Every online gambling that accepts Bitcoin or other cryptocurrencies may have its own standard and consideration in using the coins.
Moreover about Bitcoin. They are not new in this world. They have known the progress and also development of the Bitcoin price from last to now.
Well, IMHO, they may have some diversification on how to cash out or convert to USD and how to hold. If they are Bitcoin believers and trust in Bitcoin as the future of currency, I am no doubt that they will save some of their Bitcoin for the future. And convert to SUDT of course they will also do it because they also need safe funds in their industry.
Topic: Cryptocurrencies price and their effect on gambling industry - page 7. (Read 1315 times)
Crypto casinos need to keep some of their reserves purely in crypto, otherwise they wouldn't have anything to pay their customers if someone gets a juicy jackpot on one of their games. It's one of the risk that they need to accept since they are dealing with cryptocurrencies on their platform. They can convert some of their crypto assets to USDT or any other stablecoin to gain some $ profits, but they have to convert it back again in order to have something to pay for their players.
For the players, I don't think the change in $ price matters much, especially if the amount is on the low side. But then again, some of them are surely regretting that they spent much btc/whatever crypto on a casino rather than just playing with USD directly.
For the players, I don't think the change in $ price matters much, especially if the amount is on the low side. But then again, some of them are surely regretting that they spent much btc/whatever crypto on a casino rather than just playing with USD directly.
As cryptos become more popular, so does crypto gambling, presumably. As for the specifics or the prices, I don't think they matter much. What's essential is the average transaction fee. If we're talking about a small-scale gambler, let's say this person deposits and withdraws sums like $50-$100 worth of Bitcoin. In that case, it matters a lot whether the fee is $2 or $20, and when it's $20, the gambler will probably abstain from withdrawing or depositing money, and stick to websites where the money is already available (until it's lost in bets). I keep my gambling money in BTC, no matter what happens, but I try not to deposit/withdraw when the fees are high.
or some will opt for other alts like trx or xrp or ltc with very cheap transaction fees. this is why some popular alts other than btc are getting popular in casinos because of their advantage in fees. but as we noticed, as btc and other alts are getting popular, the number of casinos here also multiply their number. so it means, even if btc increased a lot, still gamblers are gambling their money. so when it comes to the mindset of gambler, i guess there's no effect when it comes to price.
If it's a gambling site like that. it's part of their risk and advantage too. because the value of wagering also will increase and higher if compared to a few years ago. what more if directly with the coin is not converted in usd. that's why stable coins or any popular altcoin that have low value are also commonly used as optional.
Most likely when the price of bitcoins goes higher, gambling sites competitions are more in demand since those sites will offer good services for a period of time, just like what we have seen in recent months when the bull-run is still active. there are lots of campaigns and promotions. The only question here is when the price will go down suddenly after they promote those freebies and giveaways, that will hurt them economically but not their reputation. that's not totally bad for them I guess.
do we really need prices to drop suddenly and make it a reference to look at casino games that only provide free services during Bullrun time? I don't think it's the right thought for a casino that continues to operate in either a Bull market or a Bear market.
There are two kinds of crypto casino: (1) play directly with the BTC and (2) use USD value of BTC. For the first type, sure it affects the game, for example, previously the minimum bet for slots is 10ubtc, suddenly it becomes almost unplayable for small gamblers. There's almost no effect for the second type of casino except more expensive deposit and withdrawal fees. If we remove deposit and withdrawal fees from the equation, let's say I hold XRP and then XRP pump, I tend to play more.
We cannot know the real effect of the changes in the prices of cryptocurrencies to the gambling industry unless the gambling companies will open up their books, which is unlikely to happen because those are oftentimes treated with confidentiality. But we can make a speculation. For me, when the prices are rising, there may be a possibility that the gamblers will somehow slow down because they would rather make profit from the growth of their crypto rather than risk it on gambling.
But it is also true that whenever the prices are flying high, the attention to crypto is also increasing. This may also result to its heightened adoption in the gambling industry.
But it is also true that whenever the prices are flying high, the attention to crypto is also increasing. This may also result to its heightened adoption in the gambling industry.
We have no way to know if gambling operators also play with the market during its peak. That's right they have lots on their reserve so possibly they actually selling some of it just to take advantage of the uptrend.
It's a small chance that they will share it here so hoping they will give at least of glimpse of what they are doing on some of their reserves during or whenever on the bullish trend even that is a private thing.
Most likely when the price of bitcoins goes higher, gambling sites competitions are more in demand since those sites will offer good services for a period of time, just like what we have seen in recent months when the bull-run is still active. there are lots of campaigns and promotions. The only question here is when the price will go down suddenly after they promote those freebies and giveaways, that will hurt them economically but not their reputation. that's not totally bad for them I guess.
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I feel there is no problem with the increase in the price of cryptocurrencies against gambling...Bitcoin price rose 7 times from 2017 and the results that can be obtained from gambling also increased 7 times when compared to 2017. The price increase will definitely have a big impact on players' income.
I don't have any intention of telling how much reserve I've got in bitcoin or in fiat. It's just for safety of myself even though everybody doesn't really don't know everyone on this forum personally. For the stock that the casinos have, I think they have a dedicated amount for each crypto that they support whether the market rises or it dumps. What's for sure is that they've got all of their crypto stocks bought at a cheap rise and the bull run made a plus on their end.
I think the casino is trade with their coins for some parts to make another profit from crypto.
They have a lot of money to trade and run their business simultaneously, so if they can make more profit, they will be enthusiastic about buying and selling their coins.
With the popularity of crypto from a few years ago, I think the number of bettors is increased much as this pandemic makes gamblers who are playing gambling at the offline casino are trying to search for online gambling to continue playing gambling.
So that affects the crypto gambling business which means, they get more new members from offline gambling.
If we talk about the profit, maybe that will be more profit in USD as bitcoin price itself increases so high depending on the last year to give more profit too to the casino.
They have a lot of money to trade and run their business simultaneously, so if they can make more profit, they will be enthusiastic about buying and selling their coins.
With the popularity of crypto from a few years ago, I think the number of bettors is increased much as this pandemic makes gamblers who are playing gambling at the offline casino are trying to search for online gambling to continue playing gambling.
So that affects the crypto gambling business which means, they get more new members from offline gambling.
If we talk about the profit, maybe that will be more profit in USD as bitcoin price itself increases so high depending on the last year to give more profit too to the casino.
i think everyone who are into crypto business knows that the real profit is when you trade your coins to usd the moment the price of BTC goes ATH. and then buy again when the market is fine.
i'm no representative of a casino but i assume, this is what they do as well. holding while its $65000, is the worse decision.
but whichever the price goes, its good for casinos.
i'm no representative of a casino but i assume, this is what they do as well. holding while its $65000, is the worse decision.
but whichever the price goes, its good for casinos.
I agree with your analysis gambling developers and administrators are also traders they know the volatility of the market, and their projected income is based on fiat or USDT, they must continue trading and do not stuck their profit to a certain price level, of course, this is only my assumption as a trader and investor it's only logical to use the available means to protect your assets from volatility, in this case, stable coins are the best coin or tools for this.
since its their money after all and same goes with players too which it doesnt really affect that much because even the price had bloated up, they could always make out some conversion basing up
on fiat value which simply means that btc value would be adjusted on the time they would play. The thing here on what makes those gambling site owners do make advantage is on a dumping market
the higher the amount of coins since the price is still cheap and if they do tend to hold and made out some recovery then thats really a sure add up on profit.
i think everyone who are into crypto business knows that the real profit is when you trade your coins to usd the moment the price of BTC goes ATH. and then buy again when the market is fine.
i'm no representative of a casino but i assume, this is what they do as well. holding while its $65000, is the worse decision.
but whichever the price goes, its good for casinos.
i'm no representative of a casino but i assume, this is what they do as well. holding while its $65000, is the worse decision.
but whichever the price goes, its good for casinos.
I agree with your analysis gambling developers and administrators are also traders they know the volatility of the market, and their projected income is based on fiat or USDT, they must continue trading and do not stuck their profit to a certain price level, of course, this is only my assumption as a trader and investor it's only logical to use the available means to protect your assets from volatility, in this case, stable coins are the best coin or tools for this.
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?
Some gambling sites are non-custodial with smart contracts that pay out winners immediately.But they still have to adjust minimum bet amounts to current prices in order to maintain attractiveness for players.
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?
Not that im a representative or something but there are only two things where these casinos would potentially be acting about those price changes neither they do accumulate bitcoin no matter what the USD or fiat value is or would definitely make out some conversions from time to time and just make out some reserves for bankroll purposes.It all matters with the owner itself but for sure they are still in profits no matter what the fiat value is on that particular year because they arent dumb on securing profits as this step will ensure that they are
already in ROI.
We've seen lots of casinos specially old ones which does simply means that volatility in price isnt really an issue.
It depends on the casino and what their strategy is. Usually, gambling platforms like that have people that make money decisions and one of which might be about preserving and maintaining casino balance in USDT, USD or any other stable coi / currency. While I'm not sure about this but I feel there's a really good chance that this is what happen with those platforms. From a user's perspective, I'm always concerned about the market price of any crypto I use for gambling. I don't know about others.
I'm sure those users that used dogecoin for gambling way back while accumulating enough for themselves would be thankful now. Their dogecoin is most likely the same but they're up in multiple x from their original amount in USD. That's a big in my opinion.
I was stuck between voting for "positive" and "very positive", so I just went with "very positive".
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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.
Well, I think most of the casinos have their own coin and this situation will depend on the gamblers which they are preferred to use. If a gambler did not want to risk their coin from being volatile, they can choose a stable coin instead. But those gamblers know that bitcoin will have a chance to raise and also it could be double their profit by keeping their bitcoin and increase the amount. For me here I will choose bitcoin instead of their coin or stable coins because when I got lucky to gamble and hold the price, there will perhaps be a chance that the value of your coins was increase and I can wait when the price of bitcoin will rise and the cashout my fund. 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 all depends, if you are among the few that win most of the time and deposited some funds on the casino, and during your playing time or you deposited some coins earlier during the year and forgot about your coins and when you came back price goes up..that means you have more money in fiat value which could also be profit. But for the casino this could be seen as a loss as they are paying more in terms of fiat value.
^ At this point, you go to the casino just to gamble not just keeping your BTC as your investment that you will wait for the price when it will price. So for me, it does not matter how much the value of BTC, if you want to gamble using BTC at the time and the same value of that time, there is nothing to worry about. You are using an exact amount per day. Since we know that BTC price is very volatile, we are already aware of the value that will probably rise up or it will down. Therefore, for me, there is nothing wrong with the price.I have to agree as no matter what the price of btc in the market, gamblers will always gamble.
They may use different amount of btc according to the price in the market, but more than likely the equivalent amount in US$ may be the same.
Just like a smoker, even if the price of cigarette increase, they will always smoke.
So in gambling, just like many others have said, the price doesn't matter, because their gambling is not dependent on the price of crypto in the market.
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?
Not that im a representative or something but there are only two things where these casinos would potentially be acting about those price changes neither they do accumulate bitcoin no matter what the USD or fiat value is or would definitely make out some conversions from time to time and just make out some reserves for bankroll purposes.It all matters with the owner itself but for sure they are still in profits no matter what the fiat value is on that particular year because they arent dumb on securing profits as this step will ensure that they are
already in ROI.
We've seen lots of casinos specially old ones which does simply means that volatility in price isnt really an issue.
It all depends, if you are among the few that win most of the time and deposited some funds on the casino, and during your playing time or you deposited some coins earlier during the year and forgot about your coins and when you came back price goes up..that means you have more money in fiat value which could also be profit. But for the casino this could be seen as a loss as they are paying more in terms of fiat value.
^ At this point, you go to the casino just to gamble not just keeping your BTC as your investment that you will wait for the price when it will price. So for me, it does not matter how much the value of BTC, if you want to gamble using BTC at the time and the same value of that time, there is nothing to worry about. You are using an exact amount per day. Since we know that BTC price is very volatile, we are already aware of the value that will probably rise up or it will down. Therefore, for me, there is nothing wrong with the price. Jump to: