The lack of clear legal and regulatory frameworks presents challenges for metaverse casino operators, such as. Games (DG) casinos in Decentraland (a blockchain open-world game containing parcels of virtual land). Metaverse Legal Issues. In addition, wagering on decentralized games means an enhanced gaming experience that’s transparent, fair, and secure. The metaverse market is further projected to hit $678 billion in value by 2030. These come as welcome bonuses, reload promos, or maybe even free spins. 5 million in revenue in just a three-month period, taking bets from as many as 6,000 virtual avatars a day – each avatar representing a real-world online gamer. Despite itsRegister Now. Expertise: Cryptocurrency, Global Gaming, iGaming, Technology. Gambling in the metaverse may not only pose regulatory risks but also the risk of fraud. As with any groundbreaking technological development, the metaverse will raise novel and complex legal issues. Those who purchase the group's NFTs will automatically gain a stake in the casino and stand to benefit from a 50% profit share. 84 billion in 2023 and grow to $710. LAND Plots in the metaverse “Land is a non-fungible,. In this blog, we will delve into the impact of the metaverse on the world of gambling, exploring how virtual environments, social interactions, immersive experiences, and other factors could shape the future of online. In fact, regulators in Texas, Kentucky, New Jersey, and. VR Casinos and Gambling in the Metaverse. We would like to show you a description here but the site won’t allow us. With more players considering the benefits of gambling in the metaverse, expect the number of participants to rise in 2023. CIVIL AND COMMERCIAL LAW IN METAVERSE: LEGAL FRAGMENTATION, MISSING EUROPEAN CIVIL AND COMMERCIAL CODE 97. Gambling and technology have been two soulmates. The Sandbox is also working to enter the metaverse with what's planned to be the Sand Vegas Club. Conclusion The Metaverse is clearly going to bring about a lot of changes in the online gambling. It is an online environment that is populated by digital avatars, which can interact with each other and the environment. in certain countries. Loot boxes and gambling. gambling, financing for terrorism, tax. zero comment. . Will land-based gambling companies eventually take the metaverse plunge? As recently as the Global Gaming Expo in October, MGM chief executive officer Bill Hornbuckle doubted the adoption of cryptocurrency as casino tender. Explore the surrounding buildings, claim free NFTs, attend events, then teleport right back to your favorite casino and play a few spins on the slots. 21 billion by 2027. The metaverse could potentially use virtual reality, or augmented reality as we know it now, to immerse users in an alternate world. It looks like gambling is part of that mix. The Metaverse is a virtual web of 3D worlds existing in the virtual space, i. In July, the High Court of England and Wales allowed Fabrizio D’Aloia, founder of Italy-based online gambling company Microgame, to file a lawsuit against anonymous people. Hi everyone! I’ve done some research on metaverse gambling and I wanted to share the top places you can find casino games in the metaverse. Most legal betting states set the minimum age to gamble on sports at 21, with some jurisdictions allowing 18+. Metaverse gambling is becoming a significant opportunity for future growth of all I-Gaming sectors. If online gambling operators set up a casino in the metaverse, they will need to consider steps to disable access by Singapore users to avoid contravening the law. 1. The best Bitcoin gambling sites helped bring crypto-gaming into the mainstream, allowing a path for metaverse casinos to emerge. Some of the other games you can play are Tominoya Casino, a virtual gambling house developed by Decentral Games, or the racing game Battle Racers. 2 million in their seed round via a token offering. NFT tokens, combined with VR technologies, artificial neural networks, and other cutting-edge solutions, have become the basis of the creation of the gambling universe of the future. Jeenah Moon for The New York Times. But gambling in the Metaverse would be a bit different. We take a deep dive into the best metaverse casinos of 2023 based on the player experience, bonuses, game selection, and features. Saturday, January 28, 2023. That, or a thorn in the side of regulators What NFT and Web3 Gambling Looks Like in the Metaverse - Crypto newsMarch 03, 2023, 11:57:23 AM: Welcome, Guest. The online gaming industry. SUBSCRIBE Subscribe to WIRED and stay smart. 1. If you want to dig deeper into the metaverse in the gambling world you can check out Hilavitkutin. Join us on social networks. Now, the online gambling industry, a rapidly growing sector that raked in $58. Some people also use the word metaverse to describe gaming worlds, in which users have a character that can walk around and interact with other players. VR has been around for years, and it already has a foothold in the video game world, especially with horror video games. The term Metaverse comes from the 1992 novel by Neil Stephenson, Snow Crash. Similarly, though the legal landscape remains globally divided on this question, we need to nip any implementation of gambling mechanics in the bud. Decentralized gambling is synonymous with wagering in the Metaverse. It provides a safe and regulated environment where individuals can indulge in their passion for gambling. And as is often the case, science fiction precedes. Hannah Gannage-Stewart. 0, metaverse will surely play a major role in the transition. The metaverse is having a moment. Metaverse has the potential to completely revolutionize the internet as we. Given that NFT can be freely traded on a third-party secondary. Licensing of casinos in metaverse The regulator or license issuers have yet to specifically address the gambling licensing in a metaverse casino. The issue of playing position The loss of traditional gambling. An estimated 2. In the metaverse, a faucet casino symbolizes the coming together of two contrasting but complementary spheres. 2. However, you’re able to find casinos in other virtual worlds like The Sandbox. Last month Meta announced a 13% reduction in force, as they focus on a few high priority projects, including AI, ads, and their metaverse vision. An example of what gambling in the metaverse might look like is the Sand Vegas Club in The Sandbox Game or Decentral. However, an Open Grid Protocol could lead to the provision of off-shore gambling in this virtual world. 2. Menu. Analyze the costs of adding tech to public spaces, in guest rooms, or hotelwide. 4 in what blockchain security analysts have called “suspicious outflows. 3. Here are the 5 best metaverse casino sites you can try today: BC. Metaverse is very much like social media and interactive gaming in how it can affect our mental health and social health. Based on expert opinions and public surveys, the report examines the potential benefits and risks of the metaverse for society, culture, economy and democracy. Also, the bonuses make gambling less costly since you. Gaming, social media and the metaverse are us as individuals, but in a different state. The following instalments will be called Wild Blue Yonder, which will air on Saturday December 2, and The Giggle, which will air on December 9. Data. 4. Gambling And Lottery Laws. Players visit the casinos using avatars and play using. The key technologies fuel the 'Digital Big Bang' from the Internet and XR to the metaverse, which. The slot is plain with 4 coins and 3 reels and you have a choice of 3 amounts to place a bet. Please login or login orTEXAS and Alabama have halted the sales of NFTs in metaverse casinos. However, determining whether a particular NFT transaction constitutes gambling requires a nuanced understanding of the NFT market and Japanese law. Online betting received a boost in March 2022 as the state no longer required in-person registration. This study provides an overview of the metaverse and its evolution and discusses the various fraud risks it. Illinois. But gambling in the Metaverse would be a bit different. Metaverse casinos that rely on integrated crypto payment systems are not. In his novel, the Metaverse acts as the next generation of the Internet, a 3D virtual reality where people can customize their avatars and interact with one another. Brands distribute digital goods in the metaverse by either selling identical goods to many users or selling rights or indicia of ownership to individual goods. The organisation goal is to create one of the biggest online casinos in the Sandbox Metaverse. The first is the metaverse, a massive digital space where people can meet new people, develop new skills, and discover new places. A metaverse, to put it simply, is a space where humans can participate in a shared virtual universe. The only restrictions to how online casinos may work in the metaverse are legal constraints and the creators of the software’s creativity, which is a highly exciting possibility for clients at any online casino or sports betting site. Since the Metaverse includes gambling activity, the next question about the legal status of Metaverse gambling is inevitable. The regulation board the lincense online casinos will also license and authorize metaverse casinos. The Impact of the Metaverse on Online Gambling. The following 12 to 24 months will build upon the strong foundations of earlier virtual world games, mixed with cryptocurrency and NFTs, to get us there. Here are some tips to help you start playing in a Metaverse casino: 1. Metaverse casino projects offer gambling games that can be played with Web3 technologies. A pair of Argentine coders broke ground on Decentraland in 2015. This article discusses some of the issues surrounding an avatar of a real-life person in a metaverse. It may also incorporate elements of virtual and augmented reality. 36% of millennials and 31% of Gen Z would be very interested in attending a museum. View All ResultIntroduction The metaverse is still in its nascent stages, and the Chinese government is already increasingly focused on its development and regulation. 6%. MetaBET Casino is the latest Play To Earn & GameFi Casino ecosystem to hit the online gambling industry streets. The Metaverse is defined as a spatial computing platform that provides digital experiences as an alternative to or a replica of the real world, along with key civilizational aspects like social interactions, currency, trade, economy, and property ownership – founded on a bedrock of blockchain technology. Aside from legal issues, online. Civil and commercial law in the EU 97 6. What is Metaverse Casino Gambling? Metaverse casinos are expected to be the future of online gambling. . As technology advances, the metaverse has the potential to transform various industries, including online casinos. While online gambling has been a staple since the early days of the. the arrival of the metaverse and virtual reality technologies could offer esports fans the opportunity to virtually sit. The concept of metaverse casino gaming represents a significant step into the future, something many of us have only ever dreamed of or seen in movies. Garon (2022) discusses the legal. The competitive nature of the U. It is important to only invest. And our hope is that in the next decade it will reach a billion people. Given the legal restrictions imposed by certain jurisdictions across the globe, many players are unable to access their favorite casinos online. This means that players can freely gamble at these sites without fear of breaking any. The metaverse related studies and surveys are widely available and has incremented over the past few years [12]. In February 2022, I explored the impact that the Metaverse could have on the gambling industry. The former emperor’s cause of death is highly contested, though. The metaverse market is further projected to hit $678 billion in value by 2030. The watchdogs accused the executives of purposefully telling the buyers of their NFTs that they were in fact not security. Meta is creating new opportunities for the players in the world of gambling where the face of online gambling is going to change from a website to a 3D virtual world. Since that moment, the metaverse became one of the hot topics in the future of gambling. (Gambling District), Fashion Street (Shopping District), and University (Education District). The Wall Street Journal went so far as to proclaim, “The Metaverse is Quickly Turning Into the Meh-taverse. The US government’s ban on gambling within Second Life caused a significant decline in its user base and. You can play popular games such as poker and slots, but the world is. The spread of legal sports betting. In the metaverse, users can explore the so-called “districts” of the casino, where slot machines, poker, roulette, blackjack and others are available. , completely online. e. Where you have use cases, you will find disputes arising from those use cases. This article was originally published in Chambers TMT 2022 on February 22. The currently available games in Decentral Games are Roulette, Backgammon, Poker, Blackjack, and Slots. The world of virtual sports could hugely benefit from a metaverse that converges with gambling. 2. Estimate the costs of implementing metaverse technology and establish a metaverse marketing budget. As physical casinos closed worldwide, this change led to a rise. If online gambling operators set up a casino in the metaverse, they will need to consider steps to disable access by Singapore users to avoid contravening the law. The Gagnons say the virtual world is no substitute. As each metaverse is unique, it is important to obtain an. Listed below are the top. NFT intellectual property litigation shaping legal review and process in the metaverse. 2 million in their seed round via a token offering. Game – The top Metaverse Casino available 2023. The Metaverse and online gambling. Given that the anticipated rise of metaverse is a developing area, the first part of the article discusses what the metaverse would entail, some suggestions on what these avatars would be like, why such avatars’ rights should be protected and. Ireland New Zealand. When should we expect a general gambling rollout in the metaverse? Are gamblers actively seeking metaverse-based solutions and offerings? I’m not sure that most gambling companies who are announcing metaverse plans even understand what that means. “the metaverse” actually reflects a multiverse composed of different metaverses. An example of what gambling in the metaverse might look like is the Sand Vegas Club in The Sandbox Game or Decentral. It connects isolated digital worlds into one shared space. With the use of VR headsets and other accessories, you can experience casino gaming like never before, interacting with other players and enjoying realistic game simulations. The Impact of the Metaverse on Online Gambling. Meraverse gambling differs from regular online slots in UK; for example, it is often decentralized. Metaverse brings a stock of legal issues that can throw exciting questions and answers for techno-legal minds. Gambling has already surpassed the classic 2D screens, offering products such as live streaming gaming rooms and sophisticated technologies that allow the online experience to be effectively merged with the typical features of live gaming. The business hosting the metaverse platform could be held liable for failing to prevent the user's behavior. In a metaverse often criticized for being devoid of things to do, the poker tables in Decentraland’s ICE Poker virtual casino have never been busier. Global sports betting and gaming company Entain said Monday it is launching Ennovate, an innovation lab aimed developing immersive sports and entertainment experiences in the metaverse. As the metaverse is still in its early stages, there are several legal issues that still need to be addressed. It was alleged to fraudulently claim to be associated with the. New Legal Parameters Around Metaverse Gaming Are Expected. Especially to. Those who purchase the group's NFTs will automatically gain a stake in the casino and stand to benefit from a 50% profit share. There is a fair chance, though, that Meta and other major technology platforms missed the forerunner to the metaverse that has been hiding in plain sight within the worlds of gaming and gamers. A huge legal gap makes the most famous authorities in this field, like the. Spearheaded by Mark Zuckerberg’s vision of an interactive virtual world, it’s still in its early stages. 2. A casino, especially a new one, might give off an impression that doesn’t represent reality. Game – The top Metaverse Casino available 2023. Recently, the US states of Alabama, New Jersey, Texas, Kentucky, and Wisconsin issued emergency Cease and Desist Orders against a metaverse casino called Flamingo Casino Club. Its most basic definition refers to "the concept of a fully immersive virtual world where people gather to. The concept of metaverse casino gaming represents a significant step into the future, something many of us have only ever dreamed of or seen in movies. Gambling on ‘the metaverse’ [Part 1] In 2021, a metaverse-based casino company made headlines after raking in $7. The metaverse encompasses gaming worlds, social virtual reality (VR) platforms, and online marketplaces. The 9 Best Metaverse Casinos for 2023. It’s a concept that dates back to 1992, when a dystopian book by Neal Stephenson called “Snow Crash. “Eye tracking was really a map of somebody’s mind and intent. In this guide you will learn everything basic about the Metaverse, the best Metaverse casinos and how to start playing in them. It would combine the ability to traverse a vast, virtual world, with financial commerce and social communication. Another possible legal implication of the metaverse is around data and data protection. Those who purchase the group's NFTs will automatically gain a stake in the casino and stand to benefit from a 50% profit share. Now it is a mainstream technology and can easily solve online gambling issues. Bitcoin Forum: August 10, 2023, 06:12:43 PMIndonesia – Metaverse-based public services. The revolutionary nature of the metaverse gives rise to many complex legal questions: How can we regulate property rights in the metaverse? Are there any legal restrictions on the use of personal data and cross-border data transfer in virtual worlds?. In the Metaverse, players build worlds using different technologies. It offers a wide variety of activities and entertainment options. 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The definition of the strategy for protecting intellectual property rights in the metaverse for fashion companies is very complex, but we try to give some helpful guidance on the matter. Abstract— Online gambling produces a substantial turnover. Online gambling has been a staple of internet gaming for decades. S. Bottom line Metaverse and gambling. December 12, 2021. There is a fair chance, though, that Meta and other major technology platforms missed the forerunner to the metaverse that has been hiding in plain sight within the worlds of gaming and gamers. In Metaverse, intellectual property law applies to virtual goods and services like avatars, virtual buildings, and digital artwork. 6. It’s just the culmination of all. If the metaverse evolves into the ultimate convergence of technology, content and the human experience – as it is expected to – anticipating and addressing the legal and regulatory issues the metaverse presents will be critical to its successful adoption by mankind. please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. The metaverse itself combines technical advances that create an overall network based on social connection. Hi everyone! I’ve done some research on metaverse gambling and I wanted to share the top places you can find casino games in the metaverse. Let’s try to understand which is a more likely. The concept of a global gaming world has become the most promising trend in the market in recent years. Metaverse casinos can be a solid income stream,. 3. That, or a thorn in the side of regulators unequipped to hold operators to the standards of ever-changing legal parameters. The metaverse and South Korea’s Digital New Deal. Metaverse gambling provides players with a fully immersive virtual-casino experience without needing to leave the comfort of home. And this is the paradox of ICE Poker, the casino-that’s-not-a-casino in. The legal consequences of such a classification are significant, given the strict prohibition of gambling under Japanese criminal law. Metaverse merupakan inovasi teknologi ruang virtual tiga dimensi yang saat ini sedang membuat penasaran banyak orang baik dari perkembangannya yang sangat pesat serta implementasinya yang mulai. June 26, 2023 The metaverse, a virtual world where individuals can interact with one another in a digital environment, is a hot topic. But there is a second technical question, who is this experience being. The impact of the metaverse on the gambling industry . The entire casino gambling scenario but virtual. Metaverse is a combination of the prefix “meta”, which stands for “beyond” and “verse”, a short abbreviation of the word “universe”. Top Metaverse Casinos. Coined in Snow Crash, Neal Stephenson’s 1992 sci-fi novel, the term refers to a convergence of physical, augmented, and virtual reality in a shared online space. It’s the next evolution in social connection, like the internet but more immersive. It is. The metaverse, which, according to its proponent, is “a quasi-successor state to the mobile internet”, 76 will provide the next big challenge to the application of the VAT rules aimed at the digital economy as the world will live, work, and consume in the metaverse. For example, metaverse-related platform owners in China will need to consider the legal issues in the fields of, among others, cybersecurity and privacy, antitrust, intellectual property, and financial regulation. 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Online Gambling in 100 countries Countries and territories where online gambling is legal. In 2021, internet searches for the term increased by 7,200 percent. By this definition, anything from a VR concert app to a video game would count as a. It’s believed that metaverse will touch practically every industry, including online gambling. Gambling in the metaverse may not only pose regulatory risks but also the risk of fraud. It is not offered or intended to be used as legal, tax. Every use of the term “metaverse” should be read as “AI. Gambling in the metaverse is fun, easy, and rewarding. Rather, “The Metaverse” refers to an idea likely to be embodied in numerous virtual worlds, where technology has the opportunity to bring content to those worlds in ways never before imagined and, with it, legal issues and challenges never before contemplated. The fact is that metaverse games still lack a regulatory. 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As with any groundbreaking technological development, the metaverse will raise novel and complex legal issues. The metaverse is a virtual universe that provides a fully immersive, 3D high-fidelity environment where players can interact with each other in real time. After losing the Battle of Waterloo in 1815, Napoleon was exiled to St Helena, a British territory in the South Atlantic Ocean. The biggest question is how today’s technology can help support and develop gambling’s involvement in the metaverse because the metaverse is still a new concept. Possible Limitations. But real and virtual money is pouring into this virtual space. The Impact of the Metaverse on Online Gambling. Understand how the blockchain works. What form that landscape will take is a subject of debate. 0 gambling in metaverse: VR. We control them, and use them to communicate, but they are not ‘real life’ and so enable us to put across ourselves in ways that. Before delving into the forms of NFT betting in the metaverse, it’s important to understand the legal status of online gambling in the United States. The Metaverse is defined as a spatial computing platform that provides digital experiences as an alternative to or a replica of the real world, along with key civilizational aspects like social interactions, currency, trade, economy, and property ownership – founded on a bedrock of blockchain technology. EarnBet deserves the first place as it is one of the first decentralized casinos to emerge in the metaverse gambling industry. Without going too deep into the vast and odd history of the industry, in 2022, gambling regulation is both quite strict and varies state by state. They mix and match them to create a unique experience that is neither VR. These casinos are designed to closely mimic the experience of playing in a physical casino, with realistic graphics and gameplay that. The Metaverse is a term often used interchangeably with Web 3. – Metaverse Casino – Supporting Over 120 Cryptos. Without going too deep into the vast and odd. The Metaverse’s impact on gambling in the year 2023 is a completely new idea of virtual space moving so rapidly and logging the comfort of their own homes. Of course, casinos and other betting companies will have to meet the new legal requirements of these virtual spaces to ensure that everything is done responsibly, but, provided they do, gambling in the metaverse is sure to keep growing as this new technology develops. The term originated from the novel ‘Snow Crash’ by Neal Stephenson, where humans interact with each other as avatars in 3D space. Further, 26 states allow sports. Unlike the Metaverse (and other metaverses), rather than rely on advertising revenues, Second Life relies on rental fees for virtual property and a commission on sales of virtual goods like clothing and “skins” (avatar appearance). Players within the MetaBET ecosystem will. Recently gambling companies, such as PokerStars, have seen the potential of the Metaverse for their product and customers because the virtual world allows for unprecedented interaction between users. Experience the future of online gambling with metaverse casinos. Sure, some external sites exist for. It is still in operation today. And as metaverse gambling and lotteries take off, we’ll need to regulate these, too. Think of it as choosing one of the many casinos of the world to visit, then walking through its doors, down the hallways, across the gaming floor. The metaverse is being hailed as the next big technological revolution, with countless brands exploring the incredible potential to engage with existing and new customers in immersive virtual worlds. What is the metaverse? In the simplest of terms, it is a virtual space in which users are and will be able to interact and connect with each other in myriad ways – gaming, collaborating, shopping, and exploring – without leaving the comfort of their couch. EarnBet – Earn Dividends with. In this post, let’s go over how the metaverse can affect. A number of countries have laws prohibiting gambling, and these laws may apply to metaverse games. 97% of executive respondents say the gaming industry is central to the development of the metaverse; Mitigating cyber risks will be a key challenge for 58% of gaming executives; 48% believe the metaverse will change gaming company business models and drive revenue; Customized, safe and secure user experiences will prevail in. The metaverse encompasses gaming worlds, social virtual reality (VR) platforms, and online marketplaces. It will present a casino setting in 3D where players can engage in virtual reality play, allowing for interactions with others and the most realistic gambling experience. Money laundering worries and the government oversight it generates are major concerns. We saw this trend during the pandemic lockdowns. What will the metaverse look like in 2040? A new report from Pew Research Center explores the visions and challenges of creating a digital realm that merges physical and virtual realities. Metaverse Casino Games; Crypto Gambling; Guides. New York passed a bill in 2013 that made sports gambling legal at the state level, but the state didn't open its first official sportsbook until July 2019. The post The Technology And Legal Issues Behind Metaverse appeared first on Above the Law. In fact, that firm estimated that. Contract Law. Looking for a Metaverse site that's legal for minors to use it. Traditional Gambling vs Online Gambling vs Metaverse Gambling. The metaverse also could be a game-changer for the work-from-home shift amid the coronavirus pandemic. The metaverse and NFTs pose new legal issues, and DLA Piper professionals have analyzed the most relevant ones in this guide. For more information about the legal terms that govern your use of Roblox,. Regrettably, the majority of individuals affected by gambling addiction do not perceive it as a problem. That, or a thorn in the side of regulators unequipped to hold operators to the standards of AboutMetaverse is very much like social media and interactive gaming in how it can affect our mental health and social health. Businesses that allow metaverse users to use anonymous avatars may encounter legal problems if the actions of those users violate laws or regulations. The fashionista styled her hair in a high ponytail with glossy blonde curls to complete her look. As the practical applications of the metaverse continue to broaden and evolve with improvements in. The 6 Best Metaverse Casinos for November, 2023. Montenegro has been issuing permits since 2012, and one license costs at least $390,000. 7 hours ago · The legal consequences of such a classification are significant, given the strict prohibition of gambling under Japanese criminal law. It’s believed that metaverse will touch practically every industry, including online gambling. The metaverse is often used for gambling and lottery games. Gambling is popular and easy in the metaverse, where minors can gamble even with age restrictions. I’ll also…Metaverse emerges as an "other universe" that invites the masses to live, interact, and trade in it. Google the word and you’ll get about 182 million results. Users can engage in real-time interaction with other users, buy virtual. The metaverse and South Korea’s Digital New Deal. 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Joe Lycett has unveiled a new documentary highlighting the UK’s sewage spill problem following a number of pranks the comedian pulled. So in the gambling industry, right now, the metaverse is very real. Now many companies or advocates instead refer to any single game or platform as “ a metaverse. Securities officials from both US states cited fraud and violation of state regulations as the reasons behind the ban. The metaverse is often used for gambling and lottery games. However, its potential is arguably on every tech-head’s mind as we usher in 2023. There is already activity in the Nigerian metaverse gaming, with one provider raising $3. The continuing evolution of the supply chain will be one of the key focus points this year. Far from it. Additionally, the Metaverse offers almost limitless. Unfortunately for potential virtual world gamblers and gambling organizations alike, US law had forced the closure of gambling in the Second Life virtual world. Legal issues in the metaverse. 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