Why there are no Stable coin gambling sites?

panjul07

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Quote from: mu_enrico on May 27, 2020, 04:36:38 AM

Quote from: ethereumhunter on May 27, 2020, 03:39:02 AM

I don't know what their reason is but what I know is almost all of the gambling site that I played only have bitcoin and altcoin to be used for gamble. Maybe they will use USDT or USD or another stable coin someday, but for now, we don't have to feel sad if we don't see a gambling site don't have USDT or another stable coin at their site.

I tried to look at some casinos and found that USDT actually accepted on bitcasino.io, bitcoincasino.io, cloudbet.com, etc., I'm not vouching for these sites to be legit though, just perhaps these sites are not as popular as the one that only accepts crypto (BTC, ETH, BCH).

I'd rather play with TRX or XRP anyway since it is cheaper and faster.

Two sites in bold are popular, they have been operating since years ago and I believe they are legit casinos (not sure about bitcoincasino.io).
The idea of playing with stable coin is about its price. Some gamblers are worrying to see their cryptos dropped down signficantly in just short period of time.

mu_enrico

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Quote from: ethereumhunter on May 27, 2020, 03:39:02 AM

I don't know what their reason is but what I know is almost all of the gambling site that I played only have bitcoin and altcoin to be used for gamble. Maybe they will use USDT or USD or another stable coin someday, but for now, we don't have to feel sad if we don't see a gambling site don't have USDT or another stable coin at their site.

I tried to look at some casinos and found that USDT actually accepted on bitcasino.io, bitcoincasino.io, cloudbet.com, etc., I'm not vouching for these sites to be legit though, just perhaps these sites are not as popular as the one that only accepts crypto (BTC, ETH, BCH).

I'd rather play with TRX or XRP anyway since it is cheaper and faster.

shoreno

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Quote from: ethereumhunter on May 27, 2020, 03:39:02 AM

I don't know what their reason is but what I know is almost all of the gambling site that I played only have bitcoin and altcoin to be used for gamble. Maybe they will use USDT or USD or another stable coin someday, but for now, we don't have to feel sad if we don't see a gambling site don't have USDT or another stable coin at their site.

no reason to feel sad because crypto was all about btc and alts anyways . usdt are just extra and not really that important imo . one of the reason i think is that casinos wants an excitement and they dont want people to convert thier funds to a stable coin .

thats more better because volatility is also like gambling . people still have the option to withdrew and convert thier coins if they feel scared of the volatility even without the help of stable coins

ethereumhunter

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I don't know what their reason is but what I know is almost all of the gambling site that I played only have bitcoin and altcoin to be used for gamble. Maybe they will use USDT or USD or another stable coin someday, but for now, we don't have to feel sad if we don't see a gambling site don't have USDT or another stable coin at their site.

Kong Hey Pakboy

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It is unusual for a gambling site that accepts stable coins like USDT and DAI. But if you are looking for a online gambling site that uses a stable coin, so you could easily exchange both fiat currency and cryptocurrency. Why won't you find a online gambling site that accepts fiat currency because stable coin has no difference with fiat currency.

LbtalkL

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Maybe it is not common, but there are some gambling sites like Luckygames that are accepting Stablecoins like Tether and TrueUSD. Lesser fees? If USDT (Tether) has no Ethereum and TRX version, it charges a lot on every transaction on Omni that is why some platforms now are shifting to USDT running on tron and eth. I also notice that majority of the Stablecoins are running on the Ethereum network. I also found some gambling DAPPS running on TRON using USDT as bet.

FanEagle

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I'm seeing stablecoin are going to be the part of crypto gambling in the near future. Because, gamblers need some money which can be in any format or with any kind of feature and I believe stablecoins are having all the features what most gamblers are always looking for. I'm not sure but I heard some gambling have already added stablecoins to allow their customers to gamble with.

Many crypto gambling houses removed faucet facility along with rise of bitcoin value. I guess with stablecoins, houses may consider about bringing back faucets regardless of how intensive those faucet abusers go. Because, providing faucets with 1 or 5 cents will not change over the time unlike how 500 satoshi in bitcoin varies over the time.

Who knows stablecoins could be the future of crypto gambling as people may start valuing bitcoins and other reputed coins more which may lead them not spending on gambling.

boyptc

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Quote from: qory on May 25, 2020, 10:59:15 PM

Many coin gambling look not stable and exist few moment, after sold and developer got profit will run away without take care with his investor. I got bad moment with gambling coin always down just few moment after listing on exchange market because not have good planning at the future time.

I think that you don't know what you're saying.

It's about the acceptance of the stable coins of the casinos not about their stability.

Bitcasino.io Support

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Hey,

If you want to read more information about stablecoins, we have an article on our blog.

Regards,
Karl
Bitcasino.io

Quote from: Bitcasino.io Support on May 12, 2020, 08:28:04 AM

Hi guys

Did you know that one of the most popular stablecoins used today is Tether (USDT)?

Before you dive into the world of Tether, you first need to know what a stablecoin is and how it works.
We have a great overview of USDT and other stablecoins in our blog.

You can read the article here: How Tether works: A guide to stablecoins.

Cheers,
Karl
Bitcasino.io

BitcoinTurk

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Although I have no idea about online casino business, I think the situation you are talking about is a negative advantage for many services. Offering users the opportunity to play games with a fixed currency is a very important factor. This is very important for many users to use that service or website. Although I do not know a casino website that serves USDT or similar stable cryptocurrencies until yesterday, I learned that there is now such a service with an incoming mail yesterday. As of yesterday, the Cloudbet service had sent a mail saying that it would now allow gambling with USDT. I even want to add that email as a quote here, anyone can easily see this mail content.

Quote

Hi there,

We’re pleased to inform you that USD Tether is now live on the new Cloudbet!

Access your USDT facility by making it the active currency in your account page. Deposit funds and place wagers as you would with BTC, BCH or ETH. You can buy USDT on Cloudbet using your credit card or Apple Pay. If you've signed up, but never used our service, take advantage of our welcome bonus now to get a 100% deposit match up to 1000 USDT.

We hope you enjoy our new USDT betting service. Tell us what you like or dislike, does anything need to be improved? You can reach us at [email protected].

- The Cloudbet Team

qory

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Many coin gambling look not stable and exist few moment, after sold and developer got profit will run away without take care with his investor. I got bad moment with gambling coin always down just few moment after listing on exchange market because not have good planning at the future time.

Lanatsa

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Quote from: imstillthebest on May 15, 2020, 12:47:07 AM

Quote from: Renampun on May 14, 2020, 06:09:42 PM

Quote from: Quidat on May 14, 2020, 04:56:03 PM

Quote from: Saint-loup on May 14, 2020, 04:47:27 PM

Quote from: BITCOIN4X on May 14, 2020, 11:17:55 AM

If you are worried about costs, I think LTC is altcoin which has a pretty low fee.

Doge is even faster than LTC with lower fees! And is almost a stablecoin since several months (it goes up when btc goes down and goes down when btc goes up)

EOS,XRP,TRX is also a good alternative when we do talk or being concern about fees.About on the topic why theres no
stable coin in gambling sites, actually there's a few already. Regulation aspect is the definitely the closest reason
why they havent included this one.

I don't think the answer is regulation...
I don't think it's hard for a gambling site to provide a stable coin option, but why average gambling sites did not want to, the reason is that it is less profitable and comfort factor. average online crypto gambling players are comfortable with BTC, DOGE, ETH and LTC options.

profitable ? we arent investing on here but we are gambling and the profit depends on your gameplay . your profit when you win and loose when you loose . stable coins are infact less risky because volatillity wont affect your play if ever you like to store coins for play inside a gambling site . there are sites that i already saw have a stable coin but most havent this yet so im convince that the reason is regulation since stable coins are centralized and are related to banks or fiats

Maybe he particularly means about not profitable in gambling house side because if they do tend out to accept stable coins and able to accumulate in to their stash then they do know that it do had less volatility which means they would earn less in price swings but somewhat this one is stable and similar to fiat so its just the same
if we do talk about profit on volatility- It wont really be that different when it comes to accepting fiat.Therefore, regulation matter would be suited out reason why
only a few do give out this kind of option to masses or to gambling industry.

There were few that do accept stable coins but im sure that most players will always choose up crypto coins since they do know that if they do able to accumulate in likes of BTC or other top alts then they have that chance on earning profit in case they able to stash out some winnings if not then that would be and edge by the house itself.

KTChampions

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Quote from: South Park on May 25, 2020, 04:54:42 PM

Another reason is that while stable coins are really popular among traders because it allows them to maintain their capital once they had a profitable trade, stable coins are not really that popular when it comes to actually making transactions with them, by far the most popular coin is bitcoin which is why it is universally accepted by almost every cryptocurrency casino, and since casinos are on the business of making money if there were a bunch of gamblers that wanted to use stable coins I'm sure they will find a way to do accept them, the fact that is not the case indicates a lack of demand.

Stable coins very quickly gain popularity in all areas and I am sure that in gambling they will also dominate after some time. If you look at the trend, then it is obvious - gradually they appear in all casinos. For a player who wants to win dollars, they have advantages similar to those for which traders value them. Therefore, I think that gradually most gamblers will use stable coins.

South Park

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Quote from: bitbollo on May 07, 2020, 11:42:10 AM

I am not an expert on this field, but probably because most of casinos can't operate with fiat due legislation and they are "forced" to use crypto currency. Legally speaking Stable coins have a TOS (Terms of Service) and probably gambling isn't an usage that they don't allow.

Another reason is that while stable coins are really popular among traders because it allows them to maintain their capital once they had a profitable trade, stable coins are not really that popular when it comes to actually making transactions with them, by far the most popular coin is bitcoin which is why it is universally accepted by almost every cryptocurrency casino, and since casinos are on the business of making money if there were a bunch of gamblers that wanted to use stable coins I'm sure they will find a way to do accept them, the fact that is not the case indicates a lack of demand.

harizen

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I just want to add for OP's reference that Cloudbet added USDT on their deposit option. Not promoting the site but since OP's concern is about stable coin deposits, just giving out some information.

https://www.cloudbet.com/en/player/account

(Note: The USDT deposit option is not present on their legacy website)

mindrust

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Quote from: Getmon on May 15, 2020, 07:40:15 AM

Quote from: Sadlife on May 15, 2020, 07:28:15 AM

It will be probably a bad idea if gambling sites uses Stablecoin because Stablecoins are being considered to be banned globally by regulators and leaders in G20.
So this might end the USD backed USDT project and gamblers prefer Cryptocurrencies so i dont think its a big deal as long as you can bet and transfer it with no third party tracking you.

Are the stablecoins really banned by G20 all over the world?

There are so many betting and gambling sites that accept stable coins. There are also others that do not accept them. But if you are really looking for these sites accepting stable coins, you have a lot of options. MintDice, BitCasino, SportsBet, 1xBit, DuckDice, etc are accepting stable coins.

Not yet but they are working on it.

I recently read this article:
https://cryptobriefing.com/central-banks-recommended-ban-stablecoins/

As I said before, these stable coins are way too similar to the real thing and It is in question whether they actually have the assets to back them or not. If they don't have those assets which makes it a scam, a huge one.

arallmuus

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Quote from: swogerino on May 15, 2020, 08:01:35 AM

I don’t see a real advantage of using StableCoins over Bitcoin and other cryptocurrencies except maybe less volatility and cheaper transaction fees

If someone intended to gamble with crypto then all he has to do is to forget about its exchange rate for a while and just gamble. If you could turn your 1 btc into 1.1 btc, it means you win and thats all.

No matter what the exchange rate is, it doesnt matter at all because you managed to get higher balance from what you deposited into the site so it is a win for you. Regarding the transaction fees, I dont see how a mere $3 usd could be a problem for gambler

You will spend around $3 to deposit into the site and probably around that number as well to withdraw from the site ( depending on which site you use because some site pay for your transaction fee ). If you are "gambling" and thinks that a mere $7-$10 fee is huge than you probably dont need to gamble anymore

The transaction fees data was taken from this site https://ycharts.com/indicators/bitcoin_average_transaction_fee

earnadoge

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A bunch have usdt, but some don't look as legit as others. I guess if your money is locked in usdt for market purposes, and you really wanna gamble on non usdt site, can just convert and play and convert again. If using lean exchange and coin that is cheap to send, it works fine. Litecoin ether doge, generally cheap to send.

Getmon

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Quote from: swogerino on May 15, 2020, 08:01:35 AM

Quote from: Getmon on May 15, 2020, 07:40:15 AM

Quote from: Sadlife on May 15, 2020, 07:28:15 AM

It will be probably a bad idea if gambling sites uses Stablecoin because Stablecoins are being considered to be banned globally by regulators and leaders in G20.
So this might end the USD backed USDT project and gamblers prefer Cryptocurrencies so i dont think its a big deal as long as you can bet and transfer it with no third party tracking you.

Are the stablecoins really banned by G20 all over the world?

There are so many betting and gambling sites that accept stable coins. There are also others that do not accept them. But if you are really looking for these sites accepting stable coins, you have a lot of options. MintDice, BitCasino, SportsBet, 1xBit, DuckDice, etc are accepting stable coins.

I don’t see a real advantage of using StableCoins over Bitcoin and other cryptocurrencies except maybe less volatility and cheaper transaction fees but that does not really stop a crypto gambler from not playing with crypto.While many of the casinos now accept these coins I think that the casino themselves are more looking forward to cryptos where they make bigger profit.I have seen very few posts like this here which makes me presume that not many gamblers are interested in these coins.For those interested there are options.

I don't see a real advantage either, that is why I don't, or even haven't, used stable coins for gambling. But some are probably looking at the fees as well as the possibility that their wasted BTC, TRX, ETH, LTC, DOGE, etc would grow double or even higher in value over time. So their accumulated losses would become a treasure in the future.

Shasha80

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Gambling with stablecoins may be less attractive to gamblers. Therefore few gambling sites that provide stablecoins options.
And most people are used to gambling with bitcoin, I also feel comfortable when gambling with bitcoin. And volatile bitcoin
make the profit obtained can be greater too.Right now stablecoins are less popular for gambling use. And only a small number of
gambling sites make stablecoins the choice for gambling.

Topic: Why there are no Stable coin gambling sites? (Read 682 times)