A recent report has ignited concerns regarding the proliferation of online cryptocurrency gambling platforms within the United Kingdom.
As cryptocurrencies gain increasing global popularity, a novel avenue for gambling entertainment has emerged in the form of online cryptocurrency casinos. While some individuals purchase crypto as investments, others readily embrace them for online gambling activities. This phenomenon raises pertinent questions in the context of cryptocurrency scams and illicit activities, particularly when these digital currencies are employed for online gambling. This is one of the key rationales behind several nations’ prohibition of online cryptocurrency gaming. Remarkably, the United Kingdom stands as one such nation; nevertheless, players can easily access these platforms.
Sky News has recently unveiled the results of a completed investigation into the world of crypto iGaming. The results of this study have exposed worrying practices that are still common in the online gaming industry. These include well-known individuals like streamers and media influencers endorsing crypto casinos.
The latest investigation has also brought to the table the possibility of nefarious activities, as it appears that certain influencers may be employing “counterfeit currency” to endorse online cryptocurrency casinos. Additionally, the investigation has raised concerns that some individuals might be violating UK laws by demonstrating methods to access illicit online cryptocurrency gambling platforms.
This investigation into cryptocurrency gaming comes while the gambling environment in the UK is changing as a result of the White Paper on the Gaming Act. The results of this new study may now be reviewed and detected by the UKGC.
When questioned about the negative effects that crypto gambling brings to the people, including issues related to mental health, the Health Secretary Steve Barclay MP expressed the Health Department’s apprehensions about the growth of crypto gambling and the accompanying rise in gambling addiction, which led them to open additional seven gambling addiction centers, which is a wider challenge for the country in terms of gambling.
Additionally, Barclay also recognized the impending changes in the gambling industry, pointing out that the research’s interesting results might call for additional investigation by his colleagues.