or else they will smear them. They will start to protest and cause anarchy if no listened to and hence government have to make a compromise. Just like Vietnam, gambling is illegal in many countries but they have learnt methods to make loopholes in the law and allow gambling in lieu of those loopholes. Illegal things also make money for the government but it has to do more work by shutting them down and seizing assets. One or two getting busted is not a big deal. There are hundreds of them operating. Its just the tip of the iceberg. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I'm sure he made a lot of money from it before he was shut down. Dont worry about him, they will be back after a year or so once they find everything settled. You just need to pay some bribes and get everything working again.
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KTChampions
Legendary
Offline
Activity: 2436
Merit: 1931
Leading Crypto Sports Betting & Casino Platform
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June 20, 2020, 08:54:27 PM |
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Pretty incredible that a casino of that size was able to operate under the radar for so long.
Even if he had a house of judge 1%, that means the guy successfully generated $30 million in profit without even raising a suspicion? The place more likely had a crazy high house edge too, given that it was already operating illegally, so something like 3% ($90m profit) is more likely (deducting operating costs).
Not really much of a difference between a licensed an unlicensed platform so long as they're using fair equipment and not rigging the games. But the government's gotta get its share of the revenue or its curtains!
All such large illegal businesses operate under the control of corrupt officials. Apparently this casino had big patrons. And after this scandal happened, it’s not at all a fact that the casino will be completely closed - perhaps it will only change signboards and will come under the control of another group of corrupt officials.
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