Isle of Man Prepares for Blockchain Gambling; Nevada Still Not Ready

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Following in the footsteps of Malta, which is gearing up to become the world’s first blockchain island, the Isle of Man has recently opened a new Blockchain Office meant to merge the iGaming and cryptocurrency sectors. At the same time, one of the most traditional gambling hubs, Nevada, is still unsure of how Bitcoins and similar alternative currencies could be implemented in its renowned casino resorts. Keep reading for the full story on this week’s hottest news updates from the crypto gambling sector.

Isle of Man – the Next Crypto Gambling Hub?

As reported by Calvin Ayre, the Digital Agency of the Isle of Man has opened a new Blockchain Office –a concept that is reportedly to aid up-and-coming businesses make the leap into the blockchain space with support from the local government. According to the head of the eGaming sector at the Agency, Tony Ure, the idea was born out of necessity, as more and more businesses and entrepreneurs approached the Agency with a desire to see blockchain become a regulated market. The office will therefore be looking at what companies want and how they plan to be regulated.

As explained by Ure in an interview with the gambling portal, The Blockchain Office will give technical, legal, and banking support to start-ups and blockchain experts who are lacking business skills in order to help them successfully realize their ideas.  A special emphasis will be put on the online casino sector, a significant part of which holds licenses from the Isle of Man.

Ure believes that there are “a lot of possibilities” in chip-based coins, blockchain, and ICOs for the iGaming sector, which the country is planning to explore after completing its “due diligence”. As he puts it, Isle of Man has a reputation of being a successful licensing destination, one that has no operators that have went “bust”. Thus, they are planning to keep that reputation by preparing for adoption through thorough work in the new office.

Nevada Not Sure of Cryptocurrency Gambling

While some countries in the EU and the rest of the world are leading the pack on the adoption of cryptoassets, Nevada is still struggling with the idea of changing its traditional beliefs. As revealed in a Las Vegas Review-Journal interview with NGCB (Nevada Gaming Control Board) Chairwoman Sandra Morgan, it is still early for the United States’ gambling hub to introduce Bitcoin-friendly casinos.

Speaking to the magazine about new trends in the local gambling sector, Morgan revealed that the NGCB isn’t sure how to regulate cryptocurrencies yet. Reportedly, one important reason for the uncertainty is the fluctuating prices, which make it difficult to tax gamblers, while the other is to identify the people behind the cryptocurrency payments in casinos.

In the same interview, Morgan also revealed that two other trends that were thought to be emerging proved to be rather unpopular with local gamblers. According to her, skill-based slot games failed to “gain better traction” with targeted younger audiences while eSports products were quite slow to pick up. Then again, she also believes that as newer generations flock to the city, all of these trends might change and push the casino sector towards a new direction, including one where land-based crypto-gambling is a reality.

February 27, 2019: • No Comments

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