In each round of the game, a player: (1) chooses how many fractions of their preferred coin they want to stake, and (2) enters a multiplier they wish to cash out at (e.g. a 2x multiplier would result in a player doubling their stake). The game then begins. A simple graph shows the multiplier level rising. • The multiplier begins at 1.00x and begins to increase. • If the multiplier level surpasses the player’s selected multiplier before it “crashes,” the player wins their stake multiplied by their selected multiplier. Crypto-gambling’s growth is partly a reaction to the constant streamof new gambling regulation, which seeks to obtainmore and morepersonal information about gamblers’ identity, income and behavior, and limit people’s spending until the information is provided. For this reason, VIPgamblers find crypto-gambling particularly suited to their needs. Without a regulator overseeing an operator, and often with little information about the company behind a crypto-gambling site, affiliates, suppliers and customers have few options to pursue, if an unlicensed crypto-gambling operator hits problems. ISLE OF MAN & MALTA: EMBRACING CRYPTOCURRENCIES There are options for operators to obtain licenses. The Isle of Man, for example, is a jurisdiction that has embraced both blockchain technology and cryptocurrencies. The Isle of Man Gambling Supervision Commission offers a B2B Software Supplier license for token and blockchain platforms and software. Isle of Man licensee Real Time Games Holdings (luckbox.com) offers CryptoPay as a deposit method, alongside more traditional e-wallets, whilst Shelgeyr Limited has a license for a pure Bitcoin gambling website (btb88.com) Malta has also been investigating the use of Bitcoin for gaming and other sectors and is keen to position itself as a regulated virtual currency jurisdiction and center for initial coin offerings (ICO). The Malta Gaming Authority issued an initial “call for interest” in December 2017 for parties interested in cryptocurrency projects, with the aim of constructing a live test environment for exploring the use of cryptocurrencies in the iGaming sector, in conjunction with theMalta Digital Innovation Authority. The test environment for blockchain and cryptocurrency technologies has been extended until 31 December 2021. In May 2021, Moneybite, a Bitcoin payment provider, was granted a Virtual Finance Assets (VFA) license by the Malta Financial Services Authority. Moneybite’s focus will be on offering its services to Malta’s iGaming operators. The regulation of cryptocurrencies, and associated activities, is following a similar path to internet gambling. The early adopters are the smaller, often offshore, island economies, whilst the world’s larger economies are taking a more cautious approach. CRASH GAMES One category of gaming that has been developed specifically for cryptocurrency gambling is crash games. Crash games are fast-paced, easy to understand and compelling to play. THE CRYPTO GAMBLING REVOLUTION G P W A t i m e s . o r g 32
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