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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

The reason why more fiat-based casinos are adopting cryptocurrencies is because they are benefitting from it. Accepting crypto deposits helps to expand the customer base of these casinos since cryptocurrencies are becoming more popular among young gamblers. The integration of cryptos in online gambling has increased the financial base of the industry, created more employment opportunities and increased profitability. The government is also benefitting because it has increased tax revenue. While gamblers now have payment options and enjoy reduced KYC requirements and cheap transaction fees. The introduction of crypto casinos has been beneficial to all parties involved in the online gambling sector.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

With these numbers, it is obvious that a huge part of gamblers nowadays use crypto. There are many benefits to using crypto particularly if you are gambling.

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

This is very well written and clear. Thank you for making it easier for us. Now to your question, there is always a benefit of new technology. Let us see cryptocurrencies are new technology for a moment. For example, I am from Nigeria and it would take more than 24hours for my account to be funded if I were using fiat or any of those bank transfer or deposit methods. And i could have even gambled on the weekend. But here with crypto currency and its technologies, deposit and even withdrawals as easy. And I have not fear of it getting stuck. One small disadvantage to this is when the transaction fees are high, still we can use alternative crypto to escape it.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

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I'd say gambling benefited from crypto. The other way around? I highly doubt it. At least if you look at it, the influence isn't equal. It's heavily skewed to gambling being more influenced compared to the other way around. In the first place for gamblers who simply wanted to gamble with crypto, crypto is simply money like fiat. Maybe with extra steps. But yeah, I reckon a lot of gamblers don't consider going into crypto after using it to gamble. After all they wouldn't really have any understanding of crypto as a market since all they use it for is for spending it to gamble.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

They have surely made this symbiotic relationship work for them but I would say cryptocurrency has more of influence and made gambling popular especially online gambling. Now why it has made online gambling and casino popular is that its prima facie role is online or digital space while casino was barely existing online just on the surface level without deeply reaching to all aspects of gambling payment platforms. So now, apart from dollar, pounds or other fiat deposit system, you can deposit and gamble with crypto from anywhere if jurisdiction is not limited by the casino.

IMO, cryptocurrency is the new creation that has helped the casino gambling platform to grow online. Cryptocurrency is the digital money that is used to oil the wheels of casinos online and no wonder they are making more profit, evident in the numbers of casinos that have opened up even on this platform within the space of 5 years or so.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Gambling has existed ever since in different forms and shapes. But it was during 1600s that casinos were invented and even later that casinos were legalized.

But then cryptocurrencies came along and there has been a notable shift in the casino industry. A lot of crypto transactions are associated with gambling. It is said that the crypto gambling market size is at $250 billion.

Online gambling has also allowed for more adoption of crypto casinos with 55% of online gamers owning cryptocurrency.

With these numbers, it is obvious that a huge part of gamblers nowadays use crypto. There are many benefits to using crypto particularly if you are gambling.

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

Before crypto the Fiat casinos I think we must give them credit for pushing the market of gambling toward online gambling, then from there it is only natural for crypto to take over because of the well known benefits it offers to people, the even more ease of access than online Fiat casinos have. For me both played a role but now we can see it crystal clear and very crisp that the crypto casinos have taken over for good and I can go further, I see Fiat casinos going down dramatically in growth while crypto ones go up dramatically in their growth, that is where everything is headed in my opinion.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

I don't know for sure about the data that allows us to say who benefits more between the two.
In terms of who plays a bigger role between the two, I think online gambling is more dominant compared to crypto casinos. This may not apply to all countries in the world, but in my area, online is more dominant.
The turnover of money in online gambling has been extraordinary lately in my area because crypto is still not familiar to many.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

Absolutely so. The casino industry needed a more streamlined way for gamblers to enjoy the games provided which is what crypto offer, a decentralized and easy way to deposit and withdraw without the worries of the banking industry. This caused more inflow of cash into the casino industry.

Some casinos have tried to take that and create their own custom coins to be used on their platform. This is not a good idea as gamblers play across multiple websites and need a harmonized way to deposit and withdraw without having to check out multiple different tokens.

- Jay -

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Yes, I believe they are benefiting on both ends.

Gambling with different options to deposit is something that many gamblers do like especially if they don't want traces of their bad habit so they can keep it from their family. Cheesy

I think there's also a case about being exempted from taxes.
Cryptocurrencies on the other hand do have some usage now and they are becoming a part of the world currency and I think that's a big deal. Being used as real money is something that no one believed before. Honestly, I didn't think that it would come to this where we could gamble with cryptocurrencies and exchange them for cash when we withdraw.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Gambling has existed ever since in different forms and shapes. But it was during 1600s that casinos were invented and even later that casinos were legalized.

But then cryptocurrencies came along and there has been a notable shift in the casino industry. A lot of crypto transactions are associated with gambling. It is said that the crypto gambling market size is at $250 billion.

Online gambling has also allowed for more adoption of crypto casinos with 55% of online gamers owning cryptocurrency.

With these numbers, it is obvious that a huge part of gamblers nowadays use crypto. There are many benefits to using crypto particularly if you are gambling.

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

You forgot that the first use of crypto is online gambling right? As in the beginning, we just need a bitcoin address for withdrawal, no questions ask, no mandatory KYC. And with that use case, comes crypto base casinos and it has grown so much in the last 10 years or so that it rivaled fiat base as well.

Of course, gambling sector has benefited, and then we have non-crypto gamblers started to gamble with crypto as well so it's a win win situation for us today. And in the next 10 years it could really double or even triple the amount of crypto gamblers and probably they are going to be investors as well.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

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Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

Honestly speaking the gambling or casino industry, it has also been very profitable since the past, and nowadays it is only more complex and simple and there are many ways to fulfill gambling with various technological developments, gambling has become much more flexible in using currency with crypto, because if we use fiat in general and want to exchange local currency to a currency supported by the casino, the process is quite complicated and again with a fairly large cost, with crypto it is now cheaper, easier and faster, that is the main advantage of this industry relationship in my opinion.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

[...] Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

The two are mutually symbiotic, for crypto, the industry is gaining additional adoption as people start buying it to make deposits at various crypto casinos that support crypto. And for crypto casinos, they benefit because they have an additional payment option that they can offer to their users. This integration certainly has a positive impact, because it makes it easier for both parties in the industry. I think we will continue to see growth from this integration.

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There's a symbiotic relationship between the two. There are certain features of cryptocurrency that could benefit a significant portion of the gambling community and the gambling industry in general and so they adopted crypto. Crypto, on the other hand, flourished and became popular partly because of the gambling industry. The two are benefitting from each other.

It's like the internet. Gambling has been around. The internet came. Gambling could make use of the rising technology and the internet could also accommodate gambling. And so it happened that there's now online gambling.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Gambling has existed ever since in different forms and shapes. But it was during 1600s that casinos were invented and even later that casinos were legalized.

But then cryptocurrencies came along and there has been a notable shift in the casino industry. A lot of crypto transactions are associated with gambling. It is said that the crypto gambling market size is at $250 billion.

Online gambling has also allowed for more adoption of crypto casinos with 55% of online gamers owning cryptocurrency.

With these numbers, it is obvious that a huge part of gamblers nowadays use crypto. There are many benefits to using crypto particularly if you are gambling.

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

I think crypto played a part in growing the online casino industry but IMO I feel like crypto is controlled by a group of whales who tug the strings like a marionette is pulled in a puppet show. Both have benefitted each other but I think the casino industry got a little more out of it.

That's your own point of view, mine is different.

Covid played a huge part for online gambling, that lock down was the reason why online gambling has become so much popular and successful too, the part where you talked about whales makes no sense to me because with or without whales how will this help or affect gambling in general?

It is not all crypto whales that manipulates the market, many of them are lucky and that's all..

Crypto makes online gambling more easier and safer compare to linking your MasterCard on a new online casino for payment, I don't believe that casinos help crypto in any way though, a gambler is a gambler, to gamble they will buy anything, that doesn't mean they will turn into crypto holders.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

yeah, there is no denying that, cryptocurrency and the online gambling sector benefited from each other which led to their growth. I am not saying it is the only reason for their growth btw, but that would be a ridiculous thing to say. anyway, this is my full assumption. I think one of the reasons why the two worked well together is because crypto provided convenience as a payment method(as well as being able to play anonymously, or maybe at least used to) for the gamblers and crypto casinos what gamblers are looking for, which is to gamble.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

Both crypto and casinos have definitely helped each other in their growth and adoption, some people are holding cryptocurrency because of gambling while others are gambling because they can use cryptocurrency to fund their gambling accounts. The internet has opened doors for people to explore in different ways and it has modernized gambling, now you don't have to visit a physical casino to gamble. Also cryptocurrency like Bitcoin are the new digital cash and the adoption is increasing rapidly both for investment, trading and gambling. Both crypto and gambling are blessings to each others adoption.

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It could also be added that crypto casinos allow people to play in countries where the very presence of casinos is prohibited, and by using cryptocurrency, people can make deposits without the control of their banks and any legal obstacles. From here, a parallel can be drawn between the interaction of crypto casinos and cryptocurrency, since casinos are getting more and more clients, and people interested in gambling are coming to crypto, increasing the number of cryptocurrency fans.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Online gambling has also allowed for more adoption of crypto casinos with 55% of online gamers owning cryptocurrency.

With these numbers, it is obvious that a huge part of gamblers nowadays use crypto. There are many benefits to using crypto particularly if you are gambling.

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

Cryptocurrencies have made things a lot easier for anyone who likes to gamble online. It used to be complicated to gamble online, at least from my country. It was impossible to deposit money from any bank, I needed a separate account for foreign currencies... long time for deposits, and even longer for withdrawals. Cryptocurrency has changed all that, faster transactions, availability of most casinos, everything has become easier. And that's what we players like, we want it to be easy and simple, without many questions...

As you have already written, everything is interwoven... Everyone benefits from everyone in this circle, when it starts to grow and attract people, when money comes in and is invested, then an incredibly fast development takes place. When I compare the time between now and when I started crypto everything has progressed so much, and we are probably still at the beginning...

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I believe that cryptocurrency is what has contributed to the growth of some online casino. Come to think of it, crypto made possible easy and fast payment, lots of people were and are still clinging to it, there is a large number of world's population who are investors in crypto including some gamblers. The casino saw it as a good opportunity to introduce in their platform what the people love most and feel comfortable with it and that was how they added crypto payment to their system.

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Quote from: kotajikikox on October 31, 2024, 10:37:26 PM

Do you think both industries, crypto and gambling sector, benefit from one another seeing how intertwined they seem to be? Do you think both played a part in the growth of both online gaming and cryptocurrencies?

Since there are majority of gambling casino uses crypto it can be seen growing in the industry. Maybe give or take of few more years and even in real house casino we can see some supported crypto for trading chips in order to play like in Las Vegas and many profound gambling areas in the world.

The tied with forum marks an increasing number of users into gambling using crypto what more if its goes outside it realms.

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Yes, both crypto and gambling benefit from one another because gamblers now know that crypto can be used for gambling. They have two option payment to playing gambling whether crypto or fiat so they can try and feels the benefits for them.
In a few years ago, when crypto was not popular yet, people who use crypto to gambling is not too much. But after crypto popular, people see that crypto have many benefits to them including to be used for playing gambling.
That two sector played a part in the growth in online gaming and crypto because that can attract more people to comes and feels the new experience of using crypto. The gambling and crypto sector will change what we see know and it's already happened.

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