Full regulation and centralization, or can decentralization survive?

[EluguHcman]

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

I would say that you shouldn't mind about the model system via the KYCs and regulations.
The involvement of the governments has as well contributed to the development and advancements of gambling and its technologies today because, there is set of standard which includes transparency which the regulations has required the the licensed gambling companies to adhere which in time had encouraged the public in their masses to had adopted gambling up to the extent like it has become one of the social activities for people to pass their free times, make money and feel fun.

Government has really supported the essence of legal operations which has made gambling look very common in the society.
If there had not been these regulations, many people would really disregard gambling even worse than it is today.

[uchegod-21]

From the very start we were not really using a decentralized system in gambling, it's the same casinos and sportsbooks but our payment method is cryptocurrency.

There was this DirectBet.eu that was so popular back then, I liked its setup as a sportsbook because it offered complete privacy but even in its early years it was still shut down. So from there we already know where this will lead. KYC would eventually become normal and just like now, we already doubt casinos without a license, because scams happen mostly on unlicensed casinos.

Licensing is good as it provides some level of protection and accountability, but don't get carried away with that idea that licensed casinos are not capable of scamming their customers or even frustrating their customers with withdrawal issues and others. Being licensed does not guarantee that a casino will be problem free.

Don't judge a casino only by whether they are licensed or not, use a casino you know has been reputable over the years. I am not saying anyone should blindly trust an unlicensed casino, but before you use any casino, check their track record over the years. A license plus a good track record will a better decision.

[rbynxx]

Long story short: I remember when regulations first started and casinos began introducing KYC/AML verification. Back then, the community was pretty mad that anyone would even try to regulate decentralized crypto casinos.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

I wonder if this is an irreversible trend that will lead to total regulation of crypto and casinos, or if fans of decentralization will still fight back against it.

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

Because people expect their bankrolls should be safe if the casino is regulated but even so there are still some incidents that casinos tend to scam even with these strict regulations. Government will touch everything and whatever they pleases to do that can generate an income they'll do it anyway. They'll just pose it as if they're protecting the people's interest, it's always been thr case.

[alegotardo]

Long story short: I remember when regulations first started and casinos began introducing KYC/AML verification. Back then, the community was pretty mad that anyone would even try to regulate decentralized crypto casinos.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

I wonder if this is an irreversible trend that will lead to total regulation of crypto and casinos, or if fans of decentralization will still fight back against it.

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

It will get worse, yes. I think the regulation will continue to advance, but I do not think it will reach the 100% of market. I think it is more likely that there will be coexistence between a highly regulated commercial market on one side and a space for open protocols, for self-custody and decentralized applications on the other, obviously with far fewer options and less appeal.

But you know what I find controversial about the thinking of people who say this?
Accept crypto never necessarily meant decentralization... a casino receives Bitcoin, holds the users balance, controls the games and "decides" when release withdrawals. So, even without KYC it remains a centralized intermediary, and that is why governments saw the "weak point" there to target and impose regulations.

It is the same with exchanges... if we stuck to P2P, we would never have these problems.

So, there is no point in blaming casinos or exchanges if we are the ones who chose centralization and the most vulnerable point to trust with our crypto.

[Hispo]

...

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

I believe the tendency towards centralization and regulated KYC casinos will continue and those casinos will accumulate the majority of the volume of deposits.
However, that does not mean we will see the end of decentralized casinos or decentralized bookies.
As long as there are people who are not willing to give their personal information to casinos and bookies and as long as the Blockchain continues to run, people will have the option to gamble in a decentralized manner.

Not matter how much regulation there is, we won't see the end of decentralized and Web 3 casinos.

[tread93]

Long story short: I remember when regulations first started and casinos began introducing KYC/AML verification. Back then, the community was pretty mad that anyone would even try to regulate decentralized crypto casinos.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

I wonder if this is an irreversible trend that will lead to total regulation of crypto and casinos, or if fans of decentralization will still fight back against it.

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

In a lot of cases for crypto casinos anyways the regulations are mainly for the protection and assurance of the users. Because there can tend to be a lot of scammers and bad actors out there I actually think that the regulations is a good thing for gambling.

[mirakal]

I believe the tendency towards centralization and regulated KYC casinos will continue and those casinos will accumulate the majority of the volume of deposits.

Now that they have started it will never stop, it will even become stricter.
Have you noticed those license providers, they are also affected, because they are pressured to regulate properly resulting in some casinos moving to less regulated licensing providers just like Anjouan.

However, that does not mean we will see the end of decentralized casinos or decentralized bookies.

There is decentralized casinos, but I don't see a decentralized bookies... ( plz give me one example).

we won't see the end of decentralized and Web 3 casinos.

But those popular web3 casinos have license already, ( can we call them decentralized in a way you describe them?)

[CucakRowo]

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

Fukin bullshit,,

Those who are complying with KYC now are doing so not out of support, but out of fear.

Maybe following experience with stuck withdrawal or frozen account, many gambler now consider licensed casino to be less risky, idk.

This is fukin compromise, not any change of ideal.

So, are we just supposed to blindly parrot "this is what the community wants now" like bunch of mindless cattle, without giving it any real thought!

[Easy.Playw3.com]

I remember the days where I really hate casinos that collects KYC but my hate changes slowly as I accepted the fact that casinos can't evade regulators and we as a customer couldn't do anything, in short I just accepted it and now I have a mindset that any casino can request my information anytime that they want to.

I'd still love decentralization but most of the reputable casinos are licensed and is required to collect KYC from their customers. If ever there's a good rep decentralized casino that has my favorite games, I wouldn't mind to be their customer.

Collecting KYC just became the standard of casinos. It is far from before where we can see decentralized casinos popping out of no where and gamblers are playing on it. On our current time, I don't think launching as a decentralized casino can be considered a selling point. Majority of us had submitted countless KYC and accepted the fact that it is the norm. Playing on a casino that won't collect a KYC isn't that revolutionary, at least for me  

In that case, I have a solution for you. You should look for a licensed, decentralized Web3 casino.
It’s regulated just like a Web2 casino, but it allows you to play directly from a non-custodial anonymous wallet - which, in a sense, lets you bypass the need for KYC. Sounds pretty good, right?  

Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

If the developers of Web3 are fully dedicated to their work, I believe it can help the decentralized space survive.  It is known that the true WEB3 can remove a single point of control and by implementing it on every web3 application, distributing control across independent participants and actively promoting the benefits of a WEB3 application then I think it can greatly help the decentralized space survive.

Although we might see a two-path here, I believe these two, one centralized casino operation and the other a decentralized casino operation, can coexist in harmony because people have their own preference when dealing with casino and financial privacy.

I completely agree with you. However, for the decentralized sector to capture a much larger share of the cryptocurrency market, including the casino space, we simply need to talk about the possibilities that Web3 offers. In my view, people don’t yet fully understand how it works, which is why they don’t trust the technology - a perfectly understandable reaction, given that the same was for cryptocurrencies in the early days (or even years). In my opinion key to keep expansion for decentralization is simply education about Web3.

And yet, on a Bitcointalk forum, founded with the core principle of decentralization in mind, it is Web3 that should be promoted - not a push toward centralization. At least that’s what I think.

It's not the Bitcointalk forum that promoted centralized casinos; any legit project that transacts using Bitcoin and other cryptocurrencies is free to come here and promote their project.

Bitcointalk has nothing to do with this; it's the least of their concerns. If you think that Web3 should be the popular type of casinos, then prove it yourself by promoting your platform and making it in the top 10, and let the gambling community choose where they want to play. The majority always wins.

As far as I know, the Bitcointalk forum itself hasn’t promoted anything at all since Themos removed the advertisements. My point was that a few years ago, the community used to bash casinos that required KYC, whereas now they bash casinos that operate without a license (and thus without KYC).

Regarding promotion, I believe education is the key here. The community first needs to understand how Web3 works, to grasp the difference between Web2 and Web3, and then decide what they prefer: decentralization (which this forum was created to promote) or regulation and centralization.

I believe that once people realize there is an option for decentralized, licensed casinos, which allow for anonymity by connecting a non-custodial wallet (effectively bypassing KYC), they will increasingly choose Web3 casinos. They simply need to understand how it works first, and then learn how to use it safely. It’s the same thing that happened in the early days of cryptocurrencies.

Now that regulation for casinos is increasingly mandatory, then this will be a centralization they need a license then it must follow the government rules that are made.

Check it out, is the casino now centralized or decentralized that survives? This has become commonplace for us as we move towards getting everything regulated... His principal casino DEX will increasingly in abandon.

Honestly... as things stand now I have to be prepared with the KYC/AML policy any casino will implement its.

I agree that, with each passing day, there are fewer and fewer casinos that do not require KYC. That is why a decentralized Web3 casino is a great solution. It may hold a license, same as Web2 casinos, but it allows you to play using an anonymous, non-custodial wallet. This makes it possible to bypass the KYC requirement and still play on regulated casino.

It will get worse, yes. I think the regulation will continue to advance, but I do not think it will reach the 100% of market. I think it is more likely that there will be coexistence between a highly regulated commercial market on one side and a space for open protocols, for self-custody and decentralized applications on the other, obviously with far fewer options and less appeal.

But you know what I find controversial about the thinking of people who say this?
Accept crypto never necessarily meant decentralization... a casino receives Bitcoin, holds the users balance, controls the games and "decides" when release withdrawals. So, even without KYC it remains a centralized intermediary, and that is why governments saw the "weak point" there to target and impose regulations.

It is the same with exchanges... if we stuck to P2P, we would never have these problems.

So, there is no point in blaming casinos or exchanges if we are the ones who chose centralization and the most vulnerable point to trust with our crypto.

Actually, I agree with you, though I would like to add a point to what you’ve said.
While regulation will continue to advance, I believe that, thanks to Web3 technology, decentralization could end up having a larger share of the market than you might anticipate.
Web3 is, in fact, the solution to the issue you described - specifically regarding the deposits that are standard in Web2. In Web3 casinos, you don’t make deposits, instead, you play directly from your own non-custodial wallet, relying solely on trust in the blockchain. In my view, this is precisely what decentralization is, and it’s one of the things the blockchain was created for in the first place.

I believe the tendency towards centralization and regulated KYC casinos will continue and those casinos will accumulate the majority of the volume of deposits.
However, that does not mean we will see the end of decentralized casinos or decentralized bookies.
As long as there are people who are not willing to give their personal information to casinos and bookies and as long as the Blockchain continues to run, people will have the option to gamble in a decentralized manner.

Not matter how much regulation there is, we won't see the end of decentralized and Web 3 casinos.

You’re restoring my faith in humanity!!!
I wish there were more voices like yours, because I share that view. However, I’d also like to see us promote decentralization more - specifically Web3 technology in the context of casinos - so that decentralization ends up claiming a larger slice of the entire cryptocurrency market pie than the regulated sector does.

In a lot of cases for crypto casinos anyways the regulations are mainly for the protection and assurance of the users. Because there can tend to be a lot of scammers and bad actors out there I actually think that the regulations is a good thing for gambling.

In that case, I’m surprised you spend time on Bitcointalk, since this forum was created precisely to fight against regulation and promote decentralization.
However, this does not change the fact that, in a certain sense, decentralization can be regulated. A case in point is Web3 casinos, which hold licenses yet allow for anonymous play (bypassing KYC procedures) directly from a non-custodial wallet.

However, that does not mean we will see the end of decentralized casinos or decentralized bookies.

There is decentralized casinos, but I don't see a decentralized bookies... ( plz give me one example).

Of course there are decentralized sportsbooks, you just have to look more closely  

we won't see the end of decentralized and Web 3 casinos.

But those popular web3 casinos have license already, ( can we call them decentralized in a way you describe them?)

They can indeed be called decentralized, because KYC/AML processes in them work in almost the opposite way to how they do in Web2.
In Web2, KYC is primarily used to block withdrawals (perhaps only 1 in 100 casinos requires KYC at the point of registration). In Web3, however, enforcing KYC is practically impossible when you play directly from a non-custodial wallet, simply because they cannot manipulate the blockchain. This is, among other things, exactly the kind of use case for which the blockchain was created.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

Fukin bullshit,,

Those who are complying with KYC now are doing so not out of support, but out of fear.

Maybe following experience with stuck withdrawal or frozen account, many gambler now consider licensed casino to be less risky, idk.

This is fukin compromise, not any change of ideal.

So, are we just supposed to blindly parrot "this is what the community wants now" like bunch of mindless cattle, without giving it any real thought!

It is natural that people would often choose security - that is, regulation and centralization. But if that is what they want, why use cryptocurrencies at all? After all, they could simply play in regulated, secure casinos using fiat currency.
Bitcointalk and cryptocurrencies were created with decentralization in mind. Today, the way to uphold and continue promoting decentralization is through Web3 technology. You can play completely anonymously from your own non-custodial wallet in a casino that holds the same Anjouan license as about 80% of Web2 casinos. While licensed Web3 casinos may have KYC/AML policies in ToS, they cannot effectively enforce them because you are playing directly from your wallet. Furthermore, since they have no ability to manipulate the blockchain, they cannot block your withdrawals. Once people grasp this, they will come to appreciate decentralization once again.

[swogerino]

More and more countries are trying to profit from any new sphere of life and crypto is looking appealing now. Even the country where I live in now is becoming crypto friendly as they just passed a new law that legalizes crypto trading, profit will be taxed yet they don't know how and owning crypto now is legal.

The same for casinos, you will not hit KYC for amounts lower than 500 or in some casinos lower than 1000 dollars but above it the license and government wants to know who you are so some countries like USA can tax your gambling profits but do not care much when you lose. It is a war still going on decentralization versus centralization.

[Peanutswar]

If we are into cryptocurrency we prefer having anonymity and privacy but to the casino they want to extend the number of users and players to their platform some of the country requires to apply a license so they need now to seek for a verification so basically its a win win to them, they operate, they get profile, they pay taxes as legal, they earn, the government also earn, but the lose here are the users. They need to submit KYC, just to play to their casino.

Now its up to you if you wanted to play with the decentralized because possible the risk casino will take away your money, and you cant do anything or having a casino with kyc with a _{(protection?)} from government because have license.

[Easy.Playw3.com]

More and more countries are trying to profit from any new sphere of life and crypto is looking appealing now. Even the country where I live in now is becoming crypto friendly as they just passed a new law that legalizes crypto trading, profit will be taxed yet they don't know how and owning crypto now is legal.

The same for casinos, you will not hit KYC for amounts lower than 500 or in some casinos lower than 1000 dollars but above it the license and government wants to know who you are so some countries like USA can tax your gambling profits but do not care much when you lose. It is a war still going on decentralization versus centralization.

That is how this world is structured. Governments will always strive for greater control, especially over the flow of money. While I can understand this to some extent, that doesn’t mean I have to agree with it. I hope that, thanks to Web3, this decentralized world will still have a chance to remain a significant part of the market, despite increasing regulation.

If we are into cryptocurrency we prefer having anonymity and privacy but to the casino they want to extend the number of users and players to their platform some of the country requires to apply a license so they need now to seek for a verification so basically its a win win to them, they operate, they get profile, they pay taxes as legal, they earn, the government also earn, but the lose here are the users. They need to submit KYC, just to play to their casino.

Now its up to you if you wanted to play with the decentralized because possible the risk casino will take away your money, and you cant do anything or having a casino with kyc with a _{(protection?)} from government because have license.

It seems you missed a few of my posts, as I specifically wrote about the fact that anonymity is possible in a decentralized casino. Web3 technology makes this possible. There are Web3 casinos that hold the same types of licenses as Web2 casinos, yet they allow you to remain anonymous by playing directly from your own non-custodial, anonymous wallet. In this setup, trust is placed entirely in the blockchain, a technology designed, among other things, for this kind of use case.

[Antotena]

Long story short: I remember when regulations first started and casinos began introducing KYC/AML verification. Back then, the community was pretty mad that anyone would even try to regulate decentralized crypto casinos.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

The truth is, you can't beat government to the things they do, you can only fight them to some minimum levels but there are things that you can't do when it comes to how the government does their things essentially if it's something they fully control.

AML and Kyc is one of the big things regulations use to control money and if you are company and you way to survive, you must abide this else you go out of the business. You can stay with Dex but you can't pull customers as compare to the kyc casino, stake casino is an example.

I wonder if this is an irreversible trend that will lead to total regulation of crypto and casinos, or if fans of decentralization will still fight back against it.

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

This trend is similar to exchange, when the exchanges started, no kyc is one of the strategies they used to pull customers in large numbers but after pressure from the SEC, they bow to the pressure and later enforce kyc for all their customers and now nobody see this as problem again. We still has some Dexes but they don't have dominant like the Cex. This is how the casino have take turn now.

[Easy.Playw3.com]

Long story short: I remember when regulations first started and casinos began introducing KYC/AML verification. Back then, the community was pretty mad that anyone would even try to regulate decentralized crypto casinos.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

The truth is, you can't beat government to the things they do, you can only fight them to some minimum levels but there are things that you can't do when it comes to how the government does their things essentially if it's something they fully control.

AML and Kyc is one of the big things regulations use to control money and if you are company and you way to survive, you must abide this else you go out of the business. You can stay with Dex but you can't pull customers as compare to the kyc casino, stake casino is an example.

I’m not suggesting a fight against regulations, that would be impossible. Some people will certainly prefer a safe, regulated environment under government protection. My point is that, thanks to Web3 technology, those who wish to remain anonymous will be able to do so.
There’s an even better solution: Web3 casinos that hold licenses, offering the same level of security as traditional deposit-based casinos. The difference is that with Web3 casinos, you don’t make a deposit, instead, you play directly from your own, anonymous non-custodial wallet on the blockchain. This eliminates the risk of having your withdrawals blocked or being asked to complete a KYC verification, simply because, from a technical standpoint, it’s impossible, unless they were somehow able to manipulate the blockchain itself.

I wonder if this is an irreversible trend that will lead to total regulation of crypto and casinos, or if fans of decentralization will still fight back against it.

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

This trend is similar to exchange, when the exchanges started, no kyc is one of the strategies they used to pull customers in large numbers but after pressure from the SEC, they bow to the pressure and later enforce kyc for all their customers and now nobody see this as problem again. We still has some Dexes but they don't have dominant like the Cex. This is how the casino have take turn now.

I agree that the trend is similar, but the timing of regulation is different. When regulations were first introduced for exchanges, Web3 was known to very few people. Exchanges had no choice but to comply. Today, however, Web3 technology is well-developed, all that’s needed is to talk about it and provide education so that people can begin using it safely. I believe this is a good path forward to ensure that decentralization remains a significant part of the cryptocurrency market and in this case also casinos.

[Fortify]

Long story short: I remember when regulations first started and casinos began introducing KYC/AML verification. Back then, the community was pretty mad that anyone would even try to regulate decentralized crypto casinos.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

I wonder if this is an irreversible trend that will lead to total regulation of crypto and casinos, or if fans of decentralization will still fight back against it.

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

What are these "decentralized casinos" that you claim ever existed, do you have any examples? We have a decentralized block chain but nobody has built anything comparable as a casino yet. There will always be an owner or administrator, which in the case of a casino will be managing it for their own self interests. If you build such a system it still requires maintenance and somebody to keep guard for any bugs that are discovered, so players have less risk to their money in the system. I don't actually believe that players would prefer anonymity over all the protections of working with an established company even if they are registered offshore. It would also be a magnet for law enforcement who can be pretty relentless and would be able to do things like targeting the domain at the registrar. It just seems unworkable over the long term and players see very little benefit.

[Easy.Playw3.com]

What are these "decentralized casinos" that you claim ever existed, do you have any examples? We have a decentralized block chain but nobody has built anything comparable as a casino yet. There will always be an owner or administrator, which in the case of a casino will be managing it for their own self interests. If you build such a system it still requires maintenance and somebody to keep guard for any bugs that are discovered, so players have less risk to their money in the system. I don't actually believe that players would prefer anonymity over all the protections of working with an established company even if they are registered offshore. It would also be a magnet for law enforcement who can be pretty relentless and would be able to do things like targeting the domain at the registrar. It just seems unworkable over the long term and players see very little benefit.

In this case, we are using a casino as an example, but the core focus is actually on Web3 technology. In short, you connect to a given service directly from your own non-custodial, anonymous wallet. This is what we refer to as decentralized technology. There is no administrator, much like with a blockchain, because everything is pre-recorded in a smart contract on blockchain.
The fact that you use this technology to access and pay for services, such as playing at a casino, is the aspect you mentioned (i.e., paying for services or gambling). However, thanks to this technology, you can do so completely anonymously.
Web3 is a very good, decentralized technology, I recommend learning more about it. 

If you are looking for such services, you just need to take a closer look.  

[Inior]

Long story short: I remember when regulations first started and casinos began introducing KYC/AML verification. Back then, the community was pretty mad that anyone would even try to regulate decentralized crypto casinos.

I feel like after a few years, things have completely flipped. Now, KYC/AML and licenses are the norm, and the community even expects them.

I wonder if this is an irreversible trend that will lead to total regulation of crypto and casinos, or if fans of decentralization will still fight back against it.

I’d prefer to stay on the decentralized side, but I’d love to hear your thoughts on this. Do you think Web3 will help the decentralized space survive, or will everything just move toward full regulation and centralization?

You’ve said it all, even I myself was a bit mad why the regulation but then after coming across some of the advantages of a regulated casino over the disadvantages I couldn’t help but to hold my peace and let it be since there was nothing I could even do to stop it from happening. Even till date I still prefer a decentralized casino over a regulated casino because of its simplicity and stress free structure. But then the powers are in the hands of the government and it would be very easy for them to withdraw those casino licenses from every casino that refuses to comply.
What I don’t like about KYCs is the fact that you can be leaking important information to a casino that might end up having a compromise internally or externally and those useful information can be used against you in time to come.

[WhoYouCantKill]

If you ask me, I’ll say the pure decentralization crowd already lost the cultural war years ago. The moment that the big shots embraced licensing and others saw how the money followed, the whole “we don’t need no regulation” mindset just evaporated for several other people.

Ordinarily, I’d prefer the no KYC side on principle, but you see, I’m not really that optimistic it stays the default.

[Easy.Playw3.com]

If you ask me, I’ll say the pure decentralization crowd already lost the cultural war years ago. The moment that the big shots embraced licensing and others saw how the money followed, the whole “we don’t need no regulation” mindset just evaporated for several other people.

Ordinarily, I’d prefer the no KYC side on principle, but you see, I’m not really that optimistic it stays the default.

I know what you’re talking about, but I still believe that if we keep talking about and educating people on Web3 technology, decentralization will continue to hold a significant share of the cryptocurrency market and, by extension, the gambling industry as well.

[Die_empty]

I know what you’re talking about, but I still believe that if we keep talking about and educating people on Web3 technology, decentralization will continue to hold a significant share of the cryptocurrency market and, by extension, the gambling industry as well.

Most crypto gamblers want privacy, and Web3 platforms could offer that. But the biggest problem with decentralized gambling is the government. They will always find reasons to regulate the Web3 industry. These platforms would be forced to acquire licenses, which would have provisions for KYC.

These centralized casinos spend so much on promotion that is why they are popular. Educating people about Web3 gambling would require funds for advertising. And I don't know if any of these decentralized platforms have the financial resources to engage in these massive promotions.