Ready-to-Use Crypto Casino Accounts Sold on UK Social Media
LISTEN TO THIS ARTICLE:An investigation by Sky News has found that ready-to-use crypto casino accounts are being openly sold on social media sites such as Facebook in the UK.
At present, crypto casinos are unregulated and illegal in the UK, but they have become popular with those looking for an anonymous way to play. The investigation found that it is possible to purchase a fully ready account; the buyer needs to just log in and can start gambling straight away.
Open Advertising on Social Media
The investigation looked at a vast number of adverts on social media platforms such as Facebook, Discord, TikTok, Telegram, Reddit, and X. It found that accounts for Stake.com were the most advertised and the most requested.
At least 200 Stake.com accounts were advertised on Facebook and a further 100 adverts were found on one Discord server. However, there was no evidence that the casino operator was aware of the adverts or endorsed them.
Many live online casinos now require players to verify their identity and address in order to avoid customers accessing the sites from illegal jurisdictions. However, the accounts that were for sale were pre-verified, meaning that there was nothing to stop the buyer from gambling straightaway.
Some accounts were being sold for as little as $10 while others cost thousands of dollars. The most expensive options generally came with active cashback or other valuable bonus offers. It seems that many of the accounts are being sold by gamblers who have run out of funds.
Worries for Children and Gambling Addicts
Matt Zarb Cousin, the co-founder of Gamban, claims that the people most likely to purchase these accounts are children and gambling addicts.
The idea of owning a very, very volatile currency you can wager on casino games, which are extremely addictive, would have been a very, very harmful experience for me... The addictiveness of that is almost turbocharged.
According to Carolyn Harris MP, who leads the Gambling Related Harms All Party Parliamentary Group, social media companies have a responsibility to prevent these adverts but a large responsibility lies with the casinos themselves.
Following the investigation, a large number of adverts were removed by TikTok, Reddit, Discord and Meta. Meanwhile, a spokesperson for Stake.com said, “Our approach to combating fraudulent attempts to access Stake, working alongside regulators and law enforcement, is constantly evolving to stay ahead of bad actors.”
More Regulation News
RELATED TOPICS: Regulation
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Ready-to-Use Crypto Casino Accounts Sold on UK Social Media