Blockchain and the Gambling Industry

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ArberPro
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Blockchain and the Gambling Industry
« on: March 17, 2021, 02:30:25 PM »
+1

The gambling Industry is one of the prime beneficiaries of the blockchain technology, with it, operators can increase their security, expand their audience, improve their payment systems and reduce costs.

Cutting their costs means that some crypto bookmakers and crypto casinos can reduce their house edge thus creating a perfect environment for smart action.

The Good

Smart gamblers can tap this new crypto gambling sites and find really lucrative opportunities. Their main advantage is that crypto casinos promote anonymity thus many sites won't ever ask for KYC documents. In some countries the crypto payments system even resolves the legality issues that may arise because most governments made laws that restrict wagering of money but they don’t view cryptocurrencies as money. some of these countries are large gambling markets.

There are two kinds of crypto gambling operators , off-chain and on-chain.

Off-Chain operators are like normal sportsbooks/casinos, the main difference is that they accept cryptocurrencies, one of their main selling points is that they offer quite high anonymity so they will do KYC only if they sense something is wrong, there are some reviews of this kind of operators in the forum, this market is expanding and you may find some good opportunities here.

On-chain operators are dApps that are made for gambling, from what I searched on the forum, I couldn’t find anything about them. They are decentralised which makes it a lot harder for governments to ban them. This industry is booming, for example on Tron network the majority of dApps that are created are for gambling purposes. This field is rapidly growing, now I am seeing even solutions, to build white label products. I expect here to find some hidden gems, some of this sports betting dApps don t even require registration.

The Bad

Blockchain offers good opportunities for gamblers but it can also hamper their profits. Firstly, I would like to warn you that if you consider using a crypto bookmaker you should be very careful with you re wallet because almost all crypto transactions can be followed thru a bitcoin explorer (think as you re bank statement would be visible to anyone). Unlike what people believe, crypto payments are the most transparent around. Secondly, there is the problem of the status of the operator, in many cases they don’t have any license or regulators, so you should do your homework if you want to play.

Blockchain won't affect online crypto operators, some operators and software distribution companies are testing blockchain technology to apply it to casino games and odds making, it’s a good thing as it will increase transparency but it could also mean that it will be easier to spot and cluster smart action.

Also, one of my biggest worries is blockchain companies aggregating KYC data, I found out one that has recently partnered with PaySafe (the latter is a data provider), in my opinion PaySafe will sell the user data under a scrambled format (so they don’t break GDPR). Have a look at the following link: shyft.network/blog/2018/08/16/shyft-engages-first-group-of-trust-anchors-with-over-one-billion-data-points-to-network-and-rolls-out-testnet-press-release

If you want to survive in the gambling industry in this era you need to embrace new technologies and make them your ally.
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Camma23
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Re: Blockchain and the Gambling Industry
« Reply #1 on: March 17, 2021, 04:13:45 PM »
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Interesting 3d!! Let's start discussing
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L
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Re: Blockchain and the Gambling Industry
« Reply #2 on: March 17, 2021, 07:59:49 PM »
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At the moment blockchain technologies are very slow and expensive to use. We will probably need to wait a couple of years before it becomes possible to build fully decentralized bookie on top of blockchain.
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apoel81
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apoel81

Re: Blockchain and the Gambling Industry
« Reply #3 on: March 17, 2021, 08:40:53 PM »
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Imo decentralized bookmakers will not succeed in the near future.

Everyone always ask for decentralized exchange etc. However, never ever met anyone who actually wagered at wagerr exchange.

wagerr.com/

Interestingly their coin had 100% increase today after 2 years of sleep  ;D Still far away from ATH 3 years ago.

coinmarketcap.com/currencies/wagerr/

On the contrary, i see more and more curacao eurobooks to accept cryptos as a payment method. Those books though are licensed so they have limitations regarding accepted countries etc. There are some who allow gambling from prohibited jurisdictions if you deposit via bitcoin, however, most of them are very risky/scammers.
« Last Edit: March 18, 2021, 06:40:35 AM by arbusers » Logged
Wolfie
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Re: Blockchain and the Gambling Industry
« Reply #4 on: March 18, 2021, 09:30:10 AM »
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If smart gambling arises to a prticular level in this bookies they will hit hard just like any other bookie. They have nothing to lose since they are not fully legal. Some of this bookies have already introduced KYC. In some cases i have heard they go to far with KYC and refuse to pay. Some of them have mentioned in their terms that arbing is not allowed. Its too early and maybe we may have 2 good years, but i would never go all in.
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testez
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testez

Re: Blockchain and the Gambling Industry
« Reply #5 on: March 18, 2021, 12:25:44 PM »
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as some already mentioned it, its way way to soon to consider it as a viable environment for what we are doing.
the lack of regulation over the cryptosphere is actually a bad thing.
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arbusers
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Re: Blockchain and the Gambling Industry
« Reply #6 on: March 18, 2021, 01:35:47 PM »
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as some already mentioned it, its way way to soon to consider it as a viable environment for what we are doing.
the lack of regulation over the cryptosphere is actually a bad thing.

I thought people were using Crypto bookmakers to avoid regulation.
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campeones
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campeones

Re: Blockchain and the Gambling Industry
« Reply #7 on: March 20, 2021, 12:07:45 PM »
+1

Also, one of my biggest worries is blockchain companies aggregating KYC data, I found out one that has recently partnered with PaySafe (the latter is a data provider), in my opinion PaySafe will sell the user data under a scrambled format (so they don’t break GDPR). Have a look at the following link: shyft.network/blog/2018/08/16/shyft-engages-first-group-of-trust-anchors-with-over-one-billion-data-points-to-network-and-rolls-out-testnet-press-release

This is the most important part of the article. PaySafe working with Shyft to gather/share data with others.
I have no idea about Shyft, but some big data companies are selling their data to other big data companies for a very serious fee. In the end, they all have our data somewhere encrypted, ready to shoot within a nanosecond of typing the first 3 letters of your name.
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ArberPro
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Re: Blockchain and the Gambling Industry
« Reply #8 on: March 26, 2021, 06:52:01 PM »
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By fully decentralized bookie, you mean a fully decentralized exchange? There is an article on the portal about this, I think that there is a possibility for this but it’s hard to get it implemented. A fully decentralized exchange will be a safe haven not only for smart betting, it will attract also bad actors so it will face heavy regulatory scrutiny and even if all advertise that decentralized software can’t be banned/censored it’s simply not true. I have seen reports that TRON network is blocking Japanese ip’s from accessing dApps for gambling. But still there is a possibility that it will appear, one project that is trying to do this kind of thing is Polkamarkets (it may be a scam, they don’t have anything functional yet).

   About on-chain operators, if you don’t use them, it doesn't mean that nobody is. I wouldn’t recommend using arbing or techniques that involve high variance with them.  There are some people in this forum that still use 1xbet, even if they pay only 60-70% of times, if you have techniques that have low variance and high extracting power of value then you could find a goldmine in this crypto gambling space. Of course, the lion share of the profits will go to first adopters and don’t wish for regulation, it has already killed a lot of smart gambling activity in the past, it won't be different this time.
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hkbestrader
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Re: Blockchain and the Gambling Industry
« Reply #9 on: April 02, 2021, 05:19:05 PM »
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i havent used a crypto bookie yet...so are they not able to limit players (only limit accounts)?
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kapetan1122
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kapetan1122

Re: Blockchain and the Gambling Industry
« Reply #10 on: April 02, 2021, 06:33:09 PM »
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i havent used a crypto bookie yet...so are they not able to limit players (only limit accounts)?

Now almost all of them limit players and sooner or later they ll ask for KYC and their KYC are even crazier than normal bookies but some of them will let you withdraw without KYC even when you are limited and than you can open new acc until they ask you for documents.
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hkbestrader
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hkbestrader

Re: Blockchain and the Gambling Industry
« Reply #11 on: April 07, 2021, 09:40:45 AM »
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i havent used a crypto bookie yet...so are they not able to limit players (only limit accounts)?

Now almost all of them limit players and sooner or later they ll ask for KYC and their KYC are even crazier than normal bookies but some of them will let you withdraw without KYC even when you are limited and than you can open new acc until they ask you for documents.
why would we need KYC for withdrawal? I thought the payout goes auto to your crypo wallet?
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De Graaf
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De Graaf

Re: Blockchain and the Gambling Industry
« Reply #12 on: April 22, 2021, 05:22:47 PM »
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Interesting topic.

Consider this proposition:
I'll give you a link to a platform that provides betting matkets with decent liquidity, in some crypto token. This service will never ask who you are or where you are, it wont' have a concept of account or user at all, just a wallet. Additionally, it will never take any profit, 0 commission forever, and this will show in the odds.
Now given the above, would you be able to make money from the service?

I bet, pun intended, that you shrewd lot would love it. To my mind, it does not take much imagination to leap to a nonprofit, completely automated exchange. Thats the beauty of crypto.

So considering registered bookies that allow crypto, you may find them useful, but they are just pretending to my mind. You have to go all the way.

It takes solving some technical problems, as well as legal, since organizing a betting platform is heavily regulated everywhere, but seems doable.

Also, those of you that dabble in horses or somehow tripped into something different that fixed odds betting, or bet lay such as traditional exchange, will know of a 3rd type of betting with pooling. Now this kind of activity is much easier to be implemented, technically speaking, as far as I can tell, and synchronizes well with the proposition above.

Its a matter of time really, to my mind, and nothing will ever be the same again. (Forget eth, it will happen on bsc.)
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ArberPro
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ArberPro

Re: Blockchain and the Gambling Industry
« Reply #13 on: April 25, 2021, 01:08:47 PM »
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Bsc is a fake smart chain, it has low fees and fast transactions because it is centralised. If something happens to binance the whole chain will go down.
There are many crypto projects now that try to make something like a decentralized exchange.
Take a look for example at this:
polkamarkets.com/
« Last Edit: April 25, 2021, 01:42:13 PM by arbusers » Logged
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