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The impact of cryptocurrencies in the iGaming industry is hard to overestimate. It is widely used on casino sites and betting platforms. Crypto makes payments accessible because of low fees, quick transaction time, deposit & withdrawal limits, advanced security and anonymity, global acceptance, and more. Most British players who use crypto favour UK casino sites not on GamStop because the local self-restriction tool blocks online gambling for money. Furthermore, platforms independent of GamStop offer their comprehensive self-exclusion tools. It makes them a highly appealing option for players. There are several reasons for this, and the main one is the absence of a clear regulatory base for cryptocurrency. It sometimes leads gamblers to overspend their go-to budgets.
One of the first services that joined the blocking of virtual money was Gamban. Currently, the situation with the blocking of the crypto by GamStop is possible too. More details can be found in this review below.
Gamban’s Restriction on Cryptocurrency Trading
GamCare is advocating for the introduction of self-exclusion measures in crypto trading. As far as that, Gamban’s decision to completely block any cryptocurrency trading operations on various platforms was news to all industry participants. This tool was previously used exclusively as part of the gambling ecosystem.
It allowed players to adhere to the basic Responsible Gambling rules and play consciously without risks to their health and wallet. After the latest changes, Gamban cannot access the crypto. However, this rhetoric did not come out of nowhere.
The company’s specialists conducted a comprehensive study. That research showed the connection between cryptocurrency and gambling problems. Not surprisingly, the majority of the community reacted negatively to this news. However, the management stated that this was done for the safety of the players. It confirmed that the monitoring of gaming sites’ activities will be increased.
What is GamStop?
This free-to-use self-exclusion service is supported by all gaming sites controlled by UKGC. It is extremely easy to use and does not require installing any extra software. Wait until your data is added to all casinos supporting the GamStop program. As a rule, it takes about 24 hours. After that, you won’t be able to log in or register at those casinos. The service offers 3 self-exclusion periods: 6 months, 1 year, and 5 years. It is impossible to undo your self-exclusion plan after joining the program.
After expiration, you must contact the customer support service to quit or continue the program. Together with self-exclusion, Gamstop offers multiple links to reputable consulting services on its site. They can help vulnerable people control their behavior and start the path to full recovery.
Connection Between Gambling and Cryptocurrency Trading
Until recently, everything that connected gambling and crypto trading was limited to a special payment method. Users registered on the sites, connected their crypto wallets, and made deposits or withdrawals in Bitcoin, Ethereum, Tether, and other tokens.
But, according to Gamban research, crypto trading includes more serious aspects that directly affect the development of crypto addiction. That, in turn, can harm the user, just like a regular gambling addiction if the Responsible Gambling rules are not followed. The company’s experts highlighted some factors, which were excessive risk-taking and impulsive decision-making. Moreover, the UK government planning to regulate crypto asset activities strictly – instilling a sense of assurance and lucidity for both consumers and businesses.
For some players, gambling, like crypto trading, is usually unrelated.
Playing your favourite slot or participating in the online lottery, you rely more on luck. While some mathematical models can help improve your odds a little, the outcome is still random. On the other hand, crypto trading is also determined by these factors. For example, financial success at casinos can involve analyzing the data and making informed decisions based on market trends or financial statistics.
Will GamStop Block Crypto Platforms Too?
In the case of GamStop, the service is only available in a specific region where the popularity of the cryptocurrency is constantly growing. It is undoubtedly beneficial for most gaming sites and their stable operation.
Therefore, it is unlikely that the gaming industry will see radical steps from GamStop as those made by Gamban. The only option would be limits on the amount of currency that can be deposited or withdrawn as winnings. Quite possibly, specialists from GamStop are waiting for the reaction and medium-term statistics on this decision from their “colleagues”.
Conclusion
The fact that Gamban decided to block crypto gaming platforms was a negative surprise for many players, even those unrelated to gambling. In the future, we will be able to better understand the implications of this decision, based on feedback from both players and casino providers that accept crypto.
At the same time, colleagues from GamStop are in no hurry to make the same sudden movements. The reason is simple: there is a constant growth of crypto enthusiasts among players of UKGC-controlled casinos. Potentially, restrictions may be used. However, they would affect the amounts that can be deposited or withdrawn using crypto.
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