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The Role of Cryptocurrency In Asian Online Online Gambling

Aug 28, 2020 by Markéta Kvapilová Gambling

Cards chips, dices, and a computer mouse

 

The increasing popularity of internet casinos is a famous phenomenon globally. The digital casinos offer a range of benefits over their physical counterparts. So people cutting around demographics flock online gambling sites to earn money.

Taking a look at the growth of internet gaming, the numbers are very impressive in the Asia Pacific area.

Asia-Pacific: Fueling Development of Online Gambling

The enthusiasm for gambling originated from the west and then spread to other parts of the world. Asian internet gaming has grown in a massive way due to its population and economic pricing.

Take, for example. In China, people are much inclined to wager online even when betting in the nation is illegal. What brings Chinese people to take the dip are the cheap prices. Along this is the high number of choices that are available on the internet. Even the Philippines has licensed its internet Casinos via its economic zone supply.

The nation has the largest internet casino operations. It is under the Philippine Offshore Gambling Operators (POGO). It will be posting staggering rise and earnings figures from the online operations.

The development of online casinos in Malaysia is striking, though. Like China, there are limitations from various legal authorities on the operations of casinos.

Indonesia also has online poker sites like http://185.229.115.132/poker88/ which allows Indonesian players to play without worrying about being caught.

India, the planet’s second-largest population, has also seen enormous growth in internet casinos. Gaming in India is illegal. And there aren’t many countries that have provisions to get gambling legally

Growing IT infrastructure allows consumers to access via mobile devices and pc. This also helps promote internet gaming. Other nations like Singapore, Vietnam, and Thailand are positive towards online gaming. Although, many legislative and statutory requirements associated with betting differ in these nations.

 

ALSO READ: Common Mistakes in Setting Poker Game Goals

 

Role of Cryptocurrency

One of the issues with internet gaming is the withdrawal and deposit of money. This procedure can be quite one. It will be hard for players to manage money-related troubles. Especially in nations where online poker is prohibited.

This is where the importance of cryptocurrency enters the picture. Digital coins function on the principle of decentralized technologies. There is no third party interference. Digital currencies are outside of the jurisdiction of authorities and central banks.

Transacting with the electronic coins are not hindered by financial or banking institutions. Making it acceptable for internet gambling.

Now, the majority of internet casinos include digital money as a mode of payment. And this choice is emerging as the most well-known choice among online players. Payment using digital money also makes sure you don’t face any legal consequences.

Conclusion

Cryptocurrencies are playing a significant role in the growth of internet casinos worldwide. That role that makes casinos popular in the Asia Pacific is worth mentioning.

The changing situation makes matters simple for players in the next several years. Yes, the procedure will take its sweet time. But until that time, the aid of crypto will keep online gaming afloat.

 

Gambling Law: Differences between Germany, Russia and China

Aug 20, 2020 the_title_attributes , by Jarmila Moravcová Economy, Gambling

With the increasing popularity of online gambling, the question of the legal situation in different countries often arises. After all, many people want to play a round of slot games, roulette or agen judi slot terpercaya every now and then when they are on the move, for example when they are on a business trip. So how does gambling in Russia or China compare to Germany?

Gambling in Germany

Germany is a comparatively restrictive country when it comes to online gambling in general. So similar rules have been adopted as they also apply to casinos and real casinos. And they have always been relatively strict. It was only with the EU Equal Opportunities Act that the strict approach to online gambling began to falter a little. Because according to this law every citizen of the European Union is to be treated equally. In terms of gambling, this means that Germans themselves, although the laws in Germany are strict, must have access to other providers in the European Union.

Gambling in Russia

In Russia, the gambling situation is even more severe than in Germany. Basically, casinos are banned across Russia. This applies to both on-site casinos and casinos, as well as online casinos. The reason for the rigorous approach lies in the Russian government. This assumes that gambling addiction is a huge problem in Russia. However, there are some exceptions even in the largest country in the world. There are special administrative areas in Russia in which gambling is allowed. However, these are usually hundreds, if not thousands of kilometers away from the big cities.

Gambling in China

China is also relatively strict when it comes to online casinos. Like many other areas of the Internet, gambling is prohibited. This also includes cryptocurrencies, certain social networks, and other aspects of the online world. In 2020, the already strict law was tightened even further. Casinos and slot machines are prohibited, as are apps and games of chance that can be carried out on the Internet. The only exception is the island of Macao. This island is traditionally a gambling paradise. Many Chinese go there on vacation to indulge in their hobby, gambling.

Conclusion

In all of these three countries mentioned, the gambling laws are relatively strict, especially on the Internet. Germany is still the mildest exit here. But compared to many other countries in the European Union, the Federal Republic of Germany is generally relatively strict when it comes to gambling. But Russia and China are going one better. Online gambling is popular in all of these countries. This also applies to classic table games, slot games and jackpots, for example.

Chinese Gambling Activities Expanded To Southeast Asian Countries

Jul 31, 2020 the_title_attributes by Jarmila Moravcová Economy, Gambling

Gambling is against the law in China other than in Macau. As a result, a sea gambling industry centered on China has emerged in Southeast Asian countries, like judi online in Indonesia, Philippines, including Cambodia. The driving factor for the development of online gaming in the Cambodian port, the city of Sihanoukville is the attractive economic return.

Regardless of the economic rewards brought by gambling, the arrival of Chinese citizens into Cambodia has resulted in an upsurge in the number of criminal offenses which include extortion, kidnapping, and even murder. Casinos also exposed the cessation of money laundering and child labor. A lot of massage rooms have been established to benefit gamblers. The expansion of Chinese people associated with gambling-related issues has negatively affected national security and public order (including social order).

The Philippines is an alternative to Cambodia and another hot spot in the development of online games in China. In April 2019, an estimated 138,000 Chinese citizens obtained work permits for Chinese gaming establishments called Philippine Offshore Game Operators (POGO) locally. Due to the development of the gambling industry, the number of reported crimes related to gambling has increased, including the kidnapping of Chinese citizens as perpetrators.

From a socio-economic point of view, conditional actions should be maintained instead of completely banning China’s overseas gambling activities. On the one hand, the governments of Cambodia and the Philippines should impose strict regulations on the operation of sea gambling activities, for example, strengthen recruitment reviews to ensure that underage children are not employed by game operators, and prohibit the operation of massage parlors.

On the other hand, these governments should hire more law enforcement personnel to supervise the daily activities inside and outside the casino to prevent money laundering and other gambling-related crimes. An independent supervisory agency should be established to monitor the actions of law enforcement officials and arrest those involved in corrupt activities.

In addition, immigration screening should be strengthened to ensure that all Chinese citizens entering these Southeast Asian countries have valid work permits. All Chinese citizens who participate in game-related activities with visitor visas should be arrested and deported. In addition, immigration authorities should limit the issuance of work visas to Chinese citizens to prevent China’s overseas gambling industry from developing too much.

By restricting the scope and activities of the maritime gambling industry, Southeast Asian countries can continue to reap huge profits from gambling-related fees and taxes. These countries can also provide local residents with a range of employment opportunities to help minimize their unemployment rate.

In general, for the socio-economic development of Southeast Asian countries, China’s maritime gambling activities should be restricted, not absolutely prohibited.

How important is gambling to the Economy?

Jul 29, 2020 the_title_attributes by Jarmila Moravcová Economy, Gambling

Gambling and the Economy are two terms that few people put in context. There are different reasons for this.

What is meant by gambling?

Games of chance can be defined as follows: money is used and those who are successful win money. In this country, this primarily means sports betting, horse betting, poker, games in an online casino like gclub. Lotto also belongs in this category. In connection with games of chance, addiction is often warned, although there is no doubt that not everyone is at risk. In the Economy, observations are likely to have a different view on this topic than, for example, in politics and the general public. If you look at it objectively, you don’t believe who is involved in everything in this industry. And we’re not talking about any bookmakers or casinos. The reason for the interest is simply money.

The assumed sales

There are no 100% reliable figures on how much sales are made with sports betting,  horse betting, and online casinos. No official information is known about how many players and if in fact there are any. However, if you research the sums that, for example, the best-known betting providers spend on sponsoring, several billion euros can be assumed. In this context, it is important to know that almost all providers are internationally oriented. There is a lot of advertising for sports betting. An online casino doesn’t usually have the same opportunity to advertise. Advertising leads to increased sales. But even the casinos on the Internet can sometimes afford TV advertising. Even if figures are available for certain operators because they are listed on the stock exchange, it is difficult to decipher how high the turnover actually is, especially since it would have to be broken down by time period.

It’s booming: revenue from games of chance

Gambling can be described as a booming economy. Hardly any branch has so much upwind. If the numbers are correct that a total of 100 billion euros will be turned over in the year (this has not been proven), this shows great economic strength. One problem, however, is that most companies that recruit customers do not work from locally. And that, in turn, has reasons for which the state must be responsible. The issue here is that prejudice against gambling exists. The laws are out of date. Experts claim that the money that flows to bookmakers abroad through various channels is lacking in the Economy. However, nobody will be able to prevent that people like to do sports betting or play the games in an online casino. The channels would just have to be redirected. The money would benefit the Economy. More people would make money from gambling than employees, and the state would benefit from the taxes. The only tax currently being collected is 5% for every use made on the Internet. It is the law of betting tax.

Sports betting, in particular, is of great importance in the country

There are several providers of sports betting. Advertising is not just a magazine to discover. They exist before and after television programs that are extremely popular. There is also gang advertising on television. Every football club has a betting provider as a partner. Other sports and sometimes special clubs also have such partners. Taxes are paid on such contracts. This in turn means that the state also benefits. If the providers can afford these payments, it says a lot about sales. And one wonders objectively why politicians are so vehemently opposed to gambling.

The importance of the Economy

Sales of sports betting and games in online casinos add up to billions of dollars in revenue for operators each year. The Economy benefits remarkably little because of prejudice and outdated laws. The money will always flow, the task for politics is to direct the flow of money into the right channels.

 

The Temptation Of Gambling Hit Middle Aged Men And Women In Their 40’s

Jun 29, 2020 by Jarmila Moravcová Economy, Gambling

“People who have fallen into a sense of helplessness called corona blue become immersed in alcohol or gambling, and the second circle of helplessness is felt by addiction, creating a vicious circle.”

It turns out that Corona19, which changed the daily life of Korean society, intensified the problem of gambling. The number of gambling counseling, including illegal sports betting, stock addiction, and private FX margin trading, increased compared to the previous year. This is even more remarkable considering that the sports market around the world has stopped with Corona 19, making it difficult to wager illegal sports.

According to the Korea Gambling Problem Management Center on the 25th, there were 2,508 people receiving gambling counseling from the center’s counseling program, ‘Helpline’, from March to May this year. This is an increase of 16% compared to 2,162 people in the same period last year.

Director Lee Hong-sik said, “Social distance has reduced the way to relieve stress while exercising or face-to-face activities.” It had also been thought that gambling would be reduced, but rather targeted isolated people in the house through online gambling (judi online) which most of the time is illegal and prohibited by law.” By age group, the increase was at least 12.5%, excluding teenagers and older people in their 60s and 70s. In particular, the number of patients receiving counseling is in their 40s, increased by 39.2% from 273 in March to May last year to 380 in the same period this year.

“As Corona 19 has increased the time spent at home and the frequency of smartphone use has increased, an environment prone to exposure to gambling advertisements has been created,” said Seoul Information Center Director Seoul Information Center. “This change also helped to deepen the gambling problem.”

One of the peculiarities is the increase in counseling related to finance such as stock addiction and private FX margin trading during the Corona period. In particular, after the World Health Organization (WHO) declared a pandemic (a pandemic) in March, the number of stock addiction counseling surged.

According to data from the Gambling Problem Management Center, about 214 people filed with the center for counseling regarding stock-related problems this March-May. It was close to three times the same period last year.

Investing In Legal And Proven FX Margin Trading

Many people have lost money through a private FX margin transaction that is sometimes fraudulent.

According to the Financial Supervisory Service, a total of 158 cases of private FX margin transaction damage counseling were received from January to May this year.

“If game-type gambling was popular in the past, gambling that gives immediate rewards in a simple way like sipping is popular recently,” said Lee. “The recent problem of FX margin trading is a kind of sibling sipping so that young people can easily fall into it. I’m promoting it through SNS.”

FX margin trading conducted by private companies is different from normal FX margin trading, a high-risk, high-yield financial investment product aimed at foreign exchange gains. If an investor bets on whether the exchange rate of a specific currency will go up or down, it gives a big profit, and if it is wrong, it loses the investment. Private FX margin trading companies continue to operate illegally. In order to conduct normal FX margin trading, you must obtain a financial investment business license from the Financial Services Commission, but private companies operate without permission.

On the other hand, while gambling is illegal in Korea and other parts of the world because of the risks of loses and addiction, there is no doubt that gambling is still one of the biggest industries that contribute significantly to our economy.

Is POGO Good for The Philippine Economy?

Jun 12, 2020 the_title_attributes , , by Zdeněk Přidal Economy, Gambling

The Philippine Offshore Gaming Operators a.k.a. POGO represents a contentious sector of the Philippines’ business process outsourcing (BPO) industry. Since 2016, when incumbent Phillippine President Rodrigo Duterte assumed office, POGO companies flourished and had fueled the growth of online gambling in the Asia Pacific Region.

The years thereafter had marked the phenomenal increase in participation among Asian gamblers in the world of online sports betting and casino gaming. It was noted that in 2017, global industry statistics reported that about 40 percent of the total bets wagered across all global betting sites, came from the Asian market.

Inasmuch as the foundations of the POGO outsourcing business are mainly gambling-related, the Philippine Amusement and Gaming Corp. (PAGCOR) was tasked to oversee the licensing and supervision of POGO companies. The purpose of this is to ensure that the gaming technologies, products, and gambling services offered by the POGO sector, met the global standards of fair, equitable, and responsible gambling.

Moreover, PAGCOR makes sure that the high-end land-based casino establishments of foreign investors will not suffer from stiff competition potentially posed by online gambling firms. An important licensing condition for POGO firms is to confine their outsourced gambling operations to countries outside of the Philippines.

The condition means POGO firms are barred from granting access to Filipino citizens whether residing locally or abroad, as well as to foreigners visiting the Philippines. Still, Philippine-based players are allowed to engage in online gambling, for as long as their betting or casino gaming sites are not operated by PAGCOR-licensed POGO firms.

The Magnitude of POGO Contributions in the Philippine Economy

At the height of the COVID-19 pandemic, when President Duterte ordered a lockdown on non-essential businesses, PAGCOR did its part by suspending not only land-based casino operations but also POGO operations. However, a short while later, POGO operators made an appeal to PAGCOR Chief Andrea Domingo, to allow them to continue their foreign online gambling operations, even partially.

Margarita Gutierrez, spokesperson of the Accredited Service Providers of PAGCOR (ASPAP) had presented compelling arguments. Most of which were based on the revenues that POGO firms generate in helping the government raise funds needed, in addressing economic challenges faced by Philippine citizens during the COVID-19 lockdown.

Ms. Gutierrez argued that POGO companies are contributing as much as ₱94.7 billion per year to the country’s coffers. Aside from local taxes, which in the year 2018 and 2019, amounted to P22.40 billion, POGO firms make the following additional economic contributions:

  • ₱34 billion to PAGCOR for BPO licensing and other fees.
  • ₱9 billion to the Department of Labor and Employment for worker employment permits and other fees;
  • P16.4 billion in wages paid to local staff plus the annual rental fees for offices and worker housing provisions, as well as the cost of living expenses incurred by foreign POGO workers.

Naturally, the arguments presented by Ms. Gutierrez on behalf of POGO companies had easily convinced the Philippine government to allow partial operations during the lockdown period. PAGCOR, once again dutifully carried out its role as regulator, by enumerating restrictions and prerequisites that must be in place as conditions to granting of its approval.

Aside from implementing measures to ensure the safety of workers, and from preventing the spread of the COVID 19 disease, PAGCOR required all POGO firms to update their licensing fees and to settle outstanding tax obligations.

Compliances with monetary requirements should be supported by a certification from the Bureau of Internal Revenue.

Thanks to POGO, gamblers in countries like Brunei, Indonesia, Malaysia, Thailand, and Singapore were furnished with online casino games during their trying lockdown period. Among the most accessed are those furnished by the 918Kiss mobile gambling platform, which features more than 30 exciting casino games, with the mega88 brand seeing the most number of application downloads.

Bandar Online – How Lottery Revenue Is Spent?

Jun 12, 2020 the_title_attributes , by Jarmila Moravcová Economy, Gambling

Each time the Powerball jackpot increases, ticket sales increase accordingly. Every day, a lot of money comes out of regular citizens to try their luck in the lotteries. As outlined by data from the North American State and Territory Lottery Association, People in the United States spent more than $73 billion on lotto tickets in the year 2015 alone.

With this much money going into the lotteries, regardless of the region like the Bandar Online Lotteries in Malaysia or the Powerball in many States in the United States, the question arises as to how the revenue from lotteries is spent? Is it going to private companies, government funds? Who truly benefits from lottery money?

How Revenue From The Lottery Is Distributed?

Generally, lottery revenue is divided into three categories: payment to winners and commissions from ticket sales companies, air ticket fees, and distribution to ticket sales states.

Most of the funds raised in the lottery (usually about 50% – 60%) are allocated to the winners, including sizeable jackpots and smaller prizes for corresponding to lesser lottery figures. Retailers likewise get ticket sales commissions and cuts from sales of jackpot lottery winnings, which is still 5% of lottery revenue.

Approximately 10% of the lotto revenue is used to pay for the management and general expenses of lottery operations and management. Advertising, employee wages, legal expenses, receipt printing, and other needs are all covered in this category.

All the other lottery income will flow to the participating states. For example, in Powerball lotteries, funds are allocated based on ticket sales-states that sold more tickets to get a higher percentage of income. The proceeds from the national lottery are used exclusively for the host country.

In the year 2015, the United States Census Committee approximated that state-owned lotteries placed more than $21 million in state coffers2, and did not even consider income from huge multi-state lotteries such as Mega Millions and Powerball.

How do the participating States use the money?

What Do The States Do With The Revenue Coming From The Lottery?

Every State participating in the lottery can choose how to implement the funds raised via the lottery fund and other legal betting systems such as sports betting.

The majority of states spend small amounts of money from lottery tickets to manage issues of gambling addiction. Some have likewise invested a certain proportion of lottery funds in the general fund, which can be useful to solve budget shortages in crucial to public use such as roads, police, and social works.

The remaining is generally invested in public functions, in most cases the educational structure. Fourteen states require that all lottery earnings be invested in education, possibly through community school financing or in school scholarship grants or programs.

Online Sports Gambling and the State

May 28, 2020 by Jarmila Moravcová Economy, Gambling

The PASPA Act of 1992 implemented the approval of sports wagering. The escalation of the legalization issue is up to the federal stage. Subsequently, it opened the discussion of such legalization at the state level.

Drafting laws about sports betting legalization and licensing already began in many states. While there are states that totally banned its activity.

However, few are still in doubt of its legalization issue. This is because they are in doubt if the gambling industry provides economic benefit.

In the Philippines, the PAGCOR or the Philippine Amusement and Gaming Corporation authorized the LTO of some online sport betting platforms.

The Philippines approved the operation of the online betting site like the SBOBET. The Asian betting menu view covers the daftar sbobet88 for the country. The approval of such activity may be beneficial for the country’s economic state.

However, in the US, online sports betting platforms stole essential income of the state. This conclusion came up prior to the ruling of the tribunal in May 2018. The estimated lost amount with this is said to be around 150 billion dollars.

The truth of some states’ legalization lies behind the analysis of the odds on their side. The primary factor that gives a great impact on these odds is its effect on the economy.

The Economic Influence of Sports Wagering

Below are some possible influence of wagering on online sports in the economy.

Economic Influence #1: Taxes

The American Gaming Association revealed that legal sports betting will eventually give $22.4 billion. This amount will be added to the gross domestic products of the US.

Aside from this, the local governments will bring home at least 7% to 15% taxes. This is equivalent to around 3.4 billion dollars yearly.

UK’s betting profit in a year is only around 5 billion dollars. This is to take note that sports betting is approved in the UK. Considering these figures, it shows that the US will lead the annual revenue of the UK in the initial 5 years.

Economic Influence #2: Job Creation

Based on a similar study, sports betting will give about more than 200,000 employment. This employment covers the direct, indirect, and the induced employment category.

Economic Influence #3: Marketing

Due to increased revenue in advertising, the projected budget per year of the media industry is expected to be about $615 million. The $500 million profit in a year comes from the product charges. All in all, the total marketing revenue will be at least $3 billion per year.

What are the Advantages of Online Casino?

May 24, 2020 by Karel Kubín Economy, Gambling

Online Casino Gambling has ascended from a little specialty to be one of the most well-known forms of entertainment worldwide. A large number of players from around the world sign on to a Situs Judi Online regularly to play, for entertainment only or for genuine cash, and appreciate the suspense of internet gambling.

All in all, what are these incredible online Casino benefits? Look at our rundown of the main reasons why online Casinos have delighted in such transient success and you’ll before long observe what gives betting on the web its edge.

1.  Convenience

The main online Casino advantage and the principal reason why individuals begin playing at online Casinos, in any case, is because it is convenient. With the web, Casino lovers would now be able to bet from their own homes regardless of what time of day it may be. You can decide to sit back with a couple of hands of Blackjack or develop your ledger with a long Slots meeting. You could play without anyone else or you could look over one of numerous incredible multiplayer online Casino games.

 

2.  Free Casino Games

Another online Casino advantage is the opportunity to play Casino Games for free. Most online gambling clubs these days will offer a free play variant of a few, if not the entirety of their games. The incredible thing about playing free online casino games is that it’s a completely chance free method of playing. Numerous individuals utilize free games when they’re just starting so they can get to grasps with the nuts and bolts before they begin playing for real cash; be that as it may, numerous online Casino games are likewise engaging enough in their own right that those without enough money to play for money can play for free for whatever length of time that they pick.

4. Loyalty Points

Loyalty points can be an incredibly helpful online Casino advantage, as they reward players not for the sum they win, yet for their faithfulness to that website. This implies that when you play at an online casino, regardless of whether you’re on a losing streak, you will even now be aggregating loyalty points that can later be utilized to purchase Casino credits or to win prizes.

5.       Deposit Options

Though a land-based Casino will just acknowledge a predetermined number of installment strategies for players to buy chips (generally money), an online Casino profits by having the option to acknowledge an enormous scope of installment choices.

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