Topic: What is your take on this crypto gambling use case idea? - page 9. (Read 1081 times)

It's normal for casinos to do that because it's their business and they can offer gamblers to use their tokens to gamble. But they also have to provide an exchange in their casino so that gamblers who deposit money using other coins can exchange their coins for the casino's tokens. Regardless if it's a casino that has a unique set that differs from other casinos, it's their business. It may work because the casino can give a different casino than most. And this requires a good promotion to become one of the recommended casinos.

There are some sites already introduce their own token and guess what, they still offer other crypto as an option because not all gamblers wants to use their own token and probably their concern is also about exchanging crypto into that specific token which makes it more complicated.

The site can give additional bonus or promotions though if a gambler uses their own token, this can help promote their own token but I think it is better to introduce more options.

Ideally the more currency options you offer the better off you will be as an owner. You want to give gamblers options and open your platform up to as many gamblers as possible IMO. Some people only hold or buy certain coins, so you need multiple options.

the success or failure of a new gambling project depends on the development team and the way it is marketed. and I think if a gambling platform only accepts its own tokens for gambling, it's like imposing. I mean usually gamblers prefer the freedom to gamble using their own favorite crypto compared to having to use the original token belonging to the gambling platform itself.
as we can see from gambling projects that have been around for a long time and have a good reputation and until now they have become more successful, they still use other cryptos to gamble.
and also there is a gambling project that uses its own token to gamble but also accepts other cryptos to gamble and finally it is also successful. so it will be better if you still accept other crypto to bet on your gambling to attract more customers to enter your gambling platform.

The question is does your friend have a new game that is one of a kind, before coming up with the casino's own token, come up first with that one-of-a-kind game before thinking of a new token, in fact, your friend doesn't need a new token because if that game will be addicted to gamblers then many will play in your friend's casino and that's big profit or him, he doesn't need a token associated with that, accepting Bitcoin is far better than any coin.

That's some seriously very risky business to put up. First, because your token might become a hindrance for your potential client to try and play at your casino, because they need to buy your token, before they can proceed to play. Second, creating a "one of a kind" and addictive at the same time type of game is super difficult to achieve, considering how tight the online casino competition in the internet today.
That plan is honestly very risky, but when this works, it'll give your friend an unimaginable profit and fame.

I think it will be difficult to develop properly if a casino only accepts and uses the casino token itself to be able to play. What's more, many gamblers have their own preferences for using which token they prefer.
In crypto casinos will be more favored by gamblers as these casinos can accept some of the top cryptos Bitcoin in particular.
But if you want to try, go ahead and no one knows what it will be like in the future because there's nothing wrong with trying new things.

Don't do this or else your casino will not attract players. You are making your casino too much centralized. It will be painful for the token holder to maintain the value of there holdings since the value will surely be volatile due to buy and sell coming from the profit on the casino. Just make it a utility or just create a specific game that only your casino token can be used without limiting users to use only your casino token to play. There are a lot of failed casino token projects in the market. Building a new one and competing with the current top casino will be very hard for the new casino business to success.

Absolutely not. Especially if the token had its own economy. If it had additional options then I guess that'd be okay, but if not, then not really no.  then  And I don't think a "one-of-a-kind" game would ever come out of gambling, heck I reckon if it actually was one, it'd probably be better for them to release it as an individual game instead, heck maybe even a cheap, but still profitable game. There are a ton of ways to take advantage of it as well such as battle passes, cosmetics, and stuff like that. Either way, anything would be better than releasing it on a casino that is locked behind its own token.

Doing this will just make there customer go away because most of the gamblers preferred to play using their favorite currency and doing this kind of exclusivity will hurt casino customer. There's a tough competition on gambling market which I'm sure casino will not gonna do this kind of idea just to boost there own tokens. This is only possible if the casino has the game which gives special reward that other casino doesn't have because if the casino games is just generic then choosing other casino is an easy solution for gambler rather than purchasing casino tokens just to play on it.

The problem will be to get that "one-of-a-kind" game.. that are addictive, because those gets copied by competitors very quickly. Just look at the Bustabit concept that was picked apart by the competitors. https://www.similarweb.com/website/bustabit.com/competitors/

You would need to get it "protected" by some Copyright laws that are applicable world wide ..and then hope you will get the protection from all countries. (Intellectual Copy rights)  

Your choice is to decide if it's ok and acceptable by you, to an extent I've seen many crypto casinos developing their own tokens in addition to the common ones but if the gambler feels it's ok to take their token alone then it can serve along for an investment whereby you can keep the token for future benefit but some will always want to exchange it for other cryptos for the sake of this conversion, if it's still ok and good by you, it's not something bad.

Considering that most tokens are pump and dump schemes, I wouldn't be seen by such a casino. There are many of us who only use bitcoin and I sincerely believe that a casino that does not accept at least bitcoin and in your case some of the major alts, apart from your token if you like, would not last long in business.

So you mean they have a copyright on that game and you can only play that game on that casino, it's possible if they create a token exclusive for that game alone, but a new game and one-of-a-kind game that will make gamblers addicted are two different things, not because its new people will become addictive to it right away.
Creating a new game that will make gamblers addicted to it is very hard to do, and that will make the casino on top of the market if they have a token attached to it then yes the token will have value, but the biggest question is can your friend come out with that kind of game.

if you want to focus on promoting casino tokens, you can create other new casino sites that are devoted only to using their tokens, because not all gamblers want to play at casinos using casino tokens, because they also want to use common cryptocurrency as usual.

although the idea brings new games but it looks like people won't get used to it so it's a bad idea I think except create another site to focus on that token and let the main casino run with other cryptocurrencies keep people from leaving casino

It depends on the specific goals and circumstances of the gambling platform. But that's no a choice we would ever consider for https://fortune.st/. A platform accepting only its own token can provide benefits such as increased security, faster transaction speeds, and greater control over the platform's economy. Here are some important benefits that can come from the business model which you can consider. Remember, this is not a financial or business advice. The choices you make is entirely yours.

    1. Increased security and reduced fraud risk.
    2. Lower transaction fees.
    3. Faster transaction speeds.
    4. Increased control over the platform's economy.
    5. Greater flexibility in adjusting token supply and value.
    6. The ability to offer exclusive bonuses and promotions to token holders.
    7. Increased user engagement and retention.
    8. The ability to offer a loyalty program for token holders.
    9. Greater transparency and accountability for platform operations.
    10. The ability to offer decentralized governance for platform decisions.
    11. Greater potential for long-term growth and value for token holders.
    12. The ability to offer instant payouts and withdrawals using the platform token.
    13. The ability to offer cross-platform compatibility for other platforms that accept the same token.
    14. The ability to offer decentralized and trustless gambling experiences.
    15. The ability to offer provably fair gambling experiences.
    16. The ability to offer community-driven decision making on platform developments.
    17. The ability to offer decentralized dispute resolution.
    18. The ability to offer an open-source platform.
    19. The ability to offer decentralized ownership and control.
    20. The ability to offer a platform that is not controlled by any central authority.

However, it may also limit the platform's user base to only those who already hold the token and are willing to use it. Additionally, it may also limit the liquidity of the token as it may not be accepted on other platforms. It's important to weigh the benefits and drawbacks before deciding if accepting only its own token is the right choice for a gambling platform.

For me, i think a casino accepting only its own token for gambling activities on its platform will only limit such a casino, which in turn will greatly affect its user based, many gambling who would not like to convert their money to the token of that casino will have no choice but to stay away from from the casino..

But on the other hand, there is some possibility that such move might be a great idea, which if the casino succeeds, the token will definitely do well in the market, but this also depends greatly on how interesting the game in question is, and how heavy the casino are able to market and promote the  game as well as the casino..

Long and short is, there is a possibility of success, but it will take a great effort and resources, as well as stress, is your friend ready to do or pay whatever price required?

Depends on how they market. For me, the concept does make sense. First, they need trust from their potential customers, they also might need some investors (not sure). But if they are successful in inviting new players to try their service and give great offers for them, it'll grow the number of users and most probably become their regular customers.
If they have bad service, it won't last. I think it is all about the service they provide.
The downside of only accepting their own token is that they will have fewer potential customers since most players are also relying on established crypto with their payment method.

I find it hard that someone nowadays to invent some new truly addictive type of game in the casino no matter what project they want to build on the blockchain.I say this because most well known and reputable casinos have a huge number of games as their offering to the players and yet they don't force anyone to play only with their native token (some casinos that have their token don't force this).

Based on this I think that most likely this project will fail in the long term and its only glory can be in short term and most likely will be short lived.

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?