JustBet

Australian Bitcoin Sports Betting Site in the Spotlight

JustBet, an Australian-registered online sports betting site that allows its users to place bets with bitcoin is under investigation after a nudge from Andrew Wilkie, a Tasmanian independent Member of Parliament. JustBet is registered by the Christmas Island Administration (CIDA) that lists itself as the “administrator” for Australian islands territory’s web addresses that end in ‘.cx’.

The sports betting site offers live betting on AFL, AFLX, A-League among many other Australian sports in both US dollars and cryptocurrencies. JustBet also offers live and pre-match wagering on a range of international sports and a decent variety of popular online casino games.

While JustBet has an undeniable Australian link, the site itself is registered by a Panamanian and as revealed by a trace of its IP address, it is based in the Costa Rican capital of San Jose which also happens to be the hub of the international cryptocurrency gambling industry. Interestingly, the operation does not appear to be licensed by any of the gambling commissions in various Australian territories or states. This, according to legal experts, is a clear breach of the Australian federal Interactive Gambling Act that prohibits websites from offering such kind of online gambling to Australian bettors.

The Christmas Island Domain Administration (CIDA0, however, said that unless there is an official request from the authorities or a complaint from the public it could not deregister JustBet.

Not Good Enough

CIDA’s claim has not been accepted by quite a number of people, some of whom are in rather high places. One such person is Mr Wilkie who has been vocal in his advocacy for gambling reforms in the country. To him, CIDA’s statement was not enough to settle the issue.

“The site should be shut down immediately, and the Christmas Island Domain Administration should act straight away to remedy the situation,” he said.

Mr Wilkie’s call and subsequent reports of JustBet’s activities on the Sports Integrity Initiative website, the Australian Communications and Media Authority (ACMA) eventually got wind of the situation and promptly announced that it had begun investigations on JustBet for violations of the Interactive Gambling Act.

CJEU

European Court of Justice Affirms Online Gambling Guidelines

The European Court of Justice (CJEU) has dismissed a petition from the government of Belgium that sort for the annulment of online gambling guidelines that had been outlined by the European Commission. The said European Commission (EC) guidelines relate to consumer protection from online gambling.

According to the Belgian government, the EC had overstepped its Treaty-based competences when it issued the guidelines and this was the foundation for their petition. It asked the CJEU to tear down the guidelines which, as per the terms laid out by the EC, were mainly meant to develop a higher degree of consumer protection.

However, the CJEU junked out the petition while pointing out that the guidelines did not interfere with the rights of member states to regulate online gambling services within their jurisdictions. The guidelines which were published in 2014 contain a number of recommendations that are aimed at developing a higher degree of consumer protection (mentioned earlier), as well as preventing or rather protecting minors from the world of gambling. The Belgian government maintained that the guidelines interfered with the sovereignty of member states and thus their competences to regulate national gambling markets had also been impaired.

In the CJEU’s ruling, the defining statement said that “the General Court was able properly to conclude… that [the] recommendation does not have and is not intended to have binding legal effects, with the result that it cannot be classified as a challengeable act.”

The EGBA Welcomes the Decision

The CJEU’s decision has been welcomed by a number of stakeholders in the gambling industry, including the renowned European Gaming and Betting Association (EGBA) which has always publicly supported the full implementation of the European Commission’s guidelines. Though the EGBA and EC are not legally bounded to back each other, EGBA has been fully behind the guidelines which, as the association points out, will encourage member states to prioritize consumer welfare and at the same time promote a vibrant gambling ecosystem within members of the EU.

EGBA’s officials laid it all out in a statement that said: “The standards adequately compliment the European Committee for Standardization’s (CEN) workshop agreement on Responsible Remote Gambling Measures, which EGBA members voluntarily adhere to and are regularly audited against.”

In addition to the association’s general statement, its Secretary-General, Maarten Haijer said, “We welcome the decision by the Court and strongly support the Commission’s guidelines for online gambling services which aim to protect consumers and minors across all EU Member States.”

Bitcoin -Price-Board

Cryptocurrency Boom Could See Bitcoin Price Double in 2018

An analyst claiming to have spotted the pattern in bitcoin’s market very unpredictable market says that the price of the digital currency is likely to double within six months and regain the astonishing heights it was soaring towards before the recent price plunge.

As it is for regular stock exchanges, if you can accurately predict the cryptocurrency price changes you stand to become extremely wealthy, profiting by purchasing the cryptocurrencies when the prices are low and then selling them once the prices peak. However, this is an ideal scenario – in reality, all cryptocurrencies are very volatile which makes foolproof predictions impossible.

Regardless, Fundstrat Global Advisors managing partner, Thomas Lee see is anticipating a new record peak for bitcoin come July. Lee’s prediction is based on the analysis of the decentralized digital currency’s twenty-two price corrections since 2010.

Last year, bitcoin’s price surged by more than 1,300 percent last year which saw it soar to a record peak of just a little less than $20,000 on December 2017 before it plunged back 70 percent.

According to Lee, “Bitcoin recoveries take 1.7 times the duration of the decline and this implies that 85 days are needed to recover prior highs. This is July 2018.”

A Look at the Current Statistics

Yesterday (Thursday, 15th, 2018), bitcoin rose as high as $10,234 which represents a near 7 percent rise up from the previous day as recorded by Luxembourg-based Bitstamp. On Coindesk, bitcoin price is varying at somewhere just a little under $10,000.

Coinmarketcap.com reports that other digital currencies have also been showing an upward trend in the past few weeks as well. Ethereum, which is the second largest cryptocurrency by market value went up by about 2.5 percent from yesterday and it now sits at $933.24. Ripple, which comes in third in terms of market value, gained 5.5 percent to clock a $1.15 price.