Cashless Gambling, your thought?

[o48o]

Have you ever thought of a government implementing a Cashless gambling?
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Well as days for anonymous physical cash are pretty much numbered now, i see it only a matter of time. In finland we now how kyc for lottery and slot machines as a temporary solution. Soon i am guessing cash is irrelevant because it's supposedly these days only used by criminals and people who got something to hide 

But i completely understand why they are doing this. This is FATF on action and fits their narrative of tracking money as a part of tighter AML laws. This is however just a start.

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[Accardo]

This won't affect only cash but electronic money like cryptocurrencies can get terminated too. So, the country seems to fight underage gambling and trace the way citizens place bets. Yet, the Government wants to make profits out of gambling, which is the reason they moved the bill to law real quick. The problem is having other country's Government to adopt such laws, if they realize the huge amount of money made out of the law. Moving forward, though it'll affect Casino owners by paying so much in tax, players will benefit from cash security. Winners on physical Casinos won't bother about theft when leaving the casino. However, the Government watching over every stake by citizens, bridges their privacy and doesn't sit right despite the benefits the law draws to players. On the other hand, I think hackers will be hired this time as they'll be many hacking attempts on casinos' payment systems to derive clients sensitive information, they may from time to time begin to experience what exchanges suffer from hackers.

[Wind_FURY]

Have you ever thought of a government implementing a Cashless gambling?
-cut-

Well as days for anonymous physical cash are pretty much numbered now, i see it only a matter of time. In finland we now how kyc for lottery and slot machines as a temporary solution. Soon i am guessing cash is irrelevant because it's supposedly these days only used by criminals and people who got something to hide 

"Cashless gambling" is just an experiment. KYC will be easier with CBDC because your identity will be attached to each CBDC transaction. What does the future hold for casinos in a CBDC World? A world that a nefarious cabal, a centralized entity that doesn't have your best interests at hand, has absolute control over money.

But i completely understand why they are doing this. This is FATF on action and fits their narrative of tracking money as a part of tighter AML laws. This is however just a start.

That's what they want us to believe. Haha.

[Pierre 2]

As many cryptocurrency investors, I also think hard capitalist controls are always bad. Boomerang effect should be considered. People may hate to be taxed through gambling, and may move all their funds through crypto currencies later. I think it can hit gambling taxes hard over time if all people turns to crypto.
So I think, cashless casinos are bad idea even if it may have positive effects like protecting minors etc.

[AicecreaME]

Have you ever thought of a government implementing a Cashless gambling?
-cut-

Well as days for anonymous physical cash are pretty much numbered now, i see it only a matter of time. In finland we now how kyc for lottery and slot machines as a temporary solution. Soon i am guessing cash is irrelevant because it's supposedly these days only used by criminals and people who got something to hide 

But i completely understand why they are doing this. This is FATF on action and fits their narrative of tracking money as a part of tighter AML laws. This is however just a start.

Perhaps this is mostly applicable to those areas who are already developed and have great economy. Implementing cashless policy will be very difficult to do in third world and developing countries because they lack the resources to do so, and most of the citizens don't have the ability to participate in such. Hence cashless policy in gambling in struggling areas could be impossible as of now because they have other things to prioritize.

But good for those developed ones that they are already progressing into this because of their capability and resources. It has many pros and cons that has to be weighed before making a final decision, and I hope the people are all well-aware of all the possible sides if ever it will be fully implemented in your area. Because as we know, not everyone is as techy and as well-off as others. In addition, not everyone is fond and is in favor of KYC verification process.

[SirLancelot]

As many cryptocurrency investors, I also think hard capitalist controls are always bad. Boomerang effect should be considered. People may hate to be taxed through gambling, and may move all their funds through crypto currencies later. I think it can hit gambling taxes hard over time if all people turns to crypto.
So I think, cashless casinos are bad idea even if it may have positive effects like protecting minors etc.

Tax is normal and has a purpose but it must be charged properly and not thru gambling because this was only the time when people enjoy and relax. If the reason why they want gambling to be cashless is because of taxations then you might be right that people will be forced to switch on cryptos which is a good thing for the investors because this can make the price rise.

You should not worry too much because people are still going to pay their taxes in the common/usual way and also not all people are going to switch on cryptos, for some reasons like they find it complicated. When it comes to protecting minors, I think they can actually play now if they will use a crypto but not if they will play locally since they can be spotted easily.

[Genemind]

As many cryptocurrency investors, I also think hard capitalist controls are always bad. Boomerang effect should be considered. People may hate to be taxed through gambling, and may move all their funds through crypto currencies later. I think it can hit gambling taxes hard over time if all people turns to crypto.
So I think, cashless casinos are bad idea even if it may have positive effects like protecting minors etc.

Tax is normal and has a purpose but it must be charged properly and not thru gambling because this was only the time when people enjoy and relax. If the reason why they want gambling to be cashless is because of taxations then you might be right that people will be forced to switch on cryptos which is a good thing for the investors because this can make the price rise.

You should not worry too much because people are still going to pay their taxes in the common/usual way and also not all people are going to switch on cryptos, for some reasons like they find it complicated. When it comes to protecting minors, I think they can actually play now if they will use a crypto but not if they will play locally since they can be spotted easily.

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

[indah rezqi]

The positive impact of a law like this makes sense, it would stunt the growth in the number of underage gamblers and usually the government will use this pretext to get the law actually implemented. About taxes, that has also been thought about but I tend to think the government would prefer the first reason over tax revenue.

Here on the contrary, the success rate of implementing this rule will also be difficult considering that the gambling industry is developing rapidly at this time. That underground gambling will always exist and crypto gambling is also the most likely destination for constrained gamblers. Maybe the government will block as many famous crypto-based online casinos as possible, that will be the government's anticipatory measure to realize its goal.

[Lanatsa]

As many cryptocurrency investors, I also think hard capitalist controls are always bad. Boomerang effect should be considered. People may hate to be taxed through gambling, and may move all their funds through crypto currencies later. I think it can hit gambling taxes hard over time if all people turns to crypto.
So I think, cashless casinos are bad idea even if it may have positive effects like protecting minors etc.

Tax is normal and has a purpose but it must be charged properly and not thru gambling because this was only the time when people enjoy and relax. If the reason why they want gambling to be cashless is because of taxations then you might be right that people will be forced to switch on cryptos which is a good thing for the investors because this can make the price rise.

You should not worry too much because people are still going to pay their taxes in the common/usual way and also not all people are going to switch on cryptos, for some reasons like they find it complicated. When it comes to protecting minors, I think they can actually play now if they will use a crypto but not if they will play locally since they can be spotted easily.

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

One of the main reasons on why people arent really that mindful on paying up their taxes due into this scenario or situation that it might really be that unwisely spent or simply that it wasnt really been put up
on where it should be.

We know that there are some corrupted countries on which its government arent really doing up their job and doing the things which supposed to be done or to be applied specially on gambling.
Its true that if ever people would feel out that they are really been that choked or really that having restriction then they would be always finding out some ways for them
to avoid these things.

[o48o]

Perhaps this is mostly applicable to those areas who are already developed and have great economy. Implementing cashless policy will be very difficult to do in third world and developing countries because they lack the resources to do so, and most of the citizens don't have the ability to participate in such. Hence cashless policy in gambling in struggling areas could be impossible as of now because they have other things to prioritize.

But good for those developed ones that they are already progressing into this because of their capability and resources. It has many pros and cons that has to be weighed before making a final decision, and I hope the people are all well-aware of all the possible sides if ever it will be fully implemented in your area. Because as we know, not everyone is as techy and as well-off as others. In addition, not everyone is fond and is in favor of KYC verification process.

Actually if they want to do any sort of banking with developed countries they would need to comply so they won't get isolated. Not necessarily to the point of cashless but heavy KYC and trail of funds is going to be mandatory. Every country has some version of this financial action task force, even most less developed and things aren't going back to where they were or stay same.

https://www.fatf-gafi.org/countries/

[wxa7115]

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

Those kind of sin taxes as they are called do not work, as if people want to to buy something harmful for them they will do so anyway.

Governments use this excuse just to charge a special tax on particular industries as they know they can get away with it, so this attempt to force all transactions to be digital and forbid cash is just another attempt to squeeze more money out of casinos while they diminish the privacy gamblers can enjoy, so this is a good move for the governments and a bad one for everyone else, so it is clear they want a law like this passed as soon as possible.

[traderethereum]

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

That's true and it also happens in many countries where taxes paid by citizens are actually used for corrupt government officials.
And those who use the tax money can easily circumvent the regulations under various pretexts.
If all goes well, gambling taxes can contribute a lot to a country that allows gambling because gambling tax money can go where it is most needed.
But I believe there will come a time when the gambling tax money can really be put to good use and there will be no opportunity for people who want to commit corruption later.

[nullama]

Well, cashless gambling would make life more difficult for some people.

I think many people would be against that, so I reckon it wouldn't pass.

We're talking about huge amounts of money, and governments get their cut as well, so I don't think they're going to implement it.

Otherwise they would not have opened the casino in the first place.

[rodskee]

As many cryptocurrency investors, I also think hard capitalist controls are always bad. Boomerang effect should be considered. People may hate to be taxed through gambling, and may move all their funds through crypto currencies later. I think it can hit gambling taxes hard over time if all people turns to crypto.
So I think, cashless casinos are bad idea even if it may have positive effects like protecting minors etc.

Tax is normal and has a purpose but it must be charged properly and not thru gambling because this was only the time when people enjoy and relax. If the reason why they want gambling to be cashless is because of taxations then you might be right that people will be forced to switch on cryptos which is a good thing for the investors because this can make the price rise.

You should not worry too much because people are still going to pay their taxes in the common/usual way and also not all people are going to switch on cryptos, for some reasons like they find it complicated. When it comes to protecting minors, I think they can actually play now if they will use a crypto but not if they will play locally since they can be spotted easily.

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

the more they try to discourage gamblers is the more they wanted to play so there are no reason for this to truly implemented , but what is happening here is that taxes isn't caring gamblers because the flow of money here are really that high to make taxes another problem as we gambled to win and to enjoy and not adding other problems .

[SirJohnVonSlotty]

Have you ever thought of a government implementing a Cashless gambling?  Making hard cash obsolete for gambling purposes?  Armenia is currently pushing this law that force their gambler to do gambling transaction via bank[1].  It was stated that the said law is created so that the government can tax gambling institutions effectively.  They also add an additional requirement that the gambling establishment needs to pay in order to get the desired licenses on how much  bet the establishment can accept.

This may look profitable for the government but I believe it will hit hard gamblers.  With the implementation of cashless gambling, gamblers are now exposed since they have to use their credit cards or debit card to play.  (Another way of the government to spy on their citizen.)

In a positive note, minors gambling incident would greatly reduced because the gambling transaction can now be traced via bank statement, except if these minors can freely use their parent's cards.

May take on this.. screw the government if we really wanted to do cashless gambling, there is always a cryptocurrency gambling platform option where we can at least play gambling without the need to use our bank account.


So what do you think about this cashless gambling, is this another breakthrough of the gambling industry or just a way of the government to track their citizen and earn from the gambling establishment.



[1] https://www.casino.org/news/armenia-introduces-new-taxes-restrictions-on-its-gaming-industry/

I think Sweden tried something similar and the problem with that approach is that you're enticing black label casinos. If someone has cash, and just wants to gamble in cash, they will find a way how to gamble in cash - be it in another country or illegally within their own.

I know that Betsson had a huge argument there about exactly that, but I would need to dig out some links to get it right.

 

[danherbias07]

The reason why gambling taxes are higher compared to other taxable commodities is that they are implemented to discourage people from gambling. However, that is not the case. Whatever law or regulation may they pass to regulate gambling, it will always have a flaw, this will only push other people to go to underground casinos or switch to crypto casinos which is less hassle, and to avoid these taxes. I have no problem paying taxes since it is the lifeline of the economy, the problem is this taxes are sometimes not spent wisely or just being used by corrupt government official.

Well said, that's the reason why tax evasions are happening. They don't see any changes in their own place, their country going deep to the ranking of the poorest or high in rankings of corrupted government officials. Who will have the energy to do as they are told if it will go directly to the pockets of those crocodiles?
They want it cashless for that reason, you cannot avoid it anymore. It's like the CCTV of your bank account where they will see money flowing or how much your balance is so that whenever you try to avoid paying your taxes, they will take it themselves without your authority.

[irhact]

In a positive note, minors gambling incident would greatly reduced because the gambling transaction can now be traced via bank statement, except if these minors can freely use their parent's cards.

Just because of this positive note, I'll be open to the idea of the government implementing it. This won't only help reduced underage gambling but can also be used to tackle gambling addition. Banks can help monitor the money been used for gambling and when it begins to look like an addiction is ongoing they can prevent that user from making use of his credit cards to place bet.

People might think that they're mature enough to handle themselves financially but that's not true. Also this will help in preventing money laundering as I believe casino are those that encourage this more and with paper money that are untraceable, they can get away with laundering money but if a cashless policy was to be introduced, it'll be hard.

[AicecreaME]

In a positive note, minors gambling incident would greatly reduced because the gambling transaction can now be traced via bank statement, except if these minors can freely use their parent's cards.

Just because of this positive note, I'll be open to the idea of the government implementing it. This won't only help reduced underage gambling but can also be used to tackle gambling addition. Banks can help monitor the money been used for gambling and when it begins to look like an addiction is ongoing they can prevent that user from making use of his credit cards to place bet.

People might think that they're mature enough to handle themselves financially but that's not true. Also this will help in preventing money laundering as I believe casino are those that encourage this more and with paper money that are untraceable, they can get away with laundering money but if a cashless policy was to be introduced, it'll be hard.

I somehow agree with this.

Despite this policy being exclusive at some point which could pose a negative effect to those gamblers who don't have credit/debit cards, this could eliminate the underage gamblers population.

Even though most casinos now have a KYC verification processes, some minors are still able to bypass the security by using other person's ID or even providing fake ID. This leads them to be introduced in gambling world and gambling ways too early that might affect the way they perceive things and make decisions in the future.

If cashless gambling will be implemented, the minors will have a hard time accessing because most of them don't have the means to have it yet. Regarding financial aspect and addiction prevention, it's a good thing if the players could opt to be limited in betting through their cards if they deem to do so. This could help prevent overspending in betting.

It's really up to the authorities on how they will weigh the pros and cons of implementing this. Right now, we'll just have to wait and see if ever it will be pushed through and how it will turn out to be once it's done.

[Wind_FURY]

Well, cashless gambling would make life more difficult for some people.

I think many people would be against that, so I reckon it wouldn't pass.

We're talking about huge amounts of money, and governments get their cut as well, so I don't think they're going to implement it.

Otherwise they would not have opened the casino in the first place.

Casinos are probably the very best places to try a "cashless system", with government interest starting to grow in digital payments, and CBDC. What I want to know is, under such a system, would it be possible for the casino to attach identity with a transaction and have an ability to cancel transactions? It's probably for the benefit of some gamblers to control their irresponsible spending, but giving up the ability to spend your money wherever you want it is a basic human right. It should be respected.

[BitDane]

In a positive note, minors gambling incident would greatly reduced because the gambling transaction can now be traced via bank statement, except if these minors can freely use their parent's cards.

Just because of this positive note, I'll be open to the idea of the government implementing it. This won't only help reduced underage gambling but can also be used to tackle gambling addition. Banks can help monitor the money been used for gambling and when it begins to look like an addiction is ongoing they can prevent that user from making use of his credit cards to place bet.

Government shouldn't only let the bank mediate with the fund flow, they should also give a program for drug addiction rehabilitation.  If these addictive gambler's fund is suddenly cut, they might chose a bad option such as stealing or embezzling funds just to suffice their gambling addiction.  Money control without any process of rehabilitation is oftentimes devastating to the receiving end.

People might think that they're mature enough to handle themselves financially but that's not true. Also this will help in preventing money laundering as I believe casino are those that encourage this more and with paper money that are untraceable, they can get away with laundering money but if a cashless policy was to be introduced, it'll be hard.

I agree, especially when a person is addicted to gambling, all his financial knowledge will be nothing because he succumb to the uncontrollable urge to gamble.  that is why the government should pair this kind of program with gambling addiction rehabilitation program.