Topic: What is your take on this crypto gambling use case idea? - page 8. (Read 1096 times)

No one try this yet because they are afraid that no one will use their platform as they will restrict their players to use other option but if that site is a risk taker and believe on their product and its platform then why not, it must be good and innovative though so gamblers have no more choice but to adopt it. The main concern here is the security of that token and the site, this should be studied very well to avoid any problem if they go live.

It could work but if they have a "one-of-a-kind, new, and addictive gambling game" wouldn't it be better if they accept a large payment method option of FIAT and crypto? wouldn't they be restricting themselves from a lot of gamblers if they only accept their own token? I mean, instead of having a lot of payment methods available for them and gambling much faster and with less hassle, now they would have to create a wallet, buy the token and then they can deposit and gamble which could be a lot of hassle for a lot of gamblers that are not familiar with it.

Too boring to play if you only have one option, many gamblers prefer to have more options.
Didn’t know any site that force their players to use only their own token, this might be a problem if you get live because you are trying to hype your own token which might cost being an unstable site and not safe for the gamblers. Just like the other suggestion, better to have other option aside from your own token.

This is a bad idea, when it comes to any company you need to accept as many forms of payment as possible, imagine for a moment a restaurant which only accepted cash as payment and another restaurant which accepted cash but they also accepted credit and debit cards, if we assume the quality of their food and service is roughly the same, which restaurant do you think will make the most money? And the answer to this should be apparent, the restaurant which offers the most payment options must be the one which makes the most money out of the two.

It wont work.

As long that gambling based token which is the main currency of the said platform doesnt have any value, then no matter how good or revolutionary the game is which people would be still avoiding it.
Why? it just make no sense on gaining up something or playing into a game which you arent really that earning money.Unless if those tokens are really having some value
then they might reconsider but having zero? People would just ignore it because what matter the most on here is on how to make money and not to
waste up time like this.

Casinos use that to promote their token but it is not advisable to use only your token in the casino because gamblers will not interested to use only your token to gamble but by there are different options then they can choose the one of their choice. But you can give bonuses from the token and ask the gambler to add up or top up fund to continue the free spins that is another way of attracting gamblers to the casino site. Tell your friend to add other coins or currencies so that there will be a regular visiting by gamblers. And no casino game attract gamblers more than the others but the one that gamblers wins frequently with stress is the best casino in the gambling space and no game is like that.

Often times, scam projects create millions, billions, and trillions of tokens, which end up becoming worthless in the long run. IMO, if any project wants to add value to their token, the first step that needs to be taken is creating a limited token instead of creating trillions or billions of tokens, which turn out to be shitcoins. Well, for a casino to want to enable the use of their native token in their casino is not bad, but having to make it a mandate on the user to use their token is so absurd. People must have choice in certain things. Perhaps I have Bitcoin in my wallet, but instead of just depositing it straight ahead at the casino, I then begin to look for a means of buying the casino's token from a CEX or DEX, or looking for a way to convert my Bitcoin to the casino's token before I can bet. This becomes stressful, and if I feel too stressed, I could just look for a casino that allows me to use my Bitcoin and bet.

For a casino, forcing users to bet with their tokens is not the only factor that can make the token more valuable. For example, Bitcoin is used to buy a cup of coffee, serves as an investment asset for many, and can be used to send money anywhere in the world through the blockchain, as long as that country makes use of an internet connection. So a casino can look for other ways that can add value to their token while also ensuring they have a limited supply because when supply is greater than demand, depreciation in Value takes place.

That's what I just said. For those people who doesn't want to deposit specific crypto then a casino with using only one crypto which is their own token and depositing popular crypto such as BTC is not possible that's why it is much better if anyone can deposit any crypto they want depends on how ksny cryptocurrency they accept and converted the crypto deposited based on it's value. If I may not explained carefully then it is like this, deposit BTC, ETH, XRP, USDT and more ($1000 in value) = Casino Own Token (Same Value $1000) which is what will be used to play then Withdrawal from casino, Casino Own Token ($2000 in Value) to any Crypto that the gamblers choose like BTC, ETH, XRP, USDT and more (same $2000 in value and don't include the TX fees).

that would be a big challenge for him, the sustainability. because let's face the fact that normally, they can attract at the launch, as they may give some rewards for playing on their site. but later on, gamblers will look for popular coins that they can readily transfer to any platform, hence, the need of top alts like btc. as suggested, maybe they can convert the deposit equivalent to their tokens, but upon withdrawal, they can convert it back to the coin deposited. otherwise, i don't think it will be attractive for players.

Yes that would make the token have more value but people prefer a casino where many crypto are accepted and let's not forget that Bitcoin should be one of it. If they only accept their own token then that means their ann thread will be seen in altcoin board and not here. If they want their own token to be used in their games then at least they should still accept different crypto and automatically converts the balance to their own token and also the same in withdrawal where a gambler request a withdrawal where their account shows the balance (in their own token) and let the gamblers decide what crypto they want to receive.

If I'm not mistaken, there used to be a casino project that only accepts its own tokens and the game was of the poker genre. I don't remember the year, but at least the last 6-5 years. maybe I'm wrong, because I only read the project once only. even more likely, what I say is not accurate. However, if any casino accepts its own tokens for gambling on its platform. it seems, projects like this will not last long and most likely will not sell well in the market. especially if the casino doesn't offer anything special, whether it's the type of game, other advantages compared to the casinos that are available and what we usually play. in fact, i would avoid a casino like this one. there are many reasons for this, one of which has been represented by several other members in this thread. despite all that, I'm sure it will work.

It does make sense because it was their own. There are a couple of gambling sites who has their own tokens but they don't allow this token to be used for gambling. Instead they accept other cryptos and that is the one that their customers must use. I guess its because they are afraid that it will affect the value of their own token.

IMO they shouldn't worry as long as their gambling site is great because a lot of people will buy their own token. This can make their income twice better than if they will use normal cryptos. They should only create other use cases for their token other than in gambling so that when they are losing in gambling, people will still have a reason to buy their coin and they can still earn this way.

Most casino games nowadays are almost the same. They just differ in graphics and animations but the rules are just the same. I haven't encountered such a unique game yet but I would love to find at least one addictive game. I'm sure that a casino with a unique game could attract players easily. They could accept a single coin if their unique game would click to the public.

I won't trust their tokens because the real reason for gambling is to enjoy so not really interested in worrying about weather the value of that token will remain same or fall whenever I hold it and why a casino platform should force their users to gamble on their own tokens only? Casino has other source of revenue right so concentrating on the games will get more money than stacking real money to mint an unknown cash so called token.

If the game is really addictive and one of its own kind then just use the most preferred coins that will help to attract more customers so more revenue to the platform so slight change in the idea has the capability of becoming a success.

I think the same, but "one-of-a-kind" sounds pretty interesting, so if some gambling platform comes out with new and unique games that can be very attractive. It's not easy and simple to create something "new & unique", so I guess that is a difficult part. Accepting just one coin for playing on the site is not a big issue, they can easily get some partnership with some exchange or swap service, so any deposit in any currency will be automatically exchanged for a house coin/token.

Speaking of which, when was the last time you played a new and unique gambling game? What game was it?

A crypto gambling platform that accepts only its own tokens and offers new, unique, and addictive games could drive demand for the token, making it more valuable. However, this depends on factors such as the platform's user base, marketing, and overall adoption of the token by the crypto community. A platform with a large user base could drive demand for its tokens, but if there are only a few users on the platform, it may not be enough to drive up demand for the token.

If it is a new platform, I think it makes more sense that it accepts a wide range of popular coins and tokens. The more options, the better. This will help to bring in more users, and hopefully it will be a self-sustaining cycle. It is likely that the platform will attract users who want to play games with their favorite cryptocurrency, but this may not be enough to drive up demand for the token.

The thing is that there are already so many gambling sites in the crypto market these days which already accepts so many coins.
When there are established crypto casinos which accepts wide range of coins then it becomes really hard for a new gambling site to survive which just offers their native token.
The chances are very slim and so I will recommend accepting most of the established altcoins and bitcoin.

   -  Yes, this is very much possible. Particularly if the gambling platform offers unique and addictive games. Moreover, there must be many risk and challenges, was a platform need to overcome to be successful.

And some other challenges could be the legal and regulatory environment, because some countries have strict laws and regulation in the online gambling industry, and the platform as well need to ensure that it is compliant with these laws in order to operate.

It will, the value of the token when it is a platform based depends so much on the support the platform is getting, so if they have a new game that is addictive to gamblers and finds the game unique, they will support the token because that's the only way they can play the game by buying its token, I don't know what game it will be if this is really a good game they should register it and create copyright so other casinos will have to pay royalty or license in case a game provider will want to use the game.

Nope. The token price change much more than BTC or ETH, so yesterday you bought 100 tokens for $100 and today it costs $10. You just get lots of additional problems with token. And the first of them is the question for what purposes you want to create this token? Than you have to think about different bonuses for supporters. Problems with the price. And lots of more problems.