Cryptocurrency plays an increasing role of importance in the gambling industry. But some markets will be harder to enter compared to others. Over in China, for example, there is a lot of confusion regarding prohibition f gambling. But is this a real thing, or are there other factors attributing to its lack of popularity?
A Brief Overview of Gambling In China
Everyone is well aware of how the Chinese nation consists of loyal and hard workers. At the same time, locals have an adamant passion for games, and they are not shy of wagering on the outcome of events either. While the lottery remains the most popular “gambling” option in China, other forms of gaming gain momentum as of late.
Things go back to seven centuries BC when the first incidents of gambling addiction started to become prevalent. Playing for money has been entrenched in Chinese society for quite some time. This was one of the most highly regarded business models in Chinese culture for a very long time. Even today, the best casinos in Hong Kong and China attract more than 50% of all gamblers.
Fast forward to today and not all that much has changed. Lotteries are very popular, as are on-ship casinos. This latter option lets people explore the benefits of gambling while enjoying a cruise at the same time. Hong Kong, for example, lets players bet on horse races. These on-ship casinos fall under a different set of rules compared to mainland gambling locations.
Unfortunately, China’s government is not all that happy with the rise in popularity of gambling. In fact, they will aim to prevent future developments at every possible turn. Despite government opposition, gambling in China will not go away, though. Most of the action is shifting to the online space, which is far harder to regulate.
That being said, Hong Kong gamblers are dealing with a lot of issues. The law forbids casino operators to take money from players, nor can they pay earnings to customers. Although this law has been amended slightly in recent years, the issue remains when the bets are placed in Hong Kong. All of this goes to show the world of gambling is very different in specific parts of the world. Cryptocurrencies, such as Bitcoin, can make an impact on this ecosystem, albeit it will not be easy to do so.
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