Are Cryptocurrencies Adding to the Woes of Addicted Gamblers?

March 20, 2018 by Adrian Thorpe

addicated gambler fobt machinesThe online and mobile gaming environments are, in some countries of the world, becoming just as highly regulated as the land-based gaming environment.

However, when you look at the UK for example, that country does have some very liberal gambling laws, and it has just been announced that FOBT machines, which allow players to play a range of casino games on those machines located in betting shops, are about to have a different staking structures imposed on them.

Players can currently gamble 100 per 20 seconds as the maximum stake, however the UK Gambling Commission has decided to suggest to the UK Government a reduction in the maximum stake limit, and they propose it be reduced to just 30.

The aim of reducing the maximum stake levels players can play fixed odds betting terminals for is to help reduce the number of players who are addicted to playing them. Whether that is going to work or not no one knowns, and the UK Government does need to decide whether they will reduce the stake levels as per the suggestions of the UK Gambling Commission.

Even if those stake levels get reduced on those gaming machines, players are still able to very easily gamble online at all manner of different online casino sites. Whilst many countries have imposed all manner of new rules and regulations regarding to how such casino sites are to be run and operated, they are very easily accessible to players, must more so with the advent of cryptocurrencies.

Payment Option Restrictions for Casino Sites

One way that many gambling site regulators have been able to put into place some safeguards for players is by imposing on gambling sites they oversee and regulated gambling limit options, however sadly those are optional and as such gamblers are not required to have to make use of them.

In places such as the USA however it has been the banks and credit card issuers who have been tasked with blocking payments into gambling sites with their debit and credit cards, which has had some level of success in restricting the use of those cards at gambling sites.

But many offshore based online casino sites have found ways of circumventing those restrictions by making deposits made into those sites different codes instead of tagging them as gambling site deposits, so many US players can still easily use their credit and debit cards to fund such accounts.

However, with the advent of cryptocurrencies and the ease at which people can but any cryptocurrency and then send them to anyone or any company anonymously and very easily, many gamblers are now simply using cryptocurrencies as the way they make deposits into gambling sites accounts and as the way in which they get paid out their winnings from such sites too.

Therefore, if someone does have a gambling problem, no matter how hard any government or gaming commission attempts to restrict them from gambling online, there are always going to be ways they can still do so.

Gambling Related Cryptocurrency Coins and Tokens

You are going to find when you tart looking around at many different initial coin offerings and token generation events that there are many new companies seeking finance to help them launch their own unique coins and tokens aimed at gamblers.

If you have been looking for some initial coin offerings to invest in, then it may be beneficial to look for those that are based around some form of gambling related concept, project or business idea, for as mentioned above gambling using cryptocurrencies as the main payment option is something that a lot of people do.

Whether the coin or token is helping fund a gambling related website or app or is simply being launched as a payment option is irrelevant in regards to the due diligence you do need to do when considering if you should invest in any such ICO, so make sure the first thing you do is spend as much time as is needed looking into the background of any company and ICO.

If however you are someone who does feel they have a problem with their gambling activities, then please do make use of one of the many charitable organisation that are going to be able to help and advice you, for there are plenty of such organisations who can and will be able to help you put into place an action place to help you stop gambling.