Twitch is a global streaming platform that features content creators from all over the world, doing pretty much anything they wish. However, so far, that also included running gambling streams on various platforms where cryptocurrencies could be wagered. This is one thing that will soon become impossible to do, as Twitch itself announced in a recent tweet.
An update on gambling on Twitch. pic.twitter.com/lckNTY9Edo
— Twitch (@Twitch) September 20, 2022
Twitch to ban crypto gambling websites
Earlier today, September 21st, 2022, Twitch posted an update on gambling on its platform, noting that the act of playing betting games involving crypto has been a big topic of discussion for its community. With different gambling laws in different jurisdictions, Twitch found itself in a situation where it was unclear how to proceed.
After all, gambling is very popular pretty much everywhere, whether it is legal or not, so allowing gambling streams could be profitable for the platform in more ways than one. However, there are also risks in allowing it that the platform did not wish to expose itself, or its users to. Twitch decided a long time ago that it would prohibit sharing links or referral codes to any and all websites that include slots, dice games, roulette, and alike. However, some of its users have found ways to circumvent these rules and expose its community to potential harm.
So, after additional reviews of the situation, Twitch came up with a new policy update which will become effective on October 18th. The new update will completely prohibit streaming of any gambling sites that include slots, dice games, and roulette that are not licensed either in the US or other jurisdictions that provide adequate consumer protection.
It has already made a decision to completely ban some platforms, such as Stake.com, Rollbit.com, Duelbits.com, and Roobet.com. But, there are countless others out there that the platform has yet to identify and limit access to. It will continue to allow websites that offer sports betting, poker, and fantasy sports, so the platforms offering these kinds of activities will be allowed to remain.
Why is Twitch banning these platforms now?
The decision to ban controversial crypto gambling streams came after backlash against some of the multi-million-dollar sponsorships that top Twitch creators have been exposed to. Some rough estimates say that there is over 50,000 people watching Twitch celebrities gamble at any given time, and usually, they play slots, blackjack, and other games of chance where they gamble using crypto like Bitcoin and Ethereum.
Stake.com is one example of the most popular websites where gambling with cryptos is possible, but more than that — sites like this have been major sponsors that granted influencers up to $1 million per month in order to advertise their websites.
It is also worth noting that streamers and viewers on Twitch have spoken against gambling streams, streamers even started forming groups that threatened to abandon the platform if Twitch does not react.
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