Is it beneficial for the crypto casinos to add stable coins? - page 2.

shoreno

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Quote from: Tipstar on July 10, 2020, 08:33:15 AM

There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

its not a trend when only few casinos are doing that because trend means atleast 80 percent of them are joining . its because traditional gamblers use fiat , it means they can be convinced to play if they saw that stable coins are now added ? im not sure with that . maybe yes and maybe not . yes because they dont join crypto as it is too volatile and no because they dont get impressed on how online gambling work . not knowing the value of the crypto is not a reason to not gamble because there are converters online .

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Quote from: Tipstar on July 10, 2020, 08:33:15 AM

There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

Probably because they have less capital and maintenance compared to the traditional casinos where they maintain the place and they have a a lot of employees to play. Starting an online caisino does not need a big capital, so we are seeing a lot of online casinos and that makes the competition better in crypto, but this will only serve gamblers which are fan of online betting, not on the gamblers who like to play cards in a traditional casinos.

Tipstar

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There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

mirakal

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Quote from: Ulven on July 10, 2020, 06:29:18 AM

I think adding a stable currency would be beneficial to gamblers who fear market fluctuations, But we have a problem that we can think of is that stable, central currencies can be frozen, and we cannot control them.

Maybe you have answered my question in my previous post as one person stated the coin can be blacklisted, which I thin frozen is the right term.
Yeah, because it's centralized, I see the risk.

Quote from: Ulven on July 10, 2020, 06:29:18 AM

That is why I personally prefer to rely on decentralized currency. As for gambling sites, they are trying to add the largest possible number of cryptocurrencies to provide facilities for their customers.

That's the benefit if they will add USDT with has a good liquidity, more options will be given to gamblers, I think it will make them a better casino.

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I think adding a stable currency would be beneficial to gamblers who fear market fluctuations, But we have a problem that we can think of is that stable, central currencies can be frozen, and we cannot control them. That is why I personally prefer to rely on decentralized currency. As for gambling sites, they are trying to add the largest possible number of cryptocurrencies to provide facilities for their customers.

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I have seen many gamblers wanting USDT or any stable coin to be added on the list of the coins to be used in a site.

While some others wanting to have fiat currency added to these gambling sites, I think that these sites might focus first on the crypto coins and some are already doing it. Yes there are some maybe that are accepting fiat currencies but only few and most of them are just accepting crypto coins. For some conservative gamblers who can't take the volatility of crypto (like for ex. they lose a lot of Bitcoin and at the same time the price of Bitcoin went down too so the fiat value of their Bitcoin went down harder) then USDT is a better choice for them.

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USDT is used on a wide number of exchanges as a go between fiat to crypto. That said, ETH opens up a whole new scope of traders with ERC-20 crypto that can be tapped into. Just about any crypto's that have been around a couple of years have multiple exchanges and block-chain explorers/stable block-chain should also be considered.

Games such as Dice would probably be the first cabs off the rank in that case due to their widespread popularity.

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Quote from: swogerino on July 10, 2020, 04:55:27 AM

Some casinos have implemented beside cryptos even Fiat in order to expand their target of users and I think this is the most successful approach to this.This will put a bit more burden to the casino maintenance group but it will be well worth it as long as it expands the target users of the casino and increases the numbers of players.

From the volatility perspective it's good to offer fiat. That might also atract gamblers who don't have or don't want to spend cryptocurrencies.
On the other hand that might be a burden for casinos not only because of maintainance.but from regulatory perspective too and additional pressure from authorities in some countries.

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Quote from: mirakal on July 10, 2020, 03:20:02 AM

I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.

Cloudbet Adds USD Tether as First Stablecoin Solution

Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

Everything is beneficial as long players would able to make deposits into the gambling site itself neither he do uses volatile coins such as BTC and other top alts or using up stable coins.
For house concern then we know that they do rely on House edge which means adding up stable coins wont really be that a big thing but it would be an option that might pull out some gamblers that
are preferring to use stable coins to avoid market volatility while they do play but most of the time i cant really say that people are minding that much when they do already make use of their crypto.
They are willing on what would they earn and whats the value of it when they do tend to cash out and tend to convert it.

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Definitely beneficial for the crypto casinos as it would entice gamblers who does not want to gamble with the market volatility.
It's like gambling using fiat but easier, cheaper and faster in terms of processing of transactions.

As of now, I think there are only few sportsbook that are adding stable coins particularly the USDT in their platform.

imstillthebest

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its always beneficial for the casino to add a new crypto coin because we gamblers cant agree or unite with one brand of coin . we sometimes have our preference because we think that coin brings us luck . my friend only use litecoin because he said he is lucky with this coin so to some gambler they can use usdt or a stable coin because they have other reasons too . while for me i just coins that are fast and easily accesible .

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Some casinos have implemented beside cryptos even Fiat in order to expand their target of users and I think this is the most successful approach to this.This will put a bit more burden to the casino maintenance group but it will be well worth it as long as it expands the target users of the casino and increases the numbers of players.

Lordhermes

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Adding stable coin to casino companies would actually gives traffic to the betting sites so as attracting new bettors. Users betting with Bitcoin would probably feel a slight regret hoarding their coin if bitcoin could go on a high moon. Stable coin is beneficial to gamblers.

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Quote from: stadus on July 10, 2020, 04:27:09 AM

Quote from: acroman08 on July 10, 2020, 04:18:06 AM

It could be beneficial but aren't USDT centralized? wouldn't

Yeah it's centralized.

Quote from: acroman08 on July 10, 2020, 04:18:06 AM

that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

You don't lose your anonymity even if you are using a stable coin as it's still crypto.

The only difference with other assets like bitcoin and ETH from USDT is that it's not volatile, the value is fix and gamblers does not have to worry on the price changes, which I think would attract a lot of gamblers but for crypto in general, I don't think it's beneficial as real crypto assets should be the assets that we are promoting.

Maybe another option for the gamblers, it may be beneficial for some players who are conscious with volatility. But I don't think the addition will have significant effect on the casino itself.

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Quote from: Degens on July 10, 2020, 04:10:54 AM

Quote from: mirakal on July 10, 2020, 03:20:02 AM

I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.

Cloudbet Adds USD Tether as First Stablecoin Solution

Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

USDT can be blacklisted, so it's not ideal for gaming. DAI is fully decentralized, so I could see that taking off.

The sports betting exchange Degens.com uses DAI exclusively. It used to use ETH but the users wanted to make bets in something with n volatility.

Blacklisted how? I think it's volume is big enough for gamblers to think that USDT is quite good for online gambling since its very liquid.

Can you enlighten me a bit on the "Blacklisted" thing?

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If I want to bet just the exact amount in USD, tether would be the best to use. There are more casinos today accepting USDT though. Some casinos in EOS and TRON platform had also been using USDT. These casinos even have a mini exchange within itself so that a gambler can turn their BTC into USDT and can even withdraw USDT as well. Its beneficial to have it in casinos since its like getting out of crypto volatility.

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Quote from: stadus on July 10, 2020, 04:27:09 AM

Quote from: acroman08 on July 10, 2020, 04:18:06 AM

It could be beneficial but aren't USDT centralized? wouldn't

Yeah it's centralized.

Quote from: acroman08 on July 10, 2020, 04:18:06 AM

that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

You don't lose your anonymity even if you are using a stable coin as it's still crypto.

The only difference with other assets like bitcoin and ETH from USDT is that it's not volatile, the value is fix and gamblers does not have to worry on the price changes, which I think would attract a lot of gamblers but for crypto in general, I don't think it's beneficial as real crypto assets should be the assets that we are promoting.

I see, thanks for clearing that up. in that case, having a stable coin on their gambling site would be beneficial for them and yeah, as you said, it would attract gamblers and most likely increase the traffic on their gambling site. if this implementation on their website prove to be successful, then I suppose it would just be a matter of time before other gambling site di the same thing.

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I guess it could be useful. I mean, every one of us understands how cryptos are very volatile, and letting them sit on my casino account when I'm not even using it could pose potential problems when price changes happen. Sure, changes may happen positively, but as there is two sides of the coin, the same could be said for negative changes. In the end, stable coins are there to ensure that my funds inside my gambling account don't change due to volatility.

Quote from: acroman08 on July 10, 2020, 04:18:06 AM

It could be beneficial but aren't USDT centralized? wouldn't that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

People gamble in the crypto-casinos cause of it providing speed and anonymity, compared to fiat casinos. The fact that credit card information is revealed whenever you gamble in fiat casinos has been a pain since long ago after all. Besides, stable coins still retain their anonymity. Stable coins are still cryptocurrency, they still act the same in providing anonymity.

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Quote from: acroman08 on July 10, 2020, 04:18:06 AM

It could be beneficial but aren't USDT centralized? wouldn't

Yeah it's centralized.

Quote from: acroman08 on July 10, 2020, 04:18:06 AM

that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

You don't lose your anonymity even if you are using a stable coin as it's still crypto.

The only difference with other assets like bitcoin and ETH from USDT is that it's not volatile, the value is fix and gamblers does not have to worry on the price changes, which I think would attract a lot of gamblers but for crypto in general, I don't think it's beneficial as real crypto assets should be the assets that we are promoting.

acroman08

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It could be beneficial but aren't USDT centralized? wouldn't that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

Topic: Is it beneficial for the crypto casinos to add stable coins? - page 2. (Read 394 times)