The future of CBDC in gambling.

[Rruchi man]

With how much CBDC's are being developed for use as a legal tender, do you  think there is a future for gambling with CBDC's?

Last year (2022), Macau which is popularly known as the gambling capital of the world due to it's booming casino business were planning to give CBDC's the status other accepted Legal tenders had. It raised the question of it this will prompt casino's in the city to begin accepting CBDC's for gambling?

The government in Macau did not say when;

The government has not established a deadline for when or which digital currencies will be accepted

But it is something to expect.

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

Gambling Capital of the World Macau to accept CBDC as Legal tender

[Oshosondy]

CBDCs are not cryptocurrencies.

Non of our concern here with fiat, CBDCs are just fiat and nothing more. If any gambling site begins to accept CBDCs which is what would later happen, they are still just accepting fiat. Our concern here is crypto, not fiat.

[bitbollo]

CBDC is legal tender (once it will be emitted)... so for sure ... casino will accept it! it's also their interest and probably it will become one day the only form of payment in a casino.
The only chance to see not accepter is a scenario with casino/betting illegal/banned.
But I think this is something impossible for the next decades

[uneng]

One of the features presented by CBDCs is the fact they are highly traceable by the regulator body behind it.
For some gamblers it may not be an issue, but for others I believe that is a big cons, therefore they will tend to avoid gambling with CBDCs, still going for fiat (as we have right now), bitcoin and altcoins (especially stablecoins).

Everyone who have concerns regards privacy will try avoiding this category of currency, and in case CBDCs find a fertile land in gambling industry, it will mean most gamblers aren't worried about their funds and financial routine being tracked by the Central Bank. So let's see.

[Casdinyard]

CBDCs are not cryptocurrencies.

Non of our concern here with fiat, CBDCs are just fiat and nothing more. If any gambling site begins to accept CBDCs which is what would later happen, they are still just accepting fiat. Our concern here is crypto, not fiat.

Exactly. a lot of people are misled into thinking that CBDCs are cryptocurrency because of their digital nature but at the bottom of it all, they are fiat through and through. Although I would agree with OP in a sense that this still warrants some form of discussion to be made since there's no restriction in this forum that states you can't talk about anything other than cryptocurrency gambling in the Gambling Discussion forum. But I digress.

CBDCs are still a little infantile and are still with its fatal flaws that makes it unappealing to the people who it would cater towards. For example, unlike cryptocurrencies, and sometimes even unlike greenbacks, CBDCs are highly traceable and are able to be tracked down right from their minting, that wouldn't sit well with a lot of people.

[bittraffic]

If the casino is regulated we might see the ease of use of the CBDC wallets. There is no need for KYC because you already have KYC on it and they wouldn't need to verify things, they already know what you are doing.  CBDC might even send a direct message to your wallet congratulating you for winning a slot game. But I guess the budget allocated for gambling spending is also regularly monitored.

[livingfree]

Even if it's not really a crypto at all and just the same as fiat or digital cash, I guess that there will be adoption on it as well.

So if gambling focused countries or areas like Macau, Vegas and other popular gambling places. If their government enforces them and pushes them to be required to accept CBDCs, they can do something about it?

I don't think so.

And that's why, there's also a possibility that they'll just accept it but it depends to their gamblers if they'll massively adopt it or still prefers to gamble the traditional or crypto way.

[Hispo]

Whether we agree on the implementations of CBDCs or not.
We cannot deny that if they are implemented in important markets like the United States, Europe or China (The E-Yuan is already a reality), it would mostly likely mean that casinos will start to take them in exchange of credit/chips/or money on their websites.

It would be kind of weird if the CBDCs were not welcomed in the casinos as an adoption, tho. Considering the huge adoption the governments of the world are expecting them to have.

Of course, while casinos are not forced to adopt those electronic FIATs and ditch Bitcoin and other cryptos, one could argue that more options are convenient, but it would be very sad and outraging if regulators pushed laws to only allow centralized coins minted by central banks to be used for gambling on internet...

[swogerino]

If the casino is regulated we might see the ease of use of the CBDC wallets. There is no need for KYC because you already have KYC on it and they wouldn't need to verify things, they already know what you are doing.  CBDC might even send a direct message to your wallet congratulating you for winning a slot game. But I guess the budget allocated for gambling spending is also regularly monitored.

This will not impact the casinos in Macau since we are talking about the so called capital of gambling as for me there is only one real capital of gambling and that is definitely Las Vegas,the casinos won't have a difference as CDBC are so called,kinda like e-currency but they are not cryptocurrencies and as such the casinos will continue to do the same,they will exchange those e-currencies for house in chips and something similar,or maybe they will be used to pay for accommodation in the bigger casinos which have also big hotel suites,I don't see any impact for our realm here,for the cryptocurrencies so for me whatever happens with CDBC is none of my concern as I will never use them.

[bittraffic]

If the casino is regulated we might see the ease of use of the CBDC wallets. There is no need for KYC because you already have KYC on it and they wouldn't need to verify things, they already know what you are doing.  CBDC might even send a direct message to your wallet congratulating you for winning a slot game. But I guess the budget allocated for gambling spending is also regularly monitored.

This will not impact the casinos in Macau since we are talking about the so called capital of gambling as for me there is only one real capital of gambling and that is definitely Las Vegas,the casinos won't have a difference as CDBC are so called,kinda like e-currency but they are not cryptocurrencies and as such the casinos will continue to do the same,they will exchange those e-currencies for house in chips and something similar,or maybe they will be used to pay for accommodation in the bigger casinos which have also big hotel suites,I don't see any impact for our realm here,for the cryptocurrencies so for me whatever happens with CDBC is none of my concern as I will never use them.

US hasn't launched CBDC yet. This could be big for the Chinese visiting Macau and it might not take long when it's also going to be implemented in Hongkong. It's a known fact that China is the first to have launched CBDC.

Their CBDC is linked to Alipay or Wechat AFAIK so they can deposit electronically going to thier CBDC making it convenient. If they are advertising CBDC still and probably airdropping RMB is probably because of fewer users still.

[Merit.s]

I love a private gambling life and CBDC can't give me this because of the centralized system and you will need KYC which might be a risk to your identity. Cryptocurrency keeps gambling private if you chose to be private. CBDC is fiat but not a touchable one so if governments implement such law,I don't think the casinos will have any option than to accept it because they have a regulatory body. Looking at the critics of government on bitcoin, I think a time might come when government will tell casino operators to use CBDC for gambling.

[Fortify]

With how much CBDC's are being developed for use as a legal tender, do you  think there is a future for gambling with CBDC's?

Last year (2022), Macau which is popularly known as the gambling capital of the world due to it's booming casino business were planning to give CBDC's the status other accepted Legal tenders had. It raised the question of it this will prompt casino's in the city to begin accepting CBDC's for gambling?

The government in Macau did not say when;

The government has not established a deadline for when or which digital currencies will be accepted

But it is something to expect.

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

Gambling Capital of the World Macau to accept CBDC as Legal tender

It sounds, as always, that this is in the most basic and early stages of becoming a possibility based on the information in that article. Anything connected to China is also going to be a grey area, good luck getting your money out if a company goes rogue or they simple decide not to pay you or a politician decides to change the law one day. The fact that China has banned Bitcoin shows they are clearly against the whole idea of cryptocurrency, which fits in with their theme of trying to centralize control of everything, which has been shown to fail many times throughout history. It will become an interesting story when a more free and structured government starts to allow this functionality.

[o48o]

Well accepting a form of fiat money that maybe exist in the future is just preparing for the future.
Working and adopted version of CBDC doesn't exist yet and they are already thinking of banning whole concept in USA.
Now if there would be zero knowledge based CBDC they wouldn't need to do that but i don't think those people are educated enough to understand why.

But accepting fiat money distributed via new tech isn't really news imho. We don't yet even know what that tech is going to be.

[Baofeng]

CBDCs are not cryptocurrencies.

Non of our concern here with fiat, CBDCs are just fiat and nothing more. If any gambling site begins to accept CBDCs which is what would later happen, they are still just accepting fiat. Our concern here is crypto, not fiat.

True, it's just like fiat to me, and it's not to have the true definition of crypto. So in any case it will be rolled out and casinos are going to accept it, then it's not going to be surprising to us. And so by definition they should be of legal tender already as it is back up by government. They might have to developed let's say a slot machine to read QR code or something to that effect if CBDC's are going to be accepted. On the other hand, it's going to be easy for anyone to be track with their CBCD, that's already a fact so anyone whose going to used it in casino will obviously leave their footprints there. Regarding the question of it being universally accepted by casinos? sure, everything that people are willing to used in a casinos then they are going to accept it. If BTC will be the next trend for them? yeah, the same, it's business for them, so it's normal and not surprising.

[stomachgrowls]

CBDCs are not cryptocurrencies.

Non of our concern here with fiat, CBDCs are just fiat and nothing more. If any gambling site begins to accept CBDCs which is what would later happen, they are still just accepting fiat. Our concern here is crypto, not fiat.

Exactly and this is why this news isnt really that something interesting because we know that CBDC's = Fiat which it isnt really that something new.We community would really be that interest if ever this one talks about

accepting Bitcoin and other altcoins in the market would be something that would really be that interesting but this one talks CBDC's.. nahhh... This isnt something that look interesting.

This wont really be that a good news for us crypto community.They cant accept all they want but it would be great if crypto overall would be reconsidered.

[Fivestar4everMVP]

In what ever way it is or what ever way they try to portray it, CBDC can never take the place of cryptocurrencies, there is a reason why many of us love cryptocurrency, it's not for the fact that it's digital, but it's decentralized nature is one of the reasons why CBDC can never replace crypto..

So no matter what, gambling with crypto currencies will always be, even with CBDC present or not, crypto is here to stay, CBDC can't take crypto gambling away.

[shogun47]

Well accepting a form of fiat money that maybe exist in the future is just preparing for the future.
Working and adopted version of CBDC doesn't exist yet and they are already thinking of banning whole concept in USA.
Now if there would be zero knowledge based CBDC they wouldn't need to do that but i don't think those people are educated enough to understand why.

But accepting fiat money distributed via new tech isn't really news imho. We don't yet even know what that tech is going to be.

USA made the first step in raising concerns about a CBDC and banning it. But I think there is also some political reason behind it in face of the competition with China. Criticizing China politically while adopting a fiat currency system that is used there for surveillance reasons might not be a very good selling point for an administration.

As for casinos, I guess they could be forced to accept it if they want to get the required licenses. But that won't make casinos disappear as decentralized prediction markets will at some point be mature enough to work at scale and in a decentralized way anyway. That's when crypto will still be the first choice for many.

The problem might be when a player has to prove where winnings come from. So regulation could still be a pain in the ass.

[Darker45]

There's no doubt CBDCs, once implemented, will also be accepted in gambling. Because why not? In the first place, do these gambling businesses have a choice? CBDCs are the digital versions of fiat. If the government declares that a new CBDC is now in full implementation, it is automatic that commerce, all business establishments including casinos and other gambling businesses, will also start accepting it.

[Plaguedeath]

CBDC is just a payment option, there's not so much change,

I think if there's a casino want to accept CBDC, they will end up like online fiat casino where they need to follow a whole rules and regulations because it's will be more strict since the government have a track and access with their CBDC. They can easily identify which person gamble on the casino through their private blockchain.

Anyone who want to gamble using CBDC need to understand if they will not have any privacy.

[len01]

the future of gambling using CBDC could be yes or no, it depends on the enthusiasts of the gambler there if there is increasing interest in the gamblers using the CBDC I think there will be a future of gambling using the CBDC,
but if gamblers' interest in the currency declines, it may be difficult to have a future gambling using CBDCs.