Gambling is a constant in society – albeit one that is often strictly regulated. Online casinos boomed in the mid-2000s as nebulous regulatory framework allowed them to proliferate. As a direct result, many governments cracked down on unregulated gambling with fiat currency. This created a power vacuum that is now being filled by an expanding cryptocurrency gambling market. The decentralized nature of blockchain technology is perfectly suited to the online gambling industry – and the global crackdown helped usher it into reality.
At the forefront of cryptocurrency betting sites is the EOS decentralized applications platform. Through providing a place for dApps to flourish, EOS is also creating the ideal environment for online casinos. As one of the largest betting dApps available on EOS, EOSBet is leading the push towards a more legally-sound business environment. Their first step towards this legitimacy came after recently acquiring a Curacao Gambling License.
EOSBet and Online Gambling Licenses
Any official gambling license is better than operating as a rogue agent. However, the license obtained by EOSBet offers little to players in the form of protections. Curacao, a Caribbean island nation, is one of the oldest established online gaming licensing agents. Their established laws allow a great degree of freedom to casinos that are licensed under them – along with extremely friendly tax laws. It allows international businesses to leverage their lack of a physical space to pay the smallest amount. However, it does not make gambling at EOSBet legal in non-Curacao locations.
To this end, it’s important for players to ensure that online gaming is legal within their country. At the same time, the official accreditation acquired by EOSBet offers no protections to players. While it is still a sign that EOSBet intends to act in good faith, players should remain as wary as ever with storing funds at online casinos.
Cryptocurrency’s Impact on Online Gambling
Despite recent movements towards a more refined financial image, cryptocurrency remains a gray market. Many first world countries are steadfastly refusing to establish laws governing digital currencies – forcing cryptocurrency to remain on unsteady ground. Due to this fact, cryptocurrency is often viewed as entirely separate from fiat currency – and not beholden to the same laws regarding gambling. This is a risky view to hold, but potentially lucrative to those willing to get involved.
Cryptocurrency also offers a unique platform that is perfectly suited to online gambling. Transactions are quick, transparent and cheap when compared against similar fiat transfers. If the system can be properly regulated, there’s no doubt that it could transform the face of online gaming.
Article By: Adam Stone