10 sats \ 2 replies \ @TheBTCManual 16 May \ on: Gambling with Bitcoin. bitcoin
I don't think these people see Bitcoin as a store of value but as way to get value into the casino, they were going to gamble anyway, if they could do it with cash or their credit card they would,
But gambling often has issues with payment processing, and some people don't want these sites tied to them directly so Bitcoin offers a method of transfering value into these casinos
Also these offshore casinos cater to a global audience, its easier to just support Bitcoin and stablecoin deposits than try to partner with every skippy bank and payment processor in every country, it also reduces the need to manage charge backs which is a major ballache for gambling companies
What you're saying makes a lot of sense, I think that's probably what's going on, we don't even know where these crypto casinos are located legally.
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Absolutely, If you google like Stake it bought a Curaçaoan licence, but you can get your ass theres no servers sitting there or even much of an operation there
They often have complex structures with shell companies all over the place and banking services through proxies, so running your own bitcoin and crypto infrastructure is so much easier.
these sites are also uses as mixing services because casinos don't really operate like exchanges, theres reports of operations sending funds to offshore casinos and washing their funds and pulling out stablecoins or Bitcoin so that could be another source of funds moving in and out
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