CRYPTO CASINO
The rise and rise of crypto casino CRYPTO CASINO IS BACK (IF IT EVER WENT AWAY) AND THIS TIME IT COULD BE HERE TO STAY AS PHIL SAVAGE REPORTS
T he world of cryptocurrency has witnessed more than its fair share of booms and busts in its short history (Bitcoin was only launched in 2009). As early as 2011, Bitcoin lost 99 percent of its value in a single day. It has lost over 50 percent of its value on six other occasions since then, but it is now considered a safe haven compared to others in the crypto space. In 2022, cryptocurrency exchange FTX was valued at US$18bn when it filed for bankruptcy with markets taking a scythe to the entire sector as a consequence. One difference in 2022 was that crypto had gone increasingly mainstream with consumer-focused advertising and sponsorship. As a consequence a lot more regular “investors” lost a great deal of money. It is perhaps surprising, given the history, but crypto is back and this time it looks like it’s here to stay. Wiggin’s Chris Elliott
and Marcus Bagnall argued in a recent piece for Lexology that crypto has grown up and gaming regulators ought to look again at legalizing it. 1 Many of the issues around price volatility, anonymity, fraud and open loops have been effectively de- risked through better regulation and technological advances, they say, continuing: “While crypto must still be treated as a higher AML risk (consistent with Financial Action Task Force (FATF) and Gambling Commission risk ratings), the tools and analytics available can help to significantly mitigate compliance risks – an important factor given that much of AML compliance already operates by reference to a risk-based approach.” There is another big reason why regulators should look again at crypto: it’s already here, and it’s in danger of eating their lunch. Data from Yield Sec, a technical intelligence platform
1 Crypto and gambling: Why regulation - not de facto prohibition - should shape the future of payment options - https://www.lexology.com/ library/detail.aspx?g=7c9df7c6-a564-41f8-bc25-020912d20d8e
IMGL MAGAZINE | JUNE 2025
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