Gambling percentage of the crypto-economy?

iv4n

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Quote from: BitcoinSupremo on July 19, 2017, 02:47:07 AM

Gambling percentage on the crypto economy has been on the raising side from a long time now. It is one of the most solid foundation to bitcoin, one of its main uses (of course it has many more main uses) but this is becoming fast one of the most appealing way to use bitcoin. It is super fast , no registration, no real life details. I think this business will continue to grow, in fact many FIAT casinos are really considering bitcoin to add as a form of payment (don't know if they will ask for KYC documents but its a good thing if they add it). It is a great percentage which I think will continue to grow corresponding to a growing user base who use bitcoin as a form of payment.

Very nice comment from you BitcoinSupremo, this is a nice review about bitcoin gambling generally and I doubt that anyone can add something more.
I also don't know, and for me it's foolish to even try to guess how much percentage of all crypto economy belong to gambling. What ever number that may be its in rising, bitcoin and other crypto currencies are used for gambling more each year and that us happening for the reasons you mentioned in your comment, fast, anonymous, do we need anything more?

BitcoinSupremo

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Gambling percentage on the crypto economy has been on the raising side from a long time now. It is one of the most solid foundation to bitcoin, one of its main uses (of course it has many more main uses) but this is becoming fast one of the most appealing way to use bitcoin. It is super fast , no registration, no real life details. I think this business will continue to grow, in fact many FIAT casinos are really considering bitcoin to add as a form of payment (don't know if they will ask for KYC documents but its a good thing if they add it). It is a great percentage which I think will continue to grow corresponding to a growing user base who use bitcoin as a form of payment.

ethereumhunter

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Quote from: Ziskinberg on July 18, 2017, 08:35:43 PM

Quote from: megynacuna on July 17, 2017, 05:03:55 PM

Quote from: TopT3ns on July 17, 2017, 01:32:09 PM

not more than 30% maybe because the biggest percentage maybe held by miners and traders as we can see there are a lot of markets than gambling site. the volume too

Yes I think I second your speculative guess. Not many are using their bitcoins in gambling and so they are kept and sold at the right time the owner deems fit. It'll be really great if we have this percentage of Bitcoin owners into Bitcoin gambling as well.

Gambling industry in crypto is getting bigger, in fact it's one of the reasons why the crypto economy has progress this much. It maybe small in the entire industry but this is a big threat to fiat gambling and there is a big possibility that in the future crypto will dominate the gambling world and we investors will benefit on that.

Yes and there is a great possibility of crypto can beat fiat gambling because we do not know how much total percentage of crypto economic gambling and we do not know for what people spend their crypto. Maybe some of us say 50% and others say 30% but it's hard to know the exact number because there is no classification of transactions sent to blockchain. All we know is the bitcoin gambling industry become bigger than we thing and many people is interesting to playing gambling using bitcoin.

Ziskinberg

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Quote from: megynacuna on July 17, 2017, 05:03:55 PM

Quote from: TopT3ns on July 17, 2017, 01:32:09 PM

not more than 30% maybe because the biggest percentage maybe held by miners and traders as we can see there are a lot of markets than gambling site. the volume too

Yes I think I second your speculative guess. Not many are using their bitcoins in gambling and so they are kept and sold at the right time the owner deems fit. It'll be really great if we have this percentage of Bitcoin owners into Bitcoin gambling as well.

Gambling industry in crypto is getting bigger, in fact it's one of the reasons why the crypto economy has progress this much. It maybe small in the entire industry but this is a big threat to fiat gambling and there is a big possibility that in the future crypto will dominate the gambling world and we investors will benefit on that.

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Quote from: Barbut on July 17, 2017, 01:51:24 PM

Quote from: TopT3ns on July 17, 2017, 01:32:09 PM

not more than 30% maybe because the biggest percentage maybe held by miners and traders as we can see there are a lot of markets than gambling site. the volume too

Some miners and traders are also a gamblers and 30% is pure guessing, there is no way for us to calculate how much percents of all crypto wealth is in gambling. There is many sites, and probably every site have some high rollers, plus so many little players. Its already mentioned, but some fiat casinos now accept bitcoins, and how to track all that, almost impossible. Even thou 30% is guessing, I must admit that its reasonable assumption, maybe a bit high who knows, 30% out of 70 billion, market value of cryptocurrencies, is almost 21 billion, do you really think that people have so much money in bitcoin gambling? When you put things like this in dollars for me 30% maybe even sounds to high. I tried to find more informations about about this topic but I couldn`t, I doubt that we will hear right answer on this question.

Yes, I doubt also that a completely accurate number will be found. I do appreciate all the answers in the thread with estimates and theories to come up with a somewhat accurate estimate. Personally, I am thinking crypto-gambling is between 400 million and 1 billion a month in revenues, all depending how you count. I estimate that companies like nitrogen for instance (I could be completely off), have some 6000-8000 players per month based on analyzing traffic (not blockchain data). If they are normal post-up players, that is about $100 per player in revenues or 6-8 million during season. Now, there are then other companies with about same size as nitrogen, and then 'old' companies, like Bovada and other companies that have started to direct a large amount of their activities to crypto-currencies.

of the 45 billion dollar a year gambling market, I estimate that 15-25% is stemming from crypto-currency deposits. I am therefor estimating a value of the crypto-gambling markets between 5 billion and 12 billion dollars a year in revenues.

The answers I have received have largely been in the range of my own estimates.

I thank all contributors to the thread.

megynacuna

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Quote from: TopT3ns on July 17, 2017, 01:32:09 PM

not more than 30% maybe because the biggest percentage maybe held by miners and traders as we can see there are a lot of markets than gambling site. the volume too

Yes I think I second your speculative guess. Not many are using their bitcoins in gambling and so they are kept and sold at the right time the owner deems fit. It'll be really great if we have this percentage of Bitcoin owners into Bitcoin gambling as well.

Barbut

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Quote from: TopT3ns on July 17, 2017, 01:32:09 PM

not more than 30% maybe because the biggest percentage maybe held by miners and traders as we can see there are a lot of markets than gambling site. the volume too

Some miners and traders are also a gamblers and 30% is pure guessing, there is no way for us to calculate how much percents of all crypto wealth is in gambling. There is many sites, and probably every site have some high rollers, plus so many little players. Its already mentioned, but some fiat casinos now accept bitcoins, and how to track all that, almost impossible. Even thou 30% is guessing, I must admit that its reasonable assumption, maybe a bit high who knows, 30% out of 70 billion, market value of cryptocurrencies, is almost 21 billion, do you really think that people have so much money in bitcoin gambling? When you put things like this in dollars for me 30% maybe even sounds to high. I tried to find more informations about about this topic but I couldn`t, I doubt that we will hear right answer on this question.

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not more than 30% maybe because the biggest percentage maybe held by miners and traders as we can see there are a lot of markets than gambling site. the volume too

ralle14

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Quote from: hatshepsut93 on July 16, 2017, 09:30:58 AM

Quote from: YodaYoda on July 10, 2017, 11:21:09 AM

Hello,

Don't know if this is the right forum, but what is the gambling percenatge of the total crypto-economies? I read in some ICO document, maybe it was Betkings that it was 60%. I read 15% somewhere else.

Anyone know an accurate number and statistical source?

It's hard to tell exactly, because some part of crypto-economy is in deepweb, so we can't measure it. But you can get some idea by comparing gambling volumes with the network volumes. Gambling sites historical earning are usually in double/triple digit zone in Bitcoins, and there's not that much casinos - lets say a hundred or so. Now, blockchain.info gives us 234,417 BTC transacted per day, and of course it doesn't mean that every transaction is a payment, but still this number is much bigger than combined profit of all casinos per day. So, I think gambling share of crypto economy is somewhere between 5% and 15%.

5%-15% is somewhat low and you're right it's hard to guess because there's no way to track every amount now that there's a ton of casinos opening while some are closing. With that guess you only included bitcoin gambling in this scenario and forgot about the different altcoins that are being accepted by different online casinos.

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Quote from: MFahad on July 17, 2017, 07:02:17 AM

Quote from: Oralmat on July 17, 2017, 03:26:09 AM

For me, gambling percentage will be than 50% to 60%. But it is my observation, but still i don't know about perfect answer. But i believe i am right. The reason is bitcoin, bitcoin online gambling is too much popular now a days. But one thing is coming is my mind that gambling percentage will be less than bitcoin investment and trading.

I also think that gambling percentage is near about 50%.
To know the perfect answer that how many gambling percentage is here of the crypto economy, i never hear any instrument is here. But we can accept it easily that bitcoin gambling have a good percentage in crypto economy world.

Yes, gambling is very important in Crypto economy. There are people who are in Crytpo-Currency world only to gamble without fiat as they can't on their country or because they want accessibility when gambling online, it's much simpler than using credit cards to gamble.

But I don't know what is more important for Crypto-Currency economy, gambling or trading? I think these are the two main pillars that sustain this world.

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Quote from: Oralmat on July 17, 2017, 03:26:09 AM

For me, gambling percentage will be than 50% to 60%. But it is my observation, but still i don't know about perfect answer. But i believe i am right. The reason is bitcoin, bitcoin online gambling is too much popular now a days. But one thing is coming is my mind that gambling percentage will be less than bitcoin investment and trading.

I also think that gambling percentage is near about 50%.
To know the perfect answer that how many gambling percentage is here of the crypto economy, i never hear any instrument is here. But we can accept it easily that bitcoin gambling have a good percentage in crypto economy world.

Oralmat

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For me, gambling percentage will be than 50% to 60%. But it is my observation, but still i don't know about perfect answer. But i believe i am right. The reason is bitcoin, bitcoin online gambling is too much popular now a days. But one thing is coming is my mind that gambling percentage will be less than bitcoin investment and trading.

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Quote from: YodaYoda on July 10, 2017, 11:21:09 AM

Hello,

Don't know if this is the right forum, but what is the gambling percenatge of the total crypto-economies? I read in some ICO document, maybe it was Betkings that it was 60%. I read 15% somewhere else.

Anyone know an accurate number and statistical source?

I'm sure cryptocurrency gambling growth recently is rising, because the easiness of cryptocurrency gambling and the system which don't need to proof your ID. I heard fiat gambler switch to crypto.

It's hard to get accurate percentage, especially nowadays, pretty much new crypto casino pop-up, it's need work hard and a lot time to collect the data, but I found this: http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/ that article show the statistics of gambling proportion in crypto-economy, although it's old article and the calculation is roughly.

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Quote from: DrGuns4Hands on July 15, 2017, 09:04:02 PM

in my own point of views gambling percentage in the crpyto economy is a huge numbers but still not enough to get the 50% of it. there's more traders and people in the market than gambling percentage. although online gambling is very popular in bitcoin because they can get a lot of bitcoins here in a single winning if you have a huge bet amount.

You have forgotten one thing that winning in gambling is very less compared to losing money. So who ever is going to bet a huge amount to make a huge profit they are risking their huge amount of bitcoins as well. What I know is Bitcoins currently more popular mostly in online gambling industry compared to any other industry so I think its use in gambling may be more than 50%.

kodes88

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Quote from: YodaYoda on July 10, 2017, 11:21:09 AM

Hello,

Don't know if this is the right forum, but what is the gambling percenatge of the total crypto-economies? I read in some ICO document, maybe it was Betkings that it was 60%. I read 15% somewhere else.

Anyone know an accurate number and statistical source?

never hear about this,and i think it just some community take survey about people who playing gambling and calculated in percentage,and they got 60% crypto-economies come from gambling,but actually crypto are more than gambling,i think trader and miner are dominated in this crypto world,even so they also playing gambling.

hatshepsut93

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Quote from: YodaYoda on July 10, 2017, 11:21:09 AM

Hello,

Don't know if this is the right forum, but what is the gambling percenatge of the total crypto-economies? I read in some ICO document, maybe it was Betkings that it was 60%. I read 15% somewhere else.

Anyone know an accurate number and statistical source?

It's hard to tell exactly, because some part of crypto-economy is in deepweb, so we can't measure it. But you can get some idea by comparing gambling volumes with the network volumes. Gambling sites historical earning are usually in double/triple digit zone in Bitcoins, and there's not that much casinos - lets say a hundred or so. Now, blockchain.info gives us 234,417 BTC transacted per day, and of course it doesn't mean that every transaction is a payment, but still this number is much bigger than combined profit of all casinos per day. So, I think gambling share of crypto economy is somewhere between 5% and 15%.

olushakes

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I would be more tilted to the lower side of say between 15% and 25% because of the fact that gambling by default to so many society is a social vice and this is something that most people have grown to become and if they try gambling and they lose, they try not to come back and aside that there are some countries whose law is against gambling but they still do extra things in the crytpo world like trading which to me cuts across every climes of the society.

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Quote from: DrGuns4Hands on July 15, 2017, 09:04:02 PM

in my own point of views gambling percentage in the crpyto economy is a huge numbers but still not enough to get the 50% of it. there's more traders and people in the market than gambling percentage. although online gambling is very popular in bitcoin because they can get a lot of bitcoins here in a single winning if you have a huge bet amount.

In reality I don't know how much accurate the calculation is, but in my personal opinion I believe more than 50% bitcoin market circulation is through the gambling. These days the ICO's had made a good circulation of the cryptocurrencies in the market. Hope over the years the same will continue as more and more gambling websites are coming into existence.

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in my own point of views gambling percentage in the crpyto economy is a huge numbers but still not enough to get the 50% of it. there's more traders and people in the market than gambling percentage. although online gambling is very popular in bitcoin because they can get a lot of bitcoins here in a single winning if you have a huge bet amount.

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Quote from: tyz on July 13, 2017, 07:15:47 AM

Interesting question, but to be honest it is hard to say. The Bitcoin or crypto-currency economy has not yet been well researched. My personal impression is that the gambling part makes up a large part of the crypto-economy. This also shows the high number of Bitcoin gambling sites. Also the number of posts here in the gambling area is a good indicator. I think there will be more academic research in the future.

Actually the statics release by Betking is quiet accurate since they use their personal statics and their competitors in gambling industry. For it is not a big deal to know the accurate percentage of crypto used in gambling as long as crypto made gambling experience better than statistics don't matter.

Topic: Gambling percentage of the crypto-economy? (Read 1138 times)