Cryptocurrencies price and their effect on gambling industry - page 3.

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Quote from: Rruchi man on August 06, 2021, 03:15:12 PM

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.

They all have assumed the volatility and that's why for sure they have plans whenever they're receiving deposits or they're withdrawing if their players are withdrawing with bitcoin.
But most of these casinos, they've stacked a lot when bitcoin's price was too low and that's the genius of them that have bought and used it for their hot wallets. Some probably have other means like they're also miners so they produce more bitcoin.

just_Alice

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If there was such an option, I’d pick “none”. Neither negative nor positive effect.

Think about it, the gambling industry has existed for centuries, gradually evolving to what we have now - online casinos. But when it comes to online casinos, I don’t think that many people are attracted to crypto.

To some, yes, it is a desirable, but yet not determinant feature. People come for the game, so why would they care if they bet USD or BTC? Sometimes it can even be a disadvantage to store crypto on a casino wallet, due to volatility and high fees.

Generally, to retain anonymity and don’t risk losing anything, stable coins might be the best solution, but, for now, that core audience isn’t big enough to have an impact on the whole industry.

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Quote from: Rruchi man on August 06, 2021, 03:15:12 PM

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.

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I feel its like investing fiats and buying crypto currencies. What so ever the crypto coin value it might be, we are going to bet based on the amount we wish to bet with fiats. Crytpo digits might differ but the value of fiat and crypto is going to be same. Accumulate the amount won and hold it until the price goes up and sell them off. Get double treat when price goes up. Playing gambling with crypto is like payment is made to purchase anything with crypto currencies. Gambling industry when accepting crypto currencies, in turn its supporting crypto currencies grow by its circulation.

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Quote from: Rruchi man on August 06, 2021, 03:15:12 PM

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.

It is for this reason that casinos still continue to be part of driving the growth of crypto prices. At least they will be more busy facing many obstacles when the gamblers will issue their assets. Because the problem is of course getting casinos to pay in nominal as crypto prices go up.
Double-edged, which will occasionally continue to be sharp and make casino more careful to look at market prices. Otherwise, the Casino suffers a huge loss.

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Quote from: Fredomago on August 05, 2021, 02:43:28 PM

Quote from: uneng on August 05, 2021, 01:31:28 PM

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

I exactly see your point and I agree to that, if the house will keep the original form of depositors balance it will save them time and money, untill this balance got liquidated or if the owner request to withdrawn everything it's still the same form.

Though for sure every gambling house have their own strategy, better to stay where you feel the comfort and no issues about both deposit and withdrawing your funds.

Do your research and sort every reputable gambling house before picking one or more that suits to your satisfactions.

You are right, satisfaction at the gambling house is our priority. Although sometimes according to other people in the gambling house, playing is not fun, but it's different with us. So it will be very important if before continuing to gamble, we must be able to find a place and betting situation that makes us comfortable to continue to be there until we become winners.

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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.

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Quote from: KTChampions on August 05, 2021, 06:07:30 PM

If you are not engaged in betting arbitrage, then I do not see any reason at all to keep any assets in a casino. If you want to gamble, just put your money in there and do it, what's the point of risking your money and keeping it in the casino? Problems can arise unexpectedly and at any time - for example, claims from regulators can significantly increase the withdrawal period and spoil your nerves.

Quote from: AmoreJaz on August 05, 2021, 08:00:03 PM

is not really advisable to store your funds long time in a casino.you can do that if you are a regular player in their site. but if not, better withdraw it and just deposit once you want to play again. and sometimes, ToS of the site changes, so you will only be surprised when it is time for your withdrawal and they suddenly block your withdrawal for reasons you are violating their ToS. so it is not really good to store your coins as there will be circumstances that you are not prepared of.
but when it comes to the effect of crypto price on gambling, i guess, there's nothing much difference to see. gamblers will always be gamblers. and they will gamble no matter what the price of crypto in the market.

What I mean is to keep it short, not long term, and then leave it unscrambled at all. Therefore, I strengthen the next sentence with

Quote

if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country.

which means: I advise users to withdraw the balance to a wallet or account in the form of fiat in their respective countries (or in crypto options to exchange addresses for sale, etc.) and spend the results. bottle of Beer while watching other gamblers betting.

I think you missed some of the sentences that I included, you can read this again, meaning I do not recommend gamblers to keep their assets in the casino just like that for a long time. Indeed, who is not tempted to have a balance in the casino but not at stake.

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Quote from: Fesatmas on August 05, 2021, 02:35:00 PM

Quote from: uneng on August 05, 2021, 01:31:28 PM

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

Therefore do not store too many assets on too many gambling sites if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country. The most important thing is that you gamble in comfortable conditions without any interference against your own will. And usually Casinos provide certain limits for gamblers who have a fairly large balance.

it is not really advisable to store your funds long time in a casino.you can do that if you are a regular player in their site. but if not, better withdraw it and just deposit once you want to play again. and sometimes, ToS of the site changes, so you will only be surprised when it is time for your withdrawal and they suddenly block your withdrawal for reasons you are violating their ToS. so it is not really good to store your coins as there will be circumstances that you are not prepared of.
but when it comes to the effect of crypto price on gambling, i guess, there's nothing much difference to see. gamblers will always be gamblers. and they will gamble no matter what the price of crypto in the market.

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Quote from: aioc on August 05, 2021, 04:56:12 PM

Quote from: uneng on August 05, 2021, 01:31:28 PM

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

You have a point and I agree with that, but there is a profit to be made if they trade their Bitcoin or other Cryptocurrencies to stable coins when the market is going down this is to make a profit in the market while making a profit also from their casino, I'm sure these casinos are also following the market, if they have a signal that the price will go up, then they can buy back, every casino has their own strategies, there are those who are willing to risk in the market and there are those who do not want and wants to play it safe.

Investment funds and entertainment funds should really be separated because if you do think off about investment when you do gamble then it would just simply mixed up.
You would be forcing to play more to make your earnings or accumulated coins will be more in quantity and we know that gambling isnt really just suited to be
coincide but its your choice though if you do really push up that thing but we should at least considerable on more efficient way.

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Quote from: Fesatmas on August 05, 2021, 02:35:00 PM

Therefore do not store too many assets on too many gambling sites if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country. The most important thing is that you gamble in comfortable conditions without any interference against your own will. And usually Casinos provide certain limits for gamblers who have a fairly large balance.

If you are not engaged in betting arbitrage, then I do not see any reason at all to keep any assets in a casino. If you want to gamble, just put your money in there and do it, what's the point of risking your money and keeping it in the casino? Problems can arise unexpectedly and at any time - for example, claims from regulators can significantly increase the withdrawal period and spoil your nerves.

aioc

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Quote from: uneng on August 05, 2021, 01:31:28 PM

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

You have a point and I agree with that, but there is a profit to be made if they trade their Bitcoin or other Cryptocurrencies to stable coins when the market is going down this is to make a profit in the market while making a profit also from their casino, I'm sure these casinos are also following the market, if they have a signal that the price will go up, then they can buy back, every casino has their own strategies, there are those who are willing to risk in the market and there are those who do not want and wants to play it safe.

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Quote from: uneng on August 05, 2021, 01:31:28 PM

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

I exactly see your point and I agree to that, if the house will keep the original form of depositors balance it will save them time and money, untill this balance got liquidated or if the owner request to withdrawn everything it's still the same form.

Though for sure every gambling house have their own strategy, better to stay where you feel the comfort and no issues about both deposit and withdrawing your funds.

Do your research and sort every reputable gambling house before picking one or more that suits to your satisfactions.

Fesatmas

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Quote from: uneng on August 05, 2021, 01:31:28 PM

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

Therefore do not store too many assets on too many gambling sites if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country. The most important thing is that you gamble in comfortable conditions without any interference against your own will. And usually Casinos provide certain limits for gamblers who have a fairly large balance.

uneng

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For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

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I want to say that it is almost the same as people giving their opinion on "How good specific slots are" ... Roll Eyes

So, when it paid out a lot to that person..the person will say it is a excellent Slot.... but if he got a losing streak on the Slot... he will say it is awful.

The same goes for this .... when you deposited when the price of Crypto was low... people will love Crypto, but when it drops... people will hate it. (The price are recovering slowly now, so most people who deposited when it was low... will be very happy..because their balance will increase) Tongue

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Quote from: jrrsparkles on August 04, 2021, 03:05:53 PM

Quote from: ChrisPop on August 04, 2021, 01:41:30 PM

Well, taking into account that most online casinos enables users to gamble with multiple cryptocurrencies then it is obvious that they need to hold a good part of the bankroll denominated in that currency to process the withdrawals. If it is a big casino they might even use other clients' funds to pay the withdrawals and then they replenish the funds so they don't keep the currency risk on clients' side. So following this thread of thoughts they could keep their bankroll in fiat and/or stablecoins and only replenish the crypto accounts when they need to. I might be missing some things though.

There is no issue on the casino side unless they convert all the deposits into fiat value, but people tend to decrease their bet amount if they see the price of their coin is increasing because we mostly calculate the things based on the fiat value no matter what. We can see the drop on the total bet amount when the market is at its peak but casinos are still making profits so their hot wallets won't be dried up.

Using other clients' funds to pay other clients, I don't think it's a good way because after all they certainly have big capital to solve the problem. I'm not sure they did that because of course it would harm their business, because basically with the capital they have and at the same time the price of crypto goes up then of course it is an investment that will increase its value.

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Quote from: RealMalatesta on August 05, 2021, 04:20:02 AM

I won't mind a feature that allows us to convert our deposited coins in USD and then play. Once we are done gambling we can then cashout our coins by converting them back to crypto. I guess sportsbet allow such feature as you can convert to fiat and play but need to convert back into cryptocurrency before you withdraw it.

This is what other casinos do by converting the coins that are deposited into internal coins, these are often "stablecoins" and linked 1:1 to the USD for example. If you wnat to withdraw, of course, you need "real" coins like BTC again, but the back and forth exchange is completely free.

Strictly speaking, this is how you actually play with BTC, but you can immediately see how much the amount is in USD and it is therefore much easier to imagine how high the set amounts for bets actually are.

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Quote from: worldofcoins on August 02, 2021, 07:43:40 PM

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.

Actually, more and more casinos are offering that USD conversion and it really helps. At times when I am betting on stake, I feel like I am only making a bet of 10k satoshi but when the balance is converted to USD, I quickly realize that it is 4-5 bucks which is a pretty decent bet size. I guess in the coming time every casino will offer the USD conversion to help players know how much they are betting.

I won't mind a feature that allows us to convert our deposited coins in USD and then play. Once we are done gambling we can then cashout our coins by converting them back to crypto. I guess sportsbet allow such feature as you can convert to fiat and play but need to convert back into cryptocurrency before you withdraw it.

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Quote from: Dread Pirate Roberts on August 04, 2021, 07:45:56 PM

Quote from: jostorres on August 04, 2021, 04:14:44 PM

~

and also the casino now does not input the total coin deposited. but directly converted to usd. lets say you deposit 1k and leave your assets there for days while the price of crypto goes down or up your assets will stay the same. except for casino that offering dice only. maybe changes in crypto prices will definitely have an impact on our asset value.

very true that the amount of crypto we have is the same, only the value based on the USD is different
those who routinely do wd and also depo with crypto then there is definitely no problem with changes in crypto prices

maybe some people will immediately stop or reduce the amount they deposit when they see the changes that occur in crypto prices but I will not do that, I will do the deposit as usual

Topic: Cryptocurrencies price and their effect on gambling industry - page 3. (Read 1245 times)