Post
Topic
Board Gambling
Re: Why they need a license if bitcon is not money?
by
Fivestar4everMVP
on 31/03/2024, 22:36:38 UTC

I hope they keep to it, most online casinos also wanted to be like freebitco but along the line they join other popular online casinos that ask for KYC, I have been using freebitco since many years ago and they have never asked me for KYC before, I am impressed, but what if freebitco become as big as Stake some day? Won't that bring attention?

Online casinos can survive and still become successful under the radar without being  noticed, but when the attention gets bigger they might come looking for them, and they can be forced to go same route like big online casinos have done too.
The thing is that, why most of them don't survive when they have kyc in place is because the authorities always look at they activities as illegal and against the law since they are not paying any tax if their are not regulated in the first place and most who don't want to expose themselves are always looked for and sectioned that is the reason most of the new casinos always make sure that they uptain license before they begin they operations.

We have seen many cases of those no kyc casinos becoming victims of government sanctioned which at most time leads to their closer in the long run, this have taught most some lessons.
On the norm, a business that is operating on a global scale should have a license to operate, most especially if the business of one where money possibly leaves a country into another country through the gamblers that are gambling on the casino from different parts of the world, and government know gambling casinos to be money magnet, since everyone wants to make money easily and quickly, most usually turn to gambling as the only means through which that desire can be fulfilled, and casinos are programmed to always be in profit in the long run, regardless of how much gambler win or won.

And speaking on kyc, I think the major issue here is that, government believe that bad eggs can use casinos to launder money if that casino is one without a license, and as such, does not subject their users to any form of kyc, governments want to make sure they catch any one who is laundering money out of their country through illegal means, and as such, this is why it's mandatory for all money transmitters, which gambling casinos are also part of, to obtain and an operational license which automatically gives that casino the legal right to request kyc verification from any user for what ever reason, or even without a reason, but as a mandatory requirement before the user can be granted access to the casino's services.