{"id":100329,"date":"2019-03-12T18:33:23","date_gmt":"2019-03-13T01:33:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=100329"},"modified":"2019-03-12T18:33:23","modified_gmt":"2019-03-13T01:33:23","slug":"volatile-bitcoin-unlikely-bet-at-casinos-while-blockchain-promises-diverse-payoffs","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/volatile-bitcoin-unlikely-bet-at-casinos-while-blockchain-promises-diverse-payoffs\/","title":{"rendered":"Volatile Bitcoin an Unlikely Casino Bet, While Blockchain Promises Possible Payoffs"},"content":{"rendered":"

Cryptocurrency gambling at US casinos — with digital currencies like Bitcoin — remains a long-shot, even though a new Rutgers University study found that more than 50 percent of active gamblers traded in cryptos in a recent year.<\/p>\n

\"\"
Casino.org spoke to several digital currency experts, and none see casinos going the Bitcoin et al route anytime soon, if ever. (Image: bitcoinist.com)<\/figcaption><\/figure>\n

The research appearing in the journal Addictive Behaviors<\/em> revealed that more than 75 percent of high-risk stock traders also trade in alternative currencies.<\/p>\n

\n

Devin Mills, a research associate at Rutgers\u2019 Center for Gambling Studies, points out in a comment on the study that \u201ctrading cryptocurrency is \u2026 an investment opportunity\u201d for some. \u201cBut there is an alarming proportion of people who are gambling on these cryptocurrency markets as they would gamble on horses or sports or slots. And it has the potential to get them into significant trouble.”<\/span><\/p>\n<\/div>\n

At the end of 2017, one bitcoin was trading for as high as $20,000, but has now dropped to under $4,000.<\/p>\n

Not Coming to a Casino Near You<\/h2>\n

When asked to comment, Anthony Cabot — a Distinguished Fellow in Gaming Law at UNLV who formerly chaired the gaming law practice at Lewis Roca Rothgerber Christie — said using Bitcoin or other cryptos to gamble is \u201cat best, a long way off.\u201d<\/span><\/p>\n

Cabot also pointed out that licensed, land-based casinos will not \u201cseriously consider\u201d using cryptocurrency until they become more \u201cmainstream.\u201d<\/p>\n

Before agreeing to Bitcoin use in casinos, regulators will want to see \u201csignificant assurances \u2026 the casinos can identify the person [gambling] and source of the funds,\u201d he told Casino.org<\/em>.<\/p>\n

This is especially a concern for anti-money laundering efforts, Cabot explained. But illegal online gambling sites<\/a> may be more willing to ignore money laundering given the \u201canonymity\u201d of cryptocurrency and its difficulties with being traced and regulated, he added.<\/p>\n

No cryptocurrency casino gambling is currently allowed in any state or in any tribal gaming venue.<\/p>\n

Ronnie Moas, the founder of Standpoint Research and an advocate for Bitcoin investing, told Casino.org<\/em> it \u201cmakes you cringe when you hear the two of them [casinos and Bitcoin] in the same sentence.\u201d<\/strong><\/p>\n

Bitcoin is associated with being clouded in secrecy and casinos historically have been seen as having ties with organized crime, he said.<\/p>\n

\u201cThey did not meet in church,\u201d Moas added.<\/p>\n

I don’t see regulators really embracing [Bitcoin] yet or in the near future,\u201d <\/strong>Jennifer Roberts, associate director at UNLV\u2019s International Center for Gaming Regulation, told Casino.org<\/em>.\u00a0 \u201cThere is still some hesitation because there has been some negative attention about cryptocurrencies, including its use in illegal activities.\u201d<\/strong><\/span><\/p><\/blockquote>\n

Roberts added there are a few Las Vegas casinos that have Bitcoin ATMs and accept cryptocurrency for non-gaming transactions, such as hotel expenses. For example, the D Casino in downtown Las Vegas offers a Bitcoin ATM<\/a> on its casino floor, and it accepts Bitcoin for payments at its restaurants and the front desk.<\/p>\n

The Golden Gate –also downtown — has let its guests pay with Bitcoin for rooms also.<\/p>\n

Blockchain For Recordkeeping<\/h2>\n

When it comes to using blockchain for casino record-keeping, \u201cit makes some sense,\u201d Cabot said. Still, he wonders if it is even worth the \u201ctrouble of changing your systems and working through any necessary regulatory and internal control changes.\u201d<\/p>\n

Regulators will want to review the systems used to protect player data and accessibility, he explained.<\/p>\n

Blockchain also has \u201csignificant potential\u201d in gaming as a transactional ledger because of its \u201csecurity and immutability,\u201d Roberts said.<\/p>\n

For instance, Moas says blockchain can track what dealers are doing without having security cameras pointed at them. Blockchain can also track the use of Bitcoin, and provides varied benefits for the gaming sector such as managing rewards, keeping compliance records, and storing and retrieving data, Roberts said.<\/strong><\/p>\n

Still, as of last October, the biggest growth markets for cryptocurrency were China<\/a>, the rest of East Asia, and Eastern Europe, which interestingly were also seen as the biggest growth markets for gambling.<\/p>\n

\n

Blockchain Versus Bitcoin<\/strong><\/span><\/p>\n

Unless you’re a major cryptocurrency fan, chances are terms like “Bitcoin” and “blockchain” can start to blur. So what is the difference?<\/span><\/p>\n

Bitcoin is a virtual currency and can be independent of blockchain. Blockchain is a transaction ledger. Among its security benefits is that data is encrypted immediately and has restricted accessibility.<\/span><\/p>\n

\u201cBlockchain \u2026 is decentralized in that it is not housed by one person’s server, but each person can access the identical document\/transaction — and modifications cannot be made without each person having equal record of it,\u201d Jennifer Roberts said. \u201cIt’s basically a cloudless cloud system.\u201d<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency gambling at US casinos — with digital currencies like Bitcoin — remains a long-shot, even though a new Rutgers University study found that more than 50 percent of active gamblers traded in cryptos in a recent year. The research appearing in the journal Addictive Behaviors revealed that more than 75 percent of high-risk stock […]<\/p>\n","protected":false},"author":44,"featured_media":100338,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24066,33810],"tags":[],"acf":[],"yoast_head":"\nVolatile Bitcoin Unlikely At Casinos, Blockchain Promises Diverse Payoffs<\/title>\n<meta name=\"description\" content=\"Gambling at US casinos with cryptocurrency remains a real long-shot even though a new Rutgers University study found that more than 50 percent of active gamblers traded in bitcoins and other cryptos in a recent year. 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