Gamblers bet on Bitcoin for anonymous online wagering

[bitbaby]

Anti-gambling laws may not stop bets with Bitcoin

Bitcoin could give a boost to online betting due to the digital currency’s anonymous nature and ability to circumvent anti-gambling laws in the United States and other countries.

About 50 per cent of Bitcoin transactions globally have been for online gambling, according to James Canning, webmaster of the Bitcoin Betting Guide.

Bitcoin is appealing to gamblers because it allows them to place anonymous bets and avoid lengthy registration processes to verify who they are and where they come from, said Canning, who will speak next month at the Inside Bitcoins conference, from 9 to 10 July in Melbourne.

Even in Australia, a more gambling-friendly nation, registering for a licensed gambling website requires handing over personal details, credit card information, utility bill and copies of the front and back of a driver’s licence, he said.

“I can do everything I’ve just said in Bitcoin in as long as it’s taken to explain how long it takes in fiat.”

Bitcoin gambling could be even more attractive to people who are not allowed to gamble under the law, including minors and American citizens. The United States is one country where lawmakers have banned online gambling operations.

“People in the United States or India dream they could gamble so easily,” said Canning. “[You] dream that there was such little friction in gambling if you’re a United States citizen, or a Chinese citizen, or a Nigerian citizen or if you’re 16 years old, or if you’re an athlete who wants to bet on your own team.”

“Bitcoin removes all the friction.”

Not everyone shares Canning’s enthusiasm for Bitcoin as a disruptive force for Internet gaming. The US non-profit Stop Predatory Gambling said Bitcoin makes it easier for gambling operators to exploit customers.

More..

http://www.computerworld.com.au/article/547387/gamblers_bet_bitcoin_anonymous_online_wagering/

[Ron~Popeil]

I love how the nanny staters call it exploitation. No one has ever been forced to send BTC to a gambling site.

[beetcoin]

oh man, this shit would really get sheldon adelson angry. it's going to happen whether i want it to or not, but if it becomes a big problem for adelson, he might push some money towards a republican candidate to at least publicly speak out against bitcoin.

[lihuajkl]

gambling is just for fun. Remember just risk what you can afford to lose, do not put all of the money for your daily expense.

[waldox]

bitcoin is going to be popularized by porn and gambling

[Ron~Popeil]

bitcoin is going to be popularized by porn and gambling

Porn decided the old VHS versus Betamax thing. Betamax was actually the better format ironically but once the porn industry chose it was all over.

[knircky]

Porn and casino gambling are a big driver for bitcoin and for good reason.

Porn> you pay more anonymously and kids can do it too.

gambling> nobody can prevent you from doing it.

However in both cases the core experience is not changed.

If you play roulette it does not matter if u pay with fiat, sand or bitcoin. you end up losing 3% of what u bet. If you watch porn it looks exactly the same no matter how u pay.

However there is an exception: sportsbetting. Its a skill game but currently most players lose because of the vig. the odds you get are distorted so that the house has an edge. bitcoin allows peer to peer betting without vig so no for many players the game becomes a winning proposition and even losers lose less. that means the game is changed because of bitcoin.

I've explained this a bit more in a blog post: http://knircky.blogspot.com/

I am pretty sure this will slowly disrupt sport betting!

[brian_23452]

Porn and casino gambling are a big driver for bitcoin and for good reason.

Porn> you pay more anonymously and kids can do it too.

gambling> nobody can prevent you from doing it.

However in both cases the core experience is not changed.

If you play roulette it does not matter if u pay with fiat, sand or bitcoin. you end up losing 3% of what u bet. If you watch porn it looks exactly the same no matter how u pay.

However there is an exception: sportsbetting. Its a skill game but currently most players lose because of the vig. the odds you get are distorted so that the house has an edge. bitcoin allows peer to peer betting without vig so no for many players the game becomes a winning proposition and even losers lose less. that means the game is changed because of bitcoin.

I've explained this a bit more in a blog post: http://knircky.blogspot.com/

I am pretty sure this will slowly disrupt sport betting!

Um, this isn't a sports betting thing.  EVERY game you play is distorted to give the house an advantage.  Where do you think that 3% you mentioned goes in roulette, which would otherwise be a break even game?  Bitcoin doesn't change sports betting in the way you think it does.  After all, you can already do peer to peer betting with FIAT, you don't need bitcoin to do that.  Say you and I place a wager with bitcoin.  I lose.  How are you going to make me pay?  Oh, some third party is going to hold the money for us and pay to the winner?  Well they won't do that for free.  Enter the vigorish.  Now granted it may be cheaper, but it is still there.  And of course such third parties typically provide other services as well such as credit....
Anyways, that is getting off topic.  Bitcoin doesn't really change gambling at all.  What bitcoin DOES do is as someone else mentioned, allows anyone of us to House games.  That's really the only thing They care about.  For all the talk about how gambling is bad, blah blah blah and gambling is illegal here in the USA, the biggest gambling operations are all run by the state.  I can go to any convenience store and purchase tickets in the state run numbers game, drive two hours in literally any direction and be in a legal state sanctioned casino....etc.  Like most things involving bitcoin, they don't care about bitcoin itself, or even what is being transacted, they just care that they won't get their cut.

[Ashlyi]

you can still bet with bitcoin if gov. ban bet

[Ron~Popeil]

you can still bet with bitcoin if gov. ban bet

Yes you can. Technically you run a slight legal risk but the likelihood of prosecution is quite low.

[zahra4571]

No one can forbid you to gamble btc that is why I like btc money, you can anonymously  do whatever you want with your btc and nobody cant stop you.

[Beymond]

No one can forbid you to gamble btc that is why I like btc money, you can anonymously  do whatever you want with your btc and nobody cant stop you.

Bitcoin gambling actually bring up the bitcoin price , You can see the turnover on gambling are way too higher than purchasing using bitcoin .

[ljudotina]

Bitcoin really does help with gambling. Not onyl it does help with nations where they have tight gabling rules, it helps with speed of transatcions and ease of use too. I use it whenever i bet. It's great.

[ajareselde]

Its all about freedom, you have the ability and chance to do whatever you want to do, from supporting starving children of africa, to paying a hitman.
It is our personal choice what we do, but im afraid thats gonna change soon
Doubt the gouvernments and agencies will allow that in the future.

[Beymond]

Its all about freedom, you have the ability and chance to do whatever you want to do, from supporting starving children of africa, to paying a hitman.
It is our personal choice what we do, but im afraid thats gonna change soon
Doubt the gouvernments and agencies will allow that in the future.

You are right , bitcoin have very wide range of usage almost everything you can do with annomynos

[Dajve]

I think the gambling industry is potentially a huge industry for bitcoin. It has many benefits. I was wondering earlier if many bets on the world cup have been placed?

[ljudotina]

I think the gambling industry is potentially a huge industry for bitcoin. It has many benefits. I was wondering earlier if many bets on the world cup have been placed?

It's not potentially...it's actual and it's already here. More and more casinos, poker sites and gabling organizations are accepting BTC. I know personaly some Americas that are now playing online poker wherever they want which they couldnt do before. BTC = Freedom of choice

[luv2drnkbr]

gambling is just for fun. Remember just risk what you can afford to lose, do not put all of the money for your daily expense.

But there's no thrill if you're only risking what you can afford!

[ShakyhandsBTCer]

gambling is just for fun. Remember just risk what you can afford to lose, do not put all of the money for your daily expense.

Gambling is a serious problem for some people. It can be an addiction. Anti-gambling laws are meant to prevent people who are addicted from loosing much more then they can afford.

[cdog]

There is a separate section for news links.

Also, this certainly isnt news and is not even discussion worthy in my opinion.