Cryptocurrency

Venezuela announces opening of casino gambling in petro

Key facts:

The game room will work in the Hotel Humboldt of Caracas, announced Nicolás Maduro.The punters must buy PTR with currency or cryptocurrencies to participate.In an announcement unusual, the government of Venezuela authorized the operations of a casino that will work in the hotel Humboldt of Caracas where all the bets are processed in petro, the project criptomoneda state. This was revealed this Friday, Nicolas Maduro, who pointed out that all funds collected will be allocated to social investment in areas such as education and health.During a transmission joint with a mandatory radio and television, Maduro said he had authorized the betting lawful in petro as a mechanism to obtain additional resources. This is one of the most recent measures related to the so-called criptomoneda to try to boost an economy in recession and hyperinflationary.”I have authorized betting lawful in petro. For example, in the hotel Humbolt (…) there is going to open an international casino and all that want to bet will bet on petro, all those resources will go to the State for health and education, in convertible currency yes. You can come to gamble, there will be offers, special prices. You buy your tab of petro, you can buy it if you bring yuan, if it brings yen, dollars, euros or any other criptomoneda (…) buy your petros and make your bets legitimate allowed by the state as contemplated in the national laws,” said Maduro.The government offered no other details on the use of the petro and the rest of the cryptocurrencies as bitcoin in the gaming room. It was not clear if players will be able to purchase the PTR for the box office with their wallets, or if you are referred to the use of the petroApp. Also not mentioned how it would be the withdrawal of winnings or if they would have atms cryptocurrencies in the place.The date for the start of operations of the casino was not publicized, but it is estimated to be operational in the next months after the reopening of the hotel in may of 2018.

Venezuela and casinos

Unlike other caribbean countries such as Aruba, Dominican Republic or Curacao, where the casinos are tip of the spear to boost the local tourism economy, in Venezuela the casinos or gaming halls have traditionally been poorly seen by the government authorities, so that from the 2012 are virtually extinct and it is only possible to bet online in certain platforms permisadas.The country has a national Commission of casinos, bingo halls and machines traganíqueles that depends on the Ministry of the Interior, Justice and Peace, as regulator and watchdog in this matter. On their website, no mention is made to the announcement of Maduro, but yes there are reports about confiscation of machines traganíqueles and dismantling of clandestine casino.The late president Hugo Chavez also referred to in several opportunities to the casinos and bingo halls which ranked in 2007 as places of prostitution, sale of drugs and illegal.It is striking that after years of applying a policy vertical against the casinos, now the government of Maduro announced the start of operations of a games room in one of the hotels most emblematic and historic of Caracas.

Betting on the criptoecosistema

The ventures related to gambling and online games with cryptocurrencies are customary in the criptoecosistema. In fact, in October of last year, to do a review for the main dApps or decentralized applications, it was found that the users who prefer this type programs choose games and bets.Another case that has to do with the stakes in Venezuela was the announcement in August 2019 by the Lottery of Zulia, which reported on the start of betting in petros and bitcoins for its online games in the Jungle Millionaire (the well-known lottery of animals), the Triple Zamorano and the Triple Zulia. At present nothing is known about the progress of this project.