Regulations & Gambling projects

[pawanjain]

Ofcourse it will impact gambling sites and not only gambling sites but everything that is related to crypto will be impacted.
So whatever regulations are that are applicable on cryptocurrencies will be directly applied to all entities involved with it.
Further, separate regulations for individual entities might also be added. But yeah it's certain that these gambling sites won't be banned any time soon.

[salad daging]

There are reasons why government regulates gambling projects which is to earn from it and implement some rules that the casino must follow and if they don't then those casinos will most likely to be closed. It is their way to let gambling legal so that the casino owners can continue running their casino but they must pay tax which the government will receive. It's a win-win situation if I say about it for both the government and the casino where gambling is not illegal and government earn from it.

The government has the power in this rule, if the gambling project must comply with the rules that apply in their country, I see now many people prefer casinos that are already under the auspices of the government because they want the casinos they play to be really legal, so if the casinos enforce KYC, for example, is a natural thing because of their policy, so we know the government already has authority over it, so casinos have to comply with it until it becomes legal.
Surely the government will collect taxes from gambling projects so they will get from it because according to existing rules, it's not just gambling projects, other companies also if they are under the government then have to pay taxes because it's mandatory.

[goldkingcoiner]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

I do not expect regulation to have any kind of effect to the extent that you are imagining. If anything the governments of the world will try to squeeze the centralized end-points of service providers which deal with cryptocurrency rather than trying to regulate a decentralized entity as it has been trying to, for a long time. And it has not succeeded even a bit. As far as gambling goes, I expect something of decentral and unregulatable nature to develop sometime in the next years in the gambling world. So regulations from the goverment will be as meaningless as they are now. If not even more.

[nakamura12]

The government has the power in this rule, if the gambling project must comply with the rules that apply in their country, I see now many people prefer casinos that are already under the auspices of the government because they want the casinos they play to be really legal, so if the casinos enforce KYC, for example, is a natural thing because of their policy, so we know the government already has authority over it, so casinos have to comply with it until it becomes legal.
Surely the government will collect taxes from gambling projects so they will get from it because according to existing rules, it's not just gambling projects, other companies also if they are under the government then have to pay taxes because it's mandatory.

Yes we don't have a choice but to follow the government's decision either to legalized gambling or making it illegal. The government has indeed the power to legalized gambling such as casinos and since they pass it on the court to legalized the casino so they should also earn unlike online casinos where the owner doesn't need to pay tax at all compared to a casino where they get money from them just by making gambling legal since as said before that rhe government have the power to do it.

[FatFork]

The world is becoming more and more regulated, and I believe this will be the trend going forward. Regulations have changed the way we perceive gambling, cryptocurrencies and anything related in general.

This will surely be a challenge for all the gambling sites in the industry, but I think if we take a long-term approach and look at things from historical examples we'll see that it's not a big issue and that gambling sites will find a way to work with it. It's difficult to predict what this means for the industry going forward, but it doesn't seem likely that governments will back down from regulating everything related to gambling. One could argue that this is inevitable; we're talking about a billion dollar industry and a ever-growing user base. Governments, like all players in this industry, have a strong incentive to figure out how they can capture their cut, and regulations seem to be a logical way of doing so.

[lionheart78]

The world is becoming more and more regulated, and I believe this will be the trend going forward. Regulations have changed the way we perceive gambling, cryptocurrencies and anything related in general.

The existence of a government means all things will be regulated.  Gambling regulation hasn't changed, KYC is implemented in fiat online gambling casino, it the emergence of cryptocurrency and the adoption of the gambling industry to cryptocurrency, but the government is too slow to react to it.  The Crypto gambling industry is destined to be regulated by the government.  For a reason that the government has the authority.  We as a citizen need to follow the government's rule, and the government wanted everything to be regulated.

This will surely be a challenge for all the gambling sites in the industry, but I think if we take a long-term approach and look at things from historical examples we'll see that it's not a big issue and that gambling sites will find a way to work with it. It's difficult to predict what this means for the industry going forward, but it doesn't seem likely that governments will back down from regulating everything related to gambling. One could argue that this is inevitable; we're talking about a billion dollar industry and a ever-growing user base. Governments, like all players in this industry, have a strong incentive to figure out how they can capture their cut, and regulations seem to be a logical way of doing so.

Adopting government regulation is indeed a challenge to all crypto-gambling sites since many of these platforms' clients are looking for anonymity to hide their wealth from the government.  If the crypto gambling industry wanted to move forward, they need to adjust and adopt the government regulations else it will be branded as an illegal gambling company and will be shut down.  Gambling owners do not want their operations to be shut down and face criminal charges.  So government regulation is inevitable for gambling projects.

[DoublerHunter]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

I personally do not see crypto regulation affecting gambling sites or online casinos in any way, I compare crypto casinos to crypto exchanges, if regulations will not make crypto exchanges to go out of business, then why would it be different for gambling sites?
I am talking about the reputable ones and not those waiting to scam their users...
All that there is to this is to make sure to choose a reputable online casino(s) and never bother or disturb yourself of what might happen to your funds when regulation hits the crypto industry.

^Definitely right.
It could be a fear for both parties to do a crime since they are regulated by the government, it is easy for them to do shit for a gambling business that did not regulate, it could have become a scam. I did not see regulation will affect this entity, despite it will boost the adoption since people are aware they are protected by the government. As we know we need to follow our government's laws and regulations to avoid crimes and also you are safe in that way and have nothing to worry about the fund where you entrust in the gambling casino.

[BitDane]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

I personally do not see crypto regulation affecting gambling sites or online casinos in any way, I compare crypto casinos to crypto exchanges, if regulations will not make crypto exchanges to go out of business, then why would it be different for gambling sites?
I am talking about the reputable ones and not those waiting to scam their users...
All that there is to this is to make sure to choose a reputable online casino(s) and never bother or disturb yourself of what might happen to your funds when regulation hits the crypto industry.

I highly agree with you.  We must look the online casinos that way.  Since they need licenses to operate, it is normal to see them got regulated.  The thing is, people with ill intention of hiding their money and get away from their financial obligation to government use crypto platform to launder money.  They use the guise of decentralization and influence others to make believe that it is the right of a citizen to evade taxes  .

True, if we are worried about our information getting leaked, we must choose reputable casinos and comply to whatever requirements they need in order for us to use their services.

[WalkerIVIV]

There's nothing happening with gambling projects if crypto will be regulated. Im sure that the regulation will be putting its focus into the taxation for crypto users and AML. The gambling platform just need to follow what will be did by regulators. It's quite easy to follow the regulation.
I think this will not become a serious problem for the platforms that are also supporting the crypto.

[harizen]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

The operation is still on its usual. It's not that we are really doomed when regulation hits crypto-gambling sites.

Although at some point, expect KYCs or any sort of verification but not to the point it will be a mandatory thing to comply with.

Just go with the flow. It's really expected that crypto-gambling will be soon touched by these regulations. There are advantages and disadvantages but I'm sure that won't affect our gambling experience here in crypto.

[dothebeats]

Government makes lots of money from taxes generated from casinos and that will make most governments reluctant on digging down casinos that is why there seems to be a free market that allows regulations to check underage gambling aside from that, most countries have flexible casino regulations.

This is what's currently happening in the Philippines. A lot of lawmakers are defending the POGO (Philippine Offshore Gaming Operators) platforms because they insist that it generates billions upon billions of tax revenues for the gov't. If numbers alone would be the main point of the argument, it's really a beneficial thing. The problem is, the proceeds of these tax revenues weren't anywhere to be found, and each fiscal year since they allowed these gambling operators in the land, we sunk deeper in debt when the said activity is meant to offset that.

In the end, it's the misuse of funds, taking advantage of the fragility of the gambling industry, and the crooked officials which will take down gambling. They never allowed POGOs to operate 100%, just took advantage onsome clauses and loopholes that temporarily allowed their operation.

[btc78]

There's nothing happening with gambling projects if crypto will be regulated. Im sure that the regulation will be putting its focus into the taxation for crypto users and AML. The gambling platform just need to follow what will be did by regulators. It's quite easy to follow the regulation.
I think this will not become a serious problem for the platforms that are also supporting the crypto.

maybe in short time there will be as adjustments and some panic from investors and players will take part but this is a basic problem that eventually will be provided answers and solutions.

But look at it now, even there are strict regulation in some part of the world, gamblers and investors still finds place and ways to continue their dealing in crypto world so indeed that this will not totally affect the whole system.

[strunberg]

There's nothing happening with gambling projects if crypto will be regulated. Im sure that the regulation will be putting its focus into the taxation for crypto users and AML. The gambling platform just need to follow what will be did by regulators. It's quite easy to follow the regulation.
I think this will not become a serious problem for the platforms that are also supporting the crypto.

at some countries that gambling platform suspend especially from muslim countries , of course it will be serious problem , by regulation their position become more weaker. government and another stake holder that rellated with gambling statue will directly cut all access to this site. but for countries that allowed gambling platform , by this regulation they will parallely adopt bitcoin and also have legal standing.

[rodskee]

There's nothing happening with gambling projects if crypto will be regulated. Im sure that the regulation will be putting its focus into the taxation for crypto users and AML. The gambling platform just need to follow what will be did by regulators. It's quite easy to follow the regulation.
I think this will not become a serious problem for the platforms that are also supporting the crypto.

at some countries that gambling platform suspend especially from muslim countries , of course it will be serious problem , by regulation their position become more weaker. government and another stake holder that rellated with gambling statue will directly cut all access to this site. but for countries that allowed gambling platform , by this regulation they will parallely adopt bitcoin and also have legal standing.

but it is understandable though we also knew that not all of their people truly follows the suspension instead they are doing other ways just to gamble so meaning regulating is not 100% implemented.
but indeed that regulating some projects will add flavor to the strictness of each government and business owner needs to comply or at least deal with this closely .
as also we knew that there are lots of abuse from gambling businesses  nowadays.

[_act_]

The thing is, people with ill intention of hiding their money and get away from their financial obligation to government use crypto platform to launder money.  They use the guise of decentralization and influence others to make believe that it is the right of a citizen to evade taxes  .

How did you know this? Any provable way or stat you read about this? With KYC, people still launders money, with banks people still launders money too. Before bitcoin and other cryptos are created, there has been money laundering.

True, if we are worried about our information getting leaked, we must choose reputable casinos and comply to whatever requirements they need in order for us to use their services.

A reputable casinos or sites do not guarantee that the KYC that you provided them will not leak, do not let us think like that. But you are not wrong too, a reputable casino will protect KYC than other ones. Some casinos can even be for scammers and use KYC illegally, we must be careful while choosing casino.

[Unsoldier]

Physical casinos have been regulated by states for a long time. Therefore, crypto casinos need to be regulated too. I think there is nothing wrong with that. All crypto casinos will adjust to the new laws and it will have little effect on their profits.

[Solosanz]

at some countries that gambling platform suspend especially from muslim countries , of course it will be serious problem , by regulation their position become more weaker. government and another stake holder that rellated with gambling statue will directly cut all access to this site. but for countries that allowed gambling platform , by this regulation they will parallely adopt bitcoin and also have legal standing.

Well if Eastern countries are prohibited gambling at all, the casino just need to avoid to serve on Eastern countries only. Why in the hell Eastern countries want to gamble? are they not scared if the government trace them and put them on the jail since they broke the laws? it's inevitable since you're using a centralized server of your internet provider. I'd say even though there's will be few people from Eastern countries are gamblers, they're not contribute much money for the casino.

[gunhell16]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

In my opinion, the casinos today that have licenses to operate legally are the crypto gambling ones that ask for KYCs from their client users who often play on their online gambling platform, which is often the majority of gamblers. they don't agree with this system, so even so they can't do anything but follow it because they have invested funds in it.

So I just want to ask, what was the issue with the ROOBET project? I'm just not updated on this matter that's why I asked. In addition to this, there are still, as far as I know, gambling casinos that operate without a license and the risk of entering it and making money in this type of online casino is quite high.

[Finestream]

just to be clear when you say "gambling project" you mean gambling casinos, right?

I don't know about "years from now" since, as far as I know, all casinos that have a license are already regulated, that includes Roobet.com and other casinos that have a license. are you perhaps talking about stricter regulations that gambling sites will have to follow? anyway, if you are thinking of gambling casinos will be affected by stricter regulation, yes, they will, but I don't the effect will necessarily be a bad thing.

AFAIK, regulations are made to improve the service of the casinos and of course to strengthen the security of the gamblers. So if those casinos have their hidden agendas towards their players, most likely their games are rigged or whatsoever, then they will surely be affected by those strict rules and regulations imposed by the government. However, for most of the reputable casinos that are strictly following the rules, I don’t think they’ll be affected by it as it could mean they will build more trust from the gamblers themselves.

[Fivestar4everMVP]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

I personally do not see crypto regulation affecting gambling sites or online casinos in any way, I compare crypto casinos to crypto exchanges, if regulations will not make crypto exchanges to go out of business, then why would it be different for gambling sites?
I am talking about the reputable ones and not those waiting to scam their users...
All that there is to this is to make sure to choose a reputable online casino(s) and never bother or disturb yourself of what might happen to your funds when regulation hits the crypto industry.

The thing is, people with ill intention of hiding their money and get away from their financial obligation to government use crypto platform to launder money.  They use the guise of decentralization and influence others to make believe that it is the right of a citizen to evade taxes  .

You are absolutely correct bud, this is one of the reasons why I don't give much attention to peeps who complain about casinos requesting kyc verification, though most of this peeps won't tell you they are trying to evade tax by not passing kyc, but when we deeply look into their reasons for not wanting to submit their documents for verification, it's easy to discover that tax evasion is one of them.

True, if we are worried about our information getting leaked, we must choose reputable casinos and comply to whatever requirements they need in order for us to use their services.

Exactly my point, it was and is never mandatory to jump from one casino to the other, if a user hates giving his or her documents to casinos for verification, then just choose one or two that is reputable and stick to them and their service, rather than being a user of multiple casinos and complain when they ask for kyc verification before they allow the user to withdraw his or her huge winnings.