Skip to main content

Roundup: Micon Pleaded Guilty & Primedice Lost $1M

Chris in Bitcoin & Cryptocurrency published on 4, July 2015

Impacts of Bitcoin on Gambling

Lessons to Learn: Micon’s Bitcoin Poker Site Case

Micon goes down in history as the one who pleaded guilty in operating an unlicensed Bitcoin poker website in Nevada. Although this incident added to the negative perception the media presents to the general audience, the recently concluded court drama teaches a few points current and future Bitcoin gambling business operators should remember.

“The Unlawful Internet Gambling Enforcement Act (UIGEA) became effective in 2006, and this largely transformed the iGaming market within the US. With this law, businesses that illegally accept payments for bets and wagers on online gambling under the federal or state law will meet appropriate sanctions.

This law empowers state governments and regulatory bodies to impose rules with how land-based and online gambling sectors can operate. This includes Nevada, which has strict policies as evidenced by Micon’s initial felony charge.”

5 Reasons Slots Remain Popular in Bitcoin Niche

Going beyond borders—from land-based venues to real-money online casinos and even to Bitcoin gambling sites—slots maintain their winning form and even attract new generations of players across time. A closer look reveals the secret formula behind its success in the world of entertainment via the slot game providers like NetEnt, Betsoft Gaming, and SoftSwiss to name a few..

“It goes without saying that Bitcoin slots never lost the luster of the vintage slot machines. They continue to provide emotional stirs that can make any bettor go wild and frustrated at the same time. Slots take everyone to a roller coaster ride, and this is the very reason thousands of gambling enthusiasts across the globe continue to patronize the simple yet addicting slot games online.”

Primedice: How the $1M Prize in BTC Was ‘Won’

It may have been months old already, but Primedice owner Stunna still felt the need to inform the Bitcoin gambling community of how his popular Bitcoin dice site suffered from almost a $1 million fund deficit because of a lone RNG hacker. He said in the tell-all article the unfortunate incidents Hufflepuff (not the real name) tricked the dice site’s server, resulting in withdrawals of over 2,000 BTC. Regardless, Primedice continues to move forward but with notable changes in its business plans.

“Months after the incident, the popular Bitcoin dice site continues to stand and provide entertainment. However, it no longer caters to players from the US and Australia in an effort to evade sanctions that may be imposed by the respective gaming laws.

At present, Primedice receives Bitcoin players from Russia and China, and it has lowered its maximum bet amount, as well as the free coins in its Bitcoin faucet.”

Bitcoin Conference Kiev Discusses Bitcoin Gambling

The second Bitcoin conference in Ukraine’s capital gives the floor to Bitcoin gambling with the introduction of a new section designed exclusively for the potentials and impacts of Bitcoin on gambling. Scheduled on Sept. 24, Bitcoin Conference Kiev 2015 promises to create a more customer-friendly conference that caters to both beginners and experts in the business of Bitcoin. Entrepreneurs, investors, and enthusiasts are all welcome to the one-day event.

“Those attending the one-day event can explore the winning characteristics of Bitcoin that complement the online gambling industry, creating a more attractive, dynamic, and secure landscape for iGaming.

Bitcoin Conference Kiev 2015 is the latest global Bitcoin-centric event to give the spotlight on Bitcoin gambling, hinting the latter’s time to emerge as the newest market to open endless possibilities beneficial to all parties linked through the Bitcoin network.”

Is It Too Late For Fiat Casinos to Accept Bitcoin?

The Bitcoin casino market continues to show signs of growth, and this hints favorable opportunities for it to finally become a mainstream source of entertainment. However, only a few real-money gambling sites have started to integrate Bitcoin with their system. Whether it will be a Bitcoin casino, a poker room, or a sportsbook among others, what the fiat betting sites will be after the addition of Bitcoin remains uncertain, especially when the adoption is rather taking a while. However, new technologies make the switch or upgrade more accessible and viable.

“The availability of Bitcoin payment processors and gateways eliminate the excuse merchants can make in evading the acceptance of the digital currency. In fact, this makes the adoption much easier and more reasonable. After all, jumping ship at a later time may cost the operators more risks in losing profits and customers as compared to embodying the features commonly found in a Bitcoin casino.”

Like this article? Place your comments below