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[Taskford]

It really looks not fair if you look at that 3x - 5x since its quiet high for not high rollers, but this is the way of the casino to fight AML frauds and be compliant with law.

1x wagering requirements is indeed easy and this can be taken advantage by frauds. Since with this they can exploits and use this casino for their money laundering schemes. For increasing it to 3x to 5x discourage those frauds to use their casino.

That's why same as you I'm not surprised with this kind of requirements they implement because somehow its part of protecting their platform. I understand people that they may find it the casino looks like forcing them to gamble and lose, but this is how the casino try to became compliant and away from money laundering issues.

A 3–5x wagering requirement still doesn’t solve the problem completely. With low-risk bets, a scammer can “cycle” the money with relatively small losses. The goal of such rules isn’t full protection but to make the scheme harder: more time, more risk, more scrutiny from the casino. Of course, this filters out some bad actors and makes it easier to spot suspicious patterns. However, I think the 3–5x wagering rule should apply to large deposits, while for regular users with small deposits, a 1x wagering requirement is enough.

It doesn’t solve the problem but I’m sure money launderer will avoid it as much as possible since there’s still other casino as an alternative that still offer x1 wagering requirements which is much easier for them to complete rather than x3 or higher.

This will help to discourage money launderers but in the expense of discouraging some players too with low bankroll since that requirements is already enough for a bonus requirements of some casino. A double edge sword terms.

It may not totally solve the problem, but this could lessen up the bad activities happening in their platform. Since that wager requirements is not appealing to those people do money laundering since they might lose huge percentage of their money.

1x wager requirements is much easier to abuse that's why for sure that those frauds will go on those casino and those implementing 3x to 5x will be the least destination to go to wash their illegal money. They can also make sure that those people gamble in their platform are real gamblers and not those people have bad intentions.

[TopTort777]

People who complain about wagering requirement when they stake their money in casino, forget that if they make term deposit in the bank, they are charged with income tax by the end Want adoption, get ready to pay fees/tax or do something extra to get final amount, like it is with fiat Stop thinking that casinos is not a business, but a charity service that will give gamblers money for free.

It's not kind of a fair comparison but I agree with your point that there is no free lunch, in other words. BetFury is like all other companies have their business operational objectives and one of them is profit.

Wagering requirement is used for benefit of casino operation and their marketing program, while there are other reasons like preventing money laundering at casinos and fighting against cheaters.

It's very popular existence of casinos with a term against money laundering and one of their tools to do that is wager requirement, which does not need to be related to any deposit bonus or marketing programs.

Here is another comparison then. Staking some altcoins (ETH for example) on Binance for example requires fee to pay. For staking on DEX fees will be charged also. Some exchange take commission from rewards user get from staking. Wagering requirement in BetFury staking program is their way to charge commission. Bet money on 1.01 odd and fulfil wagering requirement. Of course there is a chance to lose money while wagering, but we are in casino after all  

[xandry]

Welcome to the forum!

Are the transactions on-chain like they are on for example wildead and others?

It's strange that no one has answered this simple question. Let me do it: BetFury only accepts deposits and withdrawals on-chain, and bets aren't recorded on the blockchain. So it has practically nothing in common with Wildead.
They also have their own token, but that doesn't change anything.

[melinoe]

People who complain about wagering requirement when they stake their money in casino, forget that if they make term deposit in the bank, they are charged with income tax by the end Want adoption, get ready to pay fees/tax or do something extra to get final amount, like it is with fiat Stop thinking that casinos is not a business, but a charity service that will give gamblers money for free.

Some are more blissful or search for a free cheese, so to speak.

But it always is about how others do their job - there may be platforms that do business differently, but they would have other details or cons that would make the person mad about.

[joeperry]

It's strange that no one has answered this simple question. Let me do it: BetFury only accepts deposits and withdrawals on-chain, and bets aren't recorded on the blockchain. So it has practically nothing in common with Wildead.
They also have their own token, but that doesn't change anything.

It's not strange that no one is paying attention to him. You can check his previous posts all were posting in ANN thread and talking about the site he mentioned, he's basically shilling that site. So instead of paying attention to him and give him traffic, most of us here just ignore him. (I actually ignore his account)

[betswift]

It's strange that no one has answered this simple question. Let me do it: BetFury only accepts deposits and withdrawals on-chain, and bets aren't recorded on the blockchain. So it has practically nothing in common with Wildead.
They also have their own token, but that doesn't change anything.

It's not strange that no one is paying attention to him. You can check his previous posts all were posting in ANN thread and talking about the site he mentioned, he's basically shilling that site. So instead of paying attention to him and give him traffic, most of us here just ignore him. (I actually ignore his account)

Are they deleted as of now? I see only his three questions being posted in different anns...

[internetional]

People who complain about wagering requirement when they stake their money in casino, forget that if they make term deposit in the bank, they are charged with income tax by the end Want adoption, get ready to pay fees/tax or do something extra to get final amount, like it is with fiat Stop thinking that casinos is not a business, but a charity service that will give gamblers money for free.

Do you think that income received as interest from a casino deposit would not be taxable? I believe that in most countries it is taxable, and the tax would be much higher than the capital gains tax on a bank deposit. I am actually concerned that tax authorities may classify any income received from a casino as gambling winnings. And taxes on winnings are usually much higher than taxes on deposit interest. Moreover, no one will bother to calculate how much you lost while trying to meet the wagering requirements.

[TopTort777]

People who complain about wagering requirement when they stake their money in casino, forget that if they make term deposit in the bank, they are charged with income tax by the end Want adoption, get ready to pay fees/tax or do something extra to get final amount, like it is with fiat Stop thinking that casinos is not a business, but a charity service that will give gamblers money for free.

Do you think that income received as interest from a casino deposit would not be taxable? I believe that in most countries it is taxable, and the tax would be much higher than the capital gains tax on a bank deposit. I am actually concerned that tax authorities may classify any income received from a casino as gambling winnings. And taxes on winnings are usually much higher than taxes on deposit interest. Moreover, no one will bother to calculate how much you lost while trying to meet the wagering requirements.

Will be taxable only if authorities find out about that income Anyway, I only wanted to say that wagering requirement is BetFury form of fee for their service. User can lose or win, but while wagering casino will get its house edge anyway. Like said many times, anything that casino give as a boost, bonus, "for free" is not a free cheese. It would be too sweet if BetFury would give 60% APR for just keeping crypto in casino. Nobody give such %.

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[Zwei]

It feels like things used to be different a long time ago... Staking conditions were better, and I think with higher APY.

yeah, they had a nice fixed term staking with 45% APY with no wager requirements and you only had to lock your coins if i remember correctly. i was strongly considering subscribing to it, but they nuked it a few months back before i made up my mind (i imagine they were bleeding money with it).

Are they deleted as of now? I see only his three questions being posted in different anns...

only 2 are left now (soon to be 0), and yes they were deleted for spam.

Will be taxable only if authorities find out about that income

love me some tax evasion 

Anyway, I only wanted to say that wagering requirement is BetFury form of fee for their service. User can lose or win, but while wagering casino will get its house edge anyway. Like said many times, anything that casino give as a boost, bonus, "for free" is not a free cheese. It would be too sweet if BetFury would give 60% APR for just keeping crypto in casino. Nobody give such %.

actually, if someone is going to gamble anyway and is someone who deposits and wagers A LOT, it would be kinda stupid not to take advantage of the 60% APY.
they are not going to make "free" money off it, but they can look at it as getting more rewards back for their play instead of the normal rewards.

[gunhell16]

People who complain about wagering requirement when they stake their money in casino, forget that if they make term deposit in the bank, they are charged with income tax by the end Want adoption, get ready to pay fees/tax or do something extra to get final amount, like it is with fiat Stop thinking that casinos is not a business, but a charity service that will give gamblers money for free.

Do you think that income received as interest from a casino deposit would not be taxable? I believe that in most countries it is taxable, and the tax would be much higher than the capital gains tax on a bank deposit. I am actually concerned that tax authorities may classify any income received from a casino as gambling winnings. And taxes on winnings are usually much higher than taxes on deposit interest. Moreover, no one will bother to calculate how much you lost while trying to meet the wagering requirements.

That’s exactly my understanding as well, in legal casinos, a portion of every gambler's winnings is deducted as tax for the government. Here in our country, the government is incredibly greedy for taxes, with the people's money often ending up in the hands of corrupt officials.

On the other hand, based on my assessment, illegal casinos that pose as legitimate ones don't deduct any taxes from their players' winnings.
This is likely one of the reasons why some are drawn to them.

[serjent05]

People who complain about wagering requirement when they stake their money in casino, forget that if they make term deposit in the bank, they are charged with income tax by the end Want adoption, get ready to pay fees/tax or do something extra to get final amount, like it is with fiat Stop thinking that casinos is not a business, but a charity service that will give gamblers money for free.

Do you think that income received as interest from a casino deposit would not be taxable? I believe that in most countries it is taxable, and the tax would be much higher than the capital gains tax on a bank deposit. I am actually concerned that tax authorities may classify any income received from a casino as gambling winnings. And taxes on winnings are usually much higher than taxes on deposit interest. Moreover, no one will bother to calculate how much you lost while trying to meet the wagering requirements.

In my country, winnings from a crypto casino are yet to be taxed since the regulation for cryptocurrency taxation is not yet fully established.  But, I think some countries have already laid regulations on how they will tax crypto winnings from a crypto casino.

I read that crypto winnings have multiple taxes in some countries, like in US, it is said that gains from crypto gambling can have Income Tax on the Winnings, then when you sell your cryptocurrency, you can also get taxed as Capital Gains Tax.

[danadc]

In my country, winnings from a crypto casino are yet to be taxed since the regulation for cryptocurrency taxation is not yet fully established.  But, I think some countries have already laid regulations on how they will tax crypto winnings from a crypto casino.

I read that crypto winnings have multiple taxes in some countries, like in US, it is said that gains from crypto gambling can have Income Tax on the Winnings, then when you sell your cryptocurrency, you can also get taxed as Capital Gains Tax.

Countries like the USA and Spain have very strict policies to ensure their citizens pay taxes and prevent mechanisms to evade them. I lived in a country where taxes were evaded because the state taught people how to cheat, and that's why in my home country, when it came to things like gambling, it wasn't entirely legal, but everyone who wanted to played did. The idea was that if the government saw you doing it, they would take your money and you could continue playing.

[SenseiBitcoin]

Hello,

Ah betfury,

I have been there for so many years on the casino and the originals are my preference.
Never any problem removing, the site is constantly looking for innovation, I love it.

The only weak point is the use of betby for sports, if one day Betfury has the same depth of betting and match choices as Vave then it will become ultimate.

[SquirrelJulietGarden]

Countries like the USA and Spain have very strict policies to ensure their citizens pay taxes and prevent mechanisms to evade them. I lived in a country where taxes were evaded because the state taught people how to cheat, and that's why in my home country, when it came to things like gambling, it wasn't entirely legal, but everyone who wanted to played did. The idea was that if the government saw you doing it, they would take your money and you could continue playing.

Developed countries in first world actually have strictest laws and enforcement on tax which is like necessary source of their national budget. It will be used for paying citizens' wealthfares and without tax, or if tax enforcement is not done well and strict enough, governments will lose a lot of money and they never want to fall into that situation which can result in their national budget deficit. I am not sure why you only mentioned about the USA and Spain because there are many other developed countries which have strict tax policies too.

Gambling is legal or illegal, it's different nation by nation and in big nations with many states insides it is even different among states within a country.

[BetFury.com]

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[melinoe]

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Good to know it's limited.

I would also add up the visual for when there is only 5 left or so

[Taskford]

In my country, winnings from a crypto casino are yet to be taxed since the regulation for cryptocurrency taxation is not yet fully established.  But, I think some countries have already laid regulations on how they will tax crypto winnings from a crypto casino.

I read that crypto winnings have multiple taxes in some countries, like in US, it is said that gains from crypto gambling can have Income Tax on the Winnings, then when you sell your cryptocurrency, you can also get taxed as Capital Gains Tax.

Countries like the USA and Spain have very strict policies to ensure their citizens pay taxes and prevent mechanisms to evade them. I lived in a country where taxes were evaded because the state taught people how to cheat, and that's why in my home country, when it came to things like gambling, it wasn't entirely legal, but everyone who wanted to played did. The idea was that if the government saw you doing it, they would take your money and you could continue playing.

This implies on how the government careless on their people towards shaping them on what's best thing to do or to follow their law. For strict implementation on tax law in US and Spain it made their people became compliant and think about those what implement by government has applied to everyone in their country.

If the government didn't do anything its like they are teaching people to cheat, Also it makes them looks like that they made this just to have reason to grab peoples money whenever they like to do this. This  made gambling in your country questionable since the way it looks its not all about legality, but rather how government can able to take profit with it.

[terrific]

Are they deleted as of now? I see only his three questions being posted in different anns...

And that question was also deleted, it's unnecessary and good thing that probably it's our mod that have deleted them.

In my country, winnings from a crypto casino are yet to be taxed since the regulation for cryptocurrency taxation is not yet fully established.  But, I think some countries have already laid regulations on how they will tax crypto winnings from a crypto casino.

I read that crypto winnings have multiple taxes in some countries, like in US, it is said that gains from crypto gambling can have Income Tax on the Winnings, then when you sell your cryptocurrency, you can also get taxed as Capital Gains Tax.

In the likes of US and other countries that are known to have huge volumes contributed to the gambling industry.
They're all heavily taxed but in your country, they've seen that there's a big potential in it and so they're probably not only taxing crypto casinos.
But also, the gains from the actual cryptos that everyone is holding is also being taxed.

[melinoe]

In the likes of US and other countries that are known to have huge volumes contributed to the gambling industry.
They're all heavily taxed but in your country, they've seen that there's a big potential in it and so they're probably not only taxing crypto casinos.
But also, the gains from the actual cryptos that everyone is holding is also being taxed.

I think it's a matter of time.

I see in my sources in TG that regulations are tightening up in the I-Gaming in general.

And platforms need to adapt to that..