One of the biggest obstacle to online betting is government obstruction . I know this because i am from malaysia and all forms of online gambling is out of bound. Sportsbook do not allow user registration and there is no way to deposit. Banks and online wallets wont accept proof of residence from restricted countries.
But all these may change with cryptocurrency. I have already seen a number of sportsbook that operates only on bitcoin, ethereum and litecoin. To deposit, just find a way to buy these coins and send it to your wallet address in the sportsbook and tada..!! you can bet now.
Its really simple if exchanges are banned you can still do p2p. There is no hard way for government to ban.
So far i have not seen cryptocurrency exchanges yet but this might be the direction to move in. There is an entire market out of restricted countries out there waiting for betting services provider to open up.
will there be a cryptocurrency exchange soon?
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Can't imagine many people clambering to sign up with some unregulated bitcoin betting exchange, might be OK for people wanting to break their own countries laws but the majority of people would want what little protection they have from a regulated and licensed betting operator at the moment. To get a licence in the first place companies abide by not accepting bets from restricted countries so you'd be betting with a firm with no regulation whatsoever and a currency that's probably more volatile than the market you'd be playing.
Probabaly only a matter of time before someone sets one up though and disappears with all the funds once they've built up a healthy pot.
Probabaly only a matter of time before someone sets one up though and disappears with all the funds once they've built up a healthy pot.