Inflation and crypto gambling | Bitcointalksearch.org

robelneo

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

They do this because of the rising cost of materials in printing the ticket and paying their personnel they knew that bettors would still bet even if they increased the price of tickets, bettors are bettors, they will not leave just because of the increase in price as long as they can afford it, they cannot just turn back on their dreams

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I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

It's different in online casinos that use Cryptocurrency there is no additional cost, and the minimum bet is to lure players to continue betting, physical and online platforms have different costs to run their platform and one platform can raise the ticket because there's a tangible material involved compared to online.
And expect the price of materials and cost of operation to rise, inflation is something that we cannot stop, it's happening in every country and in every industry.

Unbunplease

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Quote from: ethereumhunter on January 02, 2024, 06:53:58 AM

A gambler is still a gambler who will continue gambling no matter what happens. That happens to people who buy lotteries. They will still buy their tickets even if there is an increase in the price of their lottery tickets from their betting shop. They still think that they still have a chance to win by continuing to buy the lottery ticket. And other gamblers will also continue to behave the same way by continuing to gamble and bet as usual.

Crypto casinos may raise their minimum bets if they see their fees increasing. But hopefully, before crypto casinos do that, they will notify all their members first so that gamblers can fit it into their gambling budgets. This is important for casinos to do so that they can still have gamblers who will continue to gamble at their crypto casinos. Otherwise, gamblers can move to crypto casinos that do not increase their minimum bets.

If players are happy with a particular casino, they will continue to play there despite the increase in fees. Among professional players, there are very few who count their expenses. Most live for today and do not think about possible losses or commissions. They will accept almost any increase in minimum bets

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

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I think this has been regularly happening? At the very least I've seen a 20-30% increase in lottery tickets in my place as well compared to a decade or so ago. There are also some simple scratch-it tickets but I'm not familiar with the prices compared to back then (I don't think they even existed back then in the first place) but so far I haven't seen any increase in like 5 years since I've discovered it.

Granted I don't think stuff affected by inflation is that much of an issue for gamblers? Most of them are casino gamblers all things considered.

ethereumhunter

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A gambler is still a gambler who will continue gambling no matter what happens. That happens to people who buy lotteries. They will still buy their tickets even if there is an increase in the price of their lottery tickets from their betting shop. They still think that they still have a chance to win by continuing to buy the lottery ticket. And other gamblers will also continue to behave the same way by continuing to gamble and bet as usual.

Crypto casinos may raise their minimum bets if they see their fees increasing. But hopefully, before crypto casinos do that, they will notify all their members first so that gamblers can fit it into their gambling budgets. This is important for casinos to do so that they can still have gamblers who will continue to gamble at their crypto casinos. Otherwise, gamblers can move to crypto casinos that do not increase their minimum bets.

irhact

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

Traditional casino has raised their minimum wagering amount in my country and from your post I now think it's as a result of the same reason you gave. Before I thought it was due to the casinos greediness but now I understand businesses are losing due to the high rate of inflation and raising their minimum deposit is the best solution they have to stay in business and serve us with same satisfaction that they were serving us in the past. I haven't noticed this with online casino or crypto casino.

Crypto casino are global casino therefore they have alot of customers and won't feel the inflation affecting their income as they got many individual playing on the casino daily. Crypto casino also don't make use of fiats that can be affected by inflation, they're making use of cryptocurrency as Bitcoin and the price and purchasing power of Bitcoin is always increasing and not decreasing.

retreat

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Maybe the casino has its own considerations regarding the ticket prices they have. They see that their business must be adapted to the Greek economic conditions which are currently experiencing inflation and it will not be possible for them to remain at the old ticket prices.
But in my own country, as far as I know the price of illegal lottery tickets (since gambling is prohibited here) is still around 0.07-0.1 USD and it has remained the same since several years ago, maybe because the economy in my country is still stable so there is no need for them to increase the ticket price.

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

Inflation is an interesting phenomenon
The purchasing power of money is measured by basic goods usually though the CPI but the real value of money affects society in ways that are far reaching even beyond consumer goods.

On the one hand, gambling providers have higher costs due to inflation forcing them to pay more for certain goods and services they need.
On the other hand, with inflation causing more money to flow around, if would probably mean that more money than before ends up towards gambling companies.

Though my years I have on very rare occasions seen gambling companies take steps to act according to inflation because usually for them it's probably balanced out on its own.

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

Prices of everything seems to be increasing in Greece. Although the CPI for Greece in 2023 october rose by 4.3% which is a lot slower compared to that of 2022 which was 9.1%, it still doesn't change the fact that there is inflation in Greece.

These comapnies run a business and should also review prices when they deem it fit in line with regulatory policies and industrial standards.

Its a two-way thing, either people subscribe to the new prices or look for alternatives which might be another business idea for someone else.

komisariatku

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

~snip~
But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

Do companies increase their prizes after increasing the price of their lottery ticket? In our country there are no lottery tickets yet and most people who like lottery gambling will bet on online gambling sites

I think inflation will have a big impact on land-based casinos because they have more employees who will have to be paid more than before. But for online casinos, this may not have as big of an impact as they run casinos with fewer employees and a wider reach. Maybe that's one of the reasons why there are more and more online casinos every day, because they may be more profitable than land-based casinos. Maybe

Yatsan

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It makes sense to think in such way but I doubt they are increasing the minimum bet without us noticing it. First of all, lotteries to where this is coming from, are mostly registered which is why they are affected the most with inflation due to the taxes it is paying to the government. Landbased casinos and online gambling platform will be least to be affected and if ever, they would be more likely increasing their cut in every withdraw and deposit, and not with every bet. But with cryptocurrency based or web 3.0 platforms, it won't be affected no other than fees across different chains but still not with every bet of a gambler. These platforms are having diferent affiliation with how inflation works dor this industry.

Quote from: aioc on January 01, 2024, 09:49:26 AM

Quote from: alani123 on December 30, 2023, 03:36:38 PM

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

If they cannot keep up with the cost they can increase the price, the lottery is one of the cheapest games with the highest return so gamblers will still buy tickets because they are long-time bettors or they want to keep their dreams of hitting the jackpot.
That's the lure of betting in a lottery, you have a chance to turn your dreams into reality once you hit the jackpot, so if there is an increase in the price and they can still afford it they will keep buying these tickets.

Lotteries just cannot increase the limit of playing behavior of gamblers.But if that's the case for sure people in this industry and outside gamblers would be fine 'coz there will always be that drive to bet.The same as with vices of us which happened to be close of getting double its price last year. Same thing goes around in gambling in particular with rewards.

danadc

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My native country is one of the countries in the world that has the most inflation and what people did was look for many options to increase their money but not in local currency, any other currency was necessary to make and generate even though the local one, which was the most Cryptocurrencies were used, because there is no inflation there, and that is a way out, the dangerous thing is that in casinos because things can go and go wrong due to the fact that it is dangerous, but if they bought altcoins and bet them and won a lot Then they went to bitcoin and that generated a lot of money, which made them above the others in terms of money, it is one of the smart options that few made, as well as trading and working with money, as well as grabbing local money and buy bitcoin.

Things were done very intelligently to avoid having local chaos, and as the country was internally dollarized, despite the fact that the government had no intention of dollarizing, many living and alternative economies were created.

taufik123

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Quote from: blckhawk on December 31, 2023, 03:40:55 AM

-snip-
And they pay the highest taxes I think so they can just do that kind of stuff plus the gamblers can't really do much about this price increase in the tickets, they're considered a part of the economy so it's justifiable that they're affected by the inflation.

The government is also asking for high taxes to keep the business safe, and this increase in stakes needs to be done as well.
It runs in balance with the features and convenience of playing at stakes, so no one is bothered with issues that shouldn't have to be thought about.

Inflation is just a veiled word for an increase to be made so that casinos have a higher advantage as well.
After all, if gambling sites are also popular, users will not mind paying more than before because of good security guarantees and for sure some bonuses and prizes at each Event are always given so that users are more eager to continue playing and entrust their bets to the best gambling sites.

alastantiger

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

Gambling companies are also affected by inflation too. The lotto companies in my country have increased their ticket price more 2. But these prices are still what is affordable for the population of those who buy their tickets.

Quote from: darkangel11 on December 30, 2023, 04:13:34 PM

You can observe something similar with bitcoin, since many casinos have a minimum bet in satoshi, for instance 0.00001 BTC, which used to be only 18-20 cents last year, but if you bet the same amount today it will be twice that, so inflation doesn't only hit fiat money and crypto casinos don't really have to increase the minimum bet for that bet to increase on its own. I bet that we'll see at least $60k next year, so that's going to increase once again.

The thing with casinos is that only those who have stuck with one casino for a long time will notice an increase in the minimum bets as a result of inflation but those who are quick to register on different online crypto casinos would not notice this. No effect of inflation will be on their minds when they are registering and making deposit.

aioc

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

If they cannot keep up with the cost they can increase the price, the lottery is one of the cheapest games with the highest return so gamblers will still buy tickets because they are long-time bettors or they want to keep their dreams of hitting the jackpot.
That's the lure of betting in a lottery, you have a chance to turn your dreams into reality once you hit the jackpot, so if there is an increase in the price and they can still afford it they will keep buying these tickets.

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Inflation's a wild ride and it seems like businesses in the gambling world are juggling the rising costs with the perks of more money in circulation. The ticket price hike is their way of staying afloat amidst inflation hitting their operational costs. It's like a game of economic chess in the gambling scene, and we are all wondering who's making the smart moves.

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

On the one hand, gambling providers have higher costs due to inflation forcing them to pay more for certain goods and services they need.
On the other hand, with inflation causing more money to flow around, if would probably mean that more money than before ends up towards gambling companies.

Though my years I have on very rare occasions seen gambling companies take steps to act according to inflation because usually for them it's probably balanced out on its own.

In IRL casino this is true because they have physical expenses that can be intensified by inflation like electricity and property taxes. Good thing was online casino is already starting to boom now which removes other expenses that affected by inflation. Online casino just paid for their staff and website as expenses which can be easily covered by their profits due to their increasing popularity.

Inflation will not gonna matter anymore for online casino operators since people will usually resort more to gambling if they feel the need to earn more aside from their job income due to inflation effect.

masulum

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hmph..

Maybe this increase does not apply to all types of gambling. For slots, I have tried checking the casino sites where I gamble, from there, I have found no difference in the minimum bet offered, it has not changed. Maybe for lottery, and if it's offline I think the increase is because you have to print tickets. because there are production costs involved in making tickets, so it makes sense for offline lotteries to increase the price of these tickets, so there will be a inflation effect. Maybe online ones that don't require printed tickets won't increase ticket prices. Meanwhile for BTC, if in the past the ticket price 0.0001 was 1 dollar, now they are still have a same price, but become 4 dollars today, this does not mean that is inflation, but fluctuations in the price of BTC that change its fiat value. IMO

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Actually I can't really tell the relativity between the inflation of things recently due to economic situations as with concern to the increase in minimum stakes, because no matter how inflation happens in the society, it doesn't really have much to do with the casino because the casino has got no commodity with which it's exchanging .

I think they could be doing such increase as a restriction mechanism to certain persons because I'm very sure there are gamblers who do not gamble beyond minimum stakes and they are those who even get addicted the most and could be considered the poor gamblers. If the casino probably want to regulate the kind of customers they want with setting an obvious rule this is more like one of the strategies they could use except for if the cost of running the casino has increased they now have to increase the minimum stake to be able to keep the casino running but they I'm yet to really figure any actual reason for such increase.

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Quote from: alani123 on December 30, 2023, 03:36:38 PM

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

The same thing happened to my country a few years ago they increased the price of a ticket by 100% but they doubled the starting reward and the price of the ticket didn't have an impact at all because of the increase in the prize it attracts more bettors and many people double their bets when it comes to lottery they can increase the prize without decreasing the sales because lotto bettors will always bet.

The majority of bettors have numbers they have always betting for many years and bettors will always take a shot whenever the prize snowballs.
The lottery is one of the most popular gambling forms that has a huge solid community because this is their ticket to change their fortune and you only need to win once.

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Quote from: jcojci on January 01, 2024, 08:10:54 AM

If crypto casinos feel the need to increase their minimum bets, they will do so with or without informing their gamblers. After all, gamblers will not think too much about whether the minimum bet is increased or remains as before. They just want to gamble and even if the minimum bet is increased, they will still gamble.

But for lottery tickets, this will depend on the situation in each region. If they feel inflation or need to increase their minimum bet, they will announce it in front of their shop. They want their customers to know that now the price of lottery tickets has gone up and it is up to them to keep buying them or look for another shop that is cheaper. Usually, this increase will be carried out jointly in almost all betting shops.

While crypto casinos may adjust minimum bets without notifying gamblers, players typically won't pay much attention to such changes and will continue to gamble. On the other hand, lottery ticket prices may be subject to regional conditions, and if adjustments are needed, betting shops usually announce the increase publicly. Customers are informed about the price hike, allowing them to decide whether to continue buying tickets or seek alternatives.

How do you think these differing approaches impact the perception and behavior of the respective gamblers and lottery players?

jcojci

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If crypto casinos feel the need to increase their minimum bets, they will do so with or without informing their gamblers. After all, gamblers will not think too much about whether the minimum bet is increased or remains as before. They just want to gamble and even if the minimum bet is increased, they will still gamble.

But for lottery tickets, this will depend on the situation in each region. If they feel inflation or need to increase their minimum bet, they will announce it in front of their shop. They want their customers to know that now the price of lottery tickets has gone up and it is up to them to keep buying them or look for another shop that is cheaper. Usually, this increase will be carried out jointly in almost all betting shops.

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