Topic: Inflation and crypto gambling (Read 323 times)

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

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.

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

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.

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.

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.

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.

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.

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

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.
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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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?

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.

Everything changes when we talk about effect of inflation.

Increasing the minimum as mentioned by 50% is just reasoable as probably salaries or basic minimum wages have also increase. Overtime, price slowly increases depending on high the inflation rate is, but we shouldn't be affected on this much since gambling isn't a basic needs, for addicts, maybe.

It would be a shame if people will still prioritize gambling despite the country is already suffering from hyperinflation, that's not reasonable anymore, and I think the government needs to make a drastic measures to ban gambling for good.

This is a good example of inflation actually affecting the local gambling scene adversely. USD is a currency that for better or worse has kept its inflation on the low end when compared to other currencies.
So for instance when USD faces inflation of let's say 5%, it's considered very high. And in turn many countries that are still developing might experience inflation up to the double digits, for example 15%.

So if a country's lottery tickets prices are rising in USD, I can imagine that the local currency must be facing an even larger inflation.
In this case, the lottery ticket prices increasing might not seem much to foreigners when we count it in USD but locals probably have an increasingly harder time playing.

it seems like it will never happen and it seems like it only happens in local or offline gambling.

If a crypto casino has new rules regarding inflation increasing the amount of bets I am very sure that the casino will lose a lot of customers in a short time and may experience a decrease in revenue.
what I know at the moment is that crypto casinos usually have very large revenues and if they experience inflation, the development team will definitely do various things not to increase the number of bets but perhaps increase the amount of fees for withdrawing funds.
and on the one hand dont crypto casinos depend on crypto prices? I mean as long as the price of crypto doesn't increase a large amount the cost of withdrawing money certainly won't be high but if the price of crypto decreases the cost of withdrawing funds will definitely be cheap and as long as I use crypto casino sites I have never seen certain casinos increase the amount of bets just for inflation reasons.

In my country the price of the lottery ticket has always increased every year, I argue that the cost of the paper is rising in my country and as the lottery ticket is a physical piece of paper on which the person's details and the number of the ticket appear. , so the company responsible for the lottery has increased the price of the lottery ticket, but the increase is not large, until a few years ago the price of the lottery ticket in my country was at 0.20$ and currently the maximum has reached 1$, So I consider it something normal since the prices of all things are not the same as they were 5 years ago, for example. Now in the case of online casinos, I don't see inflation being a big problem for them

This is because even if they increase the price of the online casino's hosting server, all the casino will need to continue doing is just getting more customers because the casino always makes money, the majority of people who are playing are losing money. So the casino business just needs to have a lot of customers who play a lot and the more customers who put in a lot of money the casino has, the better for the casino because they can get enough money to operate for many years, they just need to have good management. while in the case of physical casinos, inflation is a big problem

starting from the construction of the physical casino itself, if the construction of the physical casino is being budgeted at 100 million dollars for example, but during construction inflation increases and the prices of iron, blocks, water, electricity rise, then the cost of the work It will no longer be 100 million dollars, it will be more than 100 million dollars and also when the casino is ready and the machines and tables and many other things are purchased, the process will not be the same, this will mean that the casino will have to get many customers with high financial power so that they play a lot so that the casino can have money for operational costs

You can check the minimum bet amount for each gambling game before you start gambling. That way, you will know whether it affects the gambling industry or is still fine. Maybe this impacts offline casinos with maintenance for gambling equipment, increased employee salaries, rent for the place, and other costs. But for online casinos, it doesn't seem to have much impact. There are employee salaries that the casino must meet, but there may not be an increase in employee salaries, and it has no effect.

If there is inflation, which means the number of people working is decreasing, it might make more people come to casinos because some of them still think casinos are a place to make money. And if they lose their job, maybe they will try to make money from gambling, which is the wrong decision.

In Spain the national, most participated lottery, still costs the same, but it always costed 1€, and Euromillions/Eurodreams keep costing 2.5€. Maybe what we are seeing in your country tells us that these prices might increase soon, or maybe not and it is just that the price of .5€ was very little and they decided to equate it to other European national lotteries.

BTW, you said that it increased a 100%, but what about the prizes? It would be reasonable, if you are right and the appreciation is due to inflation, that the prizes were bigger too now not only because of a greater collection, but of the lower value of money too.

I have not noticed that despite the high inflation plaguing my country, nor have I even noticed it online where I use the USD or cryptocurrency to bet. Well, this might not be pronounced when it is a matter of USD and other assets used for the betting as they are not depreciating like how many local currencies do.

In my country, there are too many gambling competitions, so they can't afford to raise any standard or limit too much so that people will not be discouraged and go to their rival casinos for betting. As a matter, they are even lowering the amount you can bet so that it will be more convenient for their customers. Think of it, this cannot affect their sales whatsoever as there will be some customers that will like to wager big and there will be some that will wager small, and that doesn't still stop those who wagered small today to wager big tomorrow. That is how the casino business runs. So, I don't see any sense in increasing the value one can bet, that will only amount to inconveniencing their customers.

I don't really play much casino games so raising minimum bets on certain games won't affect my gambling. I haven't noticed the effect of inflation on sports as far as betting goes. I've not seen notifications that my bet is lower than what is required or any update from the bookie. It affects the viewers who pay for tickets and PPV more than the people who gambles on these events.

The minimum bet is indeed one way to address the inflation problem.
Though I believe such change is not abrupt as they will inform their players on this.
I don't think they will just change their min bet without prior announcement.
The good thing in online casinos is that you can easily see their min bet because if you enter below their min, your bet won't go thru.

It is normal to see the cost of things to rise up and this only means that even in gambling industry, they cant skip to the rule of the world through inflation.

They have operational costs including employees and more. And all of these are also affected by the inflation. If ever we see ticket prices goes up, it is understandable.

But what still going to matter is on how much we are willing to gamble and how our own economy can manage to cope with the inflation.

Inflation affects every industry, including gambling. Traditional gambling systems, like your Greek example, must modify pricing, right? Increasing ticket prices by 100% is a risky strategy that may represent inflation and business margins. Global phenomenon, not just Greek. Lottery and gambling operators are adapting to these uncertain economic times in many nations

Now that you're in the world of crypto casinos, things are very different, right? These platforms work in a dynamic, digital economy where economic laws are remixed. Crypto casinos subtly raising minimum bets is a good guess! With cryptocurrency volatility and inflation mounting, they may be changing minimum bets to hedge against these movements. It's a subtle tango between user engagement and profitability. We're curious because the crypto community is less clear about these changes

If the ticket price charged 2 times more, does the prize 2 times more too? but if the prize doesn't increase and the total tickets are decreased for 50%, it means there's no change since the lottery become easier as you have two times change to win than before.

I guess there's no change in online casino, maybe it only affect gamblers to not gamble as much as before because inflation make them to spend more money to fulfill their needs.

The prices increased in over given period of time and gambling becomes risky for most of these gamblers, applying caution doesn't always make us smile at last, rather we just become remorseful for our actions and for a short while, we're done anticipating and profits.nThe government have no boundaries to set for gamblers when it involves the system of gambling. Everyone who takes active part into the space wants only one thing, that is enormous profits and most of them wouldn't dropped out until they finally achieved what they've been craving for. Crypto gambling and inflation are different and we gets significance projects.

They can basically do anything because gambling business rake in a lot of cash so the government gives them a pass to do what they have to do as long as they're not crossing the line which is a pretty high standard and they still go to the limits even when they're at the edge of the line. 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.

Inflation is closely related to the market mechanism of human resources needed such as basic necessities and so on, while financial inflation is caused by an increase in the value of one of the largest currencies on the market such as the dollar.
And an increase of one or two, which is certainly not comprehensive, cannot be called inflation, especially for superpower countries which have economies and sources of income large enough for the lifestyle of each of their people.

Do you mean gambling inflation?
The gambling industry is growing very rapidly and of course it is impossible for gambling inflation to increase the minimum bet slowly.
The explanation is that gamblers with low economic conditions can still continue to gamble and use some of their money to spend on gambling sites or casinos, so how can gambling inflation occur?
I think all of this makes no sense and of course with the development of the gambling industry which is always increasing rapidly over time it is impossible to influence happen inflation.

You are right that inflation have altered a lot of things in society and probably the reason for the raise in minimum amount per ticket in your country. It also happened in my country across the local casinos where they raised their minimum amount per ticket.

Before now, we could place bet with as low as 10 cents but gone are those days. Even the Virtual Football League (VFL) has also been raised to over 20 cents as minimum per ticket. This can only be caused by inflation.  

For BTC and some other cryptos the minimum stake has increased in fiat value since BTC has risen up in USD. So if the minimum bet for a game was 0.1 mbtc at the beginning of the year 2023 and is now still at 0.1mbtc, you can say the minimum bet has increased by +150%. But I didn't notice it in fiat bets, especially in USD and EUR. But afaik it's the same for JPY and pounds at least.

Inflation in fees it will definitely impact anyone gambling with Bitcoin as their preferred cryptocurrency and this will make many people switch to other currencies to play.The same can be said to your country which is well known to be suffering since the crisis of 2011 Greece is not the same again.This have happened also to people buying power and they will play less in gambling,their purchasing power will slow down,as inflation goes up for example like 15-20% and I am talking about the real inflation not the bullshit the STAT institutions give,the pay increase will be like 3-5% so most people will have -10-15% less buying power as simple as that and that lottery is no exception to this.

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.

Isn't it a percentage of that 1€ going to the winner this is why the lottery price keeps increasing also. The decision to raise prices is discussed by a government department, they must have figured 1€ is fine and is still affordable to the people. Every country today suffers inflation though I'm guessing the government is steeping up the gas to get higher rewards through the tax from the national lottery and keep the economy rolling.

Since BTC keeps going up, I think its the opposite that is happening, less satoshis yet the value in USD is still the same.

Despite the very try that global inflation has affected the price of many things around the world,  some are very pronounced while others may be silent on this, but the general economic atmosphere has exhibited a lot of stress out from inflation in the price of basic goods,  and lottery tickets are not spared in the negative impact,  while some companies may not increase the price, there have also decrease values,  e.g some lottery companies in my country have not increased the price of the lottery tickets,  but they have reduced the total amount in rewards for winners compared to what those jackpot winners used to receive before.

But then casino operators have their term template for how they want to run their sites and for sure if there is any increase which is above %100 it then means that the lottery company is already going way above the current inflation ratio.

So far, it didnt changed up or simply it is really just that the same. Im much aware about the ticket cost 10 years ago which it is really just that sticking on $0.2 here in our country
and even up to now it is really just that the same. We dont know on the actual reason behind about those sudden increase of ticket prices but for sure there's a specific reason for that
which it might be leading out or in talks about taxation or something in related. Im not really that good when it comes to these aspects but speaking sensibly or common sense
then it is really that correlated into those possible things that we are thinking about.

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?