Online Casino News From Around the Globe

Bitcoin Gains Momentum With SatoshiDice Acquisition

The idea of bypassing traditional global financial institutions and banking regulations to transfer cash was a pipe dream until a couple of years go. With the introduction of the virtual currency Bitcoin the way we think about global trade has changed completely. For those living on another planet Bitcoin is a virtual digital currency that was created in 2008 but has gained momentum recently to become a hot topic for anyone dealing in online transactions. The way it works is simple. Bitcoin currency is transferred via servers called Bitcoin miners. Each transaction is digitally recorded using peer-to-peer technology. The concept that one can bypass banks and government controlled institutions brings with it a lot of appeal as well as a skepticism from traditional financial organizations. The possibilities for this growing virtual currency are endless as there are essentially no borders involved. Bitcoin is simply controlled by anyone having an online connection thus enabling it to be the ultimate global currency in theory. It has become so popular that many online e-commerce sites accept it as a standard option of payment just like any other currency. More and more places of business are offering to accept it. What makes Bitcoin both appealing and scary is its volatility. For example Bitcoin fluctuated in 2013 from about $20 to an all-time high of $266 on April 10 before dropping over $160 in less than 10 hours. While the gains can be tempting for those who enjoy a gamble the question remains if the volatility exchange rates will deter widespread use of the currency. While the debate rages Bitcoin is in the headlines as the online gambling site SatoshiDice was purchased for $11.5 million with Bitcoin currency. SatoshiDice is an online gambling site in which players bet with virtual currency. Operated by Erik Voorhees the 15 month old company claims to be the most popular Bitcoin betting game in the universe. The way it works is that players send Bitcoins to an address. A number is then picked and if the number picked is less than the one you have chosen you win. This acquisition is just another milestone in the Bitcoin saga. Many believe that we can revolutionize the global banking system and in fact the way we all perceive traditional banking. Whether governments and global financial powers will allow this to happen remains to be seen but the simple idea of creating global banking system without exorbitant transaction fees and government interference is an intriguing one to say the...

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Online Gambling Sites Paying Protection Money To Internet Hackers

Online gambling brings with it some challenging security problems which can either make or break an internet gambling company. With billions wagered globally any disruption of services can be a costly business and even lead to a total collapse of a betting service. An article in IB Times UK addresses the problem with some unexpected conclusions. Cyber-attacks are the modern day version of heists but have the menacing danger in that there are no faces behind the attacks. While attacks on government sites are in the headlines, it is safe to assume that most cyber-attacks go unreported as institutions and companies do not want the public to know how vulnerable their systems really are. With virtual casinos the cyber threat takes on additional dimensions as it quite easy to launch an attack at a strategic time to cash in. Most cyber-attacks are done via DDos attacks which in short means that the gaming site gets inundated with requests to the server which leads to it crashing. Like in the real world anytime a virtual casino is down punters will simply go to a rival casino in order to place their bets. Like any good mystery novel the question arises who exactly is behind these types of attacks and what are their motives. One type of attacker is that which targets a sports betting site for example. The way it works is they will even contact the gaming site and blackmail them to pay up or risk a cyber-attack which would cost them big bucks. Unlike the movies many gaming companies actually give in to these demands and even consider the payoff as a legitimate expense which is cheaper than having their entire site taken down. Ashley Stephenson of web security firm Corero points out that the point of attack can also be an individual who has lost large sums of cash and hopes to crash the site and avoid payment. Stephenson says there are multiple ways to tackle the cyber-attack problem and include there basic options. They are giving in to the demands, rolling with the punches of the attack or investing heavily to improve your security. In conclusion these attacks according to Stephenson are just another aspect of doing business online and are not an insurmountable challenge for the gaming industry. He summed up the situation succinctly,” “I wouldn’t say it’s routine yet, but it’s expected. It’s the cost of doing business on the...

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Greek Cypriots Plan First Casino Resort

Whatever you think of gambling whether it be online or on land casinos there is no denying that the need to challenge one’s luck is a primal one and will always be there. Revenues from casinos have almost irresistible appeal to many governments who consider these “sin taxes” as an easier alternative to unpopular taxation for citizens. This is truer now than ever as many parts of the globe are still reeling from the global economic slowdown. One of the hardest hit global economies is that of Greece which has been forced to impose unprecedented austerity measures reaching into the billions in order to secure global financial backing. This has led to the Greek economy almost collapsing and has brought with it serious problems that include unemployment and negative growth. Many governments are scrambling to revive their devastated economies without too much success and are looking to casinos and online gambling as their ace in the hole to stimulate their economies. While the politics of Cyprus are complicated with the Turkish Controlled Cyprus in the north and the Greek Cyrpus in the South. When it comes to money all politics are put aside and parties focus on the bottom line. In the Case of Greek Cyprus the ministers have just approved plans for a land casino to attract investment. This follows their rival in the North who have had multiple casinos for a long time. This sudden change is interesting as there was formally a lot of opposition to the idea of gambling especially from the Greek Orthodox Church. The proposed plans will be brought before the parliament in September where they will be asked to end the ban on casinos. The proposal is expected to pass and will fast-rack the tender process. The idea of a casino is expected to offer the tourist additional incentives to visit the island and spend their much needed euros. The old saying the money talks is certainly true as realities of the global recession dictate what was once considered...

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Betable Reportedly Worth $80 Million After New Round Of Financing

Anyone in the social gaming and real money gambling world has come to know the name Betable. As we reported on previous occasions this San Francisco start-up has made a lot of noise since it burst onto the gaming scene in 2012. Their idea is simple in that they offer to do all the legal legwork and requirements need to offer real a money gaming for companies that in the past did not have the know how or the legal expertise to do so. They provide all the infrastructure and offer real money gaming in all jurisdictions in which they have a license to do so. This ha new option for social gaming developers has opened all sorts of doors for smaller companies to monetize their gaming portfolios. With the U.S. is still in debate as to whether to legalize online gambling, Betable’s main arena is the UK and Europe. In the last six months they have signed numerous deals with have enabled them to launch real money games with gaming companies like Optzi. Understandably there has been much interest in Betable from investors and this seems to be growing. Their latest round of financing is aid to have raised about $20 million from venture capital companies like Venture51. This has brought the value of Betable to the $80 million region. With social games booming, both players and developers are keen to cash in on real money spenders who spend up to 10 times more than those who play the free-to-play versions. Added to this is the popularity of mobile gaming which is seen as a major growth area and you now have a potentially massive market of players looking to gamble from their portable devices. Whether we are in a social gaming bubble which can pop at any time, it would be nice to have a few bucks invested in Betable while the going is...

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Britain’s Youngest Lotto Winner Loses £1.9 Million Jackpot Fortune

While all casinos have an age restriction of at least 18 the lottery sometimes allows players even younger to chance their luck. The debate at which one should be allowed to gamble is always heated as many believe that allowing young people to enter the lotto or play in a casino can have adverse effects on them in the future and possibly lead d to addiction problems. The story of Britain’s youngest lottery winner Callie Rogers who won £1.9 million at the tender age of only 16 has some crazy twists and turns. One would think that winning such a jackpot at such an early stage in one’s life could perhaps pave the way for life on easy street without having to worry about making a living. Ten years after her win Rogers has only £2000 left in her bank account but reveled in an interviews that she has never felt better. As corny as it sounds the old saying that money can’t buy happiness proves accurate for her. She believes that her new found riches actually left her lonely and she had even attempted suicide several times. Most of her cash was wasted on parties, cosmetic surgery and over £250,000 on drugs. After all this drama of sinking to rock bottom the now happy 26 year old is in training to be a nurse and lives with her partner who is a fireman in a modest house. Callie believes that no 16 year old should be allowed to play the lotto,” I was too young to win the lottery – I don’t think 16-year-olds should be eligible. It was too much money for someone so young. Even if you say your life won’t change, it does – and often not for the better. It nearly broke me, but thankfully, I’m now stronger.” On a positive note Callie Rogers is a good example of how one can turn things around despite hitting rock bottom. The debate at which age gambling or lotto tickets should be permitted will go on but it is certainly worthwhile considering the effect that massive jackpots can have on young...

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