In Las Vegas Bitcoin Is For Internet Betting

Published Wednesday, January 29, 2014 - Online-Casinos.com
In Las Vegas Bitcoin Is For Internet Betting

Bitcoin has been in the news a lot of late and not always because it is moving up in value. Recently two executives within the Bitcoin sphere were arrested and charged with money laundering. This news item hasn’t affected the virtual currency value and it may have done little to challenge the Bitcoin reputation.

Las Vegas is one place that hasn’t embraced the virtues of the virtual currency as yet although as recently as last week, the D Las Vegas and the Golden Gate Hotel & Casino of Las Vegas became one of the other business like Overstock.com, Zynga and Virgin Galactic selling retail merchandise using Bitcoin.

The actual use of BItcoin on the gambling floor has not yet been explored by any casino in Las Vegas. The concept of the virtual currency is still foreign to many casino operators in Las Vegas so they haven’t delved into the legality of such a proposal or the logistics of allowing of virtual money betting.  It has been suggested that casino executives say not only do regulators want to be able to see evidence of bets and other gaming transactions, both on the books and from casino cameras but that gamblers  want to physically hold their winnings. 

The legal implications of using a currency that is supposedly untraceable is a big for casinos which fall under the U.S. government’s Bank Secrecy Act, designed to curb any money laundering. Bitcoin and its reputation, its shady past life with its association with the  infamous silk road web site will never been shaken off when it comes to the real money gambling in Las Vegas casinos.

According to an interview with the Las Vegas Review-Journal Jennifer Shasky Calvery, the director of the Department of Treasury’s Financial Crimes Enforcement Network said about the potential for casinos to be vehicles for money laundering, “Whether a company is in the business of helping people invest and protect their money, or using that money for the purpose of entertainment, both are at risk,”

 

 

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