Dec 15

How Plastic altered the way we see Real Money and Gambling

Blog, Casino Games, Payment Options Comments Off on How Plastic altered the way we see Real Money and Gambling

Plastic Credit Cards VisaMany of us have a different reaction when we hear the term ‘real money casino gambling‘. Some may recoil with thoughts of addiction and losing money. Others will find their interest piqued by the prospect of a popular pastime. But it’s interesting how those perceptions can change when plastic is involved.

The invention of plastic was a phenomenal thing. The first wholly man-made variety was patented by English metallurgist Alexander Parkes in 1856, and won him a Bronze Medal when he unveiled it at the 1862 World’s Fair in London.

Since then, synthetic plastics have become a crucial part of everyday life. Every household appliance, from stove top ovens and coffee pots, to computers and mobile devices, contains plastic. The cars we drive, the bottle of mustard we squeeze onto a sandwich, the wrapper on the pack of cigarettes we know we shouldn’t be smoking – all derived from plastic.

And of course, there’s the plastic in our wallets and pocket books. In today’s day and age, plastic credit cards are essential to anyone old enough to own one.

The first credit cards came out in the 1920’s when major businesses, like hotels and oil companies, established them as a way to let their employees charge purchases at company-owned retailers. Then in 1950, the first bank-issued credit card, by Diner’s Club, was released. Within a year, 20,000 people owned one. American Express followed suit in 1958, and half a century later, most of us wouldn’t know how to live without them.

Another genius invention was the poker chip, also derived, in part, from that precious substance we call plastic. Genuine casino chips are actually compression molded, using mostly clay, combined with other substances to make them more durable. Unless you buy the cheapest variety off the shelf, the only plastic thing on them is the outer coating, which helps protect the printed design in the center.

Real Money Casino Gambling with Chips

Poker Chips alter Real Money Casino GamblingGetting back to my original point, though, plastic credit cards and man-made poker chips have completely altered the way most of us perceive spending and real money casino gambling.

When we go to a department store, we are more reluctant to make a large purchase if it involves parting with actual cash out of our pockets. Swiping a piece of plastic, on the other hand, gives us the false impression that we’re not really parting with that money – at least, not yet. We can always pay the bill at a later date, or even just a portion of it when the monthly statement arrives in the mail.

The same perception takes place in a casino. We use cash to purchase chips, but at that moment, the money is still ours, so we don’t feel guilty about it. Once we get to the blackjack table or roulette wheel, those chips become nothing more than a symbol.

While the chip represents cash value, it doesn’t give us the same feeling of reluctance we may suffer if we had to place a real bank note on the table. We may be more inclined to double down on that 11, or split those 9s, when we don’t feel like we’re using real money.

The casino gambling industry is well aware of that fact, and takes full advantage by requiring all players to use chips – not cash – when placing their bets. The only exception to that rule is made for high-rollers and VIPs who play on private tables, and have no qualms with separating large stacks of bills from their person.

written by Grameister777 \\ tags:

Nov 29

No Prison Time for Ex-PokerStars Employ who ‘Faced the Music’

Blog, Payment Options, Poker, USA Comments Off on No Prison Time for Ex-PokerStars Employ who ‘Faced the Music’

PokerStars Paul Tate US Online Poker TrialFive long years ago, PokerStars and two other major US online poker sites were brought down by the Department of Justice on April 15, 2011; now known as as Black Friday. Despite the antiquated nature of the incident, court trials are still pending against some of those named in the indictment. Paul Tate‘s case has finally been closed, and by ‘facing the music‘, he actually impressed the judge enough to avoid jail time.

Paul Tate was the man responsible for the oversight of all payment processing at PokerStars, prior to its US closure. A citizen of the UK, Tate has been living on the Isle of Man for many years now, where the PokerStars’ operations are headquartered. That fact played a key role in his ability to walk away from the trial without earning bars for walls.

Just Because He Showed Up…

Back in October, Mr. Tate came to the United States to appear in a Manhattan court room, where he pleaded guilty to the charges against him – aiding in the operation of an illegal online gambling business – before US District Judge Lewis Kaplan. His guilty plea carried with it the possibility of up to 5 years in prison.

While Judge Kaplan appreciated the severity of Tate’s crimes, he was more impressed by the defendant’s current actions than he was disenchanted by any former transgressions. You see, residing on the Isle of Man gave Paul an elevated level of protection from US authorities. They would have been unable to force the island’s government to extradite him onto US soil to face trial.

But extradition wasn’t even necessary, had it been an option. Mr. Tate voluntarily turned himself in, choosing to accept his fate, whatever it may be.

Tate Fined for Illegal US Online Poker

And that fate was a good one, compared to the potential penalty he was facing. Judge Kaplan chose to fine the US online poker site’s former head of payments an amount of $119,000. Not even a fine, really, but rather a forfeiture of personal earnings derived from his crimes.

In his final ruling, the US District Judge told Tate: “Given that you couldn’t be extradited for this, you deserve a world of credit for coming to face the music.”

Not only did Tate choose to “face the music”, as Judge Kaplan put it, he never once denied his involvement in the illegal online gambling operation. He admitted his crimes and told the court, “I very much regret the choices I have made.”

The 43 years old payments manager’s words and actions rung with enough sincerity to convince the court he wasn’t a man worthy of spending time behind bars.

10 Down, 1 To Go

Paul Tate was just one of 11 individuals who were named when the DOJ unsealed indictments relating to the illegal operation of 3 US online poker sites, PokerStars, Full Tilt Poker and Absolute Poker. Prosecutors claimed that these operators used shell companies as legitimate fronts to trick American banks into processing billions worth of payments.

Tate joins 9 other indicted individuals who also chose to “face the music”, pleading guilty to aiding in illegal US online poker operations. The 11th, Isai Scheinberg, founder of PokerStars, remains at large.

written by Grameister777 \\ tags: ,

Nov 25

Best Canadian Casino Deposit Options for 2017

Blog, Canada, eCheck, Mastercard, Payment Options, Skrill Comments Off on Best Canadian Casino Deposit Options for 2017

Skrill Prepaid MasterCardI’ve long considered Skrill to be one of the best Canadian casino deposit options on the market. But with the parent company, Paysafe Group (which also owns Neteller) changing the rules for its immensely popular Prepaid MasterCard, that may no longer be the case.

This prepaid card, commonly referred to as the Skrill Card, is a physical, plastic card that all Skrill members could apply for. They’d have the card within days, and could use it to directly access the funds in their Skrill account, using it online or at any land-based retailer that accepts MasterCard. They could even withdrawal the funds at most ATM machines.

This was a Godsend, because, even though most Canadian casino deposit options are instant, withdrawals rarely are. The Prepaid MasterCard gave internet gamblers one of the only instant withdrawal options on the market. As soon as their online casino processed a cashout request to Skrill, the funds would become instantly available through this prepaid card.

It was enough to overlook the relatively high fees charged by Skrill to use its service. These include a $10 annual fee for the Skrill Card, 1.9% fee on all credit/debit card deposits to Skrill, 1.9% fee to send money, plus a $7.98 fee to withdrawal funds to a bank account (eliminated by the use of the Skrill Card).

But alas, Paysafe Group announced just last week that, as of today, November 25, 2016, Prepaid MasterCard services would no longer be available in over 100 countries. Only a few specific countries were named in the announcement, including Australia, Brazil, Columbia and New Zealand. Whether Canada would be effected was unknown at the time.

But now, the truth is out. The Skrill Card FAQ page has been updated with a cute little asterisk mark that notes:

*Skrill card is only available to residents of authorized Single Euro Payments Area (SEPA) countries.”

As the full title implies, SEPA Countries are, obviously, all located in Europe. There are 34 of them in all, consisting of 28 European Union (EU) member states, 3 members of the European Economic Area (EEA), and 3 states that have agreements (but not full membership) with the EU.

Complete List of SEPA Countries in 2016

Austria Hungary Poland
Belgium Iceland Portugal
Bulgaria Ireland Romania
Croatia Italy San Marino
Cyprus Latvia Slovakia
Czech Republic Liechtenstein Slovakia
Denmark Lithuania Slovenia
Estonia Luxembourg Spain
Finalnd Malta Sweden
France Monaco Switzerland
Germany Netherlands United Kingdom
Greece Norway

 

Clearly, the Skrill Card is no longer available to Canadians.

Neteller Net+ Prepaid MasterCard Out Too?

It’s widely assumed that Neteller’s Net+ Prepaid MasterCard will suffer the same fate, sooner or later. The email from Paysafe Group that went out to countless customers recently only indicated that Skrill Prepaid MasterCard would no longer be available in many countries. But being the parent of both companies, and with both cards being issued through MasterCard, why alter one and not the other?

Mystery Behind MasterCard Elimination

The company gave absolutely no indication as to why it pulled Prepaid MasterCard from all but SEPA countries, but I have a theory.

The SEPA was established to create a cheap – most often free – means for European states to make quick payments for customers and merchants alike. SEPA actually eliminates the traditionally high fees associated with bank wire transfers. And, as of November 2017, SEPA payments will all become instant. So essentially, it’s an area where payments are fast and cheap, and could save Paysafe Group a lot of money in the long term.

Now let’s look at MasterCard’s role in Canada. For years, MasterCard deposits were free. Then today, out of nowhere, a Canadian forum member posted that he’d been trying to use a prepaid MasterCard to make a $200 deposit at an online casino, but it kept getting declined.

He called up MasterCard to ask why, and was told the company is now charging a minuscule fee for deposits. In his case, it was only $0.37, but that was $0.37 more than his prepaid card had on it.

I think there’s a connection here. If MasterCard started charing customers more as of today, it would make sense they are charging card issuers like Skrill more, too.

Today, November 25, Skrill Prepaid MasterCard is shut down in Canada, and today, Prepaid MasterCard deposits require a fee? It would certainly seem Paysafe Group new about the upcoming changes to the credit card company’s fee schedules, and revoked use of the card in non-SEPA countries to avoid paying whatever new fees they were surely about to be assessed.

Best Canadian Casino Deposit Options

Since Skrill’s biggest attraction was its instantaneous withdrawals, Canadians who don’t want to pay the relatively higher fees may want to try one of these alternative methods.

Neteller eWallet

Canadian Casino Deposit Options Net+ Prepaid MasterCardAgain, we have to assume the Net+ Prepaid MasterCard will eventually be stripped from Canada as well. But for now, it’s still available, making Neteller a great option, similar to what Skrill was 24 hours ago.

If my theory above is correct, perhaps Paysafe Group is keeping the Net+ Prepaid Card on Neteller to see how the new fees effect their bottom line. If it doesn’t cause too much of a dent, the withdrawal option may stick around after all.

eCheck, ACH, InstantCheck

eChecks have always been one of the top Canadian casino deposit options. They are the electronic equivalent to writing a paper check, but without the elongated wait time. They are instant, just like eWallets, and all it takes to use one is to enter the bank’s routing number and the user’s bank account number (the same info that appears on a paper check).

Canadian Casino Deposit Options eCheck

In many cases, you can use this method for withdrawals. However, it can take a few extra days for the bank to process the funds. In reality, it takes a few days for the online casino to receive the funds, as well, but because eChecks are instantly verified (to make sure the money is available in your bank), the operator will go ahead and give players access to those funds, despite the fact that they haven’t received them yet.

written by Grameister777 \\ tags: ,

Nov 03

Real Money Blackjack OnlineYour good at math. You have a tidy bankroll stowed away. You’ve decided it’s time to turn your stash into more extra cash by playing real money blackjack online. That’s not a bad idea, seeing as blackjack is the most profitable game in any casino – but let’s back it up a moment.

Ask yourself a few questions first. Have you ever played blackjack? Do you truly understand the rules of the game? Are you aware that there are dozens of rule variations you could come across? Have you developed an optimal strategy for the type of blackjack game you intend to play?

If you answered ‘No‘ to any of these questions, you’ll want to keep reading.

Usefulness of Free-To-Play Blackjack Apps

I know you want to play real money blackjack online, where you can actually win cash. But the best way to learn the rules and develop a proper strategy is to practice. Playing free blackjack games just for fun is the best way to accomplish that.

Not just any blackjack app will do, though. You need one that allows you to set the various rules, and provides optimal strategic data for all hands. There are some great blackjack training apps out there that offer these features, compatible with all iOS and Android mobile and tablet devices.

 

Some of my favorite blackjack apps include:

Know The Rules You’re Going To Play

Selecting only the best rules for the lowest house edge isn’t going to get you anywhere. There’s no casino out there that’s going to provide all the best rules on a single table. Instead, you’ll need to see what rule variations are available at the online casino you intend to play at (see next section for more info).

Because these free-to-play blackjack apps allow users to set the rules, you can enter the exact rules in the settings menu before you start practicing. This way, when you do start playing real money blackjack online, you know you’ll be working with the best possible strategy, giving you the lowest house edge and, therefore, the highest possible win rate.

Real Money Blackjack Online

Never assume that all internet blackjack sites are created equal. For every reputable operator out there, there’s a rogue operator hoping you’ll deposit with them instead. Take your time. Do your research. Find an operator with a long-standing reputation for honesty, integrity and quick, reliable payouts. Royal Vegas is a good example, as it meets all of these standards.

Also make sure players from your country are accepted, and that the deposit/withdrawal methods meet your needs. Then, peruse the available blackjack games and see what rules they offer. If the rules are appealing, make sure the pay table is too.

A natural blackjack should always pay 3:2. If the payout is anything less than that, find a better game. Decreasing the payout for a natural blackjack is the easiest and most covert way for casinos to hike up the house edge by as much as 2.27%.

Finally, remember that it’s impossible to turn the tides completely into your favor. If it were that easy, casinos would be out of business. The best you’ll manage playing real money blackjack online is a house of about 0.4%. With the right knowledge and strategy, you’ll only need a bit of luck to overcome that minuscule edge.

written by Grameister777 \\ tags: , ,

Oct 20

UK Case to decide if Fifa Coins are used for Real Money Gambling

Blog, Devices, eSports, Event Gambling, Mac and PC, Payment Options, UK Comments Off on UK Case to decide if Fifa Coins are used for Real Money Gambling

Fifa Coins Used for Real Money GamblingSince the advent of virtual currencies, and more specifically, “virtual commodities”, a very fine line has been drawn between what does and does not constitute real money gambling online. The issue has been highlighted by a UK court trial in which two men have been accused of facilitating illegal gambling, including the advertisement of gambling services to minors.

The two Essex men in question are Craig Douglas (31) and Dylan Rigby (33), a pair of video bloggers who record and upload football game content on YouTube, and at the same time, advertised for the website www.futgalaxy.com; a website where access from UK customers was blocked earlier this year.

Both men were charged with advertising unlawful gambling. Additionally, Douglas was charged with inviting minors to gamble, while Rigby was charged with providing facilities for gambling without a license.

According to the UK Gambling Commission, all counts are direct violations of the Gambling Act of 2005.

Using Virtual Items for Real Money Gambling?

Real Money Gambling OnlineThe offences are related to the use of a virtual commodity known as Fifa Coins, which can be purchased or win in the Fifa computer game, and can be used on www.futgalaxy.com, and some other third-party sites, to place bets on virtual football matches and other eSports. The winnings can then be transferred back into the Fifa game.

After being charged in September, Douglas and Rigby pleaded not guilty on October 14. The hearing will begin on February 6, 2017, where the Birmingham Magistrates’ Court will whether or not Fifa coins constitute a virtual currency.

If that’s the case, computer game companies and websites that deal in these virtual currencies would be required by UK law to apply for a regulatory licence from the Gambling Commission, as their activities would fall under the guidelines of real money gambling.

Gambling Commission’s Mind Made Up

The Gambling Commission published a discussion paper in August in which a warning was emitted to operators of internet-based platforms that supply eSports betting where virtual commodities, obtained in game, are used to facilitate wagers. The Commission advised operators that they may require a gambling license to continue their services.

Trading of in-game items that can be bought, won, traded, sold or used were deemed “digital commodities” by the Commission, especially when those items can be “converted into money or money’s worth”. In cases where those items can be gambled with, the Commission defined them as “a form of virtual currency”.

Christopher Rees-Gay of Pinsent Masons, who specializes in gambling law and licensing, and is a prime legal consultant for Out-Law.com, gave his opinion on the matter.

“The crux of the issue is whether in-game items have a monetary value derived from the current market price and can be converted back into real-world money, and whether the court’s interpretation of the Gambling Act accords with that of the Gambling Commission on the matter of virtual currencies,” said Rees-Gay.

“The Commission in its recent discussion paper stated that ‘where ‘skins’ are traded or are tradable and can therefore act as a de facto virtual currency and facilities for gambling with those items are being offered‘ it considers that a gambling licence is required,” he explained, noting that facilitating gambling without a license “is an offence under section 33 of the Gambling Act 2005…”

Rees-Gay called this an “important case”, as it will clear up an existing “grey area” of the law for operators in terms of what does and does not constitute real money gambling where virtual items and currencies are concerned.

written by Grameister777 \\ tags: , , ,

Sep 15

Mobile and VR Casinos will bring Internet Wagers to near $1 Trillion in 2021

Blog, Casino Games, Devices, Payment Options, Poker, Sportsbook, USA Comments Off on Mobile and VR Casinos will bring Internet Wagers to near $1 Trillion in 2021

Mobile and VR Casino games to spur iGaming GrowthMany of today’s top companies rely on the publications of commercial research analysts to determine the right path for the future of their businesses. Online gambling is one of the largest internet-based industries in the world today, outpacing the projected revenue of years past.

Now, thanks to the existing popularity of mobile casinos and the recent emergence of virtual reality casinos, the global iGaming market is expected to almost double in the next five years.

A new research report from analytical firm Juniper Research predicts that “global online gambling wagers” will come close to “$1 trillion by 2021”. That’s a bold prediction, but one the research company has a great deal of faith in – and for good reason.

VR, Mobile Casino Market To Spur Growth

Juniper based it’s finding on the fact that mobile casino gambling has risen at a wild pace in the last two years. On top of that, with the emergence of virtual reality casinos earlier this year, that particular venue is expected to experience enormous growth over the next five years.

Millennials were raised on technology. They grew up playing PC and console video games, with multi-player online action that greatly supersedes anything the Atari, Nintendo and Sega consoles delivered to members of Generation X. They were essentially bred to appreciate the next big thing, and for the internet gaming industry, virtual reality is it.

Casino-VR - the Virtual Reality Casino of the FutureJuniper’s latest findings are based on evidence that “gambling activities were increasingly migrating to the online environment, with the majority of net growth attributable to users of mobile channels.” Thus, as more and more gamers take to their smartphones and tablets, the mobile casino industry will see a great deal more wagers coming their way.

Furthermore, the research firm suggested that “new technologies such as VR would provide a further stimulus to the online casino sector, which is expected to account for just under half of wagers by value in 2021.”

Juniper estimated that the global online gambling market, which saw total wagers of “just over $550 billion this year”, will skyrocket “to nearly $950 billion by 2021.” Comparatively speaking, that would put the online and mobile casino market on a level plateau with the “ total spend on all digital goods and services”, which has been “forecast to exceed $1 trillion for the first time in 2021.”

User Engagement Important for Growth

The study’s author, Lauren Foye, explained why the researcher believes mobile and VR casino platforms will make up such a valuable percentage of the overall market – nearly half – five years from now, and how operators can tweak their products to keep more players coming back.

“User engagement goes a long way towards drawing in return business,” said Foye. “Providing features such as news and media on favourite teams, as well as personalised offerings based on past betting activity, enables greater engagement and is likely to reduce churn.”

Key Hindrances For iGaming Growth

While the outlook is incredibly positive for online gambling operators to take full advantage of VR and mobile casino technologies, Juniper Research suggested that a few hindrances will hold the market back from exceeding that projected growth.

Overall, there’s been a strong movement towards iGaming regulation around the world, but “a number of countries (such as the Philippines) have hardened their stance in recent months and have moved towards outright prohibition.”

It’s also worth noting that online gambling regulation has been much slower in the US than previously anticipated. Three years ago, it was thought that at least 10 US states would offer some form of online gambling by 2019, but here we are in 2017 already, and only three states have moved to regulate online casino and/or poker games.

The analysts also predicted that Bitcoin won’t make a huge impact on the industry. “Whilst a number of leading sportsbook providers, including William Hill and 888 now offer Bitcoin,” read the report, “Juniper believes that the cryptocurrency is unlikely to see mass-adoption, even in the gambling space.”

Lastly, while virtual reality casinos are the expected wave of the future, Juniper said, “The new format of VR will attract a niche clientele initially,” but that those same players “will wager significant amounts on real world ‘casino-style’ VR gambling products.”

written by Grameister777 \\ tags: , ,

Aug 25

US DHS requests Bitcoin Forensic Tools from Nuclear Research Lab

Blog, Payment Options, USA Comments Off on US DHS requests Bitcoin Forensic Tools from Nuclear Research Lab

After 10 years, its blatantly apparent that Bitcoin’s digital currency has successfully wormed its way onto the accepted list of virtual payment methods. While millions of people have come to appreciate the anonymity of Bitcoin, the US government wants to ensure the service is only used for good.

According to a newsletter published by Sandia National Laboratories on August 18, entitled ‘Beating Bitcoin Bad Guys‘, Sandia has been commissioned by the US Department of Homeland Security (DHS) to develop forensic tools to help investigate criminal activity revolving around the crypto-currency.

Researchers have already formulated a list of requirements for the analytics tool, and what it must be capable of doing in terms of surmounting the various challenges Bitcoin has presented to law enforcement agencies.

Researchers developing Forensic Tools for Bitcoin Digital Currency

Andrew Cox leads Sandia research team in developing Bitcoin digital currency forensic tools (photo Dino Vournas)

The project is headed by the lab’s R&D Systems Analyst, Andrew Cox, who confirmed the need for new, innovative tools to help federal authorities tackle the increasingly difficult task of investigating crytpo-currency crimes. These include such duplicitous incidents as cyber theft, convoluted money laundering schemes and the black market trade of illegal goods.

“Our job was to understand how Bitcoin works,” said Cox. “Bitcoin is a new semi-anonymous currency that holds the potential to change the way all sorts of transactions work in a way that might really benefit the economy.”

He went on to explain some of the “potential benefits” of Bitcoin’s digital currency in a responsible economy, including “making monetary transactions much more efficient, and thereby driving down the costs of doing business, making transaction histories more transparent, which could help both financial markets and financial regulation, and — depending on who you ask — reducing the risks associated with inflation and reliance on centralized monetary institutions.”

Unfortunately, all of those perquisites have been overshadowed by the ‘dark side’ of anonymous digital currencies. “It has been clear that criminals have been pioneers in using Bitcoin,” explained Cox. “They use it for drugs, for guns, child pornography, and all sorts of terrible stuff.”

For the moment, Sandia’s research into the development of Bitcoin forensic tools is being fabricated for use by the DHS Science and Technology directorate, which has requested researchers create a front end GUI that agents can use to test the various algorithms in actual investigative scenarios.

“This will allow us to adjust what we’re doing to make sure we’re being of maximal use to them,” said Cox.

The lab confirmed that, once testing is completed and approved, the technology could be administered to other federal law enforcement agencies.

The biggest challenge faced by researchers has been “trying to truly understand all of the various patterns associated with Bitcoin transactions,” explained the systems analyst. He said they’ve incorporated the use of “past investigations as examples of patterns”, which they’ve been able to use to identify accurate configurations.

He added that there is no singular algorithm that will effectively solve crypto-currency crimes. Identifying suspects will take myriad tools and data cross-referencing, as well as “good old-fashioned police work.”

The ultimate benefit, said Cox, will be the adoption of the digital currency by more legitimate businesses once federal agencies are able to “effectively combat illicit Bitcoin commerce and reduce its perception as a tool of criminals”.

written by Grameister777 \\ tags: ,

Aug 08

UKGC approves Bitcoin, Digital Currencies for Internet Gambling

Blog, Payment Options, UK Comments Off on UKGC approves Bitcoin, Digital Currencies for Internet Gambling

Bitcoin Digital CurrencyIt’s official – UK licensed internet gambling sites will soon present their members with a new classification of payment methods. The UK Gambling Commission has declared that digital currencies like Bitcoin will soon be eligible for use to fund iGaming accounts.

Last week, the UKGC revealed a slight alteration to its  Licence Conditions and Codes of Practice (LCCP). The digital currency amendment appears under the LCCP’s ‘Licence Condition 5.1.1, Cash and cash equivalents‘, which now reads:

Licensees, as part of their internal controls and financial accounting systems, must implement appropriate policies and procedures concerning the usage of cash and cash equivalents (eg bankers drafts, cheques and debit cards and digital currencies) by customers, designed to minimise the risk of crimes such as money laundering, to avoid the giving of illicit credit to customers and to provide assurance that gambling activities are being conducted in a manner which promotes the licensing objectives.”

Note that the newly revised LCCP will go into effect on October 31, 2016. Digital currencies will not be available for licensed internet gambling sites until then.

Surprising Turn of Events

The regulation of digital currencies like Bitcoin came as a bit of a surprise. There was only one mention of the fact that the UKGC was even contemplating eligibility for the virtual payment method.

In an annual report released in early July, the Gambling Commission skimmed over the subject ever so slightly when mentioning potential topics of increased interest.

The only line in the report that referred to the possibility read:

“A further area for continuing future focus will be on emerging products and digital currencies…”

That paragraph went on (notably lacking any further mention of digital currencies) to read:

“…The growing market in esports and computer gaming has scope to present issues for regulation and player protection – issues which are being examined by gambling regulators in other international markets. These issues range from the emergence of real money esports betting markets, to trading in-game items which blur the lines between gambling and social gaming. Our focus will be to understand developments, including engaging with key stakeholders, and we will work wherever we can to ensure the risks associated with these, particularly to children and young people, are minimised.”

What It Means for Internet Gambling Ops

The quiet introduction of Bitcoin and other virtual currencies will allow UK’s licensed internet gambling operators to implement a wide range of digital payment methods. The new regulatory guidelines do not stipulate which currencies are and are not eligible, giving operators a wide berth in terms of selection. Due to popularity and longevity of service, there’s little question that Bitcoin will get the most attention out of the gate.

However, it will be up to each operator to implement digital currencies responsibly, with the UKGC maintaining ultimate oversight via the LCCP’s extensive “best practices” documentation. The framework therein mandates that operators strictly comply with preventative measures to thwart any payment method from being used for money-laundering.

Because Bitcoin and other virtual currencies come with a heightened level of anonymity for users – that was, in fact, one of the driving goals in creating them – the UKGC will certainly take additional steps to further enforce the region’s Know Your Customer (KYC) policies for internet gambling operators.

written by Grameister777 \\ tags: , ,

Jul 25

US Casinos playing it smart with $1,199 Slots Jackpots

Blog, Casino Games, Payment Options, USA Comments Off on US Casinos playing it smart with $1,199 Slots Jackpots

If you’ve ever played the slots at US casinos, chances are you’ve come across a few machines that offer slots jackpots of $1,199. Seems an odd figure, right? But in reality, there’s a very tactical reason behind it.

US Casinos Taxes on Slots JackotsIt’s not because $1,199 looks so much more attractive. Sure, we’ve all become accustom to seeing price tags that end in the ever-popular “99”, such as a new car priced at $9,999. The reason is obvious – to the human eye, $9,999  simply looks more appealing than $10,000, plus the salesman can spout, “get a new car today for under 10 grand!”

Of course, when you add in tax, title and tags, the real price will be well over $10k, but they don’t have to advertise that part.

Conversely, it would make sense that a $1,200 slots jackpot would look more appealing than $1,199, but US casinos new exactly what they were doing when they chose the slightly lower payout mark. It has everything to do with paper work and the Internal Revenue Service (IRS).

According to the IRS, any time a gambler wins $1,200 or more, the casino is required to provide the player with a W-2G tax form before the cashier can hand over the winnings. The player must fill it out, and it must be promptly submitted to the IRS.

Don’t get me wrong, there’s no substantial monetary benefit to the player or casino for avoiding a W-2G. Players of US casinos are still required by law to report winnings earned from gambling, and pay the appropriate taxes on those winnings.

The casinos must also hand over a percentage of all slot machine revenue to their respective state government, regardless of whether it came from a big jackpot or a simple $1 winning combination. Thus paying $1,199 slots jackpots isn’t going to save them any cash in the long run.

The only benefit for US casinos is that they avoid filling out the additional paperwork, or frightening their patrons who are lucky enough to strike such a munificent win with IRS forms. After all, no one likes filling out forms, especially when they’re destined to arrive on the desk of an IRS agent.

I’ll Take $1,199, Keep the Change!

Now it may have crossed your mind, at this point, to request that a casino pay you less than the amount you actually won, if that amount happens to be slightly more than $1,199. Maybe a fortuitous spin of the reels pays out exactly $1,200, or a few dollars more.

Mark Pilarski, a syndicated gambling columnist who spent part of his career working the cashier cage of a casino, said that the accounting system in a gambling establishment is based on precision, right down to the penny. He further explained that colluding with players to avoid filing tax forms could cost a casino its license.

Essentially, he said don’t even bother asking, because you won’t get it.

Tax Avoidance Okay, Tax Evasion Not

Pilarski also pointed out the remarkable difference between ‘tax avoidance‘ and ‘tax evasion – the latter being thoroughly illegal.

“Tax avoidance is the legal use of tax laws to reduce one’s tax burden,” said Pilarski. “In the eyes of the IRS, failure to report a $1,199 jackpot is escaping payment by illegal means, or better stated, tax evasion.”

So, while US casinos may avoid filing forms with the IRS by paying $1,199 slots jackpots, the players who win them are the ones assuming all the risk should they neglect to report those winnings on their annual tax filings.

written by Grameister777 \\ tags: ,

Apr 11

Skrill Casinos in Canada: Review

Payment Options, Skrill Comments Off on Skrill Casinos in Canada: Review

PayPal was the best of the best for many years, but in its quest to become that, it annoyed a lot of customers. There were many issues with fraud, wrongfully suspended accounts, lost money, unlawful chargebacks and a lot more that angered PayPal users everywhere and forced them to turn their backs on the service. Once upon a time PayPal was not only the best online payment provider, but it was also the only one that was widely accepted. Times have changed though and in the last few years several other payment services have built up a strong following, with hundreds of millions of members joining many different services, many of which did so after saying no to PayPal.

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As one of the biggest payment services on the market, Skrill was happy to accommodate these members. It may not have the history that PayPal has, and it may not have the dominance, but this is a very popular service in its own right, and it is one that is growing bigger and better everyday.

What is Skrill?

Formerly known as Moneybookers, Skrill is an online payment service, often said to be the second biggest service in the Western world, with PayPal leading the way. It has changed hands a number of times over the years, the most recent one of which was in 2013, when it was purchased by CVC Capital partners for over $800 million.

Although it is based in the United Kingdom, where the majority of its members were once based, Skrill is available all over the world and these days it is estimated that there are over 30 million users of this service globally.

Many people prefer Skrill to PayPal, but it offers much of the same features as PayPal and can be used in similar ways. Skrill has received a bad name over the years in regards to illegal activity, as many money launderers and fraudsters have used it, taking advantage of its ease-of-use and its security. This is nothing to do with the service itself though and no users are at risk, and if anything it speaks of the popularity and usability of the service.

Skrill can process payments in 41 different currencies, including Canadian dollars, and sign-up to the service is free, quick and easy. As well as processing payments through many different cards, Skrill also have their own pre-paid card that can be loaded with funds and used offline and online. Skrill accounts can be used in much the same way, with users topping them up with the payment method of their choice, before sending that money to online stores, other users or, in this case, to gambling websites. So, with that in mind, which are the best online gambling sites out there that accept Skrill for deposits and withdrawals?

Best Skrill Casinos

There are two here that are worth a mention. The first is Platinum Play, which accepts Skrill, PayPal, Neteller and a host of other payment providers. You can also use credit cards, debit cards, bank transfers and more. The beauty of Platinum Play is that if you use Skrill to deposit then you will pickup an extra 10% worth of credits. When you factor in the huge first-time deposit bonus that Platinum Play have, it means that as well as an extra 10% cash to play with however you choose, you will also get 1500 worth of free bets to use on their hundreds of sot machines, table games and more.

The free bet idea is a little different to what we’re used to, but preferable in many ways. It will allow you to play on all the slot machine games they have, testing every single one of them, and you keep every cent that you win. There is no “free cash” here, so there is no stipulation that you need to risk your bonus several times over before you can withdraw. On Platinum Play you use your free bets and you can withdraw whatever you win — and considering the amount of free bets on offer, you will win something.

This bonus hasn’t always been on Platinum Play. In fact, as we write it was only fairly recently introduced, so we recommend that you get in while you can, because this might disappear and be replaced by a more standard bonus anytime soon.

If you prefer the standard method, then head for Euro Palace, which is owned by the same people that own Platinum Play. At Euro Palace Canadian players can pocket a 100% matched deposit bonus of up to $150 on their first deposit, with a 50% deposit bonus up to $350 on their second deposit. As with Platinum Play, they can also pickup an extra 10% if they use Skrill (or one of five other payment providers) and this applies every time they make a deposit. What’s more, Euro Palace will also give you 250 free bets to use how you please, and as on their sister site, you can pocket whatever money you win. The only difference is that, because of the free money given out during your first and second deposits, there will be a withdrawal cap to begin with, which means you will need to play a bit before you can withdraw any winnings.

Considering what’s available though, we still think this is an offer you can’t afford to turn down, and one that we’re definitely glad that we did not turn down. When it comes to Skrill casinos, you can’t do much better than these two, as they will actually reward you for using the second biggest payment provider in the world.

written by Grameister777