Lecture on Crypto Casinos by Keith Romer

Introduction

• Speaker: Keith Romer, Founder of Gamdom
• Topic: Crypto Casinos - current markets, licensing, benefits, regulations, and fair gambling

Current Markets and Focus

• Current Focus: Acquiring local licenses in Africa, particularly Nigeria
• Challenges in Europe:
  • Lack of legislation for a safe crypto environment
  • Reluctance of regulators
• Other Markets:
  • US, Europe, Asia: Currently on hold due to unclear crypto legislation
  • Africa: More flexible and crypto-friendly, especially due to difficulties in banking and remittance

Licensing Process

• No extra steps for local licensing as a crypto casino
• Need to verify crypto availability and conduct proper AML checks
• Use of chain analysis for transparency

Crypto Deposit and Withdrawal System

• Concept of a "vault account" for managing deposit limits
• Ensures users can deposit large amounts but only access it gradually

Anonymity vs. AML and KYC Checks

• Anonymity Misconception: Transactions can be tracked on the blockchain
• AML & KYC Procedures: Necessary verifications conducted, especially when converting between crypto and fiat
• Fraud Prevention: Additional checks for credit card use
• Blockchain transactions provide a public record, aiding in transparency and fraud detection

Benefits of Crypto in Gambling

• Low transaction fees (e.g., Litecoin: 2 cent fees for $2 transactions)
• Ability to conduct micro-transactions
• Faster transaction speeds for deposits and withdrawals
• Community aspect: Engaging with a niche crypto community

Popular Cryptocurrencies in Gambling

• Meme Coins: Dogecoin, Shiba Inu used due to low fees and high availability
• Main Cryptocurrency: Litecoin - favored due to low costs and fast transaction speeds
• Community Preference: Influences the choice of the casino

Unique Features of Gamdom

• Bonuses: Rain and Snow rewards given periodically (e.g., 50 to 250 bucks every 3-4 hours)
• Rakeback: Instant, monthly, weekly, and daily surprise rakebacks
• Leaderboards & Contests: Encouraging high wagering with significant rewards (e.g., summer contest with $1M rewards)

Environmental Impact and Offsetting Emissions

• Green Cryptocurrencies: Ethereum and USDT (proof of stake)
• Emission-Causing Cryptocurrencies: Bitcoin and Litecoin
• Partnership with Climate Connect: Annual donations to help environmental projects through a connecting platform for resources and expertise

Proving Fairness in Crypto Casinos

• Standard Practice: Verification through RNG certificates for games
• Issues: Potential discrepancies in game codes, marketing biases
• Provably Fair Games: Using public and private hashes, often through blockchains like EOS, to ensure transparency and fair play
• Data Accessibility: Players and casinos can access and verify game outcomes, enhancing trust

Conclusion

• Crypto casinos face unique challenges but offer significant benefits and community engagement
• Importance of fair play and transparency in maintaining trust and reputation in the industry