Re: Why they need a license if bitcon is not money?

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.

Yeah! Casinos without KYCs for government to have part in the running are always main target for sanction as they would tag all their activities to be an illegal one NMW and there's no way they can just themselves
Governments are just concerned with the both the gamblers and the casinos itself ....

if the government is truly concern about the casino and the players itself then lets thank them completely Grin

But I doubt that this is the main reason why government is acting such but for me? they are acting for themselves because We knew how much money is flowing in every casinos and indeed they might be checking if how much they can gather having all these regulations and requirements .

Maybe some of them are just concern on what happen to their citizens but there are also part that they are thinking that there's a lot of money involve in that industry that's why they try to regulate it so that maybe they can gain something in return. That's why there's KYC happening since maybe they want to know who are those people participating on those casino and to get something once they want to impose some taxation or anything that can possibly force those people to provide something for the government. But for me as long as there's no banning happen I am fine with this since we can still decide what to do but we just need to do something so that we can completely do whatever we want without getting any issue to legal side.

Casinos are hot cake to government in my opinion because casinos make and control alot of monetary funds and some even use this casinos for money laundering so far it's not obvious and cash is been spent so there's no way government won't be after them and truly if we are to consider anything legal in a country or statethen it must be licensed and legalised by the government itself