Topic: Do You Think Existing Crypto Casinos Were Able to Churn Fiat Casinos User? - page 4. (Read 428 times)

The level of cryptocurrency awareness in a particular country will also affect the rate by which traditional online gamblers will be attracted to crypto casinos. Most people are not even aware of a currency called crypto. Some people are not dynamic and they also repel innovation. Most people will never want to try something new so they prefer to remain with fiat gambling. Most gamblers in my area are not well educated so most of them might not be willing to learn about the crypto industry. The government's stance on cryptocurrency is another determining factor. If the government is friendly with cryptocurrency, more fiat gamblers will move to crypto casinos.

This goes back to their belief in crypto in my opinion. We know that now not everyone agrees with crypto, even though the growth of trust in crypto is very fast nowadays. How is it possible that people who don't believe in crypto will gamble with crypto? that's the question. So before we talk about traditional gamblers who use fiat will switch to gambling using crypto, their trust in crypto itself must be formed first. It's like 2 sides that can't be separated, I'm sure at first most gamblers who use ccrypto now are also gamblers who used fiat before. But once they know and believe in crypto they finally move away from fiat.

I'm sure casinos are currently able to make fiat casino lovers feel comfortable with online crypto casinos, because of course there are many conveniences for playing online casinos for all people, both young and old, moreover using crypto is much safer than using fiat casinos and playing directly in a land based casino that looks old fashioned. but it all comes back to gamblers, but almost most people are used to playing crypto casinos online since covid until now 

The gamblers who are pretty much concerned about their privacy probably are moving to crypto during the covid days, it was also the time when the BTC bull run was happening. The new users who were getting rich thru the pump of memecoins started gambling in crypto casinos, they were new to crypto and most probably from fiat-based casinos too. Every bull run fiat people come to crypto and invest in a few altcoins and get used to crypto.

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

Addiction to online gambling is like drug addiction. It's hard for someone to leave it if it's started. If someone has never done it, it would be better not to try. When we gamble, we hope for a great fortune. If we gamble, for the first time the habit wins. Furthermore, if every $100 deposit will fail, we will continue to make deposits, it will make our emotions increase. Even if we have spent $ 1000, and when we win $ 500, then we will forget about the previous failure.
I am a game lover, and almost all the games I know I will play, whether they are money-making or not. So I understand very well about the game. Now the slot games got me hooked. lol

I believe that using crypto casinos is more convenient. You don't need to rely on your bank and how it feels about you transferring money to or from a casino; you can often remain anonymous; you can place bets directly in cryptos, thus actually using cryptos without selling them. Maybe some prefer fiat online casinos because they don't really use cryptos and don't want to get into knowing how to use them. Another thing might be that people feel online casinos are more official, more legit. Which isn't always the case, of course, as many crypto casinos have official licences and everything, but this line of thought can be a result of a general misconception that cryptos are used for shady purposes.

Possible but not all fiat gamblers would do so. Those gamblers which could be encouraged to be involved in this industry are more likely those who have restrictions of this activity on their country and those who wants to avoid taxes because of their huge bets. However, those who won't be persuaded are more likely the ones who plays it safe; using fiat would atleast save them from the chance of losing to both market price volatility of cryptocurrencies and losing to the game itself, like a double bet. But in reality, a player could engage to either land based or online platforms as long as he would be allowed by accessibility so there's really no need to convince players; for sure they know how risk works.

I agree, not all gamblers are willing to change the way they gamble and will prefer to stay at the current casino they're using. With the current aggressive marketing that some crypto casinos are still currently doing I still think they'll continue to convert more users in the future.

Then again there are crypto casinos that allow you to play with a fiat balance despite using crypto to deposit and withdraw so now it's becoming more easy for fiat gamblers to switch and try out crypto casinos.

Sure, that can be proven from friends around us, for example my friend, a year or two ago they didn't trust crypto-based gambling sites, after trying it turns out that online crypto gambling is easier and faster in terms of withdrawals and deposits, now 80% of the gambling addicts near me have switched to the churn route and stopped using fiat casino services.

Of course, over time the online gambling industry, which used to use fiat, has switched to using crypto payment methods, this is all due to the churn rate of customers who stop and choose crypto gambling sites and make them top services for gambling.

If you look at the current online crypto gambling companies, it is easy for them to attract fiat casino customers, this is because users who gamble already understand the uses of crypto and the reasons as I said above.

We don't have enough information to conclude but at least we can see some celebrities or influencers visibly use crypto gambling platforms like Drake.

Regulations on fiat casinos are far more strict when compared to crypo casinos so that can be a good reason to switch. It could also be a reason to avoid if a gambler wants more protection in case of disputes stemming from alleged fraudulent casino policies.

I believe the main reason why crypto casinos grew is that they were able to churn customers from fiat based casinos. Many customers do not like to go through detailed KYC procedure that is mandatory in fiat based casinos. Also a lot of people do not want to reveal their gambling habits to their banks and credit card providers. Crypto casinos provided a way out of those procedures which helped their business to grow even after the pandemic time. Hope this trend continues.

I think this is the reason especially when the Luna, FTX, etc scenarios happened, more strict compliance in crypto and for sure fiat customers will try to avoid any that may involve crypto. I'd rather be on the safe side of things rather than risking it on an unregulated environment. If fiat casinos still works and just not that too much of a hassle, I'd pick that one too. Furthermore, I think adoption on crypto casinos are way more growing considering it's a new market.

They have converted a lot of traditional FIAT users and those users are people who love to try new things and technologies and are what we call tech-savvy users so they know their way around Bitcoin and cryptocurrencies.They immediately can spot the benefit of using crypto compared to FIAT as it gives you a level of privacy you cannot find in the FIAT ones,in there you have to pass through the third party to add money to your account which in this case 99% of the cases is the bank or digital money processors like Paypal which still passes through your bank and 1% not that common nowadays is Western Union.

Now these benefits compared to a huge amount of slot providers and games as crypto casinos offer more than normal ones,as I rarely have seen the same providers in bet365 and crypto ones when it comes to slot gaming,the puzzle is complete as why this boom of increased users.

All I know is that if someone is a crypto lover and they like gambling, people always prefer to try something out. Because of that, they may try crypto casino and check how it is. If they see somethings about crypto gambling site better than fiat, like fast deposit and withdrawal, they may turn to crypto gambling sites. When I was accessing bet365, the withdraw of money take me more than 2 weeks, while crypto casinos take just within some minutes.

I think a lot of the crypto casinos grew was because of the fact that you can get funds in and out of them easier then with traditional fiat ones.
You don't have to worry about your bank or whatever service you need to use to move the money.
There are a lot more ways to convert fiat to crypto and back then get money from your bank to an online casino.

Even in places where it is 100% state licensed and regulated some banks still do not allow those kinds of transactions. You can go to an ATM in a physical casino and take out to your daily limit, but move $50 to Caesars online through ACH and you get an account hold...

-Dave

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?