Thought's on many major fiat-crypto payment gateways ditching casino business's?

[rhomelmabini]

Why would a crypto casino care whether it can or cannot strike a deal with a fiat payment gateway?

Well, I think there are still individuals that may prefer that especially if they're just starting in crypto or some individuals want it as an alternative for a crypto casino so these casinos still put it an option to some.

Don't know the deal with Stake and BC.Game adding it as an option but I don't think they'll put it there to just ruin their reputation. Either the OP is just making some story or there are miscommunication between these payment gateways and the casino. The OP didn't even make an update or provide more information about this.

Many gamblers are still looking for a better way to cash in, maybe this is why many still prefer a fiat currency.
I'm wondering though why they choose crypto casino if they will not use any crypto at all. What's specific site we are talking here?
I'm interested to know about theses crypto casinos who are working towards fiat adoption, this could be the trend.

Maybe they don't have any crypto to start with and they just want to try crypto gambling for the first time. Online gambling is huge and it doesn't just revolve around crypto tbh, I think there's still a lot of online casino players that uses the traditional method of using fiat. Maybe you need to read the thread content first again, the topic was about "crypto casinos that offers fiat payment gateways but these gateways said they aren't accept casino business", though not yet clear if OP saif was true.

[1714649301]

1714649301

[aioc]

Using fiat on crypto casino will remove your advantage of being anonymous when playing with crypto if you deposit Fiat directly to your casino account.

Very few players are still using fiat deposits now, is OP one of the few that still using it, all the advantages for players are on using Cryptocurrency, you are safe using Cryptocurrency and things are fast and easy, casinos will one day shut out these third party fiat deposit providers for lacks of users.
Players are now realizing the many benefits of using Cryptocurrency over fiat, Cryptocurrency is the game changer in the casino industry, more than ever online casino popularity has skyrocketed because it takes away the restriction of using fiat only for deposits.

[noormcs5]

Using fiat on crypto casino will remove your advantage of being anonymous when playing with crypto if you deposit Fiat directly to your casino account.

Very few players are still using fiat deposits now, is OP one of the few that still using it, all the advantages for players are on using Cryptocurrency, you are safe using Cryptocurrency and things are fast and easy, casinos will one day shut out these third party fiat deposit providers for lacks of users.
Players are now realizing the many benefits of using Cryptocurrency over fiat, Cryptocurrency is the game changer in the casino industry, more than ever online casino popularity has skyrocketed because it takes away the restriction of using fiat only for deposits.

People prefer crypto payments over the fiat payments when they want to deposit and play at the casino. This does mean that if a casino is offering both fiat payment and crypto payment, the gamblers will usually prefer the crypto payments. It is because the crypto payment processing is hassle free, fast and cheaper as compare to the payment by fiat.

Also, when you use credit cards for payment, we have to give our credit card data to the casino site and i am not really feel comfortable to store this data on the casino site. This is another reason why crypto payments have become popular over the time.

[ethereumhunter]

Maybe they don't have any crypto to start with and they just want to try crypto gambling for the first time. Online gambling is huge and it doesn't just revolve around crypto tbh, I think there's still a lot of online casino players that uses the traditional method of using fiat. Maybe you need to read the thread content first again, the topic was about "crypto casinos that offers fiat payment gateways but these gateways said they aren't accept casino business", though not yet clear if OP saif was true.

If that's the case, they can figure out how to use crypto or buy crypto so they can find other alternatives to the payment alternatives on the site. But they can also directly use the payment alternatives available on the site if they want to avoid looking for other places, such as exchanges. Users can choose the means of payment they like and don't need to use what other people use crypto. They need to find out before using something so they will go right after deciding.

[goldkingcoiner]

Hey guys, so I've been doing some digging into fiat-crypto casino payment gateways specifically. Right now Stake.com and Bc.game use Moonpay for their "buy crypto" function, however after contacting Moonpay, Transak and a few other major fiat-crypto payment gateways I've learned that these providers no longer accept new casino business.

In the case of Moonpay they are upholding their existing agreements with casino providers (for now I guess) but new operators are only being accepted with casino licenses in the UK and USA (both of which require their own unique gaming licenses) as well as a reputable international license (e.g. curacao, malta, antigua etc.).

Transak on the other hand are just straight up removing themselves from the gambling industry altogether.

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

I think it's a huge regulatory (and therefore very expensive) issue, therefore it's easier for them to stop offering crypto-purchasing services. Most people know how to buy cryptocurrency on a crypto exchange, such as Binance,  and then send the coins to their casino wallet. So it's a matter of casinos offering a small convenience for customers. Maybe they can no longer outsource the responsibilities which come along with offering such a "customer service"?

[Blitzboy]

What does this whole mess interest you, you know? That is the stark duplicity! Now that the power dynamics are shifting due to cryptocurrency, we find ourselves in a situation where the titans are trampled underfoot. The way Moonpay only accepts new customers with licenses specific to a given region? By any other name, that is merely gatekeeping.

Transak has demonstrated wholly inadequate forethought by withdrawing completely. Sure, leave the kitchen if you think you cant handle the heat. But never forget that revolutions are simmering away in kitchens.

This whole area is rapidly reverting to the same old corporate playground where the little fish are swallowed up, which is frustrating because it was supposed to be a place of great innovation and fair competition. Because of the proven fact that when you corner the underdog, they will fight back, beware, world

[2double0]

People prefer crypto payments over the fiat payments when they want to deposit and play at the casino. This does mean that if a casino is offering both fiat payment and crypto payment, the gamblers will usually prefer the crypto payments. It is because the crypto payment processing is hassle free, fast and cheaper as compare to the payment by fiat.

Also, when you use credit cards for payment, we have to give our credit card data to the casino site and i am not really feel comfortable to store this data on the casino site. This is another reason why crypto payments have become popular over the time.

There's a thin line between payments from fiat and crypto, crypto on one hand offers privacy and the casinos that don't ask you for KYC will either just keep crypto as an option for deposits or if they allow fiat deposits, they will still not have any data coming to them because the data goes to the third party only. Fiat on the other hand, charges too much and is flat valued as the value can't move so you will not get more (or less) of what you have put into gambling. So crypto's weight over fiat is slightly more and that's why most of us would like to deposit with it. If we don't get any options from the casino to buy from places like moonpay, transak or something else, why can't we buy crypto from exchangers that are recommended by Bestchange? Or some P2P purchase?

[vv181]

I don't think the current state will go ever-lasting, where the platforms still support the big guys. I mean surely the reason why the payment gateway platform enforces that is because of regulation pressure. As long as the casino complies with the required licenses to perform its sites, they should have not a problem dealing with the FIAT payment gateway. The provider also just tries to run a business, they seek profit while maintaining the regulatory landscapes.

So, they did not voluntarily create uneven competition but rather just adapted and adjusted to gambling-related policy progress.

[Eureka_07]

<snip>
This is an outright power play. The big fish are trying to keep the pond to themselves. But remember, every Goliath has its David. New providers will find a way, and they'll rise to the challenge. This uneven playground won't last for long.

I'm fairly confident that this could happen if they truly intend not to accept new casinos. It's a natural market behavior – once one seller is gone, another will likely emerge to seize the opportunity. I can think of a comparable scenario, like what happened with Chipmixer: a bunch of mixers emerged and raced against each other. The ditching will only be successful for a short period of time.

[rhomelmabini]

Maybe they don't have any crypto to start with and they just want to try crypto gambling for the first time. Online gambling is huge and it doesn't just revolve around crypto tbh, I think there's still a lot of online casino players that uses the traditional method of using fiat. Maybe you need to read the thread content first again, the topic was about "crypto casinos that offers fiat payment gateways but these gateways said they aren't accept casino business", though not yet clear if OP saif was true.

If that's the case, they can figure out how to use crypto or buy crypto so they can find other alternatives to the payment alternatives on the site. But they can also directly use the payment alternatives available on the site if they want to avoid looking for other places, such as exchanges. Users can choose the means of payment they like and don't need to use what other people use crypto. They need to find out before using something so they will go right after deciding.

I wonder if they are just skeptical but stablecoins are a way to introduce them since it's like the traditional fiat and most major crypto casinos these days accepts it. As far as I know, these fiat payment gateways/alternatives do charge huge fees and wonder if these traditional players aren't discouraged by it.

[ethereumhunter]

I wonder if they are just skeptical but stablecoins are a way to introduce them since it's like the traditional fiat and most major crypto casinos these days accepts it. As far as I know, these fiat payment gateways/alternatives do charge huge fees and wonder if these traditional players aren't discouraged by it.

For this reason, traditional players must learn what crypto is to choose which gateway/alternative to deposit their money for gambling. And I think that many of them have finally switched to using crypto casinos to gamble because it seems they find the convenience provided by crypto casinos in playing gambling. They can buy crypto first in many places that provide it, including using P2P, and then deposit it into their gambling account at the casino. So maybe not many people use payment gateways/alternatives but we don't know because the data is with the casino and the casino won't open it unless for some special reason.

[Outhue]

I don't have a lot to say than I have never use fiat for deposit or withdrawal from any online casinos before, I want to keep my bank account away from my crypto involvement, there is a bigger reason behind this because I believe that every transaction you made using your bank account are visible to the world, I don't want people to know that I am into gambling and using crypto as means of payment is more privacy for me, I always try as much to separate my bank from my crypto activities, and OP, I think you should do the same.

You will have a problem if you one day win a very high amount of money, when the gambling platform releases the fund straight into your bank account your attention will be needed by the bank, questions will be asked, and that's not even the worst part, now everyone knows that you made a fortune from gambling since people are the ones working in the bank, you aren't safe either.

Especially for someone like me who comes from a little hometown with one local bank, I've seen a lot to think this way.  

[pawanjain]

Hey guys, so I've been doing some digging into fiat-crypto casino payment gateways specifically. Right now Stake.com and Bc.game use Moonpay for their "buy crypto" function, however after contacting Moonpay, Transak and a few other major fiat-crypto payment gateways I've learned that these providers no longer accept new casino business.

In the case of Moonpay they are upholding their existing agreements with casino providers (for now I guess) but new operators are only being accepted with casino licenses in the UK and USA (both of which require their own unique gaming licenses) as well as a reputable international license (e.g. curacao, malta, antigua etc.).

Transak on the other hand are just straight up removing themselves from the gambling industry altogether.

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

Do you know the reason why this is happening ?
I think it's because of the frauds that are taking place. Some people launder money, some people deposit illegal money etc...
May be it was becoming difficult for those payment gateways to distinguish between such activities and so they are considering to restrict it.

[coin-investor]

Times are changing in the past fiat based gateways were the most popular, but now casinos are prioritizing Cryptocurrency over fiat if they want to ditch casino businesses the casino industry is still ok and going to be ok, in fact, the casinos are better off without these fiat based gateways.

There are many advantages to using Cryptocurrency compared to fiat-based gateways, and gamblers should pick Cryptocurrency because it protects you more than fiat-based gateways, I'm sure many players here will agree on the benefits and they will shift to using Cryptocurrency.

[Cryptomultiplier]

Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.
One shouldn't blame them for the decision to ditch casinos but be hopeful instead that other crypto- payment gateways would be developed to facilitate fiat- crypto payments for emerging casino businesses who are yet to discover this looming issue.

[vv181]

Do you know the reason why this is happening ?
I think it's because of the frauds that are taking place. Some people launder money, some people deposit illegal money etc...
May be it was becoming difficult for those payment gateways to distinguish between such activities and so they are considering to restrict it.

I believe the most likely reason is because of regulatory pressure. It does not necessarily mean an unfriendly regulatory outlook but rather a more enforcement of strict policy for the cryptocurrency gambling business.

In regard to fraud taking place, certainly the services already consider such thing as possibility within the day-to-day business activity, hence, they already have an AML policy set in place for their own platforms and services. So this one can be ruled out from possibilities. You can take a look at the related policy on their site:
https://www.moonpay.com/legal/aml_kyc_policy
https://transak.com/terms-of-service

Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.

With the rising crypto gambling interest both from the players and the casino, I doubt those payment gateway services did not find it lucrative.

[so98nn]

The financial domain is not as easy as it seems from the user's perspective. If you pick up any authority guideline when a wallet is being set up both the parties that is issuer and installer would need a prepared payment instrument license. Now, things are even more sophisticated when it comes down to crypto-to-fiat or fiat to the crypto type of payments. Since both parties need to declare the users accounting records various clients started asking for the KYC and there is just a broken war when the user needs to submit the KYC, as a result, they leave the casino or choose to not swipe their cards for crypto.

Everything hen leads to casinos that always search for less restrictive issuers and thus there are only strong players whose connections are good will survive in the business of making transactions like this. 

For UK and USA, casinos are always strict when it comes to adding money. No casino will ever let you put a single dime in their account as long as you have not done KYC verification.

They have an amazing system of verifying your SSN status on the spot, so that's why only players like MoonPay might be having some holds for now. New players wont last due to restrictive behaviour of the business.

[Hamphser]

Hey guys, so I've been doing some digging into fiat-crypto casino payment gateways specifically. Right now Stake.com and Bc.game use Moonpay for their "buy crypto" function, however after contacting Moonpay, Transak and a few other major fiat-crypto payment gateways I've learned that these providers no longer accept new casino business.

In the case of Moonpay they are upholding their existing agreements with casino providers (for now I guess) but new operators are only being accepted with casino licenses in the UK and USA (both of which require their own unique gaming licenses) as well as a reputable international license (e.g. curacao, malta, antigua etc.).

Transak on the other hand are just straight up removing themselves from the gambling industry altogether.

I think it's a real shame that new providers won't have access to reputable fiat to crypto on-ramps, it creates an uneven playing field as the big guys get treated differently.

Do you know the reason why this is happening ?
I think it's because of the frauds that are taking place. Some people launder money, some people deposit illegal money etc...
May be it was becoming difficult for those payment gateways to distinguish between such activities and so they are considering to restrict it.

I agree into this point because if there would really be no such restriction and those kind of limitations or prohibitions then laundering money would really be that so simple and could really be easily done. So it

would really be just that a normal approach that these things would really be adjusting out basing on what are the things that might supposed to happen. This is why they do set out those kind of requirements or guidelines on what must follow and on whats not. If ever there would be some changes or acceptance or applying out something on the system, if its needed up for some verification or compliance then it
should be done and thats become the standard. We do really have that fiat-crypto or crypto-fiat payment processors or gateways which it isnt already shocking if ever they would really be
getting inline with those laws which they should need to abide. So dont expect about having that full anonymity and decentralized ways on this kind of transactions.You should expect the other way around.

[Hispo]

Perhaps these fiat- crypto payment gateways are ditching casino businesses because it might seem that they have less profit and more regulators bearing down as compared to others who don't focus on casino businesses at all.
One shouldn't blame them for the decision to ditch casinos but be hopeful instead that other crypto- payment gateways would be developed to facilitate fiat- crypto payments for emerging casino businesses who are yet to discover this looming issue.

The struggle they must be having with regulators must be very harsh if they have preferred not longer to offer liquidity to gamblers, specially if we keep in mind that gambling is specially relevant in this ecosystem, in both a historical and economical context.

Makes me wonder what kind of market these payment processors could aim at, in order to cover all the volume they are missing out by not engaging with casinos. Big players of other internet industries do not seem to be eager to adopt cryptocurrency, for example, Amazon doing some partnership with them would be a huge deal, but unfortunately that is unlikely to happen.  

This also reminds me the occasion traditional payment processors cut ties with adult content webs, and the latter ones has to move onto crypto to continue to carry on.

[darkangel11]

Why would a crypto casino care whether it can or cannot strike a deal with a fiat payment gateway?
As for he ditching, it was like that from the beginning. Fiat companies would try to make deals with crypto companies and either found the amount of people willing to use them too small, or were given a warning from some government agency that helping a crypto business may lead to some more frequent checkups by tax authorities. At least that was the case in my area. It's obvious governments (in general) don't want banks and payment companies to work with crypto firms. A crypto casino is even a bigger issue to them.

Well any service that could potentially make more revenue and is making depositing money easier for some people is worth using.

However this is the only post i found about this subject and i guess i would have just to blindly trust OP on this issue, as only source for this is OP saying he/she contacted those services. He didn't include any screenshots about these conversations so i would need to confirm this myself. I see no reason for OP lying about this but it seems really unbeliveable that this would be only post about this subject. Maybe someone else has more info, or OP would like to elaborate on this.

What I was trying to say there, we have much more fiat casinos than the ones that focus on cryptocurrencies. People who are interested in fiat gambling already have their favourites and using fiat at a casino exposes you to the bank, that monitors your inflows and outflows. For many people the way crypto casinos are disconnected from the fiat system (even the ones that do KYC) is important.
IMO crypto casinos that used to be full crypto and then started to accept fiat, get very small income from that source. People who were gambling with them were there for crypto and people who were looking for fiat gambling have already a lot of registered and licensed sites with better reputation than crypto casinos.