Rollbit Casino loosing value due to Licensing Ambiguity amongst users

[Yatsan]

Right, in ceyptocurrency market anything can happen, and when the price of a coin that has a solid team such as roll bits goes down it than an opportunity to buy at a low price, because there will be a pump shortly and about the license, we also have casino running without that and I don think license  expiration will warrant shouting down of the site.

Actually the action of the team towards hiding the issue of inability to renew their license is the root for the recent commotion that happened on Rollbit. A little act of untrustworthy will surely cause an immediate panic to the token holders.

I think the situation is already under control because the price is already on the recovery phrased. I don’t know what happened but buying the dip yesterday will give instant profit if you will sell today.

Issues on the mother utility would be a factor but so do the market itself. Most of the tokens yesterday or recently are in sudden red marks and that might be because of mnipulation, but ofcourse that would be another story for this topic. License indeed will give assurance to the players but keep in mind that there are platforms which are not licensed but still having a good reputation in this industry. FUDs simply work in a single snap for those who are new in this industry in general.

They have already solved the issue but for me also it was not a problem as the team has responded to the matter in thread while giving assurance to the community they will renew it shortly.After few changes in NFT they have acquired back the licence which is good on the part so community has gain trust on them.

I don't think there was really much of a problem at all to begin with.  And as said, it was prolly just the Curacao Gaming Control Board finding something offered at Rollbit that's outside of the scope of the license, thus taking it a wee while to renew the license.  No one is getting scammed, no one is having their money being taken from them.  It's just a standard procedure but with a hiccup and a delay.  That's all.

And it's funny how the news from Coindesk made it all look like something really bad was going on.  These fkn journos are the worst.

Actually licensing is for legalization of casinos, the license is not an insurance, since it's quite hard for licensers to control every single casino they give license to. So, I assume, there will be some different ways to bring legalization of online casinos. Maybe Curacao License Board will bring some new products, which would be not only license, but also strong control and/or insurance as well...

Insurances I guess won't work in gambling especially with crypto based gambling platforms. Regulation won't worm that simple given that these blockchains are not regulated in the first place. A site being licensed means regulation as well but limited to some aspects; perhaps withdrawals wherein not all kinds of transaction would be taxed such as with fiat based ones. License would only signify that the team won't run from its investors or players instanly 'coz they could be sued right after.

[klidex]

First, let me state that I didn't actually know that rollbit had their own token just like BetFury and freebitco, this is actually my first time of getting to know this even though I've known Rollbit for over a year now.

And speaking on the issue, what I have to say is that, Rollbit is a big casino, and I trust that they will find a lasting solution to the licensing issue, I don't think it's something the community need to worry much about, and this is even evident in the RLB token, as checking on coinmarketcap now shows that the token have recovered very well in its price, compared to what it was worth some few days back.

Actually this is just a matter of licensing regulation on Rollbit but it has an adverse effect on the RLB price.
Even though this is just a lighter problem for me, it's not too complicated, whereas Rollbit also has efforts to improve the licensing regulations and we don't need to worry that Rollbit is one of the big casinos here that is able to maintain the trust of customers and is able to maintain its reputation.
Rollbit itself has actually solved this problem and everything has improved only some bad news must still be received by Rollbit customers and I hope Rollbit customers can understand this situation and support Rollbit so that it will continue to stand as a big casino.

[yahoo62278]

Do some research about casinos that launch a token. You'll see that most of them ended up scamming and disappearing. Betterbets, BetKing, and BitDice to name a few. I'm not saying rollbit will scam or anything, just saying look at the past.

[DoublerHunter]

^ Because there are too many potential risks in investing in crypto token casinos we must be considered them before dropping our money.
It could be these, regulatory risks, market volatility risks, reputation risks, and liquidity risks will probably be the possible downside of the token casino and that is right, with proper research you will find out a good decision in investing in a token casino. So it is up to you to decide which crypto token casino to choose because dropping the price is pretty normal to me.

[coin-investor]

^ Because there are too many potential risks in investing in crypto token casinos we must be considered them before dropping our money.
It could be these, regulatory risks, market volatility risks, reputation risks, and liquidity risks will probably be the possible downside of the token casino and that is right, with proper research you will find out a good decision in investing in a token casino. So it is up to you to decide which crypto token casino to choose because dropping the price is pretty normal to me.

I agree and I accepted the fact when I invested and hold BFG token but I trust their roadmap, their goal, and their platform and so far they are doing great both in the market and in the industry, as long as they have the support of the gambling community and they keep their reputation intact investing in BFG token is still worth it, like all the other altcoins it has all the risk attached to it, but they have a better platform compared to other altcoins which only give you empty promises and useless platform, I hope Rollbit will continue and will still be one of the profitable casino based token in the industry. 

[Hamphser]

Do some research about casinos that launch a token. You'll see that most of them ended up scamming and disappearing. Betterbets, BetKing, and BitDice to name a few. I'm not saying rollbit will scam or anything, just saying look at the past.

Was supposed to say considering that i have been a holder or CSNO which is on Bitdice.If they do try to look up on what happened into that casino based token then for sure you would really be having thoughts that

the team might be selling out their holdings but the fact that the holders are the ones who do make out such step.There's no way that we could call them a scam just because theyre just having issues about their casino tokens value which had been the effect coming from that licensure renewal of their casino? It doesnt really make any sense because delays could really happen but one things that what
shows up that Rollbit arent that dumb not to renew it out considering that they are really that doing well into this market.

[Fortify]

Just recently news came out regarding Rollbit casino which is popular amongst thousands of users here on the forum as well as outside this community. Rollbit also has its token with the ticker RLB. After the news came in regarding its licensing issues community has been aggravated since then and RLB is losing its value at an alarming rate. The token has fallen by 20% in jus the last 24 hours which is devastating for the Rollbit casino itself.

The reason for the fall is simple, Rollbit has not been able to tell the community freely that they don't have any such issues. This has created ambiguity among everyone. This might be making everyone leave the casino and sell their RLB tokens if any.

This also makes us think that factual analysis of the company matters a lot when it is listed on the exchanger and could impact the pricing in long run.

All they have to say is their license is on annual period however its still unclear if they have it running or not.

Rollbit says Curaçao authorities are currently engaged in an annual license review, which is why its logo is removed from the site.

Crypto casino Rollbit says it hasn’t received any indication from authorities that its “operation are problematic,” however traders are not convinced and are selling the platform's RLB token.
CoinGecko data shows that RLB is down 20% in the last 24 hours, or 37.5% over the last two weeks.
Crypto Twitter has noticed that Rollbit has removed information pertaining to its license from Curaçao, a Dutch Caribbean island off the coast of Venezuela, which is known to be an offshore hub for online gambling.

Rollbit recently began to offer crypto derivatives trading, which is not covered by its current license. Some users have noticed that information pertaining to crypto derivatives is hidden until the user logs in.
“We are actively communicating with our licensor about the renewal and will provide an update as soon as possible,” Rollbit said in a Twitter update. “Although this is typically an internal process, we recognize the importance of transparency in such a crucial aspect of our business.”

Today our community raised some concerns regarding our license status, which we're addressing below.

- Our license is currently in its annual renewal period, a standard procedure for Curaçao-licensed platforms like ours.

- We are actively communicating with our licensor about…— Rollbit (@rollbitcom) March 31, 2023

The online casino said it has implemented minor user interface changes based on their licensor's recommendations, which it claims is a common request during the renewal period.

Crypto Casino Rollbit's Token Drops 20% Amid Licensing Concerns

It's strange really and maybe Rollbit have setup themselves up slightly. In reality, these licenses are interchangeable and don't mean all that much to the end user. They just show that the casino has taken an extra step and got over a hurdle that most scam operators would not be bothered to do. They could move to one of the other jurisdictions that offer these regulators for sale, but that takes a little bit of time to finesse the deal. The real problem is that they've intermingled their name with an altcoin and we've seen how volatile the market can be. Even those coins with the greatest foundations, much like stocks, can act irrationally in the face of market conditions outside of their control - but it has an added effect of slightly tarnishing their brand name,

[Solosanz]

Do some research about casinos that launch a token. You'll see that most of them ended up scamming and disappearing. Betterbets, BetKing, and BitDice to name a few. I'm not saying rollbit will scam or anything, just saying look at the past.

Because casino token don't have any use case except the benefit you gamble on the casino, similar like exchange token. What can you expect with the token if the casino turn become scam? the token will follow the casino path too. Hack, scam, abandon, etc aren't nothing new in centralized site, so anyone should be prepare if the worst thing will happen in the future.

Insurances I guess won't work in gambling especially with crypto based gambling platforms. Regulation won't worm that simple given that these blockchains are not regulated in the first place. A site being licensed means regulation as well but limited to some aspects; perhaps withdrawals wherein not all kinds of transaction would be taxed such as with fiat based ones. License would only signify that the team won't run from its investors or players instanly 'coz they could be sued right after.

It depends on the license itself, Curacao license is weak and doesn't offer anything to the players or investors. The trustworthiness depends on the casino reputation, not the license.

[tusandii]

Do some research about casinos that launch a token. You'll see that most of them ended up scamming and disappearing. Betterbets, BetKing, and BitDice to name a few. I'm not saying rollbit will scam or anything, just saying look at the past.

If we do some research looking back in time, there were indeed some casinos that launched token projects and eventually disappeared taking all the money from the investors because the casino tokens only had significant uses as currency within the casino itself but even then they could not make a profit. big for the casinos that have them so there's a chance they just choose to take all of the investors' money with them.
But this time it seems that Rollbit will not be able to commit this fraud because it can damage Rollbit's own reputation and destroy the casino business that they have managed and built for a long time.
Rollbit must think carefully so that what he gets is not in vain.

[piebeyb]

Do some research about casinos that launch a token. You'll see that most of them ended up scamming and disappearing. Betterbets, BetKing, and BitDice to name a few. I'm not saying rollbit will scam or anything, just saying look at the past.

i used to hold bitdice tokens before and i saw the price kept going down so i sold it because i saw no progress whatsoever on their tokens, that's why i never invest in casino tokens anymore, sometimes we don't know how long the casino lasts and also sometimes the casino doesn't care about the growth of their tokens so letting it go is like trash and no intention of cornering rollbit, but it's best to invest in anything always prioritizing research is important

[Shamm]

Do some research about casinos that launch a token. You'll see that most of them ended up scamming and disappearing. Betterbets, BetKing, and BitDice to name a few. I'm not saying rollbit will scam or anything, just saying look at the past.

Yes you are right that mate there are. Some casino launch a token ended to scam and was can not deny the fact that many gamblers failed and loss some of their money. In rollbit token maybe it will long last as long as their facilitator will get updated all the data and if there's an issue they must make a way to solve it in order to have a good outcome and long last their token. But we don't know in the future so as a gambler it will help us if we are gonna search/think before we click.

[Fivestar4everMVP]

Users must be aware of the licensing status of any online casino or platform. This can impact their trust in the forum and the value of any associated tokens or assets. The case of Rollbit is an excellent example of this, as the uncertainty surrounding their licensing status has led to a drop in the value of their RLB token. Therefore, users should always research and do due diligence before using any online casino or platform. Additionally, they are cautious when dealing with media that are not transparent about their licensing or regulatory status.

Very well said mate, and I wish every one can really read this and adhere to it, but unfortunately, the gambling community is so saturated with lots of online casinos that most times, it is really difficult to remember to do any kind of research before joining one, most especially, in the area of them offering different kind of bonuses, bonuses have been one of the sure ways casinos captivate gamblers, making them to forget anything call research, but focus totally on how to earn the proposed bonus..

Anyways, that's just it, for Rollbit's licensing issue, I don't see it as a big problem as I've said before, they have grown to a point where they can solve any issue if they really want to.
This probably would have been a death sentence if it was happening to an up and coming casino that isn't well established yet.

[Mr. Magkaisa]

^ Because there are too many potential risks in investing in crypto token casinos we must be considered them before dropping our money.
It could be these, regulatory risks, market volatility risks, reputation risks, and liquidity risks will probably be the possible downside of the token casino and that is right, with proper research you will find out a good decision in investing in a token casino. So it is up to you to decide which crypto token casino to choose because dropping the price is pretty normal to me.

   -  In short, losing the money we put into a casino platform here in cryptocurrency really depends on our decision where we want to gamble in this industry.

That's why other communities are right to say that we should learn from the past closed crypto gambling businesses in the cryptocurrency gambling business. We should always consider always doing Do your Own research(DYOR).

[Hispo]

~snip~
Hopefully, when the regulation issues get settled it could translate to a boost for the price and long term stability/ a solid bottom from their investors can grow from.

^ It is so sad to know this issue about them but I hope that it will be settled soon.
Rollbit has been here for years and I don't have a doubt it will make a shady activity (not because I am promoting them). The campaign was still there are they were willing to pay for each participant which means they want to continue their business here.
Whatever the reason, the Rollbit reputation was still there and that is only the license, the most important are they still a reputable casino.

Between having a license with no reputation and no license but having a good reputation I choose the latter I'm sure the majority of gamblers will choose it too, Rollbit has been with us and still doing ok are we going to dump it because of the license when the majority of us here valued reputation than the license.
Rollbit announced that they will fix the issue and they are one casino that will fulfill their promise, so OP's title is not a fact and in the long run, they will eventually get their license renewal.

I think the problem of some casino owner having a good reputation and still lacking a license is that it makes much difficult for them to maintain their business while dealing with authorities, they can continue to exist with those gamblers which may not mind they not having a license.

But what is going to happen when Rollbit needs to transfer FIAT through bank accounts between countries or buy properties? they would find a brick wall, since they could not explain easily the origin of those funds to the governments without being properly registered.  

So it is not only about the sentiment that gamblers could have but also how tough things can go without having the papers.

[Cling18]

~snip~
Hopefully, when the regulation issues get settled it could translate to a boost for the price and long term stability/ a solid bottom from their investors can grow from.

^ It is so sad to know this issue about them but I hope that it will be settled soon.
Rollbit has been here for years and I don't have a doubt it will make a shady activity (not because I am promoting them). The campaign was still there are they were willing to pay for each participant which means they want to continue their business here.
Whatever the reason, the Rollbit reputation was still there and that is only the license, the most important are they still a reputable casino.

Between having a license with no reputation and no license but having a good reputation I choose the latter I'm sure the majority of gamblers will choose it too, Rollbit has been with us and still doing ok are we going to dump it because of the license when the majority of us here valued reputation than the license.
Rollbit announced that they will fix the issue and they are one casino that will fulfill their promise, so OP's title is not a fact and in the long run, they will eventually get their license renewal.

I think the problem of some casino owner having a good reputation and still lacking a license is that it makes much difficult for them to maintain their business while dealing with authorities, they can continue to exist with those gamblers which may not mind they not having a license.

But what is going to happen when Rollbit needs to transfer FIAT through bank accounts between countries or buy properties? they would find a brick wall, since they could not explain easily the origin of those funds to the governments without being properly registered.  

So it is not only about the sentiment that gamblers could have but also how tough things can go without having the papers.

They might enjoy the services that the casino can provide but being unable to comply with the license requirements of the casino might backfire on them in the long run or worse, could affect their funds in the future. Complying with the licensure requirements is one of the struggles of casinos but we can see their legitimacy and willingness to establish a strong foundation of their casino through it.

[wiss19]

^ Because there are too many potential risks in investing in crypto token casinos we must be considered them before dropping our money.
It could be these, regulatory risks, market volatility risks, reputation risks, and liquidity risks will probably be the possible downside of the token casino and that is right, with proper research you will find out a good decision in investing in a token casino. So it is up to you to decide which crypto token casino to choose because dropping the price is pretty normal to me.

I agree and I accepted the fact when I invested and hold BFG token but I trust their roadmap, their goal, and their platform and so far they are doing great both in the market and in the industry, as long as they have the support of the gambling community and they keep their reputation intact investing in BFG token is still worth it, like all the other altcoins it has all the risk attached to it, but they have a better platform compared to other altcoins which only give you empty promises and useless platform, I hope Rollbit will continue and will still be one of the profitable casino based token in the industry. 

BFG's utility and usage sound interesting and reasonable, though I wouldn't be interested in a casino's native token, if I was, I would probably invest in BFG or instead, just play on the platform to mine some and then stake them on the platform. I didn't do much research about it but from the about page of their website, I can say that it is worth having.

On the other hand, I believe Rollbit got in trouble mainly because it providing derivatives trading to its customers which is not what a casino is supposed to do. Even if you create a utility token, you can't allow any sort of trading on the casino as it isn't an exchange but it is a casino.

[wxa7115]

BFG's utility and usage sound interesting and reasonable, though I wouldn't be interested in a casino's native token, if I was, I would probably invest in BFG or instead, just play on the platform to mine some and then stake them on the platform. I didn't do much research about it but from the about page of their website, I can say that it is worth having.

On the other hand, I believe Rollbit got in trouble mainly because it providing derivatives trading to its customers which is not what a casino is supposed to do. Even if you create a utility token, you can't allow any sort of trading on the casino as it isn't an exchange but it is a casino.

That is what happened? They were offering trading services? If that is the case then it makes sense that they are having problems when it comes to renewing their license, this is as if a restaurant that was not given the permission to sell alcoholic beverages did so and the authorities found about it, then it is obvious that such a restaurant will get in trouble and have to pay all kind of fines because of it.

A casino cannot offer those kind of services as they need a completely different license for it, and even if they tried to get their license at another jurisdiction they may still have trouble to get it, as I doubt this is something which can be hidden from the regulatory authorities of other countries.

[tusandii]

They might enjoy the services that the casino can provide but being unable to comply with the license requirements of the casino might backfire on them in the long run or worse, could affect their funds in the future. Complying with the licensure requirements is one of the struggles of casinos but we can see their legitimacy and willingness to establish a strong foundation of their casino through it.

Every gambler must always know all the provisions of the casino in advance so that in the future you don't get into trouble.
The implementation of KYC will always be in the casino's TOS so that gamblers can consider everything before registering and playing because most gamblers don't like KYC and when in the future the casino asks for KYC conditions, gamblers will complain and feel the casino is not being honest and fair with them.
Yes, KYC is usually requested because of the license requirements used by casinos and it is normal for casinos to implement them because licenses are also very important for casinos.
We as gamblers must be able to understand and accept this situation so that we ourselves can also play calmly without feeling uncomfortable.

[Crypt0Gore]

They might enjoy the services that the casino can provide but being unable to comply with the license requirements of the casino might backfire on them in the long run or worse, could affect their funds in the future. Complying with the licensure requirements is one of the struggles of casinos but we can see their legitimacy and willingness to establish a strong foundation of their casino through it.

Every gambler must always know all the provisions of the casino in advance so that in the future you don't get into trouble.
The implementation of KYC will always be in the casino's TOS so that gamblers can consider everything before registering and playing because most gamblers don't like KYC and when in the future the casino asks for KYC conditions, gamblers will complain and feel the casino is not being honest and fair with them.
Yes, KYC is usually requested because of the license requirements used by casinos and it is normal for casinos to implement them because licenses are also very important for casinos.
We as gamblers must be able to understand and accept this situation so that we ourselves can also play calmly without feeling uncomfortable.

The problem is many aren't ready to look out for this when trying to open a gambling account on the platforms, they always find out later when they won and was asked to pass the KYC verification, the online casinos can't be blamed for this, gamblers are the one that needs to comply with the casino policies.

It is not easy to run a casino in a country with the law, there are a few things a casino must not do and the most delicate one is not asking gamblers for verification, they will be prosecuted for doing that.

KYC requirement is a must for a legal casino to operate in peace.

[wxa7115]

They might enjoy the services that the casino can provide but being unable to comply with the license requirements of the casino might backfire on them in the long run or worse, could affect their funds in the future. Complying with the licensure requirements is one of the struggles of casinos but we can see their legitimacy and willingness to establish a strong foundation of their casino through it.

Every gambler must always know all the provisions of the casino in advance so that in the future you don't get into trouble.
The implementation of KYC will always be in the casino's TOS so that gamblers can consider everything before registering and playing because most gamblers don't like KYC and when in the future the casino asks for KYC conditions, gamblers will complain and feel the casino is not being honest and fair with them.
Yes, KYC is usually requested because of the license requirements used by casinos and it is normal for casinos to implement them because licenses are also very important for casinos.
We as gamblers must be able to understand and accept this situation so that we ourselves can also play calmly without feeling uncomfortable.

The days for unlicensed casinos are numbered, not only they are not getting the attention they once got years ago, the different governments and regulatory agencies are not going to rest until all the cryptocurrency casinos have their own license.

And this is because on the terms of those licenses casinos are obligated to fulfill a set of conditions to keep their license, and one of the most important is to identify the gamblers which wager significant amounts of money at their casino, and as much as some gamblers may not like this, those polices will remain in place for the foreseeable future.