Topic: Cryptocurrencies price and their effect on gambling industry - page 2. (Read 1295 times)
It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.
Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.
The crypto price will not stop gamblers from continuing to gamble because they like playing gambling and as long as they can use the other coins that are not too high as bitcoin, that will not be a problem for them. But we as gamblers should realize that playing gambling does not need to be too often because we are only searching for pleasure inside gambling games. The gambling industries itself will still grow, whether it used crypto or fiat money and many new people will trying to playing gambling to fills their curiosity. I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.
I seem to remember the gambling minimum on anonibet being 1 bitcoin around 2011/2012 for sports gambling. Later the gambling minimum was adjusted to 0.01 BTC. Then 0.001. Finally the industry average rests around 0.0001 today for sports betting. Throughout that time, I think the crypto gambling industry targeted a minimum bet of around $5. Which is more or less what established casinos in vegas offer for minimum wagers.
The thing that stands out the most to me, is bitcoin's rapid ascension into the stratosphere. Marked by its exponentially declining minimum bet sum.
Bitcoin appreciating in value value wiped out some of my gambling losses. It also stacked a massive cherry on top of my winnings.
Gambling with bitcoin during its run from $5 to $50k should go down in history as one of the all time golden eras.
I think that a lot of (and major) crypto casinos remain the same minimum bet, i.e. - you can still bet 0.00000001 BTC on Dice games, on bustabit like games and on some other provably fair games. The difference here is that 1 satoshi is 0.00047 USD right now while it was 0.000047 when price was 3K USD and 0.0000047 when price was $300. There is a 100x increasement in the price of the minimum bet.The thing that stands out the most to me, is bitcoin's rapid ascension into the stratosphere. Marked by its exponentially declining minimum bet sum.
Bitcoin appreciating in value value wiped out some of my gambling losses. It also stacked a massive cherry on top of my winnings.
Gambling with bitcoin during its run from $5 to $50k should go down in history as one of the all time golden eras.
Also, as I remember, the minimum bet on Roobet games is 0.01$
I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.
Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.
We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.
Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.
As said above, I noticed also that one of the platforms that thrive throughout the journey of crypto is gambling. Remember when there was price crash last 2018, some of the casinos are still up today like freebitco or primedice. They already surpassed a lot of up and down movements in the market, and yet they managed to survive.
I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.
Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.
We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.
Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.
I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.
Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.
We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.
I think that when coins rise in value, casinos will also make more revenue (in fiat terms).
That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.
I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase. While when the price is lower we are looking for other ways to get income from our coins.
Yes, it is because it is cheap, but I believe they will adjust it if the price goes down or up, as most online gambling sites do, but it is very nice to us and also to the owner if the price is low because if it goes up, the owner will profit from it, and we will pay less because the price is low. However, regardless of the price, it is still significant right now because the price of bitcoin is extremely high.
I think that when coins rise in value, casinos will also make more revenue (in fiat terms).
That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.
I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase. While when the price is lower we are looking for other ways to get income from our coins.
Cryptocurrency or coin price wont really be that affecting much because it would be always pegged to fiat value and no matter whats the price is then conversions would really be normal.
People would simply pass or deposit on the amount of coins which are equally that they do make use while they do play.Therefore, there are no really price effects towards
gambling industry and the fact talking about revenue of the house then they are the ones who would benefit out when it do rises and experience losses when it dumps.
I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.
Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.
We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.
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Activity: 2912
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Leading Crypto Sports Betting & Casino Platform
I think that when coins rise in value, casinos will also make more revenue (in fiat terms).
That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.
I think that when coins rise in value, casinos will also make more revenue (in fiat terms).
That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.
That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino. It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.
If the casino mainly accepts bitcoin and the majority cost of operation is pay thru bitcoin, then I think bull or bear, it won't have an impact on casinos since the spending is 1:1. But we shouldn't care about that because whatever the trend, casinos can adjust and their bankroll is really huge.
They are profiting even in the bad days of crypto since gamblers don't actually care about that. The profit of the casinos is continuous as gamblers are everywhere.
We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?
How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?
Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?
How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?
Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.
It might eventually get to the point that Bitcoin will no longer be used or accepted at certain betting sites. For their own interest they will probably keep the option open for the high rollers, but it seems like low level bets might eventually find a more favorable fee structure with other altcoins. People like the illusion of winning large amounts of money in whatever form, once it gets to the point where a big bitcoin win is something like 0.00001 for $1,000 (long in the future will the value and loss rate push it this way) then they might prefer to use Dogecoin which might result in 1,000,000 sat inside their virtual currency account (if it were to fluctuate to this equivalent price).
That is far in the future I think. The betting sites, when they are centralized at least, do of course have no transaction costs and neither does the user as the balance management is just a backend process. For now a Satoshi still isn't worth much and hence will work fine for centralized games like Dice. With centralized I mean that there is no sending back and forth between the Dice provider and the user such that transaction costs occur.
Doge is an option but fee-wise it ultimately always depends on the fee the provider wants to charge. I saw a provider charging double digit fees for withdrawals, which was also quite a high fee for a Doge transaction given its recent prices.
We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?
How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?
Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?
How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?
Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.
It might eventually get to the point that Bitcoin will no longer be used or accepted at certain betting sites. For their own interest they will probably keep the option open for the high rollers, but it seems like low level bets might eventually find a more favorable fee structure with other altcoins. People like the illusion of winning large amounts of money in whatever form, once it gets to the point where a big bitcoin win is something like 0.00001 for $1,000 (long in the future will the value and loss rate push it this way) then they might prefer to use Dogecoin which might result in 1,000,000 sat inside their virtual currency account (if it were to fluctuate to this equivalent price).
I think that when coins rise in value, casinos will also make more revenue (in fiat terms).
That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.
I think that when coins rise in value, casinos will also make more revenue (in fiat terms).
Of course, that's very obvious.
Most people price their bets in BTC, not fiat. And with the minimums, a 100 satoshi bet a few years ago was completely inconsequential, but now it is actually worth a decent amount in fiat currencies.
It could be, but majority are average gamblers, so they might be hesitant to pull the trigger because the price of bitcoin is going up, just saying.
Especially for whales who were early bitcoin adopters, they likely will play a LOT more volume on these sites because of their familiarity of their bets in BTC. Although faucets would likely have to be adjusted as well by the casinos on the flip side.
Whales are different though, even if they are not early adopters, they will still play the usual because of their deep pockets regardless if the price of bitcoin is all time high or not.
Yes, the casino does not care about that because they want to profit from their business. The casino will still profit from the volatility of crypto price and they have much profit because they collect the coin that will be varied and the casino can sell it anytime when the price increases. Their profit will increase if the coin price increases because they collect it from the gamblers' loss, which makes their business bigger.
Casino owners have all the rights regarding to their funds, they can do whatever they think will bring them good benefits. The price change is not a problem with them perhaps it will gives them more potential earnings.
Each losses and HE that gamblers will bring them already converted to thier bank checks, that's the very reason we keep seeing more and more casinos that keeps coming inside this industry.
The more gamblers to bring crypto the more chance for those owners to win decent amount of money.
This is not what the discussion is about. Of course they can do whatever they want to do with their money, that's fine. OP was referring to general effects on the gambling industry, probably referring to price volatility as well. I was asking whether casinos, for example in sports betting, always win as they only match players against each other such that they keep the house edge in the end, which is guaranteed. Isn't this how casinos work?
Yes, the casino does not care about that because they want to profit from their business. The casino will still profit from the volatility of crypto price and they have much profit because they collect the coin that will be varied and the casino can sell it anytime when the price increases. Their profit will increase if the coin price increases because they collect it from the gamblers' loss, which makes their business bigger.
Casino owners have all the rights regarding to their funds, they can do whatever they think will bring them good benefits. The price change is not a problem with them perhaps it will gives them more potential earnings.
Each losses and HE that gamblers will bring them already converted to thier bank checks, that's the very reason we keep seeing more and more casinos that keeps coming inside this industry.
The more gamblers to bring crypto the more chance for those owners to win decent amount of money.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Bitcoin staggering volatility is a double-edged sword. That’s why I believe that online casinos see it both as a payment system for electronic transactions as well as a cryptocurrency that enables investing. They understand that it is an incredibly fluctuating market therefore, they have no other option than trading in it. They'd always keep an eye on the forex trading market to watch out for any change in its value.
But the casinos don't really care, do they? If you have casinos that deal purely with crypto, they aren't really exposed to volatility risk I would say. If it's sports betting website their gain is calculated within the odds anyway, so what they pay out usually doesn't hurt their bottom line.
I think that when coins rise in value, casinos will also make more revenue (in fiat terms).
Most people price their bets in BTC, not fiat. And with the minimums, a 100 satoshi bet a few years ago was completely inconsequential, but now it is actually worth a decent amount in fiat currencies.
Especially for whales who were early bitcoin adopters, they likely will play a LOT more volume on these sites because of their familiarity of their bets in BTC. Although faucets would likely have to be adjusted as well by the casinos on the flip side.
Most people price their bets in BTC, not fiat. And with the minimums, a 100 satoshi bet a few years ago was completely inconsequential, but now it is actually worth a decent amount in fiat currencies.
Especially for whales who were early bitcoin adopters, they likely will play a LOT more volume on these sites because of their familiarity of their bets in BTC. Although faucets would likely have to be adjusted as well by the casinos on the flip side.
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