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The global market for online gambling was estimated to be worth $63.53 billion in 2022 based on the most recent data, and between 2023 and 2030 it is predicted to grow at a CAGR of 11.7%.
Sadly, this casino in Minecraft shut down under somewhat enigmatic circumstances, creating quite a stir in the gambling world.
The Background of BitVegas in Minecraft
Among all video games, Minecraft is one of the most played. Players can build enormous structures, sky bases, vaults, volcanoes, and cities in the game. Players can now add more variety to their servers thanks to a recent update to Minecraft.
The fact that players' creativity is the only restriction in Minecraft is one of its many success factors. With millions of users, Minecraft is a great platform for players, creators, and game developers to share their works. One such example is BitVegas, a casino with păcănele gratis built entirely within the game.
BitVegas' Organization
In February 2013, BitVegas went live. One of the first services to incorporate Bitcoin into Minecraft was the casino, which quickly attracted players due to its cutting-edge and lucrative features.
Visitors to BitVegas were able to make 0.002 BTC per hour. So, despite the fact that the price of Bitcoin fluctuated between $13 and $1,100 in 2013, BitVegas remained one of the most giving faucets at the time.
The actual casino was enormous and had six floors connected by elevators. The first floor served as the lobby and included a gift shop, a hotel, and a bar where players could purchase drinks. After consuming a drink, there was a 48% chance that you would win back the amount you paid for it.
A lottery, video slots, Hold'em poker, as well as well-known table games like blackjack and roulette, were all available at BitVegas. Even bacon races, a humorous take on horse racing that featured four pigs racing to the finish line, were available for wagering.
High rollers were only allowed on the fifth floor. Because of this, the games on the fifth floor had higher maximum stakes, and only players with 1 BTC or more in their accounts were allowed access.
What Happened to BitVegas?
BitVegas operated like a legitimate online casino should. On the surface, at least. In truth, though, the situation was much worse.
Every wager and transaction on BitVegas was made solely on the basis of trust, and there was little to prevent the site's owner from amassing all the cash and vanishing without a trace. Which, sort of, did ultimately occur.
Despite rising in popularity, BitVegas shut down in March 2014, just one year after it opened. The BitVegas founder and the casino they founded were gradually less active on the server at the murder scene before disappearing entirely.
Users were still able to sign in and make deposits, but placing bets was not possible. Since no one could replenish the hot wallet, which was used to facilitate transactions between the players and the casino, the casino ran out of money.
Even though there is no proof that the casino owner stole money from the patrons, Murderscene's departure created a lot of problems. Until now, some of the unpaid deposits have not all been repaid.
Furthermore, BitVegas encountered numerous problems due to a lack of proper management and structure, and there were numerous drawbacks to BitVegas, according to a 10-year-old Reddit thread. One user, for instance, claimed that staff members arbitrarily banned users.
What BitVegas Can Teach Us About Gambling in 2023
Even though BitVegas was only in business for a year, its history and demise serve as a cautionary tale for players and a lesson in the importance of playing in safe and reputable casinos.
A trustworthy gambling license is a great indicator of a casino's reliability. However, a gambling license is also a way for regulatory bodies to defend players against dubious casino operators.
The casino must abide by stringent rules imposed by the licensing body in order to obtain a license. Background checks, business plans, and evidence of funds are common requirements to make sure the casino can pay out winnings.
Additionally, the casino has to pass a number of software and compliance audits; it must provide fair games and have strong security protocols in place to safeguard customer information and financial transactions. The casino must also prevent minors from gambling and only run in the areas where it has been granted a license.
Due to this, almost all casinos with valid licenses use a series of KYC checks to confirm each player's identity. Because of this, even though some players find them annoying, KYC policies allow casinos to stop illegal activities like money laundering, stop gambling by minors, and stop players from playing from places where the casino is not permitted to operate.
Summary
BitVegas is a prime example of why players should exercise caution when wagering and only do so in crypto casinos that are authorized, reputable, and most likely fair.
One time, a user broke into BitVegas and took about 7 BTC, which is equivalent to about $1,000. Although BitVegas reimbursed the money that had been stolen, the situation could have been handled differently given that the company's owner was not subject to any gambling authority's regulation or licensing.
What would happen if the amount was considerably higher, too? What would happen if the money in question was yours?
Playing in a casino that has a reputable license, a selection of games that can be proven to be fair, and is governed by a gaming authority that seeks to protect players from any shady activity is much easier than stressing out about what-ifs.
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