Regulations in online Gambling sites

[fiulpro]

I very recently read a news regarding how one has to prove that , they can afford the loss of even 100 euro.

https://bitcointalk.org/index.php?topic=5266925.msg54941310#msg54941310

Now I was going through the news and found some indepth idea of how the casinos will be regulated online. The one am sharing is regarding the slot games being regulated online in Great Britain.

https://www.gamblingnews.com/news/slot-games-in-gb-to-receive-betting-and-deposit-limit-suggests-a-new-report/

-Mandatory limit between 1£-5£
-Soft cap of 100£ monthly

This changes a lot of things like :

Gambling content
Gambling affordability
Licenses for gambling
Gambling tax
The regulatory framework for gambling

This is paving a new way towards centralization of online Gambling sites by the government.

The report suggests the implementation of controls for online (remote) gambling. According to the paper, limits on both stake and speed of play need to be introduced. Online slots should have limits of £1 and £5 per bet. On the other hand, according to the report, non-slot content should receive limits on game design. This is because if non-slot content receives bet limits, it may become: “commercially non-viable.“

_*_

The authors of the report further outlined a suggestion for the implementation of a “soft cap” limit of £100 per month on deposits. According to them, this amount represents the sum of what gamblers spend but it also introduces a “socially acceptable” spending limit per threshold. Such limit ensures that spending on gambling does not exceed poverty thresholds for lower income households, says the report.

^ This one I might agree with somehow , as it will control the gambling addiction but at the same time it won't stop people from using other methods to gamble . They will just hide it from the government and use sites which doesn't follow up and end up getting scammed.

But 100£ cap is too low.

According to them they are looking forward for controlling the gambling of low income households and for the high income households they want to show them how they have to control their habits of gambling per-se

People are not bots.
They are very aware of what they are doing at the same time they could have opened the care system or something for them instead of controlling them like this , Because at the end of the day they cannot influence each and everything just like that .

It is done with good intentions but forcing people to follow rules will never go well with anyone.

What is your take on this ?

This news actually paves a way further into how the governmental bodies plan on regulating the online casinos especially the crypto ones .

[swogerino]

I think 100 Eur is a really low limit but as an idea it is a good one.It is designed to stop people becoming addicted and losing everything in gambling.I am a strong advocate of limiting to a certain amount the maximum money you can spend in a gambling site as it safeguards you for going even deeper.I think major websites have such option but is optional to the player and not mandatory.

[Genemind]

I am not sure if this is a mistake or not, but you have the same topic posted. I think you should delete either one of your posts since the topic is the same, or you can just reply to the first topic you have started if you want to add or reiterate your idea or opinion. Cheers, have a great day.

https://bitcointalk.org/index.php?topic=5266925.0

I think 100 Eur is a really low limit but as an idea it is a good one.It is designed to stop people becoming addicted and losing everything in gambling.I am a strong advocate of limiting to a certain amount the maximum money you can spend in a gambling site as it safeguards you for going even deeper.I think major websites have such option but are optional to the player and not mandatory.

Agree, since some problem gamblers don't have a stable income or those who are of low-income individuals, this will limit them for going beyond what they can spend.

[fiulpro]

I am not sure if this is a mistake or not, but you have the same topic posted. I think you should delete either one of your posts since the topic is the same, or you can just reply to the first topic you have started if you want to add or reiterate your idea or opinion. Cheers, have a great day.

https://bitcointalk.org/index.php?topic=5266925.0

I think 100 Eur is a really low limit but as an idea it is a good one.It is designed to stop people becoming addicted and losing everything in gambling.I am a strong advocate of limiting to a certain amount the maximum money you can spend in a gambling site as it safeguards you for going even deeper.I think major websites have such option but are optional to the player and not mandatory.

Agree, since some problem gamblers don't have a stable income or those who are of low-income individuals, this will limit them for going beyond what they can spend.

Well apparently you did not read the same , even here I have stated above the aforementioned topic that you are talking about.

Both of them are Preety different therefore I did not think that it would be good if I did post there only. Plus I did put up a link of the previous topic the fact that you told me that justifies that you did not even read the first 4 lines 😂.

I think 100 Eur is a really low limit but as an idea it is a good one.It is designed to stop people becoming addicted and losing everything in gambling.I am a strong advocate of limiting to a certain amount the maximum money you can spend in a gambling site as it safeguards you for going even deeper.I think major websites have such option but is optional to the player and not mandatory.

Strongly agreed , but the problem is they are putting very low limit , see if someone wants to gamble away 1000£ ,they won't stop him , he can most likely use good sites to 100£ but the person can get involved with the dark market and stuff .

At the same time get scammed.

But they cannot keep a track of each and every individual's net worth therefore the idea should be different for everyone , for some100£ is very low to begin with.

This is paving way for Centralization , soon enough online crypto casinos will be heavily regulated , at the same time Government will be asking for taxes from these sites which will shut off small business. It's like a whole new strategy.

Rest they have defined it as helping people break the addiction , I do think it's not really how people get out of an addiction.

You have to give :
Time
Attention

At the same time addiction for everyone is quite different thus should be handled differently. They could have made a helpline or something where people can reach them and talk about it. As far as I understand the human psychology does not allow for forced regulations, it only creates problems.

[Ucy]

I don't think the government is ready to fix the problem of gambling in casino once and for all. You can't say you are regulating drunkenness or heavy drinkers while calling places people go to drink "drunkenness spots". Betting ≠ Gambling. Taking too much risk in betting centers (& with non-betting related things) is gambling. It's a mistake that needs to be corrected in the laws first, in order to avoid more confusions and mistakes.
I worry they will continue to run around in circles trying to understand and fix a problem.

By the way, the wealthy and poor gamble with their money in casino/betting centers. It seems the government is only focused on poor casino gamblers? They could as well do thesame thing with gamblers in stock/forex/crypto trading and good traders would be limited from trading with sufficient funds. A good sports bettor for example should be able to bet above those limits placed by the government.

[BALIK]

I think it's a fair piece of legislation. It simply aims to prevent people who cannot afford to lose money from losing more money than they can afford.

In turn, this should prevent these same individuals from applying to extortionate payday loan companies in order to pay off their gambling debt—which actually ends up sending them further into the hole.

Not sure how they're going to able to enforce this minimum across multiple sites though. I imagine that a problem gambler would simply register to a new site to get another 100 EUR limit again.

Unless there's some sort of centralized gamblers database (which seems highly unlikely), then it's just not going to work.

[Becky666]

Actually, am surprise to see how this can be implemented by the government of Great Britain regarding to this online slots games. What I see can be done is the government centralizing the online gambling casinos to be able to effectively implement this regulations without which can't be possible. Also, the efforts which will yield possible result on this; will be a tougher one for the government of Great Britain across all online gambling websites. But, if this yield good result; there will be more peace among homes and even among gamblers. Let wait to see how it all play out.

[Ziskinberg]

100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

[avikz]

Government can certainly regulate online casinos if they want to but that doesn't mean they will have the power to regulate crypto related casinos. The reason is very simple,

1. Majority of the crypto casinos are not registered.
2. Since crypto casinos use many different cryptocurrencies, it is not always possible to cap it within a certain monetary value. They will have to be in units

Now the question comes if it is good for the industry. The soft cap of 100 euros will effectively kill the crypto casino business in the same way regulation will do. Crypto casinos are mostly for them who doesn't want to be identified or capped by any means. It will probably not hurt fiat based casinos because it is already regulated by the local regulatory bodies, but not at all good for the crypto casinos!

[mu_enrico]

The one am sharing is regarding the slot games being regulated online in Great Britain.

I understand why the Government wants to limit users' exposure to the slot games since it is the most addicting gambling games (much wow). Yes, 100 EUR is too low for British, and we can expect the real regulation would introduce a limit of at least 250 EUR (250 spins * 1 EUR).

IMHO, it would be better if the Government limit the bet size to 0.1 EUR and introduce maximum spins per minute, like 10 per minute. So let's do the math; users can only spend 1 EUR per minute. That's only 60 EUR per hour if he is a cursed slots player.

[VanityWallets2015]

Agreed. Taking into consideration that is not usual for the government to be pro cryptocurrencies.
I also think that if online casinos will be regulated legally, then crypto casinos would possibly be affected as well.
Keeping in mind that it is not just about mandatory limits but regulations regarding general operations.

[aioc]

This one I might agree with somehow , as it will control the gambling addiction but at the same time it won't stop people from using other methods to gamble . They will just hide it from the government and use sites which doesn't follow up and end up getting scammed.

But 100£ cap is too low.

According to them they are looking forward for controlling the gambling of low income households and for the high income households they want to show them how they have to control their habits of gambling per-se

People are not bots.
They are very aware of what they are doing at the same time they could have opened the care system or something for them instead of controlling them like this , Because at the end of the day they cannot influence each and everything just like that .

It is done with good intentions but forcing people to follow rules will never go well with anyone.

What is your take on this ?

This news actually paves a way further into how the governmental bodies plan on regulating the online casinos especially the crypto ones .

This is like a totalitarian rule they are intruding someone's else preferred activity of entertainment people are very different when it comes to gambling there are people who spent a lot of money because they want to be entertainment and they want the excitement brought by gambling they don;t intrusion to their private lives, let's see if this succeed. 

[yazher]

100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

I think they are going to make something good decision for the majority of the people and when this thing works out, they will have other rules to implement for anybody who can afford to lose more than 100 EUR. Anyway, this is good decision by the upper hand since gambling addiction can lead to people's death if not resolve immediately. anyone has different opinions regarding this one, the only way to stop the suicidal problem of a gambler addict is to test this kind of rules to see if it works or not.

[Questat]

100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

I think they are going to make something good decision for the majority of the people and when this thing works out, they will have other rules to implement for anybody who can afford to lose more than 100 EUR. Anyway, this is good decision by the upper hand since gambling addiction can lead to people's death if not resolve immediately. anyone has different opinions regarding this one, the only way to stop the suicidal problem of a gambler addict is to test this kind of rules to see if it works or not.

There are good side and bad side of this regulation, this will bring inconvenience to gamblers who can really afford as they will have to go to a process to prove that they can afford to lose more than 100 EUR a month, and to think that Europe has a bigger minimum salary compared to other countries, I think 100 EUR is small for them, it looks like they are telling people to quit gambling.

Based on my research, the minimum wage in this country is around £8, I think this is per hour, therefore, one can earn £100 in at least 2 days if he works a minimum of 8 hours per day. So IMO the law doesn't makes sense.

https://www.gov.uk/national-minimum-wage-rates

[hatshepsut93]

I'm looking forward to seeing scientists analyzing the results of this regulation in the future, to determine whether it worked or not. It's easy for us to say right now what effects it might have, whether it will be positive or not, but who knows how it all work on practice?

My view, such harsh method would likely not fully work, as people will start looking for illegal/unregulated gambling more. It's kinda like war on drugs or prohibition - simply banning or severely limiting a thing doesn't work. But anti-smoking campaigns are quite effective, they made the prices of cigarettes really high and now a lot of people just can't afford it. They are actually trying something like that with gambling by adding taxes on winnings, and maybe this approach could be more effective.

[Ryker1]

Well, let see what will happen to this regulation, it is now clear that gambling is just a form of entertainment not for the chasing money. This regulation perhaps will help to reduce the number of being addicted to gambling. Perhaps the government of Britain saw that there are a lot of people spending their time in gambling also the same their money. I don't think this will solve their problem, as many say, --gamblers will always looking and find ways just to gamble.
This perhaps will have a huge impact on cryptocurrencies, I have an insight that gamblers on Britain will witch into crypto because this is unregulated and no one knows when it comes to personal information. But I think, this kind of implementation is those online gambling that only accepts fiat not the crypto gambling online.

[Oilacris]

100 EUR per month is very low, it's going to help reduce the gambling problem of most people but how about those who can really afford to risk more than 100 EUR, these people are gamblers, they can even afford to risk that amount in just a single bet, and believe me, in our country there is no regulation like that but I experience putting a bet or $1000 in just a single bet.

Damn this regulation, if the government will intervene, it's taking our freedom to gamble.

I think they are going to make something good decision for the majority of the people and when this thing works out, they will have other rules to implement for anybody who can afford to lose more than 100 EUR. Anyway, this is good decision by the upper hand since gambling addiction can lead to people's death if not resolve immediately. anyone has different opinions regarding this one, the only way to stop the suicidal problem of a gambler addict is to test this kind of rules to see if it works or not.

There are good side and bad side of this regulation, this will bring inconvenience to gamblers who can really afford as they will have to go to a process to prove that they can afford to lose more than 100 EUR a month, and to think that Europe has a bigger minimum salary compared to other countries, I think 100 EUR is small for them, it looks like they are telling people to quit gambling.

Based on my research, the minimum wage in this country is around £8, I think this is per hour, therefore, one can earn £100 in at least 2 days if he works a minimum of 8 hours per day. So IMO the law doesn't makes sense.

https://www.gov.uk/national-minimum-wage-rates

It does make sense but they didnt consider out on looking in a larger scope but rather only focuses into those things that they had in mind. 100 euro limit  month? it is indeed an indirect way

of telling or saying that people should stop gambling.We know on what their intentions are but it is just too low if they do impose such laws yet we know that there are indeed people

who do spend much more into that threshold.I wont be surprised if gambling companies would surely hide out transactions yet they would be the number one that wont like on said
new limitations.

[Pmalek]

Guys the limit is proposed at £100 not 100€. It's for Great Britain, they don't use EURO. The limit makes sense for those living just above the poverty threshold. It makes no sense for those who don't.

They are just asking for trouble. This will just signal a new era where more people will move from regulated gambling companies to unregulated ones. It could also mean more business for Bitcoin casinos. Unfortunately, it will also open ways for unknowing UK gamblers to get scammed.

At the moment this is just a proposal, who knows what will happen.

[johhnyUA]

People are not bots.

Yes, often they're most stupid.

What is your take on this ?

In one hand, any "care" is more bad than good for active people, because it's act something like damping of your will of power. This is if we are talking about trading, investments, business and so on. But in case of slots and casinos maybe this is not so bad, because in that case people don't get better, they get far worse because of gambling addiction. So maybe this time the arrow hit a right target.

Also, as i understood this regulation will affect only slots and such kind of gambling. And will not affect normal gambling like poker or Blackjack.

[TimeTeller]

Government can certainly regulate online casinos if they want to but that doesn't mean they will have the power to regulate crypto related casinos. The reason is very simple,

1. Majority of the crypto casinos are not registered.
2. Since crypto casinos use many different cryptocurrencies, it is not always possible to cap it within a certain monetary value. They will have to be in units

Now the question comes if it is good for the industry. The soft cap of 100 euros will effectively kill the crypto casino business in the same way regulation will do. Crypto casinos are mostly for them who doesn't want to be identified or capped by any means. It will probably not hurt fiat based casinos because it is already regulated by the local regulatory bodies, but not at all good for the crypto casinos!

And in addition, most crypto casinos don't require KYC.
So I don't think they can regulate those online casinos who don't have the real info of their players.

Guys the limit is proposed at £100 not 100€. It's for Great Britain, they don't use EURO. The limit makes sense for those living just above the poverty threshold. It makes no sense for those who don't.

They are just asking for trouble. This will just signal a new era where more people will move from regulated gambling companies to unregulated ones. It could also mean more business for Bitcoin casinos. Unfortunately, it will also open ways for unknowing UK gamblers to get scammed.

At the moment this is just a proposal, who knows what will happen.

As this is just a proposal in the meantime, expect that there will be more revisions in this regulation.
Also, if you are a true-blooded gambler, you already know by now how to get by on this rule.
Definitely, online casinos don't like their gamblers to have spending limit.
But since a lot of crypto casinos are not licensed and do not require KYC, these gamblers have their vast options if they don't want to be confined with this limit.