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.
Topic: Cryptocurrencies price and their effect on gambling industry - page 8. (Read 1295 times)
Knowing that a lot of casinos started with a higher bankroll back then, any price increase would only mean more profits in fiat so that's good news. Eventually though some casinos started adjusting their bankroll and max profit accordingly.
If there's a big price movement in the near future it's unlikely they'd convert their bankroll right away as it could affect their business. If they're going to convert their bitcoins it should be coming from the profits they've accumulated.
For gamblers, the price increase is somewhat frustrating because there are casinos that don't adjust their minimums, back then it wasn't significant since the price was somewhere within the hundreds but now it's getting a bit costly as some of them still stick to 1mbtc minimums.
If there's a big price movement in the near future it's unlikely they'd convert their bankroll right away as it could affect their business. If they're going to convert their bitcoins it should be coming from the profits they've accumulated.
For gamblers, the price increase is somewhat frustrating because there are casinos that don't adjust their minimums, back then it wasn't significant since the price was somewhere within the hundreds but now it's getting a bit costly as some of them still stick to 1mbtc minimums.
I can only speak for myself. Actually if I could only turn back time, I think I wouldn't have used my precious Bitcoin or even Ethereum and other major altcoins for gambling. Those crypto amounts I had squandered on gambling used to be small amounts. But now, they are already worth a fortune to me. Having said this, I think the fast rise of crypto prices could somehow discourage some gamblers from spending their crypto. However, with the features unique to crypto, other gamblers might still stick to it.
Well, we have to learn from our mistakes, and for me, though crypto is really profitable we should not deprive ourselves of gambling as it's still fun to use crypto in gambling, just learn how to invest and gamble at the same, you should still be profitable from investing and be entertain in gambling at the same time.
Crypto casino operators do understand already how to manage the risk of their operation, understanding the volatility is pretty basic for them and I believe that they are investing in crypto as well but they make sure their business will continue to operate profitably despite the price volatility.
There's one site I know that is operating profitably but close its business during the bull run last year.
look at here : https://bitcointalk.org/index.php?topic=1674772.4500
The owner must have made a lot of money already.
There's one site I know that is operating profitably but close its business during the bull run last year.
look at here : https://bitcointalk.org/index.php?topic=1674772.4500
The owner must have made a lot of money already.
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.
Well, some casinos are notorious for not allowing some coins being withdrawn after being inactive for a long time. Probably it's nothing to scoff at for big online casinos since they have a consistent clients playing in there even if the prices are up or down. 
I can only speak for myself. Actually if I could only turn back time, I think I wouldn't have used my precious Bitcoin or even Ethereum and other major altcoins for gambling. Those crypto amounts I had squandered on gambling used to be small amounts. But now, they are already worth a fortune to me. Having said this, I think the fast rise of crypto prices could somehow discourage some gamblers from spending their crypto. However, with the features unique to crypto, other gamblers might still stick to it.
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.
Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.
I am not one of the representatives of any gambling site, this is based on what I currently have.
Since I am familiar with crypto and gambling, I often prioritize my reserves in Bitcoin, even though you know how risky it is when we don't have time to secure when the market makes a big correction (not for altcoins). However, that didn't stop me from keeping as much as possible in the 40% reserve in USD, I even set it aside in gold.
In my opinion, the crypto price increase should adversely affect the crypto gambling websites. A lot of people may argue that 1btc is equal to 1 btc and not in dollar value, but the reality is that , players usually calculate their risk proposition and winning amount in their local currency or usd. So the price increase would force the players to reduce the bet amount in crypto units thus adversely affecting the gambling website's revenue.
That's the general thought. I am not sure any statistics is available or not to analyze what is happening in reality.
That's the general thought. I am not sure any statistics is available or not to analyze what is happening in reality.
Maybe you can add more Neutral for the effect of bitcoin price on the gambling business because not all gamblers will avoid using bitcoin when bitcoin price increases and start the move to altcoin. Some of them will still use bitcoin and continue playing gambling but they can reduce the amount of satoshi they use to gamble.
Those data will be different on all gambling sites because that site will not have the same number of members. In this matter, maybe you can ask the casino owner because they will have that answer to fill your curiosity.
We can only know that a gambler who visits the gambling site will be more than 17 years old, but we do not know how exactly they are. Maybe the young generation is playing gambling secretly.
Those data will be different on all gambling sites because that site will not have the same number of members. In this matter, maybe you can ask the casino owner because they will have that answer to fill your curiosity.
We can only know that a gambler who visits the gambling site will be more than 17 years old, but we do not know how exactly they are. Maybe the young generation is playing gambling secretly.
I hope you won't limit your thread to only casino representatives because you may not get enough response. Or you consider taking the thread to gambling main board/marketplace, there you may get reps talking. Many users certainly have experience on how they preserve their hodling. I do convert to USDT and sometimes in btc when I observe bull coming because I also will benefit from that.
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.
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.
most of my reserves are in usdt. 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.
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.
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