Responsible gambling has long been a priority for the casino and sports betting industry. Recently, this tendency has also extended to the crypto market. For many, this may be quite unexpected, but there is an explanation for everything, and as it turned out, gambling and crypto are similar.
And this connection is expressed not in the presence of crypto casinos or bookmakers but in the fact that when interacting with cryptocurrencies, it is also necessary to consider risks, liability, and possible consequences. All this is responsible gambling, greatly influenced by GamStop and self-exclusion tools.
Understanding GamStop and Its Objectives
GamStop is a useful self-exclusion program that helps users control their activity on various gambling platforms (which are licensed in Great Britain). However, for those seeking alternatives outside of GamStop, nonGamStop casinos provide an option to explore. These casinos, which you can see in the list of casinos that aren’t on GamStop at NonGamstopBets, operate independently from the GamStop program and offer a range of gambling options to players.
Activating self-exclusion is one of the most effective ways to avoid online gambling for a limited time or, in rare cases, forever. One of the main advantages of GamStop is that it is free and easy to connect to. GamStop’s main achievement is to create a healthy, safe, and fair environment by working only with platforms that operate under the UKCG licence.
As a result, GamStop set the direction and trend for responsible gambling, actively promoting it for all and protecting vulnerable individuals, whether they are beginners or experienced players.
The Growing Crypto Market
The growth of the crypto market began with the launch of the creation of Satoshi Nakamoto (Bitcoin) on January 3, 2009. After that, despite the constant ups and downs, crypto does not stop developing, and new projects and blockchains appear every year. Such active ecosystem growth allows a competitive market, which forces all participants to actively participate in all activities, whether investments, crypto exchange, or the launch of new NFT platforms.
But such growth and popularity do not negate that this area has risks, profitable/mediocre periods, the rise or fall of crypto exchanges, etc. Gumban, which also provides self-exclusion tools, was the first in the world to equate crypto trading with gambling. The reason for this is the popularisation of crypto as easy money and an increase in the number of people dependent on this activity.
GamStop’s Impact on the Crypto Market
GamStop, in turn, supported the initiative of colleagues and also began to actively influence the crypto market and promote tools to reduce the number of dependent and vulnerable users. GamStop algorithms for online casinos and bookmakers are also successfully used for crypto platforms.
For example, the most apparent self-exclusion tool sets a period available for activity (in this case, crypto trading). Currently, 3 options are available: six months, one year, and five years, during which the user cannot sell/buy/exchange crypto. During this time, a crypto trader can learn new materials, actively monitor the market or rate fluctuations, etc. Such actions help to treat the crypto market more responsibly and exclude impulsive or even lethal actions.
Balancing Risk and Responsibility
In theory, all actions related to responsibility and balanced risks can be solved easily and naturally. But when the user enters the active phase of trading or investing, entirely unexpected consequences can occur. This may be the loss of all savings and a return to where the path began. Or the crypto trader becomes addicted and cannot control his actions.
Even with awareness of responsibility and all risks, not everyone is ready to act decisively and uncompromisingly. As a result, the GamStop self-exclusion program can do it for them. The self-exclusion program has many knowledge and educational features, which, as mentioned above, apply to both casinos, sports betting, and crypto trading platforms.
Responsible Practices in the Crypto Market
Self-exclusion programs are a useful tool that can be used at will, and this is not some kind of cage or handcuff. The most effective and positive aspect of using self-exclusion programs in the crypto market is to create a secure environment where users do not have to worry about the security of their data, leakage of transaction histories, and actions on platforms. Activity control and the fight against crypto addiction are potential tasks for most businesses.
But responsibility is placed not only on the companies but also on the traders themselves. GamStop and other self-exclusion programs can provide not only “cool off” periods but also limits on time spent on the platform and the limit of available funds. As practice shows, users begin to think more rationally and responsibly thanks to such restrictions, eliminating risks and critical consequences.
Future Outlook and Challenges
GamStop introduces and will continue introducing new features and adjustments to responsible gambling, including the crypto niche. There will be both positive and negative aspects.
If we talk about the benefits, this is the creation of a more responsible ecosystem and promoting a fair, risk-free and comfortable game. But the main challenge will be to explain to crypto traders and investors that their activities also fit the description of “gambling” and that it needs to be controlled in all aspects.
But in our opinion, this will not be an unsolvable problem. Why? When GamStop was first launched in April 2018, everyone was sceptical about it and did not believe in success. Now the concept of responsible gambling and self-exclusion tools has been and is being promoted by many crypto trading platforms.
Conclusion
GamStop’s influence on the crypto market is already gaining momentum, undoubtedly affecting the importance of balancing risk and responsibility for traders and investors. But success depends not only on GamStop. If the crypto ecosystem does not understand the importance and necessity of features in self-exclusion periods, time limits and responsible trading/investing, time and resources will be wasted. Therefore, all participants need to work together and help each other. We hope to find out very soon how effective and successful it will be.
Contact:
Paul Hayward
paul.hayward@nongamstopbets.
https://www.nongamstopbets.
