$1.5 Billion Seized In Crypto Gambling Crackdown

$1.5 Billion Seized In Crypto Gambling Crackdown

In their efforts to crackdown on illegal Crypto gambling related to the FIFA World Cup 2018, local authority officials in China have seized Cryptocurrencies in excess of $1.5 billion.

Bitcoin, Ether, And Litecoin Accepted

Xinhua, which is a media outlet run by the state, on July 11 stated that the local police force had become aware of the gambling platform due to the numerous advertisements that the unnamed platform had out, claiming that they would be accepting internationally recognized Cryptocurrencies as a way of luring in more users. The Cryptocurrencies accepted would include Bitcoin, Ether, and Litecoin according to the advertisement.

Special investigators, later on, realized that the platform, which is based overseas, used a traditional model of online wagering in conjunction with Cryptocurrency payments. The media outlet stated that through loopholes in the regulations, the platform was able to garner profits by hiding them via the Cryptocurrencies.

Around 333,000 people reportedly utilized the site in a span of eight months. This has been estimated to have led to a minimum of $1.5 billion in the transaction volume at the site.

The local authorities have in custody six operators of the platform and confiscated Cryptocurrencies worth $1.5 million as well as deposits from their bank accounts amounting to $750,000.

The Guangdong province police department, through its spokesperson, has reported that the task force will endeavor in its quest, by maintaining highly concentrated attention, to stop online soccer betting. It has also advised soccer enthusiasts to enjoy the game rationally and consciously.

Crypto Betting And The World Cup

The 2018 World Cup held in Russia saw many aspects of the event integrating with Cryptocurrencies.

The Crypto sphere has experienced a great amount of growth in the period since the last World Cup. This growth was evident in the heights that Cryptocurrencies experienced late last year.

Betting is considered as part and parcel of the game experience in many a sport. Fans wager a lot of money on their preferred teams hoping to win. This experience can also be achieved by using Cryptocurrencies. In the last World Cup, fans were able to wager on the games using Bitcoin.

The Rise Of Crypto Betting Platforms

With Cryptocurrencies being a hot commodity at the moment, a lot of effort is being made in developing platforms that will facilitate Cryptocurrency sports betting. Several platforms are making strides towards becoming the alphas in the Crypto betting space.

There are several platforms developed recently that are also giving betting advice to their clientele. These Blockchain-based applications show the sporting events’ predictions on a Blockchain thus providing clear public records of the predictions. The Blockchain records allow the users to validate the accuracy of the wagering odds and advice as well as review other bettors’ track records.

As a sports bettor, do due diligence before using a Crypto betting platform. Research more about the site to ensure that it is legal and that the services you are enjoying on the site are not only legal but also genuine. A Blockchain powered platform assures you of valid and genuine betting tips.

July 13, 2018

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Samantha Mitchell

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