Fear of money laundering with Bitcoins in Online Casinos - Casinosss
Fear of money laundering with Bitcoins in Online Casinos

Fear of money laundering with Bitcoins in Online Casinos

The Bitcoin Hype became ever bigger in December 2017. Meanwhile, it is flattened again a little – a Bitcoin now costs less than 4,000 euros. However, many operators of Online Casinos are fond of cryptocurrency – with regulatory authorities worry about money laundering by Bitcoins is widespread.

The Bitcoin does not stop even before Online Casinos and internet wide lotteries. The Malta Gaming Authority had already dealt with Bitcoin gambling in a study in July, but so far the cryptocurrencies have not been approved as a payment system.

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    Regulators from other countries are already a step further at this point. For example, for casinos with a Curaçao license, it is not a Problem to offer Bitcoins as a payment system – but you should consider carefully whether you really want to play in such a Casino. There are operators who do not pay out profits and assistance cannot be expected from the regulatory authority from Curaçao.

    For some providers with Gibraltar license, the deposit via Bitcoins is also possible. In December, the Financial Supervisory Authority launched a new law on the regulation of Blockchain technology, but doubts are now being raised with the Gambling Authority on the subject of money laundering.

    First Bitcoin Lottery

    The most prominent example is Lottoland. In December they started offering a Bitcoin Jackpot. Against the use of 3,50€ per tip field, you can play 6 out of 49 without the bonus number. According to Lottoland, there is a draw every day except Sunday. It is a progressive Jackpot, with at least 1,000 Bitcoins to be won, which at that time represented 16 million euros, but now only 9.6 million euros.

    By the way, the winning ratio is better than the traditional Lotto. Due to the absence of the additional number, the chance of winning is 1:14 million, instead of 1:140 million, as with the normal Lotto.

    Although the lottery provider has promoted the fact that you can “simply participate in the Bitcoin Boom”, it is also possible, according to the company, to withdraw profits in Euro at the current price.

    Aversion to cryptocurrencies by regulatory authorities increases

    It is primarily regarded as an economic move by Gibraltar that payments have now been regulated via Blockchain technologies. After Brexit you want to create for many Start-Ups again the attractiveness for a branch on the Spanish Promontory. However, Bitcoins provide additional problems for Gibraltar’s Regulatory Authority. It is already known that providers are currently operating in a grey area in many countries as far as the legality of gambling is concerned.

    But with Bitcoins, Casinos and lottery agencies can now completely escape the control of financial services providers. This is why Hill Brear, Gibraltar’s gambling officer, made it very clear what Bitcoins holds in the field of Online Casinos, Lotto, Bingo and sports betting:

    We believe that Bitcoins are not an acceptable form of payment for our gambling companies.

    One has problems with the bad reputation of cryptocurrency, because one has in the past associated with dishonest transactions. Due to the relatively anonymous method of payment, it is not possible to understand where the money is from, which could mean major problems in terms of money laundering. In addition, the Bitcoin rate is very unstable. Furthermore, it is not a recognised currency, but only a speculative object with which one can do good business at present.

    However, the use of Bitcoins in gambling is not prohibited by law. However, the Gaming Authority has announced that it has a special eye on providers using Bitcoins as a payment system.

    The Bitcoin lottery from Lottoland is regarded as a special form, which one does not want to stop until now despite the reservations. Ultimately, only the price is advertised in Bitcoins, but currently only a small part of the payments are made in the cryptocurrency. Nevertheless, the regulatory authority insists that the provider must show how to estimate and pay out profits.

    Conclusion: Bitcoin remains controversial in the New Year

    Lottoland has realized that due to the increasing popularity of Bitcoins one can also use a lottery with the cryptocurrency as an additional draw horse. The Spanish lottery “Sorteos de Bonoloto” served as a template. Ultimately, the digital coins are not yet a recognized currency and even states where the gambling problem is seen more loosely (like Gibraltar) have problems with the use of Bitcoins.

    It remains to be seen how the development of Bitcoin gambling offers continues and whether there are at some point really reputable providers that allow deposits of Bitcoins and the profits also guaranteed to pay off. The Hype is continuing, anyway.

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