Bitcoin Gambling - Crypto Guides Help Section

Is Crypto Gambling Legal In Australia?

Fri, 14 Apr 2023 17:41:46 GMT

Cryptocurrency gambling is not specifically regulated under Australian law, but it is generally treated in the same way as traditional online gambling. Online gambling is legal in Australia, but it is regulated by the federal government and each state and territory has its own set of regulations that apply to online gambling. The Interactive Gambling Act of 2001 (IGA) is the federal law that regulates online gambling with Australian dollars, Bitcoin, Tether or any other currency in Australia.

Under the IGA, it is illegal for Australian-based companies to offer online gambling services, with dollars or crypto, to Australian residents, but it is not illegal for Australian residents to gamble online with offshore companies. This means that if an offshore online gambling platform accepts cryptocurrency as a payment method, Australian residents are technically allowed to use their BTC, ETH or stablecoins to gamble on that platform.

Is Sports Betting With crypto Legal In Australia?

Yes, sports betting is legal and regulated in Australia. It is a popular form of gambling, and there are a number of licensed online and land-based bookmakers such as SportsBet and Ladbrokes that offer sports betting services to Australian residents. However, none of these Australian based sportsbooks currently accept Bitcoin, Ethereum or stablecoin like Tether.

Another issue with traditional bookies in Australia is that in-play betting is generally prohibited under Australian law so you can't wager on a football or rugby game while it's being played. Half the fun of gambling on a sporting event is laying a bet during a game so this is a huge drawback for legacy online sportsbooks down under.

However, there are some exceptions to this rule. In some states and territories, live betting is permitted over the telephone or in person at licensed bookmakers but these days most people do their sports betting from their iPhone or Android device.

WHAT IS THE BEST CRYPTOCURRENCY SPORTSBOOK FOR AUSTRALIANS?
If you live in Sydney, Melbourne or any other part of Australia, our recommendation is that you gamble at the CloudBet Australia-Friendly Bookmaker. They welcome cryptocurrency gamblers from Sydney, Darwin, Melbourne etc, they've been in operation since 2013, they're regulated and they accept most cryptocurrencies and stablecoins, including Ethereum, Bitcoin, Litecoin, Tether (USDT) and USD Coin (USDC). They also offering in-play sports betting on major Australian sports such as Rugby League (NRL), Australian Football (AFL) and cricket.

Can I Play Real-Money Poker With Crypto In Australia?

Online poker is technically illegal in Australia regardless of whether you are playing poker with Australian dollars or Tether. Australian-based companies are prohibited from offering online poker services to Australian residents, and also prohibits offshore companies like PokerStars or Full Tilt from offering online poker games to Australian residents.

The good news is, despite the legal status of online poker, many offshore cryptocurrency poker platforms still accept Australian gamblers. The Australian government has not taken significant action to enforce the ban on bitcoin poker, and many Australian players continue to play online poker without being prosecuted.

WHAT IS THE BEST CRYPTO POKER ROOM FOR AUSTRALIANS?
That's easy. We recommend the online poker room Ignition Poker Australia because they welcome real money online poker players from Melbourne, Sydney and all parts of Australia. They are part of the same poker network as Bodog and Bovada so you get to play against players from the United States and other parts of the world. You can play from your laptop or mobile and compete big money tournaments. Ignition Poker allows you to deposit and withdraw using stablecoins like Tether or major cryptocurrencies like Bitcoin.

Are Cryptocurrency Casinos Legal In Australia?

The short answer is online casinos in general are illegal in Australia and it doesn't matter if you are gambling with Aussie dollars or bitcoin. It is prohibited for Australian-based or offshore companies to offer real-money casino games to Australian residents. The only casino game that is legal in Australia is their national lottery.

The good news is there are a couple of regulated and safe online casinos that accept casino gamblers from any part of Australia. If you would like to play blackjack, roulette or slots down under, you should check out either Ignition Casino Australia. They both accept a wide selection of stablecoins and cryptocurrencies.

Best Bitcoin Lightning Network Wallets For Online Gambling

Thu, 06 Apr 2023 17:35:06 GMT

The Lightning Network is a second-layer scaling solution built on top of the Bitcoin blockchain that enables faster and cheaper transactions. Depositing and withdrawing from gambling sites using regular bitcoin transactions is great but when the network is busy, you often need to wait a few hours for a deposit to clear to your favourite poker room or sportsbook and the transaction might cost you a few dollars.

If you use a Lightning Network wallet you can get your money in and out of Lightning Network bookies or casinos in seconds and these transactions are virtually free. The technology is still in its infancy so all the User Interface issues haven't been fixed yet but it has become very easy to use over the past couple of years.

Here are not dozens of Lightning Network wallets that you can use for your sports betting and gambling needs but here are a few favourites that we recommend to our readers.

WALLET OF SATOSHI
Wallet of Satoshi is a mobile Bitcoin Lightning Network wallet designed for ease of use and accessibility. The wallet allows users to send and receive Bitcoin payments quickly and with minimal fees on both iOS and Android devices. It also includes features such as a customizable payment page, QR code scanner, and support for multiple wallets. For gamblers new to the the Lightning Network, Wallet of Satoshi is a great first option because it is so easy to use.
BLUE WALLET
BlueWallet is another popular Lightning Network wallet that is available on both iOS and Android devices. It is a non-custodial wallet, meaning that you have complete control over your funds. It supports both Bitcoin and Lightning Network transactions, and is known for its ease of use and security.
MUUN WALLET
Muun Wallet was created in 2018 by a team of developers based in Argentina and Spain, with the aim of making Bitcoin more accessible and user-friendly. Sports bettors and poker players will love this wallet as it supports both on-chain and Lightning Network transactions, allowing users to choose which method they prefer depending on their needs. This is a great first wallet for online gamblers because the UX is really simple and it feels like you are just using a regular bitcoin wallet.
PHOENIX WALLET
Phoenix Wallet is a Lightning Network wallet that is available to gambling fans who use Android devices. It is an open-source wallet that is easy to use and supports both Bitcoin and Lightning Network transactions. It offers a range of features, including the ability to create and manage channels, send and receive payments, and view transaction history.
BREEZ WALLET
Breez Wallet is a Lightning Network wallet that is available on both iOS and Android devices. It is a non-custodial wallet that is easy to use and supports both Bitcoin and Lightning Network transactions. It offers a range of features, including the ability to create and manage channels, send and receive payments, and view transaction history.

Lightning Network wallet will revolutionise online payments over the coming year and every sportsbook, poker site and casino will adopt Lightning Payments. Some exchange like Kraken and Bitfinex also support making deposits and withdrawals via the Lightning Network so you can buy and sell bitcoin in seconds.

What To Look For In A Safe & Reliable Cryptocurrency Exchange

Mon, 03 Apr 2023 17:37:06 GMT

Unfortunately, many of our readers lost more money by keeping their bitcoin and crypto on FTX last year than they did by betting on the Super Bowl or at the blackjack tables. Once reputable long-term saving companies like BlockFi and Celsius also went bankrupt, which left a lot of cryptocurrency fans out of pocket. In our opinion, you should never keep a large amount of money on a bitcoin exchange and you should instead always hold it in your own hardware wallet where you control the private keys.

However, we know that sometimes you need to hold stablecoins like Tether or Bitcoin on exchanges for a brief period of time when you need to buy or sell, so here are a few tips for poker players and sports bettors on what to look for when choosing a safe crypto-exchange.

Research the exchange: Before you start buying stablecoins or bitcoin for the purposes of online gambling, do your due diligence and research the platform thoroughly. Look for information about the exchange's background, security measures, regulatory compliance, and user reviews. If you read that the exchange has had multiple hacks and not returned funds to users, then walk away as fast as you can.
Check for licensing and regulation: Check if the exchange is licensed and regulated by a reputable regulatory body, such as the Financial Conduct Authority (FCA) in the UK, the Securities and Exchange Commission (SEC) in the US, or the Australian Securities and Investments Commission (ASIC). Many exchanges like Binance operate offshore so they are not as tightly regulated as exchanges like Kraken or Coinbase.
Is The Exchange Anti-Gambling: Some exchanges closely monitor your transactions and watch where the crypto is going and coming from. If you send money you won on a sportsbook or poker room directly to the exchange, they might close your account. Exchanges like Coinbase that are heavily regulated are usually more strict about stopping their users engage in online gambling that offshore exchanges like Binance.
Two-factor authentication: A reputable exchange should offer two-factor authentication to protect your account from phishing attacks or hacks. This can include text message verification or the use of authenticator apps like Google Authenticator or Authy. This prevents your account getting easily hacked and your bitcoin or Tether being stolen.
Cold storage: Look for an exchange that uses cold storage to protect their customers' funds. Cold storage means that the exchange stores the majority of its funds offline, away from potential hackers. Bitfinex famously has billions stolen via a hack because they had to hold most of their funds in hot wallets due to stupid regulations.
Reputation: Check the reputation of the exchange on forums, social media, and review sites. Look for complaints, security issues, and any other red flags.
Fees: Look for an exchange with transparent and reasonable fees. Some exchanges charge high fees, so be sure to read the fee schedule carefully. If you win a $1,000 in Tether sports betting, you don't want a greedy exchange to take 10% of that just to convert the money to dollars or euro.
Liquidity: An exchange with high liquidity is preferable because it will be easier to buy and sell cryptocurrency quickly and at a fair price. A big problem that smaller exchanges have is that it only takes one big seller to move the price so the price you get for your Ethereum or Bitcoin might be less that what you would receive at a major exchange like Kraken, Coinbase or Binance.
Customer support: Look for an exchange with excellent customer support. You want to be able to contact the exchange easily and receive a timely response to any issues or questions. However, even reputable exchanges like Coinbase have a reputation for having terrible customer support but it's always a plus when someone replies to your problems in a timely manner.
User interface: Choose an exchange with a user-friendly interface that is easy to navigate. A complex or confusing interface can lead to mistakes and lost funds. Many poker players and sports punters are not cryptocurrency traders so they are not that familiar with how the software works. It's always better to buy and sell your bitcoin and tether at an exchange that offers an easy UX for novices.

How To Choose A Crypto Casino That Is Safe

Tue, 14 Mar 2023 18:40:31 GMT

The world of cryptocurrency gambling is the wild west of casino gambling. If you are using an online casino that only accepts PayPal and Visa Mastercard, you can always request a chargeback if they behave unethically. The downside of using Bitcoin or Tether is that there is no customer support you can ring to reverse a transaction if it turns out that a particular crypto-casino or poker room are thieves. Therefore it's important to do a little bit of homework before you deposit your money.

When choosing an online casino, safety and security should be your top priority. Here are a few factors you should consider when picking a safe online casino that accepts cryptocurrencies or stablecoins:

Licensing and regulation: Make sure the cryptocurrency casino is licensed and regulated by a reputable gambling authority, such as the UK Gambling Commission or the Malta Gaming Authority. These regulatory bodies ensure that the bitcoin or stablecoin casino operates in a manner that is fair, open and transparent and that player funds are protected at all times.
Reputation and history: Look for an online casino with a good reputation and a long history of operation. Check customer reviews and ratings on independent review sites to get an idea of the casino's reputation before you even think about making a deposit. Don't be fooled by fancy graphics and a slick website.
Security measures: Ensure that the online casino uses modern encryption technology to protect sensitive data, such as personal and financial information. Look for casinos that use SSL encryption and other security measures to keep your information safe.
Game selection and software providers: Consider the selection of games available at the online casino and the software providers that supply them. Reputable gambling software providers, such as Microgaming and NetEnt, have a good track record of producing fair and reliable games. These major casino software developers will not partner with crypto casinos who have a bad reputation.
Payment options: Look for an online casino that offers secure and reliable payment options. Make sure the casino supports your preferred payment method, such as bitcoin, stablecoins, credit cards, e-wallets, or bank transfers.
Customer support: Check the quality of customer support offered by the online casino. Look for casinos that offer 24/7 support through multiple channels, such as email, live chat, and phone. It's always a good idea to contact their customer support and ask an easy question. If they don't respond within 24 hours, it's probably a bad sign.
Responsible gambling policies: Check if the online casino has responsible gambling policies in place, such as self-exclusion and deposit limits. These policies show that the casino takes responsible gambling seriously and cares about the well-being of its players.

By taking these factors into consideration, you can select a safe bitcoin casino that provides a fair and enjoyable gaming experience. It's important to do a little research and choose a reputable casino to ensure that your funds and personal information are protected.

How To Buy Cryptocurrencies For Online Gambling In 5 Easy Steps

Mon, 13 Mar 2023 23:35:52 GMT

Many people have made the mistake of ignoring cryptocurrencies like Bitcoin and Tether over the past few years because they think this type of technology is too difficult to understand. They feel that if you are over the age of 30, you are too old to get to grips with blockchain technology. The irony is that most of these people had to set up dial-up modems in the early days of the internet and use computers that were far less user-friendly than they are today. Bitcoin wallets these days have become very easy to use and it could be argued that they are easier to use now than Venmo or PayPal.

Buying cryptocurrencies to gamble at a sportsbook or poker room can also be a straightforward process, but it does require some preparation and caution. Here are the general steps to follow to buy cryptocurrencies:

Choose a cryptocurrency exchange: The first step is to choose a cryptocurrency exchange that supports the cryptocurrency you want to buy. Some popular exchanges include Coinbase, Binance, Kraken, and Gemini. It's important to research different exchanges and choose one that is reputable and trustworthy. You should also check if that exchange operates in your country or jurisdiction. If you live in the United States, Australia, Europe or the UK then you would be able to use any of the major exchanges listed above.
Create an account: Once you have chosen an exchange, you will need to create an account. This typically involves providing personal information such as your name, address, and email address. You may also need to provide identification documents for, such as a passport or driver's license, to verify your identity. This is for KYC (Know Your Customer) and AML (Anti-Money Laundering) purposes.
Fund your account: After your account is created, you will need to fund it with fiat currency, such as US dollars or Euros. This can typically be done through a bank transfer, credit card, or debit card. Some exchanges may also support other payment methods, such as PayPal or cryptocurrency deposits. You should check if your bank supports deposits to cryptocurrency exchanges because some banks like HSBC have a history of closing customer account that are linked to cryptocurrencies.
Place an order: Once your account is funded, you can place an order to buy the cryptocurrency you want. You will need to specify the amount of cryptocurrency you want to buy and the price you are willing to pay. If your order matches with a seller's order, the trade will be executed, and the cryptocurrency will be credited to your exchange account.
Withdraw cryptocurrency to your wallet: After you have bought the cryptocurrency, it's recommended to transfer the cryptocurrency to a personal wallet that you control. This provides additional security and reduces the risk of losing your cryptocurrency if the exchange is hacked or goes out of business. Some of the bitcoin wallets that we recommend include Blue Wallet, Blockstream Green and Muun Wallet.

It's important to note that the process of buying cryptocurrencies can vary depending on the exchange and the cryptocurrency you want to buy. Additionally, it's important to research the risks involved with buying cryptocurrencies, such as price volatility and the potential for scams. It's recommended to DCA (Dollar Cost Average), which means starting with a small investment and gradually increasing the amount as you become more comfortable with the process.

SwC Overhaul Poker Software

Thu, 28 Mar 2019 18:06:48 GMT

Seals With Clubs or SwC as it's known now has rolled out their new poker software upgrade, and it comes with some great new additions. This includes the ability for mac and mobile players to use the software via new downloadable clients and new customization options. There is also a mobile poker app available for Android and iOS.

They’ve also updated the minimum bets to be more inline with the higher price tag of Bitcoin to make it easier for new players to get started. Mostly because when the site began Bitcoin only had a price tag of around $10, and this issue was never rectified, causing the chips price tag to balloon in price. However, the most interested addition is likely their new Jackpot feature.

SWC’s Bad Bet Jackpot has started off with 100,000 chips, and it will grow with every raked hand played at certain jackpot tables. They’ve set the criteria for winning these jackpots quite low, and the loser of the hand can claim 35% of the prize pool. It’s not a bad addition, but there’s one troubling problem.

The software has been released in a “play at your own risk” mode due to potential bugs in the programming. While SWC has offered bounties to help weed out these security risks, it begs the question of whether or not it’s worth it to play on a platform with a known security flaw.

Anyone who has held Bitcoin for more than about five minutes should be immediately suspicious of any platform with advertised security issues. SWC management has stated that they will make good on losses sustained through software bugs, but that’s still a pretty big risk to take.

Would someone who finds a major security flaw in a gambling platform report it to SWC for the bounty or choose to exploit it themselves to steal Bitcoin from players? If you’re playing with just a few dollars then this might not be a big deal, but if you’re gambling with a large bankroll then this is certainly something to be concerned about. Especially when there are other platforms available that are safer.

While in the past SWC was a rarity for accepting Bitcoin, now there are tons of other poker platforms doing the same. SWC also has less opportunities available than many newer sites. They don’t offer any other gambling options like casino games or sports books, and there are no promotions to speak of. So, while their update might be nice, it’s likely too little too late for this legacy Bitcoin poker platform.

CloudBet User Almost Loses 330 BTC Due To VPN Use

Mon, 18 Mar 2019 17:32:47 GMT

CloudBet Freezes Customer Account

A crypto gambler learned the hard way why you shouldn’t use a VPN to gamble online recently after getting tangled up in a high-stakes game of deception with Cloudbet. After winning a substantial amount of Bitcoin gambling on the Cloudbet platform, Bitcointalk user Swofty, attempted to withdraw his winnings, only to find that Cloudbet required his ID before they would greenlight the withdrawal. There was just one problem, Swofty was a United States resident hiding behind a VPN.

Cloudbet expressly forbids users residing in the United States from participating in their casino and blocks them from accessing the games, but Swofty used a VPN to get around the country block.

Previously, Swofty has been using Cloudbet to gamble with crypto, but last year the site blocked all US and UK players in order to protect themselves from tightening regulations. However, some of their users, like Swofty, did not want to stop playing, and a VPN seemed like an easy enough solution to the problem.

This might seem like a great idea at first, but if you check the terms of service for nearly any online casino, you’ll see that most of them reserve the right to ask for identification before processing large withdrawals. While many people think that this only applies to casinos that process fiat deposits, this is not the case, and even cryptocurrency casinos can ask you for your ID before paying out.

They also reserve the right to void any of your winnings if you are caught violating this rule! When the user in question realized that this would mean 330 Bitcoin down the drain, he panicked, and then tried to use someone’s ID in the Philippines to verify the withdrawal.

Swofty employed the help of a close online friend in the Philippines, asking him to provide his own documentation to Cloudbet, claiming the account belonged to him. This turned out to be a mistake, as Cloudbet quickly caught on to the deception and froze the account in question. Swofty eventually did provide his real ID and Cloudbet actually credited him the amount owed.

Though it should be noted that they did not have to do this, and it was likely pushed through due to the high-profile nature of this particular case, which at this point had gained a lot of traction in the cryptocurrency community.

The moral of the story is that even cryptocurrency based gambling sites can ask you for identification. This is particularly true for sites which are regulated, because they have to answer to that country’s government or they lose their licences in that country.

There’s plenty of great cryptocurrency betting sites out there, and there’s no reason to use one which does not welcome your country. It’s simply not worth the risk, and you’d be better off choosing one that won’t get you into trouble if you suddenly become a Bitcoin millionaire overnight.

Cryptocurrencies Now Dominate Online Poker

Wed, 14 Nov 2018 19:37:51 GMT

While cryptocurrency investors are seeing a saddening slump that is leaving many depressed about the current state of the crypto market, it seems that the crypto poker crowd has not gotten the memo. Despite lackluster prices, this industry is using cryptocurrency for what it was really meant for, transfer of value. Some of these poker platforms like the Winning Poker Network have reported that as much as 60% of their deposits now come from cryptocurrency, and that number is growing. In fact, the gambling industry might be one of the only niches still focused on using cryptocurrency for its intended purpose.

While investors panic sell their portfolios to the lowest bidder, trying in vain to recoup losses from their previous highs, poker players are buying up those cheap coins at a growing rate. They are of course looking to make quick gains from cryptocurrencies as well but in a different way; hoping that a stellar hand will net them a big pay day instead of riding the latest ICO until its momentum peters out. Casino operators have gleefully reported that the slump has not caused a reduction in betting using these alternative currencies. In fact, the average size of the bets seems to actually be increasing. There’s a pretty simple reason for these findings. Online poker is simply one of the most spot on use cases for cryptocurrency ever, and everyone involved is excited about it.

Online gambling exists in a sort of legal grey area that can make the whole ordeal frustrating for both players and casino operators. Despite the fact that these practices are in fact legal in many countries, payment processors are terrified of potential legal disasters from these institutions. In many cases operators of these establishments could have their accounts suddenly blocked or their funds frozen, even if everything they are doing is above board. Banks don’t even need a legitimate reason to ruin an operator’s day either. “Suspicious” activity is enough to bring the entire business to a screeching and expensive halt. Every country has different rules and regulations concerning betting on table games like poker and having to manage multiple world currencies is both expensive and laborious in many cases. The long list of requirements for verifying accounts in order to use the many different fiat currencies of the world is also exhausting.

However, with cryptocurrency, it seems that this industry may have found a better way. Not only is is cheaper and easier to manage these platforms by accepting deposits in cryptocurrency, but they are also global currencies. Anyone in the world can deposit or withdraw their winnings using Bitcoin, and then exchange it for their own government issued currency if they choose to do so. This takes a great deal of burden off the operator’s shoulders, and it makes it much easier for them to manage these casinos.

It’s also good news for the players. You may think that you are free to spend your money anywhere, but if you were to try using your bank card for a deposit at a poker site you may get a surprise. Many banks simply do not want you to make these kinds of purchases, because they don’t want to be responsible for potential fraud or money laundering accusations. They are also completely free to deny these transactions, often sighting policies having to do with “fraud prevention” to get away with it. By making their wagers with cryptocurrency deposits, players can leave these fears behind them and are free to participate in these games. This means that many users who may have never looked twice at cryptocurrencies are seeing them in a new light. Your Bitcoin wallet can never be frozen, and you are truly free to do with your funds what you will. It’s all very freeing, and it’s a big part of why cryptocurrencies are thriving in this niche.

Of course, it didn’t take long for casino operators to see how great cryptocurrencies were for their business either. More and more casinos have not only adopted using Bitcoin for deposits, but they’ve also upped the ante by accepting many different altcoins as well. Some casinos accepting as many as sixty different coins! Accepting all of these smaller coins also has the benefit of attracting the members of these coin’s communities to the operator’s site who are passionate in supporting businesses who offer to accept their favorite currencies.

It’s also been a popular move with casual players due to the benefits that some of these new coins bring with them. These alternative cryptocurrencies are often cheaper to send, have faster settlement times and in some cases, even offer the casino’s users true anonymity, such as with Monero. After seeing how much more easy and affordable a cryptocurrency based system is, many casinos also began offer substantial bonuses to players for using these alternative currencies. In some cases users can double or even triple their deposit bonuses and promotional amounts for using cryptocurrency rather than fiat. Even for the most skeptical of players that’s often too good of a deal to pass up.

This begs the question, when will these casinos reject fiat options altogether? Things have come so far that it no longer seems to be an ‘if’ but only a ‘when’. While this is likely much farther off in the future, it seems the demand is there. More importantly though, the technology may also be there. Not only have these sites been improved by using cryptocurrency as a method of transferring value between parties, but some have even begun building their entire systems on the blockchain. Thanks to the immutable ledger, this gives casino operators the ability to stand out from the crowd by proving without a doubt that their games are played fairly. Results can be verified, payments automatically distributed, and everyone can finally be certain that they are getting a fair deal.

So, while on the surface cryptocurrencies may look abandoned, that’s far from the truth. When the dust finally settles it seems likely that while a bit battered and bruised, cryptocurrencies will simply go back to their roots. They will be a way for citizens and business owners to transact in the way they see fit. They will be a way for these individuals to finally say no to a system that makes their lives more difficult and does not have their best interests at heart.

EOS Casino Hacks Demonstrate The Vulnerability Of Smart Contract Casinos

Mon, 01 Oct 2018 15:57:38 GMT

Few weeks ago, EOSBet online casino was hacked and they lost over 44,000 EOS (about $240,000) to this hack. The hacker took advantage of a glitch in the EOS smart contract software and extracted EOS from the DApp’s operational wallet. The hacker was able to place bets on the platform without transferring EOS to the smart contract and for winnings, he got paid in EOS from the smart contract while losing nothing in the case of losses. EOSBET admitted that despite multiple audits before the attack, “there was still vulnerability in the smart contract”.

EOSBet had a another hack at the end of august when administrators were alerted to the theft of storage space resources through the EOSBet smart contract which revealed several flaws in the EOS code. This resulted in the developers having to freeze their DApp temporarily to minimize damage.

Another decentralized betting platform, DEOS Games also reported suffering a hack attack on their platform to which they lost about $23,000 in the process. They received a malicious contract exploit on their smart contract which allowed $1000 to one user 24 times just within an hour!

Interestingly, the two casinos have similar sentiments regarding these hack attacks on their smart contract. They both say it is a good stress test of the vulnerability of their smart contract and that significant improvements have been made to prevent future attacks.

Basically, what they simply admitted to is the vulnerability of smart contract casinos. Most blockchain enterprises, especially smart contract casinos promise security on their platform but that has not been the case. The ethereum DAO hack where an attacker used the vulnerability of the contract to drain 3.6million Ethereum as well as the parity wallet bug which is not the first and probably not the last was used by a hacker and a total of 513,000 Ethereum was lost in that process.

However, smart contracts are not limited to ethereum. Other smart contract platforms like EOS and LTC allow developers to run applications on their blockchain. As a result numerous ICO’s have been launched on these platforms to create casinos and online poker rooms. EOS names itself as an improvement on the Ethereum smart contract platform and one would expect that an improvement would be more secure and immune to attacks but obviously, that is not true. EOSBet and DEOS Games are all built on the EOS blockchain and as noted earlier, the hack attacks prove that smart contract casinos are vulnerable and insecure unlike they claim. Why risk real money on smart contract casinos that can be easily hacked when centralized betting platforms work very fine?

DECENTRALIZATION FUST FOR THE SAKE OF DECENTRALIZATION?

In some countries, gamblers face opposition from the government and the governmental authorities were able to force centralized financial system. Then cryptocurrency emerged and solved the problem for gamblers. Cryptocurrencies like BTC, ETH and LTC, etc has giving gamblers an uncensorable payment network.

Because smart contract platforms allow the creation of decentralized applications on their blockchain, many have taken advantage of this feature to build casinos and poker rooms on the blockchain while issuing out their own tokens which is absolutely unnecessary considering the fact that one can gamble at crypto casinos like FortuneJack and deposit or withdraw using any one of dozens of popular cryptocurrencies that are already available.

Most casinos “built on the blockchain” are get rich quick schemes for founders who are only interested in running an ICO.

In conclusion, smart contracts are still very vulnerable and it is much safer to gamble on centralized casinos (like FortuneJack) that accept many cryptocurrencies instead of risking money on smart contract casinos which are subject to hacks.

Dice is back online! Thanks for your patience during this period of downtime. Our official statement on the transfer hack that occurred can be found here: https://t.co/BfmiXCRzA7
— EOSBet (@EOSBetCasino) 15 de septiembre de 2018

BetOnline Crypto Poker Room Exits Australia

Mon, 18 Jun 2018 14:59:58 GMT

Following Australia’s decision to crack down on internet gambling, BetOnline were forced to close their doors to customers on April 16th 2018. In a statement released by the Chico Poker Network (who are responsible for managing BetOnline, SportsBetting.ag and TigerGaming), they explained:
‘We now confirm that we will be withdrawing real money services from Australia. The Company has arrived at this decision due to changes in Australian gaming law and the introduction of the Interactive Gambling Amendment Act.’

Why Were BetOnline Forced to Leave?

Introduced in September 2017, the Interactive Gambling Amendment Act prohibited the provision of ‘interactive gambling services’ to customers in Australia. However, it wasn’t until seven months later that BetOnline had to say goodbye to most of its Oceanic clientele. So why the delay?

Well, the move may have been prompted by a report from Australia’s gambling watchdog, which announced in February the discovery of 19 breaches of the 2017 Act. Although the Australian Communications and Media Authority (ACMA) did not disclose the companies responsible for these breaches, it is possible that BetOnline was one of them. Looking to avoid any potential legal action from the Australian government, the site clearly decided it best to stop offering their services for Down Under.

Cryptocurrency support might be the second reason why BetOnline was slow to exit compared with PokerStars, PartyPoker and 888 Poker who all pulled support for Australian customers by the end of 2017. Since this type of payment method is largely anonymous through peer-to-peer transactions, Aussies can transfer to crypto-supported sites undetected by their national financial system. Being something of a grey area, the major issue arose from the fact that BetOnline is not a cryptocurrency-only gambling site – it accepts Visa, MasterCard and numerous other non-anonymous deposit options. Unfortunately for its Aussie customers, this meant that BetOnline had to cut ties with them to remain compliant with the country’s recent legal changes.

Good News for Poker Lovers

If you’re hailing from Australia and are a fan of online poker, this doesn’t signal the complete destruction of the virtual felt. Players are still able to play at poker sites which are crypto-only, and these include Nitrogen Sports, Ignition Casino and Americas Cardroom. With bitcoin being easier than ever to buy for Australians through exchanges like Coinbase and CoinJar, getting your dollars onto bitcoin poker sites isn’t a chore. The bonus: crypto withdrawals from these online cardrooms are fast and free.