Do you have an idea in percentage how big gambling industry's contribution?

GDragon

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Quote from: Questat on February 28, 2020, 08:57:01 AM

As what the thread title says, I like to know based on your opinion how big the contribution of the gambling industry to the entire market.
I have been a gambler for awhile now and I believe that with the contribution of our industry, it will only make the market stronger in the long run, and it's one of the reason why adoption is happening at a very good rate IMO.

Tried reading articles about it's contributions and didn't get an exact numbers. But according to the things I've read, it's much popular right now. Probably we all know the reasons why. Online gambling industry, blockchain and crypto, is like the golden era of gambling. Aside from more payment options, quick withdrawals, anonymity of the gambler, blockchain addresses the security concerns of the gambler when it comes to online gambling, its much safer. There is also lesser operating costs, I think they are earning much profit without the big budget to operate a whole establishment of a casino. That's why lots of casinos are now rebuilding as online casinos.

We are all asking the same thing but I think it's contributions are enormous.

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Quote from: Questat on February 28, 2020, 08:57:01 AM

As what the thread title says, I like to know based on your opinion how big the contribution of the gambling industry to the entire market.
I have been a gambler for awhile now and I believe that with the contribution of our industry, it will only make the market stronger in the long run, and it's one of the reason why adoption is happening at a very good rate IMO.

In my own personal opinion, the percentage pf gambling industry in the crypro market could be not that big because there are only few gamblers who deposits and invest huge amount of money in a crypto casino, that most gamblers only play in a crypto casino if they will receive a free money for them to play.

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Quote from: Ziskinberg on March 26, 2020, 04:20:15 AM

With the set up like physical casinos, this would create more job, but since the world is evolving and it seems like online gambling would become the trend in the future, I guess that would minimize the employment

At least there are still more websites to work on from. Well, the question is how big is the gamblings industry contribution to the entire market. I think the OP should be more specific on that though.

Quote from: CryptopreneurBrainboss on March 26, 2020, 08:16:28 AM

From your list, the creation of employment was also my first pick. Not many understand how vital the gambling industry is to the government of a country. Although government can easily create money from thin air, still the taxes this gambling house pays are worth mentioning as they help to finance the budget of the government.

Check this out if you want to know more about the tax revenue from a casino. 86% freaking percent Shocked

https://www.casino.org/news/macau-gaming-industry-responsible-for-86-percent-of-tax-revenue/

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Quote from: crwth on March 26, 2020, 03:27:28 AM

I think with just about this, and the critical part is the employment. A lot of people could benefit from it, and having a casino could provide that. Whether it's an online casino or not, it still allows people to earn money.

From your list, the creation of employment was also my first pick. Not many understand how vital the gambling industry is to the government of a country. Although government can easily create money from thin air, still the taxes this gambling house pays are worth mentioning as they help to finance the budget of the government.

In regards to the employment, we see this casino providing opportunity for quite a number of individuals in various working class. From the cleaners, security officers, customer care officers up to the the managers etc all this individual gt an opportunity to join the workforce because of these casinos.

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Quote from: Ziskinberg on March 26, 2020, 04:20:15 AM

With the set up like physical casinos, this would create more job, but since the world is evolving and it seems like online gambling would become the trend in the future, I guess that would minimize the employment, and what I have understand on this thread is the crypto gambling industry is what we are talking here, so I believe crypto gambling industry will grow since it's budget friendly for people who can't afford to go into popular physical casinos and the adoption would just increase in the long run, and actually the situation now that casinos are lock down, this is the moment where more gamblers will shift into online.

Online gambling can create jobs too, I mean people also need good customer support, and good designers to keep coming up with new offerings not just in terms of technology but also in presentation and interface. Different aspects in online gambling, but still needs the expertise to perform them:)

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Quote from: crwth on March 26, 2020, 03:27:28 AM

There are a couple of reasons why gambling is considered an important part of the economy.

It creates employment
Government economy is boosted by taxing
Form of entertainment
People get to visit the casino resulting in the local market sales
Leisure time

I think with just about this, and the critical part is the employment. A lot of people could benefit from it, and having a casino could provide that. Whether it's an online casino or not, it still allows people to earn money.

For players, it's essential not to get addicted to it so you could provide and have the proper priorities.

With the set up like physical casinos, this would create more job, but since the world is evolving and it seems like online gambling would become the trend in the future, I guess that would minimize the employment, and what I have understand on this thread is the crypto gambling industry is what we are talking here, so I believe crypto gambling industry will grow since it's budget friendly for people who can't afford to go into popular physical casinos and the adoption would just increase in the long run, and actually the situation now that casinos are lock down, this is the moment where more gamblers will shift into online.

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There are a couple of reasons why gambling is considered an important part of the economy.

It creates employment
Government economy is boosted by taxing
Form of entertainment
People get to visit the casino resulting in the local market sales
Leisure time

I think with just about this, and the critical part is the employment. A lot of people could benefit from it, and having a casino could provide that. Whether it's an online casino or not, it still allows people to earn money.

For players, it's essential not to get addicted to it so you could provide and have the proper priorities.

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In my own opinion, I don't have any idea on how big is gambling industry does contribute, but I think it has a big contribute regarding in the industry as we all know that we are in the modern world that there are things are could be possible such as online gambling. Just for now the gambling world are so big enough you can play it physically or virtually. And I think as time goes by there are many inventions could really appear in the gambling world that will contribute in the industry.

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Quote from: Dalmar on March 20, 2020, 05:53:25 PM

Behind the turnover funds in gambling, the money laundering is the biggest case, I believe. The cryptocurrency gambling industry is used for dirty purposes and the lack of regulation strengths my argument.

of course behind that much collected funds in a gambling wallet there are many goals that can be created, but negative goals are not always planned by gambling website developers because I'm sure they also have positive goals.

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Quote from: Dalmar on March 20, 2020, 05:53:25 PM

Behind the turnover funds in gambling, the money laundering is the biggest case, I believe. The cryptocurrency gambling industry is used for dirty purposes and the lack of regulation strengths my argument.

If they do that, there's no contribution for it. But gambling industry as a whole, don't neglect that it contributes that much to this crypto industry. Remember that when no establishment and businesses that wants to accept bitcoin, the gambling community has been here and rocking while they're still doubting it. Now, the turn of the events and it might be gradual but they are starting to contribute and adopt bitcoin.

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Quote from: TopT3ns on March 20, 2020, 05:43:10 PM

Quote from: akirasendo17 on March 20, 2020, 05:11:10 PM

if you are talking about the entire gambling industry well its certainly bigger than what we have imagine , not only this give or pay lots of taxes but, the people that have a job because of it, because of it there are more people that has job , it help build bridges and help the government build and support the people well lets be honest the huge amount of taxes it give, help us a lot , and the government, that is why lots of government gives permit for them to operate.

I see a lot of gambling sites that still do not provide tax payments meaning there are no specific rules from the government to provide tax from gambling results, because I see it will make it difficult for gambling business people to cut taxes that must be paid to the government.

Gambling sites shall pay taxes in order to boost the economy of the country. There are crisis going on right now and we all know that governments need money in order to fight this corona thing. Governments shall take notice of such sites and make tax inevitable for them.

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Quote from: Dalmar on March 20, 2020, 05:53:25 PM

Behind the turnover funds in gambling, the money laundering is the biggest case, I believe. The cryptocurrency gambling industry is used for dirty purposes and the lack of regulation strengths my argument.

maybe thats true because crypto gambling are mostly unregulated and didnt comply with the kyc . i have see a couple of gamblers that said thier funds came from illegal like scamming but there are some that are clean . they earn the money in a legal way .

not totally you can say that money laundering is huge in the gambling industry . in the contribution , gambling industry ofc contribute big because gambling is one of the biggest succesful business , whether crypto or non crypto

Dalmar

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Behind the turnover funds in gambling, the money laundering is the biggest case, I believe. The cryptocurrency gambling industry is used for dirty purposes and the lack of regulation strengthens my argument.

No regulation, no KYC, no document for showing the source of funds. Bla,bla,bla. This is what it becomes after the police raids the location of the server and I have seen a similar situation with the mining companies.

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Quote from: akirasendo17 on March 20, 2020, 05:11:10 PM

if you are talking about the entire gambling industry well its certainly bigger than what we have imagine , not only this give or pay lots of taxes but, the people that have a job because of it, because of it there are more people that has job , it help build bridges and help the government build and support the people well lets be honest the huge amount of taxes it give, help us a lot , and the government, that is why lots of government gives permit for them to operate.

Indeed, gambling industry really give a huge chunk of money to the government as part of their taxes. And now that most of them are in shut down, I think the government will definitely feel the impact of their presence as I don't think they can give the same amount of money as they don't have operations. For some areas, the presence of these gambling establishments give life to them. Though we can't quantify their exact contribution but definitely they are big enough to influence their economy.

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Quote from: akirasendo17 on March 20, 2020, 05:11:10 PM

if you are talking about the entire gambling industry well its certainly bigger than what we have imagine , not only this give or pay lots of taxes but, the people that have a job because of it, because of it there are more people that has job , it help build bridges and help the government build and support the people well lets be honest the huge amount of taxes it give, help us a lot , and the government, that is why lots of government gives permit for them to operate.

I see a lot of gambling sites that still do not provide tax payments meaning there are no specific rules from the government to provide tax from gambling results, because I see it will make it difficult for gambling business people to cut taxes that must be paid to the government.

akirasendo17

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if you are talking about the entire gambling industry well its certainly bigger than what we have imagine , not only this give or pay lots of taxes but, the people that have a job because of it, because of it there are more people that has job , it help build bridges and help the government build and support the people well lets be honest the huge amount of taxes it give, help us a lot , and the government, that is why lots of government gives permit for them to operate.

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Quote from: goinmerry on March 15, 2020, 04:54:09 PM

Quote from: TheGreatPython on March 15, 2020, 10:46:10 AM

Actually I would say the gambling industry contributes close to 50% of the market distribution because there are massive giants in market now be it primedice for dice gambling or be it sportsbet that claims to accepts single bets of 100 btc which tells how massive the market has become now.

It's difficult to know what's the exact percentage and the reason you said is not a good basis.

That BTC100 is nothing when it comes to crypto exchanges. There is more circulation of BTC here compare to gambling.

And since we are here in the Gambling section, we might think that crypto-gambling is already big in the whole crypto industry without realizing that maybe it's just a 1/4 of the whole activity on crypto-exchange.

Gambling is the platform which makes maximum use of crypto currencies and this is why I support the percentage you have assumed of gambling contributing to crypto market. Crypto currencies really help gamblers enjoy gambling without taking any stress regarding withdrawing their money in short time.

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Quote from: Questat on February 28, 2020, 08:57:01 AM

As what the thread title says, I like to know based on your opinion how big the contribution of the gambling industry to the entire market.
I have been a gambler for awhile now and I believe that with the contribution of our industry, it will only make the market stronger in the long run, and it's one of the reason why adoption is happening at a very good rate IMO.

I don't have any idea how much percentage from the gambling industry because we don't know how many gambling places in every country. Maybe only the government that will see the number and they don't tell the public about the money. But maybe you can read on this article to find the percentage or to find how much money the contribution from the gambling industry.

https://www.statista.com/topics/1368/gambling/

https://www.tandfonline.com/doi/full/10.3109/16066359.2014.929118

But still, we don't know the right number if we don't research by ourselves.

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Quote from: criza on March 17, 2020, 07:37:51 AM

Gambling affects greatly the entire market because of the participants in it that most probably supports the use of crypto currencies such as Bitcoin thus, impacts the movement of its supply fast and increases the demand for that certain coin; more demand means a greater standing for the coins available and is used by gamblers online.

As the crypto online casinos are growing, here we can expect there will be a growth on the demand, we like to see it as that would only not help the online gambling world to grow but its contribution to the market is big since we are talking here for adoption, which people are not speculating on the price but truly use them as a tool to gamble online.

Quote from: criza on March 17, 2020, 07:37:51 AM

When we talk about the physical casinos in the society, they contribute a lot in the income of a certain country from the taxes they get from the casinos.

They have a physical casino its expected that they are paying taxes, while in online casino, we also have casinos that are licensed and in fact online gamblers are already aware of that and they choose those who have license over the non licensed casinos.

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Quote from: criza on March 17, 2020, 07:37:51 AM

Gambling affects greatly the entire market because of the participants in it that most probably supports the use of crypto currencies such as Bitcoin thus, impacts the movement of its supply fast and increases the demand for that certain coin; more demand means a greater standing for the coins available and is used by gamblers online

This mostly refers to Dogecoin

Personally, I don't think that gambling is supporting the use of Bitcoin. The logic that I draw this conclusion on is really simple and straightforward. Bitcoin still massively dominates the crypto market, and if its prices were actually supported by gambling to any significant degree (which necessarily follows from your assumption), we wouldn't see so huge price swings as of recently. All in all, this basically proves that gambling cannot possibly affect the entire market, let alone greatly, as the whole market is still about Bitcoin, one and only

However, the situation is different with Dogecoin specifically. Indeed, if the whole market goes down the hill, Dogecoin dollar prices also go down. You wouldn't really expect it to be any other way, would you? But what many don't see with doges is the fact that their Bitcoin price is mostly negatively correlated with Bitcoin prices as such. That, on its own, tells us that Dogecoin is traded mostly for fiat, not Bitcoin, and there is solid evidence to think that it is people buying doges with gambling in mind who make this coin so special (read, gambling does greatly affect the doges market)

Topic: Do you have an idea in percentage how big gambling industry's contribution? (Read 755 times)