Category Archives: Gambling

Investing apps help make trading more accessible and less intimidating for new investors. Prostock Studio/Getty Images; Samantha Lee/Insider

As new investors enter the markets, their investment experience can help them make better financial decisions.

The SEC's agenda is poised to drive new investors out of the markets by limiting innovative brokerage features.

But these investing platforms give newcomers valuable "behind the wheel" experience.

Jennifer J. Schulp is the director of financial regulation studies at the Cato Institute's Center for Monetary and Financial Alternatives.

Nicholas Anthony is the manager of the Cato Institute's Center for Monetary and Financial Alternatives.

This is an opinion column. The thoughts expressed are those of the authors.

See more stories on Insider's business page.

Experience is life's greatest teacher, and it's time that financial regulators recognize it. While there are plenty of courses on how to invest, new investors need time in the market to really understand it, as any professional will attest. Like hours behind the wheel while learning to drive, actual investment experience might be precisely what America needs to fix its abysmal financial literacy.

Stock ownership is a path to building wealth, but many have been left out of the opportunities offered. Owning stock in the US has been highly correlated with race and age, and low financial literacy has likely worsened inequality. But over the course of the past year, a host of younger and more diverse investors have opened brokerage accounts for the first time, creating the potential to improve on these trends.

However, rather than welcome new investors to the market, the SEC's 2021 agenda is posed to drive them out. Pointing to its "investor protection" mission, the SEC is looking to impose new regulations on the very features that encouraged new investors to participate in the market in the first place - like the "gamification" of trading apps that makes investing more engaging and less intimidating or the payment-for-order-flow that supports zero-commission trading. But while some advocates are trying to protect new investors from making poor decisions by limiting their access, brokerages are giving investors market experience that can help them make better decisions over time. The SEC needs to recognize the value of this experience in improving financial literacy and not limit new investors' access to the market.

Story continues

That's not to say that brokerages - including newer trading apps - are not without flaws. But it would be a mistake to overlook their recent successes in attracting new investors. A record-breaking 10 million new brokerage accounts were opened in 2020, and 10 million more have been opened so far in 2021. Through a combination of little-to-no service fees, low minimum balances, fractional share trades, and appealing app aesthetics, brokerages have forged a space that is not only welcoming, but fun.

Investor education has long been a challenge: white papers, books, lectures, articles, and dry SEC investor advisories have all made little impact on financial literacy. The SEC's new investor education campaign and the Financial Industry Regulatory Authority's new educational initiative are trying to reach new audiences. But financial education, like any other type of education, deteriorates rapidly unless it is used in practice.

By taking investment resources out of manual-like readings and placing them into eye-catching and easy-to-use apps, these brokerages are marrying educational resources with the idea of "learning by doing." They have motivated new investors, through gamification, to explore financial markets and understand what makes them tick. And this should come as no surprise since countless studies have already shown that gamification can be a successful educational tool.

As these attractive features continue to encourage new investors to experiment with investment options, more people will learn the do's and don'ts of the financial realm. In other words, as Americans gain financial experience, they will also gain financial literacy.

This approach is all the more encouraging for younger investors, who tend to invest with smaller amounts of money and have a longer time horizon over which to make up for mistakes. We should welcome products aimed at younger investors, including teens, who can begin to gain experience in the market - perhaps with the support of their families. These products offer an approach that will help put classroom-style learning into action, reinforcing lessons and teaching new ones.

While this approach might be foreign to the financial realm, it should feel quite familiar in general. Think about when teenagers get behind the wheel for the first time. Most parents will encourage them to practice around the neighborhood and in parking lots at first. Yet, there is no law forbidding those with learner's permits from driving on the highway. In fact, young drivers are encouraged to get on highways early so they can learn just how to handle it.

Experience really is the best teacher - whether it's merging into the fast lane or weathering a market event - which is why it is so important for investment apps to be able to hand over the keys and give people the opportunity to make real financial decisions.

With all of the talk about protecting investors, it's important not to lose sight of the fact that people who are kept away from the markets by high costs or burdensome regulations lose the opportunity to become investors. Innovations in trading platforms that encourage new investors to enter the market can play a powerful role in educating them, just by providing them with experience. The SEC must not restrict investors' freedom to choose how they would like to invest and learn in a way that fits their life, allowing them the opportunities to build both their financial literacy and their wealth.

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Investing apps like Robinhood aren't gambling tools that push new investors to make risky decisions. They're actually a great way to teach young...

Back in freshman year of college, I would find myself reading Bill Simmons Friday morning column, commenting on what he thought were the best bets of the NFL that week. Typically in a mailbag format, he would preview some of the games that week and present what he thought were the best bets.

I never got my questions included on his site and to this day, I remain bitter over it.

Every single week, I find myself talking out loud about picks what should I gamble on? Does this pick make sense? Will Evil Geniuses not try this week?

While competitiveLeague of Legends is dependent on so many different attributes, making it incredibly difficult to predict, a lot about the game can be broken down to logic, statistical trends and a little bit of reading the room. I swear, this lengthy, introductory piece wont be included on every single article but it is a nice little start to things.

The second to last week of the regular season is here for the LCS and were getting ready for the playoffs. We think we know who are the four best teams in the league 100 Thieves, TSM, Cloud9 and Evil Geniuses. We believe that Team Liquid will continue to distance themselves from the middle of pack and make it a contentious top five. FlyQuest, Golden Guardians, Counter Logic Gaming are going to keep things interesting towards the end but theyre probably stuck. And we could be in for a war for the sixth seed in the LCS between Dignitas and Immortals.

Well learn a lot from Day 1 of Week 8. A relatively stacked day ofLeague of Legends in North America could build the story of what to expect in the play-offs.

Its the battle between two of the best teams in North America that doesnt necessarily feel like a battle between two of the best teams in North America. 100 Thieves continue to impress but at times regress. And Cloud9 has their heads in the clouds if they think this is the season everyone thought it would be for them.

Theyre incredibly similar. If their jungler is on point, theyre unstoppable. They have an incredible support that does a great job at influencing the map. And then they have three players in skill positions that seemingly can be the best players on the Rift at any point in time.

So who sh**s the bed?Who knows.

What we do know is that 100 Thieves are one of the best early game teams in North America. Theyre first in first turret percentage (71%), third in first dragon percentage (52%) while Cloud9 have been towards the bottom of the standings. 100 Thieves have also improved in the month of July earning first turret 78% of the time and first dragon 67% of the time.

Despite the name and the legacy, Cloud9 continues to look uninspired in 2021. Its one thing for Luka Perkz Perkovi to be underperforming as a mid-laner given the general decline in performance over the years along with uninformed expectations of what he offers as a player. But to see such a mess of a team on the Rift without much excitement, thats just weird to think about.

With that being said, this feels like a trap and if you dont bet on C9, youre going to be kicking yourself. Philippe Vulcan Laflamme continues to prove that he is an MVP caliber player and we just need to respect how good he is.

Since Peter Dun took the microphone and said he doesnt really care about the performance of Evil Geniuses in the summer, Evil Geniuses have been performing really well.

Figures.

An 8-1 record in July is the best among teams in the LCS. Jeong Impact Eon-young continues to be one of the best players in North America and deserves the first team all-pro spot for top-laners. Dennis Svenskeren Johnsen is returning to form. It really has been impressive to see how Evil Geniuses approached the potential usage of Juan Contractz Garcia, how the team responded to the substitution and more importantly, how Svenskeren responded to the substitution.

When Evil Geniuses are taking the game seriously, it is hard to bet against them. But theyre going against the one team in the LCS that simply just wins games.

TSM are tied with Evil Geniuses for the second-best record in North America for the Summer Split but TSMs lack of consistency continues to leave a sense of dread. Mingyi Spica Lu is listed as a potential MVP candidate yet really hasnt been an MVP caliber jungler. He has had shining moments especially with his critical ultimates on Diana but continues to sit in the middle of the pack among junglers when it comes to statistics.

Peter Dun and company appear to have TSM figured out. Bringing in Contractz for the matchup was a clear strategic decision. Spica struggles to operate from behind and at times disappears from matches only to be saved by veteran leadership in TSMs mid and support position. And you have to let the hot team stay hot.

Since the departure of Joshua Jatt Leesman, Team Liquid have been on a bit of a cold streak. Their 6-6 record since then has been a result of no clear vision of the team. While roster moves have played a significant part, Jonas KoldAndersen has not made a significant case for why he should be the future head coach of the roster rather than filling in. On the opposite side of things, FlyQuest are figuring things out with the academy line-up 4-2 in their last six.

The story tells you to go with the hot team FlyQuest but teams have had more and more time to catch up on how they operate. In their second week being promoted, they were sniffed out against better competition.

This is a clear trap game. Either storyline seems realistic: FlyQuest upset Team Liquid with their aggressionor Team Liquid smothers FlyQuest with their veteran prowess. Team Liquid are begging to be bet against and FlyQuest are begging to bet on.

Why not just bet on a close game?

Golden Guardians feel like the great story of 2021 summer. Trading in their spring misfortunes for progress in the summer makes them a threat in every single match they play. Their rookie talents are stepping up to the play in a massive way and it looks as if their star mid-laner will be receiving the honors of rookie of the year.

Everything is going right for them.

On the other hand, Counter Logic Gamings front office is an embarrassment, and it is tough to find anything nice to say. What has been done in the past few weeks by their social media team and their general manager DanielTafokints Lee is a disgrace and should never happen in the esports scene.

TheirLeague of Legends roster is currently battling through the emotional damage caused by Lees incompetence and it is incredibly tough to watch. Despite progress being shown throughout the season, Lees inability to be a good leader has created a toxic environment and likely impacted the reputation of every single member of hisLeague of Legends roster including a promising young head coach in Galen Holgate.

Golden Guardians are clearly the better team. But betting against Counter Logic Gaming just feels more important than betting on Golden Guardians.

Did you know that Dignitas has the best first blood percentage in North America?

Dignitas taking a step back from their spring form was a dream come true for analysts. Having to potentially cope with the fact that Dignitas had a really good read on the skirmish meta along with a potential top-talent in Ton Neo Trn paired with legendary support Zaqueri aphromoo Black is off the table.

And that sucks. Neo was very much deserving of recognition for his incredible spring split.

Immortals strong start to the Summer Split was halted by a questionable, early substitution. It appears to have killed most of the momentum with the line-up. With a lack of consistency in the bottom lane, it is tough to see how Immortals will find their way to hold off the feisty underdogs in Team Dignitas. Immortals have the second-worst record in NA in the month of July. Compounded with having the third-lowest first blood percentage, third-lowest first turret percentage and lowest first dragon percentage in July, it feels strange to see them as -165 favorites to win.

It seriously is still surprising this was a game where Dignitas received plus odds.

If possible look for a member of Immortals bottom lane to give up first blood.

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Explaining the Card: A Gambling Degenerates View on Week 8 Day 1 of the LCS - The Game Haus

When all is said and done, proponents and opponents could spend $1 billion trying to convince Floridians to expand or restrict gambling with $62 million already pledged to back or challenge three November 2022 ballot measures.

The Florida Division of Elections last week posted two new prospective proposed Constitutional amendments that would ask Florida voters to approve new non-Seminole casinos and allow North Florida cardrooms to offer casino games.

Both are backed by Jacksonville-basedFlorida Voters In Charge, which received a $17 million from a powerful wannabe player in Florida the Las Vegas Sands Corp.

After selling its Las Vegas properties this year, Las Vegas Sands is allegedly interested in a North Florida gaming operation and in opening a Pensacola-area casino with the Poarch Band of Creek Indians.

Florida Voters in Charges prospective ballot measures follow the proposed Constitutional amendment filed June 23 by a committee supported by DraftKings and FanDuel to legalize sports gaming statewide beyond Seminole casinos.

The two digital bookmakers kicked in $10 million each to Tallahassee-based Florida Education Champions for its prospective ballot measure, to authorize sports gambling statewide and dedicate tax revenues to the states Educational Enhancement Trust Fund.

Florida lawmakers have already legalized sports gambling, but only via the Seminole Tribe of Floridas Hard Rock Digital platform as part of a pending 30-year pact with the tribe awaiting approval by the U.S. Bureau of Indian Affairs (BIA).

The 75-page pact approved by lawmakers May 19 and signed into law by Gov. Ron DeSantis on May 25 grants the Seminoles exclusive control of blackjack, craps, fantasy and sports betting at its seven casinos and on non-tribal pari-mutuels.

In exchange, the Seminoles will pay Florida $500 million annually for the first five years. It must be endorsed by the BIA. A decision is due by Aug. 5.

With the Sands putting up $17 million and digital bookmakers $20 million in support of prospective ballot measures, West Flagler Associates, affiliated with Magic City Casino, has seeded another new committee with $15 million for unknown purposes.

Tallahassee-based People Against Regulatory Legislation Addressing You (PARLAY) was formed June 15. Earlier this month, West Flagler Associates filed a 67-page lawsuit alleging the sports-betting component of the compact violates federal law and seeks an injunction to prevent sports gaming from being legal in the fall.

Those likely to oppose the amendments are also gearing up the Seminoles have contributed $10 million to West Palm beach-based Voters in Control, created June 23.

The contributions were collected before a state law capping individual contributions to ballot measures at $3,000 went into effect July 1.

The cap applies until sponsors secure 222,898 signatures for a Supreme Court review. To appear on the ballot, campaigns must gather 891,589 voter signatures. To be adopted, a 60% majority is required.

However, U.S. District Judge Allen Winsor has issued an injunction against implementing the law until an American Civil Liberties Union lawsuit challenging the measure is heard.

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Big bucks betting Floridians will approve gambling expansions in 2022 - The Apopka Voice

HARRISBURG Pennsylvania smashed its record for gambling revenue, state regulators said Monday, reporting nearly $3.9 billion in the last fiscal year as every category of wagering showed growth in one of the nations largest casino and gambling states.

The rebound comes after pandemic-related shutdowns helped knock casino revenue down significantly.

The nearly $3.9 billion from 14 operating casinos, fantasy sports operators and truck stops for the fiscal year ending June 30 beat the previous high, two years ago, by about 17% and last year's take by more than 40%, according to figures from the Pennsylvania Gaming Control Board.

Revenue in casinos from slot machines, at just under $1.9 billion, and from table games, at $721 million, remains lower than record highs in previous years.

But other, newer categories leaped to new record highs.

Online casino gambling grew to nearly $900 million in just its second year, while sports betting grew to $309 million in just its third year. Pennsylvania legalized both as part of an aggressive gambling expansion in 2017.

Gambling revenue also benefited from the opening of two new casinos, Live! Casino Philadelphia and Live! Casino Pittsburgh.

Pennsylvania dropped behind New Jersey in traditional casino gambling revenue in 2020, eight years after it passed New Jersey to become the nations No. 2 gambling revenue state behind Nevada, according to figures compiled by the American Gaming Association.

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Pennsylvania breaks its record for gambling revenue in a fiscal year - The Philadelphia Inquirer

Asmongold has issued Twitch an ultimatum ban the controversial gambling streams xQc and Trainwrecks have been defending in recent times, or watch the platform die as a growing number of viewers quit the streaming website.

The past week has seen Twitch stars from all across the internet weigh in on one controversial topic: sponsored gambling broadcasts.

Huge names on the streaming platform like xQc, Adin Ross, and Trainwrecks have been seeing bundles of success with gambling, with both viewership and their earnings spiking through lucrative promo deals. Not everyone is a fan though, with everyone from Hasan to Pokimane condemning the meta.

The latest star to take aim at the streams is Asmongold who just lashed Blizzard for their frat boy culture though he has a slightly different worry.

According to the WoW streamer, who joined H3H3 host Ethan Klein on his July 22 stream, theres a bigger concern than scamming viewers or pocketing unethical cash. If left unchecked, he warns, gambling could actually kill Twitch.

I dont know about each of the websites, whether each one is actually a scam. Its really impossible to know the whole scope, the popular Twitch star began, before warning that the platform will suffer if gambling streams continue.

What I do know is, as a Twitch streamer, if Twitch lets this continue, it will hurt our website. Every single person on here [viewers and streamers] will be negatively affected by that, through a loss of revenue, which will turn into loss of support, funding, which will then affect you as a viewer.

Do you really think big companies like Disney, Ford, those guys advertising on Twitch, are going to want to sponsor gambling? Theyre going to pull out over this!

Later, when his chat brought up xQc and Trainwrecks, Asmongold was quick to lash the two Twitch stars for their involvement, calling them dumb.

It makes no sense for me, for them to come on [H3H3s stream] yesterday and say that gambling streams arent bad. Gambling streams are just bad, everyone f**king knows that, so these guys should just come out and say I want to make as much money as possible and everyone would be okay with that, really.

I have no problem with people who just admit it, but I hate when people dont, and they play this stupid hide the ball bullsh*t.

He doesnt blame them, however, for hosting the streams.

Im concerned weve been distracted by everything to do with Train and xQc; theyre just a symptom of the disease. Who is out there who do you know that would actually turn down over a million dollars for streaming.

Instead, Asmongold called for Twitch viewers to focus on the real issue at the heart of the controversy: The real disease here is Twitch still allowing this to happen.

This isnt the first time Asmongold has issued Twitch a similar warning either. Back in June this year the streamer predicted, the amount of bullshit and pitfalls [gambling streams] create will f**k the website in so many ways.

I personally hate gambling and, if it were up to me, all forms of casino gambling would be illegal. I dont hold doing gambling streams against any streamer. If its not against [terms of service] though, people will do it, thats it. Its entirely Twitchs responsibility to uphold integrity on their site, not the streamers.

Twitch has yet to respond to the outcry over gambling streams. When they faced similar backlash over hot tub streams, they simply demonetized those broadcasts.

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Asmongold begs Twitch to take action on gambling streams: Its killing our website - Dexerto

T

he conditions and requirements for getting a license in the online gambling business are very different depending on the countries, and even in different regions within the same country. iGaming aggregator and software provider Slotegrator offers gambling licenses almost all over the world and explains details operators need to know before setting up business.

The gambling legislation is very diverse, and the market is developing by leaps and bounds. For instance, the recently opened Ukrainian market brings great prospects for those who estimated the country's potential and plug into the gambling business. Also, online gambling has recently been legalized in Belarus, which has attracted the attention of operators and investors. The industry is also developing in Georgia, where all types of gaming activities are now allowed.

Slotegratos also notes there are gambling markets that have been offering convenient conditions and a transparent legislative framework for a long time. For example, in the Balkans, the industry has been developing steadily for many years, and in recent years it has experienced an iGaming boom. In particular, Estonia has a "solid" legal base with transparent licensing and taxation and the gambling market is regulated. "Central Europe has been and remains a reliable gambling market, whose fertile soil offers investment opportunities of all kinds for the iGaming industry. Also, the African market has established itself as a promising area for expanding the gambling business," the company says.

Slotegrator currently offers guidance and assistance to operators with acquiring a gambling license in accordance with the operating markets, including the ones mentioned above. "Depending on the purpose of the business and your target audience, you should choose a path: for example, come to the sphere with a Curacao license, acquire a license from Malta if you already have a serious business and, of course, do not forget about the possibilities of such popular jurisdictions as the Isle of Man and Kahnawake."

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Slotegrator offers online gambling licenses and assistance to operators worldwide - Yogonet International

The 2021 NFL season is less than seven weeks away. We have not seen any preseason games yet, but the betting markets are already starting to move. The market where the movements have been the most volatile is the player prop market. This is not a major surprise as it is often the softest market when compared to win totals and divisional, conference and Super Bowl winner markets. It is also the market where we can find the largest difference from one sportsbook to another.

The fact that the payouts and prop numbers are so different from book-to-book is how we can find value and turn a profit. The wide difference in pricing and yardage prop numbers is a blessing for sports bettors. A savvy bettor who does the homework can put him or herself in a position to get the best number in the market on every bet. This is a big key to having a profitable season wagering. It might not sound like a big deal, but the difference between a $100 bet at -110 and -120 is a little over $7. If you are betting multiples of $100 per bet or making a lot of bets throughout a season, that $7 per $100 adds up to real money left on the table quickly.

Knowing the best numbers in the market allows a gambler to make bets that have limited risk, but huge upside. I know this sounds like a gimmick, but in the industry it is called betting the middle, or middling for short.

Here is an example available in the market right now: On FOX Bet, Joe Mixon has a rushing prop of 1,165 yards with the under paying -110. On BetMGM, he has a rushing yardage prop of 975 yards. The over is also paying -110. That is a 190-yard difference between the two numbers. Anything over 975 and you cash the bet at BetMGM. Anything under 1,165 and you cash the wager on FOX Bet. Worst-case scenario, you win one bet and make $91 per $100 and lose the $100 from the other bet for a loss of $9 per $100. The upside if both hit is that you make $91 on both bets and walk away with a big win. By playing both sides of the prop on different books at numbers with a massive difference in yardage, you effectively allowed yourself to take a small risk of loss and have a big upside if you land on that middle. The bigger the middle you can find, the better the odds are for you to cash both of those tickets.

You can play a few different players yardage props this way and only need to be right on one to turn a profit. This is due to the small risk and potential for a big upside reward on each of those bets. The numbers on these books change based on how money is coming in on one side or the other. The size of potential middle opportunities tends to shrink the closer we get to kickoff of the actual season. If you want to get the biggest middles and the best prices, the time to start making those wagers is now. The longer you wait, the fewer opportunities will be available to do it and the worse the price will be on each side of the bet.

The Prop Shop at FTNBets.com shows you every prop number available for every book that is active in your state. Just type in a players name in the search tool and you can look at the best and worst numbers to see if the difference is large enough to warrant betting the middle.

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When gambling on the NFL, try "betting the middle" - Colorado Springs Gazette

A few weeks before this episode was recorded in October 2020, we discussed whether it was OK for someone in the media to accept work from a bookmaker. Lots of you got in touch including someone whos overcome a serious addiction and is still dealing with the consequences of it but is helping others who have found themselves in the same situation.

On this pod we speak to him, as well as the Guardians gambling expert and the chair of the Betting and Gaming Council to find out what each of them think is right, and wrong, with the industry.

We talk about the increasing gamblification of football and asked whose responsibility it is to regulate the industry and help people who have become addicted.

If you have been affected by any of the issues in this episode, the following resources are available:

Support The Guardian

The Guardian is editorially independent. And we want to keep our journalism open and accessible to all. But we increasingly need our readers to fund our work.

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From the archive: football's relationship with gambling Football Weekly Extra - The Guardian

Blockchain technology is emerging as a game-changer in a widevariety of markets. As we explained in our prior post, Understanding the Intellectual Property Value ofNFTs, blockchain technology is the basis for creatingnon-fungible tokens, or NFTs, which have experienced astoundinggrowth in areas ranging from art to music to video games. Thisarticle discusses how cryptocurrency and blockchain technology arepotentially disruptive technologies for the online gamblingindustry.

In its simplest terms, blockchain is a decentralized, digitalrecord of all the transactions that take place using digitalassets. It is a database that stores encrypted blocks of datachained together to form a single chronological ledger oftransactions. In many cases, the data is distributed to create animmutable record of the asset's history that is accessible tothe public. The overall purpose of blockchain is to "letpeople-in particular, people who don't trust one another-sharevaluable data in a secure, tamperproof way."1

Blockchain set the table for the emergence of cryptocurrencies,which are decentralized digital assets that leverage blockchaintechnology to ensure security and prohibit double-spending. Whilecryptocurrency first emerged years ago, the recent wide-spreadpublic adoption has driven its growth. Many industries havebenefitted from the convenience and access that cryptocurrenciesprovide through user-to-user payment systems. The $60 billiononline gambling industry is particularly well-suited to capitalizeon the trend.2

The gambling industry has already embraced digital paymentmethods.3 Blockchain and cryptocurrencies can greatlyexpand this trend. As we explain, this technology can advancemission-critical objectives of the online gambling industry,including the security, validity, anonymity, and cost-efficiency ofthe industry's core transactions.

Blockchain technology in online gambling provides an added layerof protection for users because the databases record alltransactions and store the information in a decentralized ledger.This technology prevents the prevents the illegal trading ofdigital assets and reduces the risk of both hacking and paymentduplication.

Data privacy is a concern for many online gambling users becausewebsites commonly require them to disclose personal information,which creates hesitation among individuals who worry about how andwhere their data will be stored. Cryptocurrencies provide anopportunity for websites to eschew requests for detailedinformation because transfers of cryptocurrency are immediatelyvalidated by the public blockchain. This protection of userinformation further reduces the risk that personal data will becompromised.4

Relatedly, crypto-accepting gambling websites can provide userswith a streamlined registration process because of their ability tooperate without unnecessary personal information.5 As aresult, these crypto-friendly websites may be better positionedthan their non-crypto-accepting competitors to attract potentialusers, who can begin playing immediately upon providing only anemail address and a username.

Blockchain technology and cryptocurrency in the gamblingindustry also provides efficiency through instantaneous transfers.When online gamblers deposit cryptocurrency into a gamblingplatform, they do not need to wait for a bank or third-partycompany to verify the decentralized transactions, which are notcurrently controlled by a central authority. Instead, theblockchain immediately verifies the transaction and the platformlearns instantly whether it is valid.6

The decentralized nature of cryptocurrencies also makes themmore cost-effective than other sources of payment like credit cardsor bank transfers. Many cryptocurrencies-including Bitcoin-have nohidden transaction fees. Utilizing this form of payment benefitsboth the user and the platform, who avoid incurring costsaccompanied by traditional payment methods.

Overall, while blockchain technology and cryptocurrencies arenot new, the gambling industry is in its infancy in terms of marketadoption and implementation. Market participants will continue todrive the wide-spread adoption of the crypto asset class, which inturn will result in a broader use of blockchain technology anddifferent methods of utilization that can advance the gamblingindustry considerably. Of course, these benefits do not comewithout challenges, both technical and regulatory. Stay tuned forour follow-up article regarding the regulatory challenges theonline gambling industry will face as it inevitably moves towardsblockchain and cryptocurrencies.

Footnotes

1 Mike Orcutt, How Secure is Blockchain Really?,MIT Technology Review (Apr. 25, 2018), available athttps://www.technologyreview.com/2018/04/25/143246/how-secure-is-blockchain-really/.

2 Online Gambling Market Size, Grand ViewResearch (Apr. 2020), available athttps://www.grandviewresearch.com/industry-analysis/online-gambling-market.

3 Emerging companies like Cash2Go, for example,structured their business product behind the thesis that digitalpayment solutions would be a driver in the industry. Furtherinformation on Cash2Go is available athttps://cash2gocard.com/.

4 The Future of Blockchain Technology in the GamblingIndustry, Chipin, available athttps://www.chipin.com/future-blockchain-technology-gambling-industry/.

5 Anonymous Gambling in Bitcoin Casinos,CoinGambling, available athttps://coingambling.info/news/anonymous-gambling-in-bitcoin-casinos/

6 The Future of Cryptocurrency in OnlineGambling, BlockchainNews (June 11, 2021), available athttps://www.the-blockchain.com/2021/06/11/the-future-of-cryptocurrency-in-online-gambling/.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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Blockchain And Cryptocurrency: The Future Of Online Gambling? - Technology - United States - Mondaq News Alerts

The Olympic Games begins in Tokyo on Friday, just as Covid-19 blights the city for the fourth time and a year after the Games were originally scheduled to begin.

Despite the latest alarming spike in coronavirus infections and hospitalisations across the citys metropolitan area, Japans prime minister, Yoshihide Suga, has reiterated his resolve to go ahead with the Games, declaring at a session of the International Olympic Committee held on 20 July that the Games can be held successfully, with the efforts and wisdom of the people.

But many Japanese either disbelieve him or take his words with a pinch of salt. For one, many people are tired of hearing Sugas overblown rhetoric stressing the Games significance. He has, for example, previously said more than once that the Olympics will be held as proof that humanity has defeated the novel coronavirus.

Despite the pronouncements, Sugas administration has had a hard time dealing with the coronavirus. The more infection cases rise, the more Sugas disapproval ratings rise also. A national Asahi-Shimbun poll found his disapproval rate climbed to 49% on 17 and 18 July, the highest since the formation of his cabinet in September 2020. Correspondingly, his approval rating dropped to 31% close to the 30% danger zone political observers see as an indicator of imminent government change.

One big question arises. Why has Suga pushed so hard for his plans to host the Tokyo Olympics and Paralympics while the pandemic rages, and even as his approval ratings plummet? The short answer: this is a political gamble.

Suga is counting on the Tokyo Olympics to boost his approval rating ahead of the general election for the lower house and the Liberal Democratic partys election for presidential leader, both of which will be held this autumn. Suga hopes public enthusiasm for the Games will reach fever pitch as Japanese athletes start getting gold medals.

His optimism, however, is not shared by some in his cabinet. In terms of national security, I dont see any cause to hold the Olympics at all as we face a national crisis now, one of Sugas vice-ministers told me, adding that the real problem with the Games was the question of its finance and the egotistical desire of the Suga administration to be able to say we made the Games a success ahead of the elections.

Nobody is sure how successful the Tokyo Olympics can be, not least in the face of the virulent Delta variant. Tokyo 2021 could become a super-spreading event. Suga is taking a dangerous political gamble, and gambling, too, with the health and lives of the people of Tokyo and Japan, as well as the tens of thousands who will travel to the Games.

The gamble so far looks like it might not pay off. The great majority of Japanese people have a very cynical view of the Games. In another Asahi Shimbun survey, 55% were opposed to holding the Olympics with just 33% in support of it. In addition, 68% said they do not believe Sugas pledge that the Olympics will be safe and secure. Only 21% said they felt it could be.

This lack of enthusiasm is built on a series of Olympics scandals being brought to light. After Britains Zaha Hadid Architects won the competition to build Tokyos new National Stadium, her design was scrapped over ballooning costs in July 2015. The official logo for the Games was also scrapped in September 2015 after weeks of plagiarism allegations called the work of its designer Kenjiro Sano into disrepute. In 2019, Tsunekazu Takeda resigned as president of the Japanese Olympic Committee (JOC), following bribery allegations linked to the successful bid for the Games. And Yoshiro Mori, a former prime minister and then-president of the Tokyo Olympics organising committee, resigned in February 2021, following backlash over sexist comments suggesting, among other things, that women talk too much in meetings. Most recently, Kentaro Kobayashi, the opening ceremony director, was dismissed the day before the ceremony due to a Holocaust joke he made during a comedy show in 1998. Both Japanese and foreign media have reported that the Tokyo Olympics are cursed.

The Games skyrocketing price tag has also diminished public support for the event, which has now reached more than 3tn yen (20bn) and will become the most expensive Summer Olympics in history. Japans government debt stands at 266% of GDP the highest in the world and twice that of the US. Many fear the cost of implementing coronavirus countermeasures to ensure the Games are safe will add to a growing national deficit. Over more than a decade, Japan has spent hundreds of trillions of yen to stimulate the economy and overcome three major national crises: the 2008 Lehman shock, the 2011 Tohoku earthquake and tsunami and the ongoing Covid-19 pandemic.

Another big reason why many Japanese are against the Games is that Japan is lagging significantly behind numerous other countries in vaccinating its population, which is the oldest in the world. Many feel strongly that the Japanese government should put its efforts into the vaccine rollout, instead of the Olympics. As of 22 July, Japan ranks 69th in the world for those whove received two vaccines, with just 23.3% of the total population fully vaccinated.

The country has simply failed to strategically prepare for the Games in terms of vaccine rollout and infection control. Instead, over the past year, Suga has sung the Games praises while overlooking the imperative, taken more seriously in many other countries, to vaccinate the people hes charged with governing. Now, Japan must learn its lessons from the bitter experience of the Tokyo Olympics, and in doing so hopefully the nations body politic can heal.

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By holding the Tokyo Olympics, Japans government is gambling with peoples lives - The Guardian