According to a study by Transparency International, the illegal gambling market generated $ 400 billion in revenue in 2018. And we are now talking only about Asia.
The link between illegal gambling and Crypto
There is also a tendency to place illegal bets and play in unregulated casinos using cryptocurrency as a payment method. Expert platforms such as Online Casino HEX warn players who are looking for online casinos with the best payouts in cryptocurrency to be very careful. Even the most secure and reliable cryptocurrency options will not protect you from fraud.
There are two reasons for this: the growing number of crypto-payment systems and the fact that cryptocurrency is one of the most secure and anonymous ways to make a Deposit. Whether there is a close relationship between illegal gambling and cryptocurrency, and how the latter can suffer from a bad reputation.
Every day, thousands of players find a gambling site to their liking and start playing to kill time and diversify their routine. However, many are involved in illegal gambling, which not only leads to losses of billions of dollars, but also makes it difficult to control the market.
According to various sources, 50-60% of transactions with the crypt account for gambling, and this is not surprising. Transaction fees are very low and often completely absent. Payments are irreversible: sent Bitcoin cannot be refunded, so gambling operators do not need to worry about refund fraud. In addition, the cryptocurrency is completely anonymous, which is a great advantage for players who do not want to display certain transactions in their financial history.
Gamers are very happy because cryptocurrency offers a safe and convenient way to make transactions without outside interference. Especially compared to Bank payments, which take days or even weeks, and require quite high fees. Moreover, some Bank card transfers may be suspended for no reason. With cryptocurrency, players get complete freedom without any unforeseen circumstances.
How to ban cryptocurrency.
However, every problem has a downside, and many experts believe that illegal gambling is only an excuse to fight cryptocurrency. Sulim Maluk, the founder of Bitcoin Lotto, is sure that illegal games in Asia have nothing to do with cryptocurrencies. He claims that local clubs cooperate with bookmakers, and the market is gradually growing. He also adds that most countries, including China and India, can open betting accounts even without cryptocurrency.
Moreover, there are only a limited number of casinos, and sports betting sites that accept crypto assets and Fiat currencies are still preferred. Therefore, it is not possible to say that illegal gambling can be somehow connected with cryptocurrency. Most likely, the Asian authorities are simply trying to ban the crypto industry and restore full control over the market.
Despite the fact that revenues from online gambling continue to grow not only in Asia, but also around the world, the use of cryptocurrency as a payment method remains insignificant, since the number of casinos that accept it is quite small.
Licensed gambling sites accept money in countries where gambling is legalized and payment methods are linked to regular banks. Therefore, it is unlikely that the cryptocurrency will have a large share of profits from this sphere in the near future, and the accusations from the government will not affect the crypto industry.