Why they need a license if bitcon is not money?

[bakasabo]

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

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[noormcs5]

For me I believe that licensing is far more better than none licensing in casinos today reason is that, with licensing, there will be more trust and confidence that at least the platform is real and legit with a physical office because, in some countries, one of the criteria for approving a license for a casino is to have a physical office so with that at least gambler's who patronize them will have a place to direct they enquiries and complains to and getting a one on one to receive direct attention.

In that case, the licensing authority should be globally recognized and has a value as most of the online casinos are accessed globally and it is not that easy to file a case on any casino, if you are not physically present in that country. Most gamblers even do not know about gambling licensing companies and how to access them in case of any dispute with the gambling site.

Also, another advantage of a licensed casino is the fact that one can easily sue them in court if they violate any of the set agreements, this kind of redress can't be gotten from an anonymous casino.

Well, again this knowledge needs to be spread among the gamblers as to how they can seek help from these licensed companies who have authorized the casino to provide gambling services.
By the way, some casinos may say they have the license when they do not have it. We should also know how to verify if the site has the verified license or not. 

[Fivestar4everMVP]

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

If casinos getting a license was all about legality, that is, to prove to their users that they are legally backed and have zero chances of scamming, then I would say that the licensing body have failed woefully in their duty, judging from the number of incidents and times we have seen some casinos that appeared to be legal due to their license, abscond with money belonging to their customers.

Personally, what I did say is that, licenses this days looks more like formality, that is, they make casinos appear more formal and professional business wise.
And like you said, maybe it also have something to do with casinos paying taxes and other governmental renumeration, for I believe that a casino without a licence may likely not be a tax paying casino.

[Beparanf]

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

I believe what’s the main point here is if Bitcoin is not regulated which means not considered money then what’s the point of paying taxes for the casino? License is not for the employees but rather for their customers to legally play their games on the country which their license is accepted.

License is now a must because Bitcoin is already started to be regulated. It’s not like before which Bitcoin is just like a play money which regulators can turn a blind eye. Billion of dollars is flowing into crypto right now so Bitcoin is definitely considered as money these days for them to regulate.

[Hispo]

~snip~

Bitcoin is money, the establishment won't admitting but in my meantime they will regulate Bitcoin as money in casinos and exchanges. The typical hypocrisy of governments and those in the top of them. Nothing new under the sun, my friends.

You are right, Bitcoin is money and of course it is very valuable and it is only digital asset but from its high value it is clear that it will really need license for all companies that use it.
Every country that has legality regarding crypto will definitely emphasize the obligation to have official permits or licenses which are useful for protecting all users from experiencing bad things such as scams, the government and also certain authorities will emphasize security for all users.
Gambling platforms or trading exchanges must have an official license, although this does not guarantee it, at least there is protection that can still be relied on to maintain the security of everyone who uses it.
We use crypto, especially Bitcoin, and of course we also don't want to have problems that could be detrimental and cause number of valuable assets to be lost, so we will always use platform that has clearly been registered and has an official license.
Moreover, there is no need to worry about licensing just because of freedom, I will still accept all of that to be able to get decent place and can be trusted to look after the valuable assets that I own.

I believe the licensing part of cryptocurrency casinos and other kinds of services are rest are situational on the level of centralization behind the system which run the system itself.
It is true that having a license and all the legal papers in order may help for users not to fall victims of scams, but being properly registered in some serious jurisdiction like the United States or the European Union is not a warranty of the integrity of the service. For example, one needs to take a look at the big scam pulled off by Bernie Madoff. He was one of the most important and influential figures in the stock market of New York, he and his business were all properly registered before the SEC, and yet, it turned to be one of the biggest scams in the history of human kind.

In the case of decentralized casinos and exchanges, I do not think there is a necessity for them to get licensed, as long as their code is open and it can be easily verified by any developer interested in doing so. Centralized services, on the other hand, indeed need to have a license and audits, so we all can be sure they are not scamming or slowly exiting their scam.

[Fortify]

It's fun guys, govs hardly avoid accepting Bitcoin is money, but when it comes to gambling then users are risking money, so, casinos need a license.

Let's be honest, If you can deposit, wager, and withdraw. I don't see where the license is in the process...

Just want to say Fuck Curaçao, the island in the middle of nowhere who decide to take the crypto gambling industry in their hands and make billions of dollars with it. Who the fuck they are to wash money this way?

Crypto gambling needs freedom, and i insist in this point. If you can Deposit, Wager and Widrawal, then you don't need anything else.  And a big shout out to those casinos who still working until now without a license, freebitco.in, Just-Dice.com, bustabit.com... They are big examples of how crypto gambling should be.

You don't get to decide "what is money" nor does anyone except the government of countries that we live in. However even you are trying to manipulate wording when most people around here would put the cryptocurrency label on these assets that we trade it. People try to play word games to avoid regulators because they stand to make a lot of money if they can avoid certain laws. "Mixers" are a perfect example of this and just recently got banned on these forums because of the heat they bring, as the definition many of them use is identical to money laundering - which is highly illegal. I don't think you have a clue how casinos or licensing works if you think that these small licensing operations are actually receiving or passing money through anywhere, the licensing they offer is totally detached from the financial operations of these casinos.

[Orpichukwu]

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

If casinos getting a license was all about legality, that is, to prove to their users that they are legally backed and have zero chances of scamming, then I would say that the licensing body have failed woefully in their duty, judging from the number of incidents and times we have seen some casinos that appeared to be legal due to their license, abscond with money belonging to their customers.

One thing that we will also have to ask is: how legit is all this online casino that is parading their licence around? Are they truly registered with the body that they are claiming to be under? Because many scam casinos just use some backyard means to acquire licences and put some random number that, if searched upon, will show some error rather than invalid.
 
Then again, most of this regulatory body is just so concerned about how much is going to be paid to them by the casino in order for them to maintain their licence, and citizens protection is no longer their valid concern unless the allegations are serious enough to call their attention, if not they pay debt ears to all of that.

[uneng]

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

To operate legally always give the companies wider access to the gambling industry. It allows them to take advantage of the full potential of the industry, as legalized casinos can legally work in more territories around the world, so gamblers feel encouraged to play on them, since there is a considerable portion of players who avoid unregulated casinos not exactly due to reputation reasons, but to avoid issues with their local regulators.

Legal casinos can advertise themselves freely without fear of retaliation, and gamblers can play on them without fear of retaliation as well. If licenses weren't important, there wouldn't be so many crypto casinos going for them. For people in this forum it doesn't look good, but the reality is that we aren't on the shoes of the people who run casinos. We don't know their necessities, obstacles, struggles and why they do this or that, but I guess if it were possible to remain unregulated on this niche of the market, they would be until nowadays.

Unfortunatelly, crypto industry has been changing along the years, becoming more and more regulated each new day, and that is a reality we have to cope with.

[Odusko]

In some place, casino can not operate without a license and that is what have made it very hard for you to see an existence of a casino without having certificate to operate as an entity,  although we have a pocket lf few of other casinos that operates without a license but all the same, it wont take long before authorities will close in on them and making it a end games by all means or being forced to get a license for the business.
So the reason why casinos seek after license is to gain legitimacy from their players and the society at large, and also being able to gain the recognition from the government also since the licenses are issued by the government.

[Yogee]

In my opinion, the casinos that get the license and implement it in the casino may only be based on the trust of their users, and could just be a promotional medium, so it's not surprising that they use it as an attraction.

This is more valid now than before. It used to be that nobody cares about license as long as the casino was able to build a good reputation in the forum or other gambling community. It has changed since then and most of the newer casinos are constantly asked if they have one or not. Even the older ones are like forced to get a license for regulatory purposes only.

[Wiwo]

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

Secondly also because the casino is not only designed for bitcoin usage only because at some point the casino have alot of other currencies within their system which are traditional currency and requeir license to operate them, this is what is at stake at all time and the reason why casinos thrive to get license before any other thing in the cost of their operations, most likely we have seen some of them making much attempts to operates outside license but at the end it will not end well and also will result into some other issues for the casino if the authorities fines out that they without any license.

[davis196]

It's fun guys, govs hardly avoid accepting Bitcoin is money, but when it comes to gambling then users are risking money, so, casinos need a license.

Let's be honest, If you can deposit, wager, and withdraw. I don't see where the license is in the process...

Just want to say Fuck Curaçao, the island in the middle of nowhere who decide to take the crypto gambling industry in their hands and make billions of dollars with it. Who the fuck they are to wash money this way?

Crypto gambling needs freedom, and i insist in this point. If you can Deposit, Wager and Widrawal, then you don't need anything else.  And a big shout out to those casinos who still working until now without a license, freebitco.in, Just-Dice.com, bustabit.com... They are big examples of how crypto gambling should be.

I agree that Curacao gambling licenses are useless. Having a useless gambling license creates the fake sense of legitimacy, but the casino can still find ways to scam the gamblers.
Decentralized gambling should become the future. Betting directly from your cold wallet and receiving the profits directly to your cold wallet (minus a certain fee)should become the new normal. If decentralized gambling becomes a thing, why the hell would you trust a third party, by depositing your precious coins there and conducting useless KYC.
The problem is that nobody wants to invest in truly decentralized gambling projects.

[Marvelman]

I agree that Curacao gambling licenses are useless. Having a useless gambling license creates the fake sense of legitimacy, but the casino can still find ways to scam the gamblers.
Decentralized gambling should become the future. Betting directly from your cold wallet and receiving the profits directly to your cold wallet (minus a certain fee)should become the new normal. If decentralized gambling becomes a thing, why the hell would you trust a third party, by depositing your precious coins there and conducting useless KYC.
The problem is that nobody wants to invest in truly decentralized gambling projects.

I definitely think decentralized gambling has potential to shake things up.  Putting more control into players' hands about their money and personal info makes sense.  And it'd be tougher for shady casinos to take advantage. 

but the issue is that big, traditional gambling outfits still have all the power.  Theyve got the cash and sway to lobby against decentralized gambling.  Plus they know how to aggressively market their own products. 

So, they face an uphill battle against the entrenched gambling industry giants.  These big dogs won't go down without a fight.

[abel1337]

I agree that Curacao gambling licenses are useless. Having a useless gambling license creates the fake sense of legitimacy, but the casino can still find ways to scam the gamblers.
Decentralized gambling should become the future. Betting directly from your cold wallet and receiving the profits directly to your cold wallet (minus a certain fee)should become the new normal. If decentralized gambling becomes a thing, why the hell would you trust a third party, by depositing your precious coins there and conducting useless KYC.
The problem is that nobody wants to invest in truly decentralized gambling projects.

I definitely think decentralized gambling has potential to shake things up.  Putting more control into players' hands about their money and personal info makes sense.  And it'd be tougher for shady casinos to take advantage. 

but the issue is that big, traditional gambling outfits still have all the power.  Theyve got the cash and sway to lobby against decentralized gambling.  Plus they know how to aggressively market their own products. 

So, they face an uphill battle against the entrenched gambling industry giants.  These big dogs won't go down without a fight.

I'm sure that there will be a time where gamblers will prefer decentralize more over the widely known centralized casino. There's a pros and cons with decentralized and centralized casino but on our current state, gamblers still like playing on centralized casino because on how easy to engage on gambling even there's a KYC requirement on centralized casino.

Sooner or later, decentralized casino will find a way to make gamblers switch on their gambling site, one idea I'm thinking is incentivizing them with airdrops. This can replace the deposit bonuses of centralized casino if ever it happened.

[Jaycoinz]

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

I think to license the casino is all part of the gaming regulations and process and if not anything atleast it shows that the casino is for a steady ready and mean business because I know you have to pay a lot of money before your company get licensed, let's all think of it this way, imagine now that licensed isn't mandatory and important it would have been so easy for any company to come start offering such service and can easily discharge with the public money that have all been sent to the casino or website.

[dothebeats]

Those that operate til now without licenses are in the game for years, and basically they don't need any piece of paper from any governments to appear legitimate. These new casinos getting licenses on Caribbean tax havens are doing so because they want to appear 'legally compliant' and make it look like they are not going to run with your funds because they are licensed. At the end of the day though, it's still a matter of choice on whether to play on unlicensed casinos or not.

There are a lot of licensed casinos out there that can't still serve lots of countries.

[dezoel]

In some place, casino can not operate without a license and that is what have made it very hard for you to see an existence of a casino without having certificate to operate as an entity,  although we have a pocket lf few of other casinos that operates without a license but all the same, it wont take long before authorities will close in on them and making it a end games by all means or being forced to get a license for the business.
So the reason why casinos seek after license is to gain legitimacy from their players and the society at large, and also being able to gain the recognition from the government also since the licenses are issued by the government.

Those are already the problem of a casino operator. But for us players, we still can see lots of casinos online even they are not licensed. They are still safe and other functions are still there like on what we saw on a licensed casino.

I don't know if it's true that governments can be after them and shut them down one by one but I think that is mostly applicable to the fiat casinos. While for the crypto ones, I doubt that because cryptos are decentralized right? But if you are talking about the offline casinos, then you are right about that . It will be a headache for us. There are underground casinos but they are illegal and it is risky to engage on them.

[blockman]

It makes sense but standards from users and governments are changing that fast. Even if we as a community, don't actually need to rely on these licenses and things for compliance. A casino needs to secure it for themselves and not for us so that they'll be legally operating. As much as they want it to be, I guess that it's also a preference on their end. While for us, whichever we prefer as long as those basics you've mentioned are being met then that doesn't play a big deal at all. But when someone who's known and reputed prefers to go into a casino saying things that they should be licensed, I think that makes an impact to the audience that follows those people and will make that opinion as if it's the standard.

[rhomelmabini]

Crypto gambling needs freedom, and i insist in this point. If you can Deposit, Wager and Widrawal, then you don't need anything else.  And a big shout out to those casinos who still working until now without a license, freebitco.in, Just-Dice.com, bustabit.com... They are big examples of how crypto gambling should be.

Or have a real crypto gambling firm that could offer licenses just for crypto, to make it more regulated. It doesn't mean it's not important but for those gamblers who wants it, it sure is important. To be honest, people still have that narrative to ask, "do you have a license somewhere?" even in this very forum. And, hands down to those crypto casinos that get huge without it, totally fascinating.

[Sandra_hakeem]

Crypto gambling needs freedom, and i insist in this point. If you can Deposit, Wager and Widrawal, then you don't need anything else.  And a big shout out to those casinos who still working until now without a license, freebitco.in, Just-Dice.com, bustabit.com... They are big examples of how crypto gambling should be.

Why are you listing 'em casinos?? Isn't this just a way to create an awareness about them to everyone else?  Including the gambling operational services like ...GCB, NLRC etc? Just asking anyways.

Let's be honest, If you can deposit, wager, and withdraw. I don't see where the license is in the process...

The governs are just exercising their sovereignty and there's little to what you can do in this situation... maybe apart from protesting?? Lol.. all they need is full accessibility into people's wallet, acc balances, transaction history etc... I don't know why but something tells them that monitoring individual funds is a way to mop out inflation...

Just want to say Fuck Curaçao, the island in the middle of nowhere who decide to take the crypto gambling industry in their hands and make billions of dollars with it. Who the fuck they are to wash money this way?

Yes, ... That should make you understand why we've got grades and classes between other citizens..

Sandra 🧑‍🦰