Do You Think Existing Crypto Casinos Were Able to Churn Fiat Casinos User? - page 3.

Don Pedro Dinero

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What is clear is that cryptocurrency casinos are taking market share away from fiat casinos, as if the former did not exist, business would shift to the latter. However, I think that what the OP is suggesting is unlikely if we are talking about a big transfer, as there are people who only bet in fiat casinos, have never used cryptocurrencies and have a great distrust of them, and these people are not going to switch to crypto casinos, especially not overnight.

Quote from: alegotardo on April 04, 2023, 09:49:32 PM

I don't think so.

At the time when the Covid-19 pandemic had started, casinos in general had a significant increase in users.
I'm sure that crypto casinos grew the most and I even believe that initially they may have "stolen" users from fiat casinos.
However, with the rise in popularity of casinos in general, many people who had never played at an online casino before began to participate, both crypto and fiat.

I believe both casinos have benefited from this popularity and surge in user traffic at online casinos.

Yes, the point is that with COVID there was a huge increase in online business, and both fiat and crypto casinos benefited from it, so I don't think the OP is right in what he says.

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Quote from: elevates on April 04, 2023, 08:49:14 AM

After the pandemic, almost every Crypto casino has gained a lot of user base. As they have offered an alternative way to engage in online gambling. However, I wonder if they have been able to churn customers who are used to traditional online fiat casinos.

I don't think so.

At the time when the Covid-19 pandemic had started, casinos in general had a significant increase in users.
I'm sure that crypto casinos grew the most and I even believe that initially they may have "stolen" users from fiat casinos.
However, with the rise in popularity of casinos in general, many people who had never played at an online casino before began to participate, both crypto and fiat.

I believe both casinos have benefited from this popularity and surge in user traffic at online casinos.

len01

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the main reason fiat gamblers are not yet interested in crypto casinos is because if fiat gamblers want to bet in crypto casinos they think it is a little complicated when they want to deposit they have to put money into a third party (exchange) to get crypto and send it to the crypto gambling platform.
whereas fiat casinos are slightly faster than direct bank deposits to fiat casinos.
whereas at this stage crypto casinos are more anonymous for those who like to gamble privately or wish to gamble without the knowledge of the bank/state, unlike fiat casinos which can be traced at any time when the bank or state suspects a particular person of gambling activity.

but this week I tried to give understanding to 3 fiat gamblers who asked about crypto casinos and they were interested in trying and giving a review that it is actually more comfortable to gamble at crypto casinos than fiat.
because on this crypto gambling they can be more anonymous than fiat gamblers who can't be anonymous.

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the increase of gamblers that turns from Fiat casinos to crypto casino increase as there are some factors to consider , of course main is that casino houses are closed while pandemic , and those who are playing Online casino via Fiat/Money had learn about the crypto casino because of the continuous search in internet that let them have good looks about the offerings and bonuses.
and still increasing popularity as many of my friends before that denied me to play with me in crypto are now showing interest and some are already playing.

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Quote from: Pierre 2 on April 04, 2023, 06:59:15 PM

I think audience/user base of casinos are already changing. In 10-20 years back I am sure many people were skeptical with online casinos and probably preferred physical ones as they are "real experience". Now smart phones dominate our life and former gamblers became older. New generation is more open to internet based services. This directly increased user numbers of online casinos. Especially gen y and gen z are pretty much interested in crypto so I am sure in near future probably like 5-10 years crypto gambling will be dominating that market.

I also think that smartphones are playing a major role on this, before them we had laptops but even if they were widely available they were still cumbersome to carry around and not as many people used them, smartphones have changed how we communicate with each other in a very small window of time, and this means that the new generations do not find as entertaining gambling at psychical casinos and prefer to do so online through their smartphones, after all they are using them already for a great deal of their daily activities anyway.

Pierre 2

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I think audience/user base of casinos are already changing. In 10-20 years back I am sure many people were skeptical with online casinos and probably preferred physical ones as they are "real experience". Now smart phones dominate our life and former gamblers became older. New generation is more open to internet based services. This directly increased user numbers of online casinos. Especially gen y and gen z are pretty much interested in crypto so I am sure in near future probably like 5-10 years crypto gambling will be dominating that market.

danherbias07

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But those who had been playing in fiat physical casinos who have cryptocurrencies in their stash might be in online crypto casinos right now. It became easy for them. They can avoid the pandemic and then they are comfortable in their own home.
There may be some gamblers left who prefer the physical ones, but it may depend on what game they are playing.
Just like me, when it comes to poker, I don't like it online. It lacks the mind-reading feature of the game and it's not that fun. So, I would very much like to visit the business where I use to play if ever there will be time.
Back to the question, I say yes, there are many gamblers now who had switched to online gambling and much prefer it today.

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Quote from: elevates on April 04, 2023, 08:49:14 AM

I think most crypto casinos are still churning out existing customers. I also believe that it is not that easy to get a traditional online gambling user to change their habit. What do you think?

I think with the pandemic, it bolster and proved that online casinos can be quite effective due to its convenience to the public.

Traditional fiat gambling requires a person to visit a physical casino in order to avail the services. While there are great benefits when you enter such, like getting to enjoy the amenities, etc., no one beats a relaxing casino at the palm of your hand using your respective mobile devices.

Though this may be the case, I definitely agree with you that it all boils down to the preference of a person. There some who enjoy the company of others while gambling in a traditional casino; while there are others who enjoy gambling at their own convenience, time, and at the comfort of their respective homes.

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Quote from: Hispo on April 04, 2023, 03:54:39 PM

In general I feel that once people learn how to use cryptocurrency and realize the liberties they offer, it is hard to go back to FIAT, specially if we are talking about people who does not have access to reliable payment processors and cards.

So, I would say that crypto casinos still need to find new ways to appeal towards FIAT gambler who may believe they do not need to buy a satoshi in their whole lifes. I would personally go with the privacy features, the money management (helps to avoid credit card abuse) and the low transaction fees (in the most of the chains). It would be a long term advertisement project, in my opinion

There are so many benefits in the cryptocurrency world that is why those people that had tested the market successfully with profits would never want to go for fiat again. It is very obvious that crypto has so many opportunities for people to embrace compared to fiat that can nit give us profit by holding or keeping it. As a cryptocurrency investors, we know what we are benefiting from the market and that makes us proud and happy to keep buying and selling to make profits in the market. Very soon when the light circulate many people that had been against cryptocurrency would come and see the light by themselves.

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During a pandemic, where offline casinos temporarily closed their business and made gamblers confused about finding a place to be still able to play gambling, online casinos grew faster. This is also felt by crypto casinos, which can also develop because many advertisements appear on many sites that advertise crypto casinos. People may get confused when looking at crypto casinos especially about their deposit and withdrawal methods. But after they studied more, they found that crypto casinos provide more privacy to them because they can send funds to casinos via crypto without going through the bank.

It may not be easy for traditional gamblers to switch to online casinos. If they are curious, they will do it and we may already see this bringing about great development for online casinos.

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Quote from: elevates on April 04, 2023, 08:49:14 AM

I think most crypto casinos are still churning out existing customers. I also believe that it is not that easy to get a traditional online gambling user to change their habit. What do you think?

It's just probably the technology that stir away fiat users to crypto based perhaps the reason I can think of is (1), they don't want to change their old habits, (2) much easier for them maybe to deposit their fiat, thru credit or debit cards or even bank accounts, as compare to crypto wherein you need to buy it and then have a wallet for deposit/withdrawal.

But as far as gaming experienced though, it's just the same. Played with fiat based online games and still playing up to this day and nothing change even if I switch to crypto based, it's seamless to me. And as far as KYC goes, fiat based will also asked you that mandated info, same now with crypto based platform. So again, we will have to go to that process as well. And obviously, maybe crypto based casino are being born out of the pandemic and maybe getting good chunk or users and so still, this business will continue to grow and competition getting tough for this online casinos whether fiat/crypto based.

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Quote from: Huppercase on April 04, 2023, 04:53:48 PM

Quote from: elevates on April 04, 2023, 08:49:14 AM

After the pandemic, almost every Crypto casino has gained a lot of user base. As they have offered an alternative way to engage in online gambling. However, I wonder if they have been able to churn customers who are used to traditional online fiat casinos.

As per my understanding, crypto casinos have offered benefits that some fiat-based casinos cannot match. Another reason is cryptocurrency provides faster transactions and a level of privacy. Thinking about the regulatory environment surrounding cryptocurrency globally. I think a lot of crypto casinos are still churning existing users of other crypto casinos.

Some of these features can be appealing. If a user is looking for a more seamless and secure gambling experience. Whereas as per my understanding, not all players are comfortable using cryptocurrency. One reason, that I could think about is that cryptocurrency is still a relatively new technology & it might be the primary reason some players are hesitant to try them out.

Another reason is strict regulations on Crypto Casinos. That is one of the primary reasons why I think churning of fiat casinos user is not able to attract new users and retain old customers.

There are many more issues that I believe have hampered the churning of a traditional user to a crypto gambler. But the number one issue as per my research is individual preferences and circumstances.

I think most crypto casinos are still churning out existing customers. I also believe that it is not that easy to get a traditional online gambling user to change their habit. What do you think?

I will take your assumptions as fact because I can't verify some of your information. One of the reasons why I find it unconvincing about some facts is the one you said fiat casinos are unable to attract new users, maybe Globally they don't have the means to have new users since they are limited to only a particular currency but if it is within the country, they will make tons of money because the people of that gave them the license of operation will force their people to use that casino as they are recognized and allow to operate as a monopolistic platform, there is big money in a business that doesn't have a competitor you know.

Maybe they are just looking at one perspective and see only the growth of online casino for past years. Crypto casino really grow since gamblers doesn't have a choice but to play online since all of physical casino is close due to many restrictions. But so far looking at current condition where all people is free to go anywhere they want I also see that physical casino is growing and you cannot defeat the experience playing physically than doing it online since the ambiance is really different, also you can meet various people which can add up the excitement going to those places.

Huppercase

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Quote from: elevates on April 04, 2023, 08:49:14 AM

After the pandemic, almost every Crypto casino has gained a lot of user base. As they have offered an alternative way to engage in online gambling. However, I wonder if they have been able to churn customers who are used to traditional online fiat casinos.

As per my understanding, crypto casinos have offered benefits that some fiat-based casinos cannot match. Another reason is cryptocurrency provides faster transactions and a level of privacy. Thinking about the regulatory environment surrounding cryptocurrency globally. I think a lot of crypto casinos are still churning existing users of other crypto casinos.

Some of these features can be appealing. If a user is looking for a more seamless and secure gambling experience. Whereas as per my understanding, not all players are comfortable using cryptocurrency. One reason, that I could think about is that cryptocurrency is still a relatively new technology & it might be the primary reason some players are hesitant to try them out.

Another reason is strict regulations on Crypto Casinos. That is one of the primary reasons why I think churning of fiat casinos user is not able to attract new users and retain old customers.

There are many more issues that I believe have hampered the churning of a traditional user to a crypto gambler. But the number one issue as per my research is individual preferences and circumstances.

I think most crypto casinos are still churning out existing customers. I also believe that it is not that easy to get a traditional online gambling user to change their habit. What do you think?

I will take your assumptions as fact because I can't verify some of your information. One of the reasons why I find it unconvincing about some facts is the one you said fiat casinos are unable to attract new users, maybe Globally they don't have the means to have new users since they are limited to only a particular currency but if it is within the country, they will make tons of money because the people of that gave them the license of operation will force their people to use that casino as they are recognized and allow to operate as a monopolistic platform, there is big money in a business that doesn't have a competitor you know.

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Quote from: elevates on April 04, 2023, 08:49:14 AM

After the pandemic, almost every Crypto casino has gained a lot of user base. As they have offered an alternative way to engage in online gambling. However, I wonder if they have been able to churn customers who are used to traditional online fiat casinos.

If a compulsive gambler was stuck at home and found out that they could gamble online, of course they're going to try and figure out how to do it.

Quote

As per my understanding, crypto casinos have offered benefits that some fiat-based casinos cannot match. Another reason is cryptocurrency provides faster transactions and a level of privacy. Thinking about the regulatory environment surrounding cryptocurrency globally. I think a lot of crypto casinos are still churning existing users of other crypto casinos.

In the beginning there was a certain level of "privacy" offered, but nowdays KYC is everywhere. No more privacy unless you're playing at unlicensed casinos and risking even getting paid.

pixie85

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I can't say for sure, but in my opinion they can. Some people go to a physical casino to have fun with friends, the way they go to a bar and those people will not be easily persuaded. They're not there for the money but rather for fun. It's a social event to them.

On the other hand there are people who play to win and these people will find the comfort of their own home better and more relaxing. People aren't the same and the same can be said about casino patrons. We all have our goals and needs and some of us will like the digital form while others will not. I like it more than crowded fiat casinos.

Slow death

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crypto casinos had a lot of growth because they attracted the public that likes anonymity and privacy, people could play all day long, with cryptocurrencies people easily go to their wallets and deposit money in casinos without having to receive a call from a bank to ask questions about the purpose of money, use crypto casinos and something very advantageous, people broke the barriers of bureaucracy, at least it was like that in the past, but governments as always managed to take away this facility that people had in the past and implemented KYC, which in practice meant that crypto casinos no longer had much difference with fiat casinos

going to the bank to deposit money has a lot of bureaucracy, you have to go through KYC, even if it is a light KYC, then deposit money in the fiat casino using the bank account, it does not create a headache, the problem arises when the person wins money in the casino and withdraws the money to the bank, if the amount of money is too high, the bank will call the person to justify the origin of the money, this becomes a headache especially for people who live in countries where the government has set limits on amounts of money that people can play in casinos, by that I mean that crypto casinos that even despite the KYC are still better options than fiat casinos

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In general I feel that once people learn how to use cryptocurrency and realize the liberties they offer, it is hard to go back to FIAT, specially if we are talking about people who does not have access to reliable payment processors and cards.

So, I would say that crypto casinos still need to find new ways to appeal towards FIAT gambler who may believe they do not need to buy a satoshi in their whole lifes. I would personally go with the privacy features, the money management (helps to avoid credit card abuse) and the low transaction fees (in the most of the chains). It would be a long term advertisement project, in my opinion.

coolcoinz

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I feel like they may not be getting old timers who used to play in Vegas in the 80s and 90s, but they are definitely getting the young people, many of whom never visited a physical casino. These people are a new group of players, ones that often work from home and enjoy the digital realm.

Quote from: CryptoHeadlineNews on April 04, 2023, 11:32:31 AM

It's true that after the Covid19 pandemic in 2020, there was a massive rise in the adoption of cryptocurrencies, most especially "Bitcoin" which later rose to 425 million global crypto owners before the end of 2022 (as you can see at the image below) since it was new, volatile of which many who invested in it earlier have had huge profits, and yet offering the user the ability for ones be in charge of their funds through its decentralized blockchain technology. So that gave more advantage to casinos who later adopted Bitcoin for deposit and withdrawal, as it was new in the gambling industry and many people were eager to test and see how it works, which I don't think whoever tested it never went back into using fiat gambling anymore, as crypto offers the best comfort.

Source: crypto.com

I like how this graph is made to look appealing. The bottom line should be set to 0 scale if we wanted to be fair and show things as they really are. If we were at 0, between 306 and 425 we/d have visually only 30% increase, but the way they set 0 at 300, we're looking at the same 30% increase, but the bars look like they grew from 0 to 400 million in a year Cheesy

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A traditional gambler is indeed hard to change what he's got used to. There will be a time that he'll find a newer one for him to enjoy gambling.
But I'll just let them gamble where they are happy and that's okay. If they're happier and more satisfied doing all their stuff in the traditional casinos, that's fine.
While we're here and happy gambling with the crypto casinos, they'll not also worry and touch us. They'll learn it eventually as many have probably heard something good about crypto and crypto casinos already.

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Quote from: elevates on April 04, 2023, 08:49:14 AM

After the pandemic, almost every Crypto casino has gained a lot of user base. As they have offered an alternative way to engage in online gambling. However, I wonder if they have been able to churn customers who are used to traditional online fiat casinos.

As per my understanding, crypto casinos have offered benefits that some fiat-based casinos cannot match. Another reason is cryptocurrency provides faster transactions and a level of privacy. Thinking about the regulatory environment surrounding cryptocurrency globally. I think a lot of crypto casinos are still churning existing users of other crypto casinos.

Some of these features can be appealing. If a user is looking for a more seamless and secure gambling experience. Whereas as per my understanding, not all players are comfortable using cryptocurrency. One reason, that I could think about is that cryptocurrency is still a relatively new technology & it might be the primary reason some players are hesitant to try them out.

Another reason is strict regulations on Crypto Casinos. That is one of the primary reasons why I think churning of fiat casinos user is not able to attract new users and retain old customers.

There are many more issues that I believe have hampered the churning of a traditional user to a crypto gambler. But the number one issue as per my research is individual preferences and circumstances.

I think most crypto casinos are still churning out existing customers. I also believe that it is not that easy to get a traditional online gambling user to change their habit. What do you think?

I can predict in the very near future that a lot of the existing cryptocurrency casino and sportbooks are going to increasingly pivot towards fiat currency users. It makes ultimate sense really, because they are coming under a lot of pressure to perform KYC processes on their users now and not having KYC was one of the primary distinguishing factors for these companies to stick with cryptocurrency for so long. They will likely start hooking up with mainstream payment processors to facilitate these transactions more easily and we do see a few of them already advertising in big venues like sponsoring major football teams - so they've already got huge credibility in that department.

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