Is web3 casino the new trend for casinos?

[freedomgo]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

[Charles-Tim]

What if the government tells all Web3 exchanges and casinos to mandate all their customers to get verified? The customers will still have full control of their coins but they will get verified to know their identity. This is where Web3 is likely going. All that is needed is time.

When web3 was proposed, it was said it would be decentralized but it was not decentralized but centralized. We thought it will make use of nodes, but all what we are seeing are central servers. Everything that are making use of central servers can easily be controlled by the government and web3 is still one of them.

[Bananington]

I think where such web3 casino idea will gain more audience and more usership, is in countries or regions where cryptocurrencies is already being accepted and  integrated into the financial system of the place and while KYC may be a mandatory requirement for now, regulators will still demand it for web3, citing the prevention and control of money laundering schemes and of course taxes, of the which have become a means for various governments to earn from the Blockchain network currently.

[Rruchi man]

When web3 was proposed, it was said it would be decentralized but it was not decentralized but centralized. We thought it will make use of nodes, but all what we are seeing are central servers. Everything that are making use of central servers can easily be controlled by the government and web3 is still one of them.

Web3 casino's are an advance of the regular online crypto casino's, but the advancement does not cut into the area of annonmity as expected.

The idea of the web 3 casino on anonymity cannot be achieved because AML regulations are getting stronger. The government will not ignore Web3 casino's, they also want the same regulations as there as with other online casino's.

[Charles-Tim]

I think where such web3 casino idea will gain more audience and more usership, is in countries or regions where cryptocurrencies is already being accepted and  integrated into the financial system of the place

Whichs means only El Salvador. Or you meant 'being accepted or  integrated into the financial system'. But according to MetaWin, only the countries where gambling is not accepted are restricted:

According to MetaWin, only the countries that are restricted are where gambling are restricted.

1.3.0. Afghanistan, Algeria, Angola, Belarus, Burma, Central African Republic, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Holy See, Iran, Iraq, Kyrgystan, Lebanon, Libya, North Korea, Palestine State, Republic of Ireland, Rwanda, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Venezuela, Yemen, Zimbabwe and the American states of Nevada (USA), Washington (USA), Georgia (USA), Minnesota (USA), Mississippi (USA), Montana (USA), South Dakota (USA) and any other countries, territories or jurisdictions in which it would be illegal to play Games or redeem Prizes.

[AliMan]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

For now let's just wait while this web3 casino was at its start, and with legal parlance I think that the huge companies associated with it is now seriously working on this be eligible and could comply all regulations. KYC is very important, so if you're a legit gambler then everybody should make it as a must and don't dare to ignore it.

[Fivestar4everMVP]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

Maybe those who are more knowledgeable than I am in the area of web3 casinos legal parlance will want to comment on that, I would have to say that in general, not all web3 casinos are actually fully web3, like I think Ive mentioned in some of my other comments a long time ago concerning a casino known as owl.games, this casino tags itself as a web3 casino because registeration is just by connecting a wallet and then creating a username in the next screen, but in reality, this casino is completely a centralized casino.

One way to know a truly web3 (decentralized) casino is that..
1. There is no registration outside of just connecting your wallet.
2. Every game is built and hosted on chain, and this simply means that, every bet placed is recorded on chain, and the player have to pay for gas to have the transaction confirmed on the blockchain.

Any casino that claims to be web3 and games are hosted and played off chain, that casino is not completely a web3 (decentralized) casino but a centralized one, and can ask their users to pass kyc verification same way normal centralized casinos do.

[seoincorporation]

Web 3 casinos are regulated too, at least they follow some rules and the owners can get in trouble too, there is not a big difference at all, only the fact that they run with blockchain or with smart contracts. I feel like web 3 casinos are a way to integrate part of the casino engine with blockchain. But that doesn't change much.

If the bad guys decide to use the web 3 casinos for money laundering you can be sure the police will be able to trace the operation.

[Rustam Meraj]

Growth of web3 casinos in gambling industry is interesting. They claim to offer privacy and anonymity by avoiding identity checks but I doubt they can avoid all regulations. As you found out web3 casinos might still need to follow rules to prevent money laundering which could mean some identity verification is required. This seems contradictory and it raises questions about how private and anonymous web3 casinos really are. I think web3 casinos will try to balance following rules with protecting users privacy but it's important to understand legal details. More research and clarification are needed to determine how anonymous web3 casinos really are and how they comply with regulations.

[Casdinyard]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

I think it had a chance to get a hold of the market last year, but since more and more people are leaning away from more futuristic forms of crypto application and back to the basics and naturals, they are slowly and steadily losing traction. I mean, for one, they couldn't offer anything better than anonymity and security which is already something that crypto could provide in itself, and as for KYC elimination, while they definitely would have audiences and customers who would appreciate such feature, I don't think it's all the same for everyone.

So yeah, it was a good idea, a fun one too, but it ends there and while I still hope there's more for crypto casinos, I don't think web3 is going to be it anymore.

[Darker45]

Whether they're built as web3 casinos right from the start or they're integrating web3 features to their existing platforms, these casinos need license or registration at the very least to be able to operate legally.

That itself is enough to take this "anonymity and privacy" thing with a pinch of salt. To operate legally means they're bound by certain regulations. They cannot insist on "anonymity and privacy" when the regulating bodies to which they're accountable order them to implement KYC/AML policies. We have to remember that these web3 casinos are still private centralized companies. They toe the line or perish.

[bittraffic]

Which voided the difference in making web3 casinos as they still are going to be regulated and will ask KYC documents still. Not only that but it also puts the user's funds at higher risk upon connecting their wallets to the casino which we know there are cases of hacks.

[Wexnident]

~

You'd probably see web3 casinos as not so legal way of gambling imo. They don't have a license nor can they get one unless they go away from the no KYC model after all, and I highly doubt it'd continue on for long since as you've said, casinos deal with money and the government would do absolutely anything so that they can make them adapt KYC for the sake of AML. If they don't, well, the casinos would simply be illegal. Geoblocking would probably be the most basic action you'd see them do, which honestly has a pretty big impact already on their business.

Not to mention that most of the so-called "web3" are still, well, centralized. The only thing they offer that's web3-like is integrations to their wallets and at that point, it lost all it's advantages since in the first place, anonymity was the #1 thing web3 was supposed to provide.

[Catenaccio]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

There are three entities in the business: Web3 casino, Web3 wallet, and the users.

I believe we all realize that majority of Web3 casinos and Web3 wallets are built by centralized teams and their identities are even known by governments. We don't know these companies with their products (Web3 casinos, Web3 wallets) don't set up backdoors to violate privacy of their users. Assume they respect their user privacy and don't have backdoors, these companies and their teams can become targets of governments anytime.

With Acts, Laws, Regulations, these people might be requested by governments to handle user data anytime. We can not have privacy even with any Web3 products.

As users, we must be responsible for our activities and privacy too. No company can do this for us if we don't care about it and don't have good activities to defend our privacy.

[Apocollapse]

The real Web3 sites doesn't required to submit KYC, so it's true they're promoting privacy and anonymity. But, most of Web3 sites we see are fake, they're just using "Web3" name and kill the utility. That's why you see there are many self claimed Web3 sites, but they're asking KYC.

Just like Bitcoin, the real utility is decentralized and no third party intermediary, but people choose to use centralized exchanges and many of them hold in there.

[satscraper]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

I think,  eventually, web3 casino will pin the basket  with the requirements  of SSI (self sovereign identity)  for each client involved into gambling. This approach would be a sweet spot in the middle of  AML requirements from regulators and customers desire to protect their privacy. Regarding gamblers part, SSI could  be considered as a better solution than just a sheer sharing custom  data with casino withing ordinary KYC procedure.

[Hatchy]

The web 3 space, has been gaining a lot of popularity recently and it's the common trend of the day. Alot of web3 casino, exchange and platforms are piping our if no where filling the spaces of their fellow counter part. They might actually be the new for of casinos but may not totally eliminate them. If we are talking about government regulations, then they might not be too far from following government rules anytime soon. Most of them operate for now without they need to verify but it might not be for long as when there is a need for government regulators t looking into their flaws then they might have to force the kyc or identity regulations on them.

For now we just have to enjoy the few new services they offer to gamblers and the new other forms of service they are bringing into the space. When it com e to the time of kyc we already know that time will come so we as gamblers might be ready for them till then though.

[iv4n]

With the arrival of Web3 elements like cryptocurrencies and blockchain, enterprises can convert their casino game platforms into an ideal destination for users to deposit and withdraw their earned money directly from anywhere without being subjected to geographic or regulatory hurdles.

Source - https://www.redappletech.com/how-web3-and-crypto-is-revolutionizing-online-casino-gaming/

There are other similar articles on the Internet. It all comes down to access, easy transactions, and things related to the financial part of gambling...
but when it comes to games it's basically the same as before. We still play the same in-house games & slots.

It's nice that that part is developing as well, but I'd rather see some new games... sometimes I mention "Dragons Tale", how come there aren't any games like that around, maybe more advanced? Will there be a new game in gambling and when?

[davis196]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

However, from my other research, I also read that although web3 casinos are not universally regulated, they could still be compliant with regulators, especially concerning Anti-Money Laundering (AML). This puzzles me because I thought web3 casinos would completely offer anonymous gambling, but the word "compliance" suggests that we will still need to verify KYC.

What are your thoughts on this, and how deep is your understanding of web3 casinos in terms of their legal parlance?

A web3 casino is still a casino and it should be regulated like all other casinos.
However, web3 casinos are permissionless, which means that the players aren't required to create an account and provide information.
How can such casino require KYC, if the player doesn't even have to create an account? This doesn't make any sense to me
The whole situation reminds me of the early stages of crypto casinos, when they were unregulated, because cryptocurrencies weren't considered actual money. Gambling platforms are becoming more and more convenient for the average user, which has it's drawbacks. More people might get addicted to gambling...

[noormcs5]

I noticed that there are a lot of web3 casinos popping up in the gambling section. I'm curious if this is the new trend for casinos, as web3 casinos eliminate the KYC requirement since they promote "Anonymity and Privacy," which crypto casinos (not web3) cannot offer because they are regulated and bound to follow the mandates of their regulators.

Ideally these web 3 casinos should be KYC free but in fact they are not. Most of them are not even Web 3 but they are using this fancy word "Web 3", to attract the gamblers that they are modern  Web 3 enabled casino. What's more sad is that even the gamblers aren't aware of what exactly is Web 3 and they just take the word from the casinos and believe in them.

A Web 3 casino should have a lot of features like Anonymity and Privacy, Decentralization, Smart Contracts and Cryptocurrency Integration but most casino lacks them. If there were any true Web 3.0 casinos, it would definitely face Regulatory Challenges because the government will treat them as unregulated gambling casinos and therefore they possess high risk. The rise of web3 casinos reflects a broader trend towards decentralization but it will not be accepted by most of the regulated authorities as they do not want user control in the digital space.