Category Archives: Gambling

You may have heard of betting sites not on GamStop that are gaining in popularity as we speak. There are many of them and all players know that these gambling sites come with interesting advantages or benefits. We will discuss the matter below and give you all the main facts you need to know before placing the first bet.

Although for some, it may look strange, these sites really do offer interesting benefits. Most of these perks come from the lack of requirements they must meet. As such, they can offer a better gambling experience. This is precisely something that all players have been looking for and need. Below we will explain the main advantages.

UKGC is responsible for GamStop and as you already know, all UK sites with this licence must use GamStop. There are no exceptions. Sites that do not have a UKGC licence dont have to use GamStop so they can offer fewer restrictions. They are known as betting sites not on GamStop and some of reliable operators are present at NonGamStopBets.com (famous GamStop-free portal). This applies to more games, rare betting sports and so much more. It also applies to bets. Here a player can place any bet he likes of any amount and win a huge amount of money.

In a nutshell, players have more freedom. They can gamble precisely as they like and they can enjoy more than ever before. At GamStop gambling sites, a player must meet countless requirements which all have a negative effect on the gambling experience.

Here you dont have to verify your account. All you should do is create a new account, deposit funds, and play. At GamStop gambling sites you must provide ID documents, proof of address and so much more. Yes, it is safe, but it also means that a player must share all kinds of documents and personal information with unknown parties. Identity theft, losing information, and being unable to play anonymously are all related drawbacks and issues you need to know about.

Many UK players do not want to share their documents and they avoid these sites specifically due to this issue. Verification should be optional and not mandatory. Add the fact you need to wait for days until it is completed and you can see the problem. A gambler wants to play games as quickly as possible, not within a few days.

UKGC sites do not accept credit cards for deposits and withdrawals. This is one of the newer limitations this gambling authority set and the one that has a huge side effect on gamblers. Using credit cards for gambling used to be the most popular and the safest option of them all. It is also the most convenient. Each player already has a credit card and he will use his own money to fund the account and place bets. Due to various reasons that are honestly irrelevant, this is a problem and nothing more for 99% of gamblers.

At gambling operators, without GamStop you can use credit cards. As a matter of fact, you can use all kinds of other payment methods and all of that without any risk. Now you can deposit funds within seconds and play games within minutes. This is precisely what players want and need.

A UK gambling site or the site with GamStop support must pay massive taxes, use the funds to meet new UKGC regulations and so much more. A big part of the profit goes to all of this. Thats why their bonuses are usually small and limited. You are looking at a 50% bonus match and a few free spins. In addition, these must pay for the UKGC licence as well!

Gambling sites without GamStop dont need to pay for anything of this kind so they can offer much better promotions. It is a well-known fact that a site of this kind can offer a 500% bonus match and up to 300 free spins. These are just some of the examples. In general, you are looking at countless, high, and always available bonuses. Dont forget that there are a lot of sites of this kind and each one is offering new and fresh promotions. For players, this means more options and more free money that will be used for gambling.

We must add that most non-GamStop gambling sites also offer rare and more interesting promotions that are not available at UK sites.

Sites that do not support GamStop do offer many advantages. They are still safe gambling sites and will payout when you win. Thats why so many UK gamblers have been gambling at these sites and they prefer them over UK sites. The bottom line is simple. You get a better gambling experience without any downsides.

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What Are The Benefits of Non-GamStop Gambling Sites? - BlackSportsOnline

Many times over the past two years, Sam Mattis stared at a pair of blackjack cards on his phone, and two questions raced through his mind:

Hit or stick?

How did I get to this point?

When Mattis graduated from the University of Pennsylvania in 2016, many believed he was headed for a lucrative investment career. He had just completed his internship at JPMorgan Chase, and the company was so impressed it offered him an immediate job on Wall Street.

So what did he do? He politely turned down the offer, never thought about business again and decided to make a living throwing discus. Mattis, who grew up in Middlesex County, started competing in the event at East Brunswick High. He won an NCAA title at Penn.

Its the outright dream of most boys to be a professional athlete, Mattis said. I never really thought that would be my path, but after I won NCAAs for Penn in 2015, I thought, Maybe I can do this for real.

And the investment in himself has paid off: Mattis is ranked 16th in the world in the discus, the No. 2 ranked American. After an Olympic-qualifying throw last summer, if Mattis finishes among the top three in the U.S. Track and Field Championships in Eugene, Oregon, on June 25, hell be bound for the Summer Games in Tokyo, Japan.

When he turned down the Wall Street job, however, he turned down the money that comes with it. Discus athletes dont make what stockbrokers earn, so he had to get creative by working odd jobs and gambling while he trained.

At first, I wasnt making money from track, he said. To pay the bills, I worked in marketing for a pharmacist in my area. I worked for a company that tried to be an Uber for laundry in 2019. Then, this past year I started up a supplement company and did a lot of sports betting and blackjack just to try to get by.

Mattis also was hired as a volunteer assistant coach for the Rutgers track and field team. He was unpaid, but he did get to use their facilities and add Division I track coach to a resume that he hopes will include the Olympics.

The coaches at Rutgers were nice enough to let us get in on their training situation, and we volunteered a couple of hours a week to help coach there, he said. It was a decent relationship.

Mattis position at Rutgers lasted for about a year and a half before their facilities shut down due to COVID-19. After that, he moved back to Pennsylvania, where he and six other athletes created a training bubble at a local facility. This is where he started the final training steps towards his Olympic dreams.

Mattis longtime roommate and training partner, Noah Kennedy White, is a witness to his training. He has watched his friend mature as a world-class athlete in a sport where money trickles.

Sam is someone who had a lot of success in high school and college, and hasnt been immune to the difficulty of professional track, White said. But hes stayed super consistent in his work ethic and his self belief, and clearly its paid dividends. Hes really established himself as one of the best throwers in the country, and its fully deserved.

Mattis trainer Dane Miller also played a key role in the East Brunswick natives rise. Miller, who is active on Instagram and puts him through a number of high intensity workouts, says if Mattis reaches his potential, hell win on the highest international stage of the sport.

His ceiling is going to be working to the point of medaling at the world championships or medaling at the Olympics, Miller said. I think thats got to be our big picture goal. Hes capable of doing that.

After dealing with several back injuries this season, Mattis cant wait to prove himself.

Im finally starting to put some stuff together, he said. Im excited. Just being there at an event like the Olympic trials is very exciting. Its just a different level of competition.

When Mattis reflects on the hours of training, grueling practices and opportunity costs, he still has no regrets. The moneys tight, unemployment and small stipends from USA Track and Field have helped him survive this year, but hes proud that he chased his dream.

You only get to do something like this once, he said. Regardless of how things shape up, Im very happy I made that choice and decided to do something a little more fulfilling than making rich people richer.

Thank you for relying on us to provide the journalism you can trust. Please consider supporting NJ.com with a subscription.

Ryan Novozinsky may be reached at rnovozinsky@njadvancemedia.com. Tell us your coronavirus story or send a tip here.

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Online gambling helped Sam Mattis pay his bills. Now the N.J. Olympic hopeful is betting on himself - NJ.com

KUALA LUMPUR (Bernama): Four underage youths were among 20 individuals arrested over suspected involvement in an online gambling and fraudulent investment syndicate in a police raid at a luxury condominium in Jalan Tun Razak here on Thursday (June 24) night.

The four juveniles aged from 16 to 18, from the southern states were offered RM3,500-a-month and lodging in Kuala Lumpur via WeChat to work as customer service centre employees.

Kuala Lumpur deputy CID chief Asst Comm Nasri Mansor said the syndicate operated at the condominium with a rent of RM10,000.

According to him, in the raid at about 9.30pm, 20 people comprising 16 men including a Chinese national and four women including a Vietnamese who is the domestic helper were apprehended.

"Some tried to flee and erase the account numbers belonging to their victims to avoid their activities getting detected, he told reporters at the raid location on Thursday.

He said they were brought to Wangsa Maju police headquarters for further investigations under Section 4(1) of the Common Gaming Houses Act 1953, Section 6(1) of the Immigration Act as well as Regulation 17 of the Prevention and Control of Infectious Disease Regulations 2021.- Bernama

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Underage youths duped with lucrative income by online gambling syndicate - The Star Online

International sports betting and gambling company Entain plans to venture into the world of virtual reality. The company reported that it is working on an immersive sports betting experience that will implement VR. It is planned to release later in 2021.

Entainsambitious and novel idea will be made possible with the help of the media and online business branch ofVerizon CommunicationsVerizon Media. The latter will help the gambling operator with the creation of the desired virtual reality sports club. People will be able to receive a fulfilling sports club betting experience from their homes.

The VR gambling experience will run on theOculus Quest 2VR headset. Entain revealed there would be a variety of ways to experience this groundbreaking virtual betting.

The company aims to provide its clients with a product of the highest quality. Entains chief operating officer,Sandeep Tiku, spoke about his companys vision with this endeavor. He revealed that everything Entains does is with the customer in mind therefore, providing innovative and exciting experiences is of the utmost importance to the company.

Tiku sees virtual reality as a gateway to a whole world of exhilarating experiences. He hopes that Entain will serve as a visionary in the field as the company pioneers the inventive VR idea.

The chief operating officer went into detail about Entains goals. As it turns out, the virtual reality experience will let people play video games and watch football matches. It will even have some quality of life additions such as a feature to play music.

Tiku describes it asan interactive and completely immersive experiencethat will provide people with an unparalleled level of depth. The COO said that Entain aims to provide clients with a layered, multi-dimensional virtual reality feeling where wagering would be a real delight.

We want to wow them and give them better experiences than theyve ever had before and at the same time also use our cutting edge to technology to keep our players safe, Tiku excitedly explained.

Entain is determined to become a powerhouse in the online betting market. In the wake of retail closures, the companys revenues saw some noticeable decrease in this years first quarter, but in turn, itgathered a true momentumin its online betting verticals. Entain saw its online incomeskyrocket by the impressive 47%for sports betting. The company also saw a23% revenue increasefrom online gambling games.

The companys powerful online poise became evident in 2020 when Entainmaintained a strong presencein all notable markets, with the exception of Germany.

It is exciting to see where the collaboration with Verizon Media will lead and how it will affect the online gambling market. Entains idea of a VR wagering hub sounds exciting for all people who like betting from home.

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Entain Teams up With Verizon to Create Immersive VR Gambling Room - GamblingNews.com

On Friday, June 29th George W. Bush was the American President, Gordon Brown was the Prime Minister of the UK and Rihanna was dominating the British charts with her hit single Umbrella. In California at Macworld, 45,572 avid Apple enthusiasts witnessed one of the most important technological moments of the past 50 years as Steve Jobs unveiled the worlds first ever iPhone.

One of the unexpected benefactors of this technological advancement was the gambling industry, which has used smartphone capability to stunning effect in the past decade. Between 2007 and 2014 the GGY in the UK had crept up by around 2 billion, in the three years after 2014 that figure grew by over 3 billion. That was largely thanks to the popularity of mobile gambling, which made sites like winkslots accessible to users on the move.

The first real money online casino was launched in 1996, but 11 years later the industry was still struggling to establish itself. The Gross Gambling Yield (GGY) which is the amount of money retained by operators after the payment of winnings in 2007 was around 9.9 billion.

The National Lottery was the biggest contributor to that figure, with 25% of the GGY coming from the state-franchised lottery. Sports betting, bingo and land-based casino games were the other main contributors to the British GGY.

The online sectors contribution was so low as to not be formally recognised in the Gambling Commission report. In fact at the time, it was estimated that only 4% of all bets in the UK were placed online.

Therefore it is no exaggeration to say that when Steve Jobs launched Apples first generation iPhone that online gambling was a very small industry with limited long-term prospects.

In the three to four years following the launch of the first iPhone, the world gradually began to adapt to the smartphone age. Phone coverage was improved all over the UK, allowing people to make the most of their phones internet capability when they were out and about.

Conventional media outlets also began to adapt to the smartphone age, producing apps and websites specifically geared for mobile users. At the same time, Apples competitors were hard at work producing rival devices which ultimately drove down the price of smartphones making them more and more accessible.

In 2014 the majority of Britons below the age of 55 owned a smartphone, and it was around then that online gambling companies began to wake up to the possibility of mobile app gambling.

Up until that point, many industry leaders had sat back and watched on as TV streaming sites, newspapers and game development companies had invested heavily into smartphone capability and done nothing.

Anyone in the UK with access to an internet-enabled device from 1996 to 2014 was free to go online and spin the reels with slots, test out their poker skills or take on the dealer at blackjack. Yet relatively few people did, so why did it take the invention of the smartphone to make people think again?

One of the best explanations is that specifically designed mobile gambling apps made it easier than ever before for people to play their favourite casino games. Unlike PCs and laptops, smartphones could be used on the sofa, on the bus or in the park making gambling a fun activity that could be played without any specific planning.

In addition to this, mobile gambling apps actually performed better in the main than their desktop versions. The graphics and user interface available on a mobile device made online gambling seem, for the first time, like a really slick and fun activity.

The evidence given thus far in this article has been quite generalised, so to analyse just how important the mobile sector is to the gambling industry lets delve down into some of the specific figures.

The GGY in the UK for the most recent year was 14.9 billion, which was a slight decrease on the year before understandably as in 2020, most people had less money to spend on gambling than they did in the previous year.

The National Lottery and sports betting accounted for around 6 billion of that figure and online gambling made up 5.2 billion of the remaining GGY.

Around 86% of those online revenues were made on mobile devices, which to put that into perspective means that the mobile gambling industry today is worth almost half of the total GGY of 2007.

In summary then, the advent of the smartphone in 2007 helped to transform online gambling from a niche into a billion pound industry. Had Steve Jobs unveiled a different device at MacWorld 14 years ago its very possible that we would be discussing online gambling in the same vein as we do today.

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How Mobile Apps Revolutionized The Gambling Industry - Android Headlines

The Minister of Health and Families, Jess Aguirre, has reported that the Junta de Andalucia has treated a total of 2,054 people for addiction to pathological gambling so far this year, through the 100 Outpatient Treatment Centres (CTA) integrated into the Public Addiction Attention Network (RPAA).

These centres provide specialised care through prevention, orientation, rehabilitation and social incorporation on an outpatient basis, care that is complemented by the RPAA Day Centres.

In coordination with the municipalities, in the words of the counsellor, the Junta de Andalucia executes the Community Prevention Program Cities against Drugs, which covers areas such as education, family and work, and in which 16 provincial coordinators of the territorial delegations participate provincial and provincial drug addiction centres and 235 coordinators of activities.

In addition, the counsellor has indicated that through annual calls for grants amounting to 250,000, the Department finances programs for the prevention and support of treatment in the field of pathological gambling and other behavioural addictions. These include outreach and prevention campaigns, information workshops aimed at professionals and the general population, support and complementary actions to treatment and social incorporation.

For the 2021 call, an increase in the financing of these programs is expected, he reported.

We must be aware that pathological gambling constitutes a true social and health problem that, in todays society, has acquired more than remarkable dimensions and scope, above all due to the new possibilities and channels for gambling that are facilitated by the technologies of the information and communication.

Given the increase in addiction to online gambling in people under 25 years of age, the Ministry of Health and Families is designing specific prevention and care programs for adolescents and young people and the IV Andalucian Plan on Drugs and Addictions will influence this theme.

Similarly, we have planned to have the associative movement, promoting the participation and involvement of families in pathologies of young people in order to be, both the RPAA and the associations, coordinated in information and awareness; prevention and treatment; training of professionals and action with Primary Care and Mental Health, he concluded.

Thank you for reading, and dont forget to checkThe Euro Weekly Newsfor all your up-to-date local and international news stories.

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2000 People Treated For Gambling Already So Far This Year - Euro Weekly News

The MLB Gambling Podcast drops a new episode to preview the MLB weekend plus NL West Division Odds. Malcolm Bamford and Munaf Manji bring you their bi-weekly episode discussing all things from around the MLB. The guys discussion the implementation of checking pitchers for foreign substance use. In addition, the guys get you caught up on the Astros hot streak, the feud between Max Scherzer and Joe Girardi. Also, the guys discuss the Rays calling up the #1 MLB Pipeline prospect Wander Franco.

Later in the podcast the guys discuss the NL West Division Odds. Is there a clear favorite? Which team has the best betting odds to win the division? Can the Giants continue their success so far this season? As always the guys preview the series of the weekend to look for. Lastly, the episode wraps up with best bets from Malcolm, Munaf, Will, and Nick!

Make sure to subscribe to MLB Gambling Podcast onAppleandSpotify. Check Malcolm Bamford, Will Moorman, Nick Dant, and Munaf Manjis updated daily MLB picks today and EVERY DAMN DAY atSG.PN/MLBpicks.

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MLB Weekend Preview + NL West Division Odds | MLB Gambling Podcast (Ep. 18) - The Sports Gambling Podcast

The Gambling Commission of Great Britain has released survey data aimed at measuring the impact and reach of gambling advertising, which found that a third of gamblers said marketing had prompted them to spend money in the last year.

The Gambling Commission survey of 6,258 respondents included data intended to measure the impact of gambling advertising upon customers behaviour. Of the 4,566 respondents who had gambled in the past 12 months, 34% said that a post or media had prompted them to spend money on a gambling activity in that period.

Free bets or money to spend with a gambling company was the most likely to prompt a customer to engage in gambling, with 22% of gamblers reporting doing so.

Advertising on social media and on TV had each prompted 15% of gamblers to gamble in the last 12 months. Direct marketing, sports sponsorships and newspaper advertising prompted 9%, 8% and 7%, respectively.

The Gambling Commission also asked those who had reported seeing gambling ads how, if at all, those ads had changed their gambling habits.

Of those respondents who had reported seeing traditional advertising from gambling companies such as television or print ads 52.8% said that the advertising hadnt changed the amount that they gambled.

Meanwhile, 13.0% said such advertisements prompted them to start gambling for the first time, while 16.3% said these traditional ads prompted them to increase the amount that they gamble.

A further 14.7% were prompted to restart gambling after taking a break from the activity because of these ads. Meanwhile, 10.1% said the ads prompted them to change what they gambled on or try a new form of gambling.

Free bets or money to spend with a gambling company was shown to be the most effective new customer acquisition method, as 25.9% of those who had gambled in the last 12 months and seen posts or advertising said that free bets prompted them to start gambling for the first time.

Free bets also led to 18.6% of viewers restarting gambling after taking a break.

Of the advertising methods examined, the Gambling Commission said free bets had the lowest rate of responses saying they had not changed the amount that respondents gambled, at just 35.2%.

Direct marketing via email, text message or push notification appeared to be more effective with existing or lapsed customers, however. It was cited by the most respondents as prompting them to increase the amount they gambled, at 21.8%. It was also the method which prompted the most people to restart gambling after taking a break, at 19.6%.

The figures also showed that 85% of those surveyed reported having seen any gambling advertising or sponsorship. In total, 83% reported having seen advertising and 78% having seen sponsorship.

These figures are down on 2019s survey which showed 87% of people had seen advertisements or sponsorships, with 86% seeing advertisements and 82% sponsorships.

Television advertising was the most widely seen format for gambling advertising, with 76% of respondents reporting seeing this.

Gambling sponsorships on TV, radio or podcasts were the next most common format for people to see, at 67%. Other common places to see gambling advertising or sponsorships were on sports merchandise (60%), in sports venues (59%) and online outside social media (56%).

The least common reported place to see a gambling advertisement was via direct marketing, either by email. text message or push notification, which 37% of respondents reported seeing.

The group most likely to have ever seen gambling advertisements are those who have gambled in the past 4 weeks, at 89%. However, this figure sits at 85% across the population at large, with 88% of men and 83% of women reporting seeing gambling advertising.

These figures are lower for those who said they had seen gambling ads at least once a week, at 59% of the total surveyed.

Traditional advertising such as on television, radio or print is the most commonly seen form of marketing, with 81% of respondents reporting seeing it. Sponsorships were also seen by 78% of respondents, while online advertising was seen by 66%.

The most common frequency to see these forms of advertising was reported as being more than once a week. This was reported significantly more than once a week, at least once a month or less frequently than once a month.

The data showed that young people are more likely to see gambling advertising online, with 77% of people aged 18 to 24 saying they had seen gambling ads online, compared to 55% of those 65 and over.

Of those surveyed, most (68%) said they use social media but dont follow gambling operators or companies. Meanwhile, 17% said they do not use social media or streaming platforms, and 16% said they do follow or watch gambling companies.

Facebook was the most common platform for doing so, with 11% of respondents saying they followed a gambling company on the platform.

The Gambling Commission said this research enforces what it already knows, that gambling advertising has a wide reach including existing gamblers as well as lapsed or non-gamblers who may be encouraged to start gambling.

It restated that its official statistics do not indicate an increase in gambling through the period of the novel coronavirus (Covid-19) pandemic. However, it said operators should be alert to the potential risks of ad exposure to different population groups.

The survey was conducted in three parts, taken in March, June and September2020. It was part of a wider survey conducted by Yonder for the Gambling Commission, asking a range of questions relating to gambling.

A previous release from part of the same survey showed how betting habits have changed amid the novel coronavirus (Covid-19) pandemic. That survey found the rise in mobile betting was halted and while esports betting became much more popular.

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Gambling Commission: 34% of players say ads prompted them to gamble - iGaming Business

opinion

Regarding the possibility of enhanced gambling all over Florida: no, no, no!

So far, gambling has legally been with the Seminole Tribe in one location. It has appeared to satisfy those who choose to gamble. And it has been just one aspect of many choices of entertainments for adults who visit as well as adults who live in Florida. But not for families with children.

Our state government needs to protect and stabilize all natural features of our beautiful, natural and unique state of Florida for all.

Marian Morrison, Lake Wales

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I'm living in the most dangerous time of my life - stupidity, ignorance and a lot of uneducated adults listen to the propaganda, lies and untrue stories spread by the news media. CNN seems to be the worst.

When we elect congressional members into office, they have no intention of thinking for themselves and representing the majority of the people. Is there a right or wrong vote on each bill? For the voters it seems quite simple. If it's good for all of America, the simple vote is yes.

Unfortunately we have voted into office more than 500 congressmen, Democrats and Republicans. Greed, power and money is their goal. The most unbelievable thing occurs, not one of them can vote for the people that elected them. It's a party vote only, all Democrat or all Republican.

We no longer have a people's government in Washington D.C. We have two Democratic Party leaders or two Republican Party leaders running our country. That makes it a one-party government, run as one government.

Can you think of a few other countries run by a single government - Cuba, Russia, Iran to name a few. Pray that our First Amendment can save us before it becomes eliminated.

Robert Reese, Winter Haven

The Ledger encourages its readers to share their opinions through letters to the editor. Submit your letter byclicking here, or send it tovoice@theledger.com. Include your name, street address, a phone number and an email address. Only your name and city of residence will be printed. Letters are limited to 200 words or less and are subject to editing.

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Voice of the People: Keep Florida family friendly. Say no to expanded gambling - The Ledger

CommentaryNewsday Reporter2 Days AgoKanisa George -

KANISA GEORGE

In the beginning, there was man, grain and bartering. Since then, human beings have revolutionised the exchange of goods and services by introducing a standard exchange rate, paper currency, and non-precious coinage. And then, just like that, technology took the world of money by storm and introduced magnetic ink character recognition and the oh so convenient automatic banking machines.

Chip and pin technology has given us more security in the palm of our hands, and internet banking makes banking and shopping from the comfort of our home a reality that wasnt possible a few generations ago.

As lifestyles progressed, science and technology have moved at an alarming rate to simplify life. Accessibility, instantaneity and hassle-free transactions have birthed a tool resembling something straight out of a dystopian film, cryptocurrency.

Difficult for most to understand and nearly impossible to regulate, cryptocurrency makes money, as we know it, appear Jurassic in nature. Simply put, cryptocurrency is a form of payment that can be exchanged online for goods and services.

Over the last few years, Bitcoin has become a poster child for cryptocurrency, but according to CoinMarketCap.com, more than 10,000 different cryptocurrencies are traded publicly. In addition, the total value of all cryptocurrencies as of May 27, 2021, was more than $1.7 trillion.

Cryptocurrencies are primarily based on a decentralised technology known as blockchain with inherent encryption, distributed among users via the internet. This blockchain is an open, distributed ledger that records transactions in code and practice and operates like a chequebook distributed across countless computers worldwide. Transactions are recorded in blocks that are then linked together on a chain of previous cryptocurrency transactions.

I suppose its main selling point is that its a medium of exchange that is digital, encrypted and decentralised. What this means is that the system that runs and operates cryptocurrencies is not owned or controlled by a single entity, such as a government, bank, or company. Instead, the product is run and maintained using the computing power contributed by a global network of participants.

According to Forbes Advisor, unlike the US dollar or the TT dollar, there is no central authority that manages and maintains the value of a cryptocurrency. So essentially, cryptocurrency doesnt fall under the ambit of the Central Bank of Trinidad and Tobago. To users, this lack of control releases them from the bonds of capitalism and grants them the freedom to do anything that its value can buy. But to world leaders, this is a dance with death and can potentially unleash the wrath of Pandora if not adequately monitored.

Unregulated cryptocurrencies undermine the work already done by financial institutions globally to combat money laundering and terrorist financing, yet there are varying approaches on how cryptocurrency should be managed. For example, in Algeria, Egypt and Iran, there is a complete ban on its use, while other countries like Switzerland and Denmark are developing regulatory frameworks on taxation and money laundering to bring cryptocurrency under government control.

In the Caribbean, there are also varying views on the use of cryptocurrency. The Dominican Republic government banned the use of cryptocurrencies in transactions; but its use is still widespread, and citizens continued to use it at their own risk. In Antigua and Barbuda, the government is in the process of drafting laws to regulate Bitcoins. Surprisingly, data collected suggests that Antiguans are interested in using cryptocurrency to pay for public services, especially since its economy thrives on the tourism sector. Interestingly, officials believe that Bitcoin makes it easier to track transactions, which is very important, considering how many view this Caribbean country as a tax harbour.

In TT there are no laws governing cryptocurrency, and as a result, regulation proves to be near impossible. A joint statement issued by the Central Bank, Securities and Exchange Commission and the Finance Intelligence Unit highlighted that virtual currency is a digital representation of value that can be digitally traded and functions as a medium of exchange within a specified online community, but does not have legal tender status in Trinidad and Tobago and in most other jurisdictions Providers of virtual currencies are neither regulated nor supervised by the Authorities Virtual currencies tend to be volatile, and their value can fluctuate significantly. Further warnings have been given surrounding the potential for fraud and liquidity risks.

Technology, through cryptocurrency, has yet again granted us another dose of freedom, flexibility and control. But with a long list of foreseeable risks and the potential to dismantle the worlds economy, has technology pushed us to bite off way more than we could chew?

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Views from the bar: Gambling with cryptocurrency - TT Newsday