Future of Blockchain in Gambling Space Explored in ASEAN Gaming Summit 2019
March 20, 2019
What is Blockchain? What are its benefits? Who uses it? Day 2 of ASEAN Gaming Summit 2019 puts blockchain's role in the gaming space in the spotlight.
Casinos that have no license yet often find itself at a disadvantage in the gambling industry. Most players tend to visit licensed Bitcoin casinos than unregulated ones.
There are many issues that a player and operator face when a casino have no license yet. Most of which usually leads to a player losing his money unfairly and operators to not gain the trust of any new customers.
Imagine if you happen to hit a life to change jackpot amount of more than $1 million worth. The next course of action is to take out the amount from the casino and onto your online or offline wallet. However, many casinos with no license yet might not have enough cash to give you your entire winnings.
Some licensed casinos will need to have enough funds in its bank account to fully pay a player. The MGA office usually requires casinos with no license yet to have a large amount of money in the bank or in a safe place. Jetbull Casino is one example of a casino that has a Malta Gaming Authority license.
Every player does not want to get tricked by unfair games that will not give anyone a chance to get a sizable payout. Some casinos that have no license yet tend to set their games in a way that will regularly give small payouts. This will trick a player to keep dropping Bitcoin until he wins a major payout that is not coming.
Many regulations office require operators with no license yet to test their games for their fairness. Operators usually have a third-party company check on the games and the software. Bitcoin casinos will get its license when all of its games pass the test of these companies.
The main benefit of a license to an operator is its compliance with the law. Without a license, an operator might find himself at the wrong end of the law. Certain jurisdictions are very strict when it comes to its regulations that it will find and close any unlicensed gambling sites that are operating within its country.
Another way for operators to benefit from a license is to gain the trust of any potential players. You can be assured that your money is in safe hands under a regulated casino than an unlicensed one. If something happens to a casino and its staff could not help you in anyway, you can get help from the office where its license comes from. You cannot get this kind of security from a rogue casi