The acceptance of top cryptocurrencies like Bitcoin, Ethereum, and XRP on gambling sites are part of the reason why illegal online gambling is rising in Asia, a report from the Asian Racing Federation (ARF) said earlier this week.
Macau’s famed ‘junkets’—businesses that act as middlemen for Chinese high-rollers who make up half the city’s gambling revenue—are said to be using cryptocurrencies to transfer money without detection to offshore the “criminal proceeds” of their illegal betting operations.
Online betting sites—across types like sports, racing, esports, and games—are a highly lucrative industry and process billions of dollars worth of bets each month. Much of these were powered by fiat networks like Skrill and Neteller in the past, but the popularity of cryptocurrencies seems to have onboarded newer entrants.
