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Author Topic: Crypto Gambling Licenses - What they actually mean  (Read 572 times)
AOBTCT6 (OP)
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June 25, 2021, 12:47:40 PM
 #1

When looking to sign up to a crypto sportsbook or casino I often take comfort from the fact they have a license. However, I've never actually looked into what those licenses mean. So I did a bit of digging and found out some very interesting information.

The licenses basically mean nothing!

I looked at 4 different licenses; Curacao, Malta, Costa Rica and Montenegro.

The vast majority of operators have the Curacao license which has a cost of around $36,000 as a one-off upfront payment, then it’s $6,000 a month every month for the first 2 years, which is a grand total of $180,000. This license is basically the bare minimum. In fact, a condition of the license is that the operator can't operate in Curacao - which should speak volumes.

BetBTC is the only sportsbook to have a Costa Rica license. Although this "license" is basically just a company registration.

Cloudbet is the only sportsbook to have a Montenegro license. This is the only license which does carry a bit of weight, so fair play to Cloudbet. It costs around $390,000 and does have a regulatory body which will look into your complaints.

The Malta license as it’s too expensive and too much work for a bit of paper that carries no real weight or protection for players.

If you're interested, you can read the full report I wrote here:
https://bitedge.com/blog/crypto-gambling-licenses/

Do you think someone needs to offer a legit crypto gambling license to give consumers more protection? Or are we ok where we are know?

Disclaimer: A lot of these sportsbooks and casinos have operated for years and have integrity. Having signed up and played at a lot of them, I've very rarely if ever had any issues. This is purely just to show you what lies behind the licenses they have.
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June 25, 2021, 02:33:07 PM
 #2

Gambling licenses are a form of giving permission so that they can be held accountable if at any time their legality is questioned.
When a gambling site cannot grant a license, it results in a low level of trust. Then why do you feel useless with the gambling site's license?
Isn't the license very important to determine if the activity on it will guarantee that the site has quality?

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June 25, 2021, 03:02:03 PM
 #3

...
In fact, a condition of the license is that the operator can't operate in Curacao - which should speak volumes.
Strange ain't it? Not bad for a country who only wants to earn from licensing with no headache from chasing online gamblers and operators within their jurisdiction. I also asked about this last year https://bitcointalk.org/index.php?topic=5281303.0

Quote
Do you think someone needs to offer a legit crypto gambling license to give consumers more protection?
If more protection means KYC and other types of verification for a crypto casino then it will be shunned. The gambling platforms here understand that very well that's why they only get license from jurisdictions that doesn't prohibit a lot of countries.

Quote
Or are we ok where we are know?
You can read the sentiment of players here in my other topic about gambling license https://bitcointalk.org/index.php?topic=5279285.0
Majority of the responders doesn't really mind if the online casino is licensed or not.

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June 25, 2021, 04:03:04 PM
 #4

The vast majority of operators have the Curacao license which has a cost of around $36,000 as a one-off upfront payment, then it’s $6,000 a month every month for the first 2 years, which is a grand total of $180,000.
I believe it's still too expensive for Curacao license, maybe it's for "master license" holder. AFAIK the casino doesn't have to use a master license, but they can use a sub license. Curacao sub license is so cheap hence many less bonafide online casino can get it rather easily.

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June 25, 2021, 04:22:41 PM
Merited by CHRISBIN702 (1), GamblingSiteFinder (1)
 #5

I've gone through the process of getting a couple gaming licenses, and I agree with your premise. They're all bullshit and most are just a way for the regulator to make some money, and often the whole gaming regulation is prop'd up by the established gaming companies as a way to increase the barrier to entry. And even the rare jurisdiction that cares about the "fairness" of your game never actually audits to have any level of assurances that are doing what you claim you're doing.

FWIW Costa Rica isn't a license, rather their laws don't prohibit you operating an online casino (as long as you're not serving Costa Ricans).


The only good thing, I'd say, is they prove the entity spent a fair bit of money on the process, so they're probably not a fly-by-night operation. And if they ever did scam you, you'd have some level of recourse through the legal system to try get their identity and take them to court.

---

That said, the vast majority of casinos aren't in the business of screwing their customers. The odds are already in the houses' favor. My advice is to find an online casino with a good reputation, and just totally ignore any gaming license nonsense. And be your own auditor. Play at provably fair casinos, and actually make an effort to check the results.

Check out gamblingsitefinder.com for a decent list/rankings of crypto casinos. Note: I have no affiliation or interest in it, and don't even agree with all the rankings ... but it's the only uncorrupted review site I'm aware of.
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June 25, 2021, 04:50:16 PM
 #6

My advice is to find an online casino with a good reputation, and just totally ignore any gaming license nonsense. And be your own auditor. Play at provably fair casinos, and actually make an effort to check the results.
+1

Some weird things, Curacao who gives the license not doing anything while there has some problem on the casino itself. IMO, it's just like they give every business license without moderated all of them for customer protection. So, even a scam casino still can get some license as long they are paid "Curacao" to create a license for them to make it legit Grin

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June 25, 2021, 11:37:53 PM
 #7

My advice is to find an online casino with a good reputation, and just totally ignore any gaming license nonsense. And be your own auditor. Play at provably fair casinos, and actually make an effort to check the results.
+1

Some weird things, Curacao who gives the license not doing anything while there has some problem on the casino itself. IMO, it's just like they give every business license without moderated all of them for customer protection. So, even a scam casino still can get some license as long they are paid "Curacao" to create a license for them to make it legit Grin
This was the main problem when it comes to moderating on how legit the site is. It is just been part of the mindset of the majority that once a certain gambling site or any platform do get its license then they would be automatically considered to be legit and trustable which I can say that this had been the standard when it comes to personal views which I cant really blame off.In all honesty then I don't see the point or it isn't really actually necessary to have this because there are platforms out there which are legit and giving out their best service without necessarily having these licenses.

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June 26, 2021, 12:27:15 AM
 #8

I admit that I don't know anything about gambling licenses, so thanks for making this thread even though there are already old threads that talk about this matter.  I also notice that very few also first check if a casino is licensed to operate before they play and deposit.  But I think it's just very important as a requirement and it needs to be there in physical casinos and pure online fiat gambling sites.  You would probably be more reassured if you knew the identity of the owner of crypto gambling sites like Stake.  I have also read a lot that even if they have a license, they can commit scams and those who issue licenses are not able to help customers.  So the others just look more at the reputation and reviews of the majority whether licensed or not.  So the risk is not lost and you should always be prepared.

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June 26, 2021, 12:38:04 AM
 #9


So there is a chance for a small-time crook to actually operate a casino by just buying a $36,000 Curacao license. Making it a bit legit and a private label website filled with games and a bit of money for promotion I guess he is good to go. It's the promotion that will make him spend more.  It's a good business if he can build a reputation then.  Why do they have different prices to acquire licenses?




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June 26, 2021, 04:34:37 AM
 #10

I thought people are all aware that these gambling casinos do not care about protecting their players. I mean isn't it a fact? As far as I know, there is only a slight difference between unregulated and regulated casinos.

Seeing most of the regulated casinos' terms of service usually can force close or ban your account for whatever reason while the license does not provide any protection for their casinos' clients at all.

The only thing that most of the casinos have these licenses is that perhaps they are planning to expand their business to other countries such as the UK as well as to have access to popular game providers. You are playing with gambling sites not because of the certainty for security that a gambling license can offer but for avoiding legal matters when the casino has expanded in the process.

It is our responsibility to check their ToS, support chat, and learn how to verify the "provably fair" algorithm to reduce the amount of risk we're going to take and not the license itself.

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June 26, 2021, 06:14:46 AM
 #11

I believe it's still too expensive for Curacao license, maybe it's for "master license" holder. AFAIK the casino doesn't have to use a master license, but they can use a sub license. Curacao sub license is so cheap hence many less bonafide online casino can get it rather easily.

Master license mainly applies if the casino plans to issue licenses to its own subsidiaries or related entities. The ones we see would mainly go with sublicense for obvious reasons.

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June 26, 2021, 09:20:17 PM
 #12

Most of crypto betting websites I know have Curacao betting license and that is better than having no license, but license is just one part in the big picture of using betting websites.
You should look at customer support, how deposits and withdrawals work, available markets with odds, and I think that Sportsbet and Stake are on top for now.
I never heard of Montenegro license but it costs $390,000 and it's more expensive than licenses from all other countries.

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June 26, 2021, 09:48:48 PM
 #13

Most of crypto betting websites I know have Curacao betting license and that is better than having no license, but license is just one part in the big picture of using betting websites.
You should look at customer support, how deposits and withdrawals work, available markets with odds, and I think that Sportsbet and Stake are on top for now.
I never heard of Montenegro license but it costs $390,000 and it's more expensive than licenses from all other countries.

Exactly! License maybe one factor to consider and sometimes you will feel confident to use it if they have license especially if you are dealing with new casino. But for some established casinos here that have no license, they can still get the players because of their reputation they have built throughout the years. A casino with no complaints is also a big plus with active customer support.
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June 26, 2021, 10:09:27 PM
 #14

Whatever the licence a Casino holds is a way to gain trust among the users. Gaining reputation is the most important with the gambling platforms. Along with the same the gambling site owners need the mind to serve and not to cheat. I state this based on the licensing every site holds.

Everyone used to state a site holding Curacao license as a big thing, but anyone who has got money can get a license incorporating some business. In my view rather than the licensing it is the team and the authority that is important with a gambling platform.

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June 26, 2021, 10:21:41 PM
 #15

Most of crypto betting websites I know have Curacao betting license and that is better than having no license, but license is just one part in the big picture of using betting websites.
You should look at customer support, how deposits and withdrawals work, available markets with odds, and I think that Sportsbet and Stake are on top for now.
I never heard of Montenegro license but it costs $390,000 and it's more expensive than licenses from all other countries.

Whether the licenses are expensive, I don't think it matters since it's obvious that are just there to fulfill all righteousness. Tbh, I've never checked out a gambling license m not that I care much about it. What I'm more concerned about is, if their platform is good with little to no complains from users then I'm in. 

So there is a chance for a small-time crook to actually operate a casino by just buying a $36,000 Curacao license. Making it a bit legit and a private label website filled with games and a bit of money for promotion I guess he is good to go. It's the promotion that will make him spend more.  It's a good business if he can build a reputation then.  Why do they have different prices to acquire licenses?

There are always variations to stuffs like this. Or maybe it's just that those expensive licenses come with some added perks that might be beneficial to either the casino team or the users.

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June 26, 2021, 10:31:42 PM
 #16

Whatever the licence a Casino holds is a way to gain trust among the users. Gaining reputation is the most important with the gambling platforms. Along with the same the gambling site owners need the mind to serve and not to cheat. I state this based on the licensing every site holds.

Everyone used to state a site holding Curacao license as a big thing, but anyone who has got money can get a license incorporating some business. In my view rather than the licensing it is the team and the authority that is important with a gambling platform.
That’s the reference every gambler is looking for, if you have a licensed then you have a higher chance to get more gamblers into your platform, and if none don’t expect that much. Even if there’s no regulations that license can still be a big help especially if experience a scam from those sites, you know where you are heading. The purpose of that License is to operate legally as much as possible and to gain the trust of many.

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June 26, 2021, 11:14:10 PM
 #17

In crypto-gambling, a site having a license is not really a must for me. I'm more of being reputable and true to their customers.

Before there is no mention of these licenses but some crypto-gambling sites successfully work their way up to be reputable.

For new sites, maybe that's the time I will consider using them only if they have a license. Just to ensure that the site is might be serious on their operation. But not to take it as an assurance that the site will not goes into scam later on.

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June 27, 2021, 12:50:04 AM
 #18

There are actually quite a lot of casinos in the cryptospace that are obviously completely untrustworthy and have a disgusting track record, yet have licenses and drawing people in that way.

This is really well put by OP - licenses mean absolutely zero. Nothing. Nada.

The countries you can get licenses from are so lax with their rules that it's shows you absolutely nothing. And the countries where licenses are strict and actually mean something never hand out licenses to crypto casinos.

There have been plenty of legitimate dice sites without a gaming license too - PD in the early days and JD are good examples.
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June 27, 2021, 04:37:40 AM
 #19

Do you think someone needs to offer a legit crypto gambling license to give consumers more protection? Or are we ok where we are know?
Well it definitely says something about how they want to start up the business. Even if licenses are actually just complete bs, the act of spending for it vs the act of not spending for it gives volumes on whether a casino actually wants to run properly or not, though in the end, that's just one step. It takes time really, for casinos to actually build up a reputation and for users to actually trust it. Licenses are in the end, just a method for casinos to show their sincerity maybe? And to avoid all the bothersome rules that countries have set up, basically following a framework (which is most probably imaginative) to have some sort of foundation with their reputation.


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June 27, 2021, 04:54:47 AM
Last edit: June 27, 2021, 05:05:10 AM by UserU
 #20

There are actually quite a lot of casinos in the cryptospace that are obviously completely untrustworthy and have a disgusting track record, yet have licenses and drawing people in that way.

This is really well put by OP - licenses mean absolutely zero. Nothing. Nada.

The countries you can get licenses from are so lax with their rules that it's shows you absolutely nothing. And the countries where licenses are strict and actually mean something never hand out licenses to crypto casinos.

There have been plenty of legitimate dice sites without a gaming license too - PD in the early days and JD are good examples.

The reason why more sites opt for license is mainly for potential income off casino games which is increasingly popular and of course, to comply with them regulatory red tapes.

Even if a site is legit with its provably fair system, a license helps in case there's some suspicions/ allegations involved.

Quote
There are actually quite a lot of casinos in the cryptospace that are obviously completely untrustworthy and have a disgusting track record, yet have licenses and drawing people in that way.

Just like unscrupulous yet legit business entities, casinos are no different.

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