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The Bitcoin Gambling Industry after the GDPR Regulations

The GDPR (General Data Protection Regulation) era is well and truly in force. And while it was clear from the start that the act was intended to force internet companies to improve how they handle personal data, there were lingering uncertainties about the legislation’s eventual impact on the gambling industry. Our concern is how this will affect bitcoin casino gambling in particular.

Both operators and players watched apprehensively as the law came into effect on the night of May 25 2018, not sure whether to cheer or boo the latest attempt by authorities to drum sense into the heads of data handlers. So, how is been the betting industry globally now?

What has changed? What can you expect as a bitcoin casino gambler moving forward?

This post-GDPR sector review will share many new facts.

What is GDPR?

For starters, GDPR is a recent regulation and law on privacy and data protection for the citizens of the EU (European Union) and the EEA (European Economic Area). The regulation replaces the 1995 Data Protection- EU directive and also controls the export of any personal data outside these regions.

To keep it simple, the act gives the residents full rights over their private data and also simplifies business operations by unifying the regulatory environment for online and offline businesses. Fundamentally, the act has expanded the meaning of personal data to include everything from email addresses, names, biometrics, and IP addresses and so most betting firms have been forced to make changes. For instance almost a year ago Italy enforced regulations making it difficult for any land based group to open a bitcoin casino in Italy. This is beyond what a single country will be obligated to do because the EU enforces an entire continent space.

What is the Gambling World Response?

Even before the compliance deadline was announced, most betting providers, including bitcoin providers, were already working around the clock to ensure that their systems would be compliant. While this has come at an additional cost, online casinos are aware of the huge fines and have chosen to spend instead of risking their businesses. Here is a breakdown of what has been done:

  • Analysis of existing systems for loopholes
    • A number of the Bitcoin gambling operators hired legal experts who have helped them interpret the law and assess its effect on their business.
    • The next logical step has been to look at the established data infrastructure for possible weak spots.
  • Preparing the team
    • Employees have also retrained on how to handle betting information including disclosure and deletion of bettor’s information from the casino’s database.
  • Appointment of a Compliance official
    • The officer serves as a point man responsible for follow-ups and overseeing the rollout of the recommended changes in the data handling procedures.
  • Re-classifying of data
    • Gaming databases hold lots of details from their clients, payment processing firms, and more.
    • The information has been sorted into specific categories as per the requirements of the act.
  • Reviewing of contracts
    • Third-party casino games vendors have been given new contracts adhering to the regulations.
    • Bitcoin Casinos that already exist, run the risk of closure if they had no contract beforehand.

The GDPR Effect

Fortunejack GDPR rules

Now you have to give consent for your personal details to be processed by betting companies. That’s why you may now notice some pop-ups and notifications each time you visit Online Bitcoin gambling casinos such as FortuneJack. FortuneJack is one of the most popular bitcoin casinos available to play, so they were immediately compliant with the new regulations. However, you may not see this on other websites, yet. As a player you may not even notice it, but it is important that if you are going to store money on a bitcoin casino wallet, that you are gambling with a casino that is following regulations so you do not risk losing your money in case of an immediately shut down.

Internet casinos have also reviewed and updated their terms and conditions plages, which you must agree to when opening a betting account. There is a chance you may be asked to accept the terms again. However, if that does not happen just double check you have read the casino’s T&C again.

Under the laws, consent should be unambiguous hence you may also notice changes in opt-in boxes in a number of the internet betting websites. Indeed, GDPR bans pre-ticked opt-ins; something understandable considering previous reports of malicious providers bombarding visitors with unsolicited offers. The GDPR also gives you permission to withdraw consent at any time if you’re no longer interested in the services offered by the operator or if you feel that your data is at risk. This is really important when disputing removal of funds or bonuses that are not yet releasable.

beteast casino gambling

Some bitcoin gambling sites such as BetEast have been keen on improving their clients’ experience which could be a major factor as online casinos  ready themselves to take a piece of the pie in the growing – Read: Bitcoin Gambling Looking to Capitalize on $96B by 2024  .

On the same note, visitors have so far looked comfortable with what the different casinos have done apart from a few Asian countries where governments have targeted them persistent crackdowns despite the creation of the GDPR.

What to Expect Moving Forward?

There seems to be a consensus between wagering companies and gaming enthusiasts that the law could actually be an opportunity for the stakeholders to cement their relationship. That explains the seriousness that betting firms have accorded the new requirements which incidentally comes at a crucial time when the legal framework is still hazy around the planet. ReadStatus of Bitcoin Gambling Laws Around the World

The law is expansive thus businesses will continue to fine-tune any grey areas under the watchful eyes of the authorities. Players and other interested parties should also be ready for occasional tweaks in their providers’ policies as the GDPR becomes more pronounced.

The aftermath of the GDPR has brought a rather new World for everyone involved. Gambling sites have been busy implementing the new laws while players who are the main beneficiaries of the improved data protection procedures are betting that play will now be safer and more transparent. And with the industry focusing on achieving 100% compliance, it could well be the dawn of something big in the industry around the globe.

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