Amid coronavirus fears and lockdowns, more and more people from around the world are turning to online gambling as a form of entertainment.
Top Bitcoin casinos and sportsbooks from around the world have noted a huge uptick in players, even with all major sporting events being cancelled or postponed.
In a bid to prevent its citizens from gambling too much, Finland has lowered its monthly loss limits from $2,000 to a mere $500.
More Limits, Less Freedom
Finland’s Interior Ministry announced that all “fast paced” gambling games that are available online would be subjected to the cap. This includes the likes of slots, table games, sportsbooks and lotteries.
The only casino game that appears to have escaped the new loss limit reduction is poker, with the limits remaining the same for this high-rolling casino game.
This new cap on loss limits takes away the choice, decision and power from gamblers in Finland, and it will only see a rise in the number of players opting to use cryptocurrencies.
Thanks to the world of Bitcoin casinos and sportsbooks, players from Finland have another avenue to gamble should they wish to circumvent the new imposed restrictions.
Online Gambling on the Rise
The move from Finland comes as no surprise following the increase in number of people turning to online casinos for entertainment, but many are opposing the new loss cap.
Not only does the new cap infringe on people’s freedom, but it also damages the online casino industry.
Bitcoin and online casinos are one of the few businesses that are actually remaining profitable during these times, and by reducing these companies’ abilities to turn profits, they’re also reducing the amount of tax paid.
If governments begin to see even more companies paying less in taxation and going under due to lack of revenue, governments could be forced to bail out even more employees that are furloughed.
Bitcoin Casinos are the Answer
Over in the United States, regulators are taking an entirely different approach, adding regulations for more sportsbook events around the country.
During April, the Nevada Gaming Control Board permitted sportsbooks to add four new eSports events to their rosters.
Elsewhere, Bitcoin casinos are allowing people from all over the globe to deposit in the popular cryptocurrency and continue gambling as they wish, with total control.
It’s undoubted that this freedom in the form of crypto gambling will fuel the growth of Bitcoin casinos around the world, leading to a more advanced place for gamblers to congregate.
Could Casinos Open Once More?
There are rumors circulating out of Las Vegas that casinos are planning to reopen with new measures in place to protect players and staff.
Various images of new thermal cameras and plexiglass being installed at some of the biggest casinos hint at how casinos could look once the bans are lifted.
If the rumors are true, then we could see online gambling restrictions such as the new loss cap in Finland become obsolete as people flock back to the casino Mecca.