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Topic: Can someone explain the trend of bitcoin casinos creating altcoins ? (Read 1403 times)

hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Maybe the devs and the teams would think that if their tokens related to gambling, it is better that they created a gambling website, attract the investor to their site while the investor can play gambling and make an investment in the same time. It would be better for the teams so they can get double profit from the project. Maybe it's like a new trend among the dev, and I think we will see many more like them that will launch in this month or next month.

The main reason why a token built is to have  a specific use  . so if a token is a gambling based token , its normal for the devs of those token to create a gambling site    .  but i dont see that this kind of idea are getting trendy or indemand  . i still see alot of popular casino and gambling sites that only accept btc , eth , bch and other top cryptos .

Yes, I think that using the token as the gambling bets will be the next trend because the devs can easily to create a new token to use in the gambling games. They can also try to register their token in the exchanges so they can get a double benefit because some amount of the token will be used for gambling games and the other amount for trading. And that will attract more investor to come to the project.
full member
Activity: 1092
Merit: 117
Casinos are a disguise for scammers in order to promote their altcoins. They know a lot of people are gambling and casinos that launch their website along with a new altcoin usually force people to buy their coins in order to use their website for gambling.
sr. member
Activity: 1988
Merit: 453
Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like  creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

Creating an altcoin requires a lot of time and effort. If these casinos and churning out alts or tokens without much effort, then it means that they are just distributing copycats. I would never invest in such coins or tokens.
hero member
Activity: 2310
Merit: 532
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
If bitcoin  casino wants then they may create altcoin but that will not be valuable or popular if it cant be useful on other places for example use on other marketplace, shop etc. A coin should not create only self payment method. If they create only for self payment method then that will be valueless.
Most of the bitcoin casinos have come with the creating their own cryptocurrency. This is a way to have their own cryptocurrency on casinos. Some casinos provide with no fee on transaction when their own cryptocurrency is used. Using of own coin helps in generating more circulation to their own cryptocurrency.
hero member
Activity: 1456
Merit: 624
Maintain Social Distance, Stay safe.
If bitcoin  casino wants then they may create altcoin but that will not be valuable or popular if it cant be useful on other places for example use on other marketplace, shop etc. A coin should not create only self payment method. If they create only for self payment method then that will be valueless.
hero member
Activity: 2618
Merit: 548
DGbet.fun - Crypto Sportsbook
I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.
It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.
A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.
Along with bitcoin many casinos accepting reputed altcoin for example you may say they are ethereum, ripple, litecoin, Steller, bitcoin cash etc.
This is common with each and every crypto accepted casino. The casino itself has a coin that is specifically developed to use on their website. These coins will give good circulation as it gets used regularly on the gambling websites. Apart from this the casinos give the users the chance to stake and profit. More we hold stakes will get us big earning on each bet won by the casino.
full member
Activity: 1750
Merit: 118
Maybe the devs and the teams would think that if their tokens related to gambling, it is better that they created a gambling website, attract the investor to their site while the investor can play gambling and make an investment in the same time. It would be better for the teams so they can get double profit from the project. Maybe it's like a new trend among the dev, and I think we will see many more like them that will launch in this month or next month.

The main reason why a token built is to have  a specific use  . so if a token is a gambling based token , its normal for the devs of those token to create a gambling site    .  but i dont see that this kind of idea are getting trendy or indemand  . i still see alot of popular casino and gambling sites that only accept btc , eth , bch and other top cryptos .
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Maybe the devs and the teams would think that if their tokens related to gambling, it is better that they created a gambling website, attract the investor to their site while the investor can play gambling and make an investment in the same time. It would be better for the teams so they can get double profit from the project. Maybe it's like a new trend among the dev, and I think we will see many more like them that will launch in this month or next month.
hero member
Activity: 1456
Merit: 624
Maintain Social Distance, Stay safe.
I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.
It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.
A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.
Along with bitcoin many casinos accepting reputed altcoin for example you may say they are ethereum, ripple, litecoin, Steller, bitcoin cash etc.
hero member
Activity: 1568
Merit: 544
Invest in general without a smart contract behind it.
Maybe not now but in time we may be surprised what will succeed and in what form. : )
Crypto casinos these days who wants a smart contract with tokens for discounts or as playtoken will make it anyway without fundraiser. LUCKY as example.
hero member
Activity: 2926
Merit: 722
DGbet.fun - Crypto Sportsbook
It can give benefits but the few ICOs with good intents wont hold up against the profit only ICOs may it be gambling or lets say a game token.
The old fashion invest btc is still the way to go if you trust the owner of the casino with your crypto.
Those are just temporal as i say.We have seen some ICO's that do based on on developing an online casino and making their own tokens but look at them now? If they didnt failed then they are less popular compared to those who do just solely accept bitcoin and top altcoins in the market.This is why i dont see the trend or casinos that do focus out with their alts if they do want to gain traction into the market.
hero member
Activity: 1568
Merit: 544
It can give benefits but the few ICOs with good intents wont hold up against the profit only ICOs may it be gambling or lets say a game token.
The old fashion invest btc is still the way to go if you trust the owner of the casino with your crypto.
legendary
Activity: 3094
Merit: 1472
I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.
It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.
A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.

I can give you many sites who are accepting Bitcoin and yet they haven't created their own tokens. Wonder how you are relating things  Roll Eyes

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

I don't think so. I can give you some examples where it failed. The main motive of the ICO is to get money used in development of the gambling platform.
hero member
Activity: 2814
Merit: 618
Leading Crypto Sports Betting & Casino Platform
Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like  creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?



Because ICO is the most easiest way to get money and investor in a fast way. I'm sure the success of betking ICO makes other gambling site want to try what betking do. Can you imagine Betking can easily raise the ico to $1m and keep raising till now, no doubt other gambling site will follow betking.

These days the trend of ICO is really on the rise. The big gambling companies have already big funds and they can even start their ico on exchanges like Binance launchpad. Not only they can gather million of dollar by this step but also their coin / token will be listed on the world biggest exhange making it more and more valuable.
jr. member
Activity: 182
Merit: 2
I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.
It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.
A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.
jr. member
Activity: 182
Merit: 2
I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.
hero member
Activity: 1134
Merit: 515
Personally, I feel most of the ico's are created to scam people but there are some legit one. I think betking can be trustable and it's getting lots of hyip recently as the casino is one of the hottest place to visit.
Other than gambling based ICOs, many gambling houses are creating their own crypto coins for the purpose of gambling with them. OP is concerning about that. Because, that will not be for purpose of scamming you. As far as I have read betking is a crowd-funding based on casino and I'm not sure they are having their own crypto coin for the purpose of gambling with them.
full member
Activity: 1498
Merit: 146
They also want to raise a coin like bitcoin so they were creating their own token but is not much successful until now and mkst of the reputed sites don't do this they are still happy with bitcoin so the reason why creation of gambling token is making money from it.
hero member
Activity: 2646
Merit: 582
Leading Crypto Sports Betting & Casino Platform
There are two reasons for doing something like that. One is a quite obvious one, if the casino has their own coins of sorts that would mean it would require for you to change your bitcoins or whatever currency you have into the coin they allow you to gamble with which makes it harder for you to gamble there but also makes it harder for you to get out as well and casinos are always designed to make it harder for you to get out.

Second reason is the ease of use, if they control the blockchain and you gamble on their altcoins it would make it much faster and much easier for them to let you gamble, that way you can check provably fair better, you can bet smaller amounts better and it won't use bitcoin blockchain which is heavier and slower. So it works out for the casino both ways, they keep you in there and they make it easier for you to gamble.
legendary
Activity: 3318
Merit: 1247
Bitcoin Casino Est. 2013
This is a delicate theme and honestly I believe more casinos whoch accepts investments in Bitcoin as their primary way, of course these casinos may add major altcoins and that is perfectly fine but I would stay away from casinos that try to make you invest in their ICO and add some subtle options like offering also unknown altcoins for your investments.

As a rule of thumb always do your own research, ask also here and only then make your decision.
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