Topic: Cryptocurrencies price and their effect on gambling industry - page 4. (Read 1245 times)

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.

If i would be the owner then i would definitely make out some conversion if there is some considerable price rise of bitcoin which it would really be converted out to stable coins or fiat directly which is an act on securing your profits on said period.

When it comes to those current players playing on the current bullish run then usd value would be the same even though the amount of coins had decreased out.So its up to the owner if he would make
out active conversions or would wait up for certain amount of time and since we dont know on where it is heading then it is really still a risky decision to make.

The price change does not impact my gambling by much because while depositing I always check the amount in dollars than in Bitcoins or any tokens. When I am depositing money to a casino, I usually do that based on how many dollars I am depositing instead of how many bits or satoshi I am depositing. It might be because I actually buy Bitcoins regularly and hence have to be mindful of the price and everything.

For high rollers or early investors maybe they can still gamble based on how many satoshi they are gambling away without caring too much about the price. For someone who buys bitcoins to gamble, they have to be careful of the price because it directly influences our wallet in real life.

It would make sense from a business point of view for cryptocasinos to cash out after substantial rises in the bitcoin price, but then again that is mostly going to be the profits that they have creamed off from losing players anyway. If they have too much cryptocurrency around they may be susceptible to lose a substantial amount after any big price drops and it always pays to be diversified. Naturally casinos will have volatility in the amount of winners and losers, combining that with the volatility of the underlying currency makes them very unstable - I bet the owners are more than happy to convert it into more stable formats but with a big enough "float" that they can survive a few weeks of bad losses (worst case scenario).

Most gamblers are not concern with how the market moves, the only important thing for them is to continue playing their favorite gambling games, maybe some experienced gamblers are conscious with how the market is moving, those are the kind of gamblers who can managed to win over the house, and capable to calculate the holding period of their coins to earn more with the increase due to the market strong run.

they'll enjoy maximizing all profits from both gambling earnings and trading opportunities while using this market venue.

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.

Bitcoin price is limiting the number of crypto gamblers because depositing in an online casino will require at least 0.000001 and this amount cannot be withdrawn Incase one decides to forfiet gambling completely. The only beautiful part of bitcoin in gambling industry is when a game is won because the gain will be in bitcoin making the wins more reasonable

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.

It doesn't help or cause problems in my opinion because you will most likely buy some coins from an exchange when you gamble and when you go back to selling the price will not change by much within that duration.

You buy coins and start gambling, within a few hours you will either lose or win which means you will cash the winnings if you win so it does not influence gambling at all.

In some cases though like you leave 5k doges on your balance and leave the casino and imagine you come back after 1-2 years and see the price, then it does benefit a lot but it is rare and happens once in a lifetime.

That's a good way to not regret your spending habits when it comes to gambling. I don't do gambling with my crypto no matter what's the status of the current market, I only bet with fiat  because I feel like I have more control over spending when it's fiat that I am using.

I prefer to HODL my Bitcoin and my other coins in the bull market, which means double the profit from the price I purchased, I only spend Bitcoin in my gambling activity in the bear trend, and so are other coins I deposited, but this is based on my decision only, some gamblers don't care whether it's bear or bull they will continue to play.

The price of Bitcoin has the same effect on me. Every time the price of Bitcoin rises, I personally stop from spending it and just switch to holding. As for me, the price of Bitcoin could affect the gambling players depending on their goal and motive. It could positively affect those who are aiming to gain a good profit and winnings while the price is high.

Bitcoin price adds positive effect to both gamblers and the gambling companies. For gamblers the issue arise while funding as 0.000001btc is the minimum funding amount but during winnings and withdrawal you get a forced smile no matter how angry you were before the bet because the wins is worth many times the initial deposit or amount of coin staked.

Yeah, but we can not deny the volatility incident because that will always be there at the market. We already have had those experiences since a long time ago and we really knew how it feels. We cannot avoid paying high fees if the bitcoin price is soaring up or the altcoin follows bitcoin price increases. The casino itself will always adjust its fees based on the market situation. Maybe the solution for us is always checking the price before we want to withdraw to avoid paying a high fee. The gambler will know where they can gamble because I am sure they will have their favorite gambling site to cover their needs.

Maybe they are getting more losses if they decide to chase their losses from past years and I think that is not worth doing because the bitcoin price already increases so high, more than the last ATH.

But maybe some gamblers are still trying to recover their losses and not stop before getting all of their money, which is not easy to do.

If they think that they got bored and do not know how to spend their coins, they can just hold them instead of using them for playing gambling because we never know what will happen to that coin. We already saw what was happening to bitcoin a few years ago and now, if we still think to spend more bitcoin playing gambling, maybe our profit will not be bigger if we save it from now.

With many companies now aware of bitcoin, that can trigger online shopping to try to integrate their payment system with bitcoin so people who have bitcoin can spend their bitcoin to purchase something they want. That will be better than using it for playing gambling. But all in all, that will be back to personal because only we will know what we want to do with our bitcoin.

There is another aspect as well. Back in 2015/16, there were not many avenues for cryptocurrency users to spend their coins. So obviously a number of the users got bored and spent their coins in gambling (which was the easiest way to use the coins). The situation changed only recently, when it was made possible to purchase gift cards using Bitcoin. Obviously those who spend most of their coins in 2015/16 will be regretting their past decision. But back then, Bitcoin was undergoing a 85% correction and the mood was very dark among the cryptocurrency users. Not many of them expected a recovery anytime soon.

That's exactly what I meant.

Gamblers from the past are getting the same feel from gambling the same amount in USD value in bitcoins now, I can only wonder what some of them are doing if they're still chasing theirs losses from past years in bitcoins.

We really don't whay move are those casino was taking lately as btc rose higher of current price lately.
As what I've observed with how they adopt on cryptocurrency as their mode of business profit, I think they also sell their holdings in order to fund their employees. Not all person has the options to hold their btc or whatsoever crypto coin, someone also need to spend fist for their personal needs that requires physical money.
So, price also matters when there's huge numbers of casino gamblers used to trade and exchange their massively.

Who has been able to manipulate the price according to the casino's demand to increase the price at the right time? Casinos need to trade them quickly when they have been waiting so long for high prices. It's possible that if the whales complied with the casino's demands, it would clearly benefit the casinos as they could fetch a huge price with a bonus that exceeds the initial deposit of the gambler.

Rising cryptocurrency prices definitely have a good effect on gambling.  people who hear crypto prices going up must think they will get a big profit if they win.  I may not be an active gambler but I have never had a problem with the rising crypto prices will affect my gambling because I keep making deposits with the money I can afford.

I think you've missed an option within your poll which should be "No effect" and sit in the middle. Gambling has been going on for centuries, probably before money was ever even invented and will go on into the future long after we are all dead. Gambling institutions will take whatever medium of currency that will offer them a decent profit. While it has opened up a whole range of possibilities for newcomer businesses, the actual business of gambling has not changed very much. Some people like flashy lights and stimulating sounds which are triggered when the win a pre-defined payout, others like the competition on the poker tables (which is sadly lacking in the cryptocurrency space after sealswithclubs went wrong).