Is Live Casino Real Money?
Table of Contents
Are players using their own real money?
Well, to first answer your questions if they are using real money or not when playing these games. The answer to this question is a very simple yes. The players that are playing on these online live game sites are most definitely using their own and real money to play the games. The money that is being used could come in various forms, but it is most certainly real and their own. We would say that if they were caught to not be using real money, then this actually a serious crime in Singapore which could lead to detrimental consequences for the player and how they will never be able to set foot in another casino ever again.
In fact, if we want to be specific regarding this. The offence for actually possessing or using forged or counterfeit currently can lead to up to 15 years of jail and a fine. This is just for those who are using the forged or counterfeit currency. However, if you know someone who is actually producing these fake currencies, they will face even more severe punishments where they would have to do up to 20 years of jail time with a fine. In both cases, this is extremely detrimental to their benefit or possibility in entering any casino again in Singapore as a blacklist would be placed at all casinos in Singapore and perhaps even in neighboring countries that this individual is a person who would use fake currencies.
Now, you may be wondering. This law mainly revolves around currency and imputes that it is regarding our bank notes that is being used on a day to day. It shouldn’t apply to an online currency already, right? Well, no that is not correct. To that argument, we would say that the process of the money being deposited into your bank account and subsequently banked into your online casino account still requires the access of bank notes being transferred. Thus, still being imputed as a legal crime.
Other forms of currency
You may have seen in our above paragraph, we mentioned that there are other forms of currency that is widely accepted by these online casinos. Thus, are these considered real money from the player themselves. Once again, the answer to this question is a yes. This is because there are some online live casinos that have recently accepted the use of cryptocurrency as one of their forms of deposit methods. This opens up to online live casino to a whole new world of risk as the cryptocurrency is not only volatile in its value but one would also not know the security involved behind the scenes for such currency. Thus, this is one of the reasons as to why many players are still stuck with Bitcoin as they preferred choice of cryptocurrency.
Nonetheless, however one looks to make cryptocurrency out to be. The online live casino still knows that this cryptocurrency is real money that is currently being betted on the table in hopes to actually acquire more money from the casino. Thus, if we take it back to our point that we have mentioned in our title, this is still real money that is currently being used and will be paid for if one wins the game.
Exemptions
