Russia is one of the biggest online gambling markets on the planet. Billions of dollars is spent every year by Russian citizens at online casinos, poker rooms and sportsbooks. Most of these billions flow to online gambling companions that are not based in Russia and who do not paytaxes. This loss of revenue hasn't gone unnoticed by the Russian government who are now introducing legislation that would force banks and payments processors in Russia to block any payments made to international gambling sites.
The new legislation would enable the Federal Task Service (FTS) to create a blacklist of online gambling companions operating in Russia. It would then be illegal for them to process payments to or from any of these companions, making it virtually impossible for Russian gamblers to fund their accounts or receive a payment. Russia has licensed a number of domestic sportsbooks where citizens can wager on sporting events, however, casinos and poker rooms are not permitted.
This new anti-gambling legislation is music to the ears of many bitcoin gambling sites who will now be competing for a slice of the $3 billion that once flowed to traditional gambling operators. Because bitcoin transactions are censorship resistant, it will be impossible for the Federal Task Service (FTS) to stop Russians placing bets or playing poker using bitcoin.
The new legislation would enable the Federal Task Service (FTS) to create a blacklist of online gambling companions operating in Russia. It would then be illegal for them to process payments to or from any of these companions, making it virtually impossible for Russian gamblers to fund their accounts or receive a payment. Russia has licensed a number of domestic sportsbooks where citizens can wager on sporting events, however, casinos and poker rooms are not permitted.
This new anti-gambling legislation is music to the ears of many bitcoin gambling sites who will now be competing for a slice of the $3 billion that once flowed to traditional gambling operators. Because bitcoin transactions are censorship resistant, it will be impossible for the Federal Task Service (FTS) to stop Russians placing bets or playing poker using bitcoin.