Topic: Why there are no Stable coin gambling sites? - page 3. (Read 682 times)
As people said crypto gambling site needs fiat license as well to operate a crypto gambling sites which accepts stable coins and not much people are interested in playing on cryptos sites with stable coins so its not worth to spend more money just to attract few users. Moreover people can directly play on fiat sites which is less expensive compared to convert theit fiat into stable coins in an exchange then send and receive to different places to get the same gambling experience.
Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
It is probably because it is dangerous.
USDT is too similar to USD and the authorities may think that the casino is mostly dealing with FIAT (USDT) instead of real crypto. (btc, ltc etc...) IRS, FBI, CIA all these track the USD movement very hard. They seem to not give 2 shits about crypto except bitcoin though.
Of course, a gambling platform has a consideration when using stablecoin, because in my opinion, it will be more difficult to make the smallest unit for betting. unlike coins in general like BTC became mBTC or uBTC like poker gambling I have ever played.
then what is the smallest unit if you use stablecoin? of course, it makes it a little more complicated.
then what is the smallest unit if you use stablecoin? of course, it makes it a little more complicated.
Though many won't use the said stable coins because of some restrictions place on them, we also understand that, the government has always raised some regulations whenever there's as stable coins be use or intended to be use either by casinos or exchanges. In totality, the government regulations make many of these sites not.always interested in these coins, the very few using them on their platforms can tell better with their experiences.
Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
What is the reason to gamble with stable coins?
Bitcoin is the king and the most attractive cryptocurrency out there so casinos would be more interested in getting it instead of stable coins. Apart from that, if they had only stablecoins integrated there will be no differentiation with ordinary casinos.
Normally ordinary casino does have rules like KYC and people doesn't want that. People want to bring combine the advantages of crypto casinos and the stable asset that you can use on an ordinary casino.
Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
What is the reason to gamble with stable coins?
Bitcoin is the king and the most attractive cryptocurrency out there so casinos would be more interested in getting it instead of stable coins. Apart from that, if they had only stablecoins integrated there will be no differentiation with ordinary casinos.
Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
It is probably because it is dangerous.
USDT is too similar to USD and the authorities may think that the casino is mostly dealing with FIAT (USDT) instead of real crypto. (btc, ltc etc...) IRS, FBI, CIA all these track the USD movement very hard. They seem to not give 2 shits about crypto except bitcoin though.
Playbetr allows users to deposit stable coins:
Yeah, I search for it and they really do.Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
Not only that, since you just really want to gamble and not to trade or hodl it on a gambling site (not recommended though) better if it will be a stable coins since you'll not be in wary if your coins is not in the same value since dips may not affect it at all. If sportsbet.io are accepting stable coin, I don't think regulations would be any issue. They are a good gambling platform both for sports and casino games and they know properly what legal problems they may face. Just like almost every other casino, they are curacao registered.
I maybe wrong but with the examples, I'd dismiss the proposition of regulation not letting the adoptable of stablecoins.
^ Definitely right, there are some gambling sites that accept stable coins though it may not be the site you prefer. However, that is due to the trust issue. Gambling sites registered for the currency that they think has a higher demand but if the demand on stable coins to be accepted with your preferred sites and rest assured they will work on the license for stable coins on their platforms. Probably someday if the stable coin will become like other cryptocurrencies such as bitcoin then in no time it will be accepted as well in most gambling sites. Nevertheless, there are also some reasons gamblers want volatility coins because while holding of gambling platform at the same time they are investing. I maybe wrong but with the examples, I'd dismiss the proposition of regulation not letting the adoptable of stablecoins.
If sportsbet.io are accepting stable coin, I don't think regulations would be any issue. They are a good gambling platform both for sports and casino games and they know properly what legal problems they may face. Just like almost every other casino, they are curacao registered.
I maybe wrong but with the examples, I'd dismiss the proposition of regulation not letting the adoptable of stablecoins.
I maybe wrong but with the examples, I'd dismiss the proposition of regulation not letting the adoptable of stablecoins.
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.
This was the first thing I tought as well.
However, usdt and others are not really fiat, si there must be some other reason...I would certainly prefer to gamble with btc, just because holding btc is a gamble by itself
Regulation is one big problem maybe I agree even if I did not know this is the case, but with over 100 stablecoins out there,,, is it really a problem if people wanted to use them? Anyway I think the real problem is convincing the user and the casino to want to open new wallets to manage. Administrative headache:)
In addition to those gambling sites, Sportsbet and Bitcasino just started accepting Tether and they even have a promotion to encourage their players. On other sites i've tried they have their own stable coin as a way to maybe avoid those legal issues.
Sudden market price movement can ruin your day because of the 30% loss in fiat value during the hour.
On the other hand that risk can also make their day as the prices go up just like what we've been experiencing in the last couple of days with Bitcoin. So the question of the OP has already answered by some of the users here. There are really gambling sites that are using stable coins. And maybe because of some certain laws, the reason why it is not common to online casinos. They prefer to distance themselves from using stable coins to avoid problems along the way.
In addition to those gambling sites, Sportsbet and Bitcasino just started accepting Tether and they even have a promotion to encourage their players. On other sites i've tried they have their own stable coin as a way to maybe avoid those legal issues.
Sudden market price movement can ruin your day because of the 30% loss in fiat value during the hour.
On the other hand that risk can also make their day as the prices go up just like what we've been experiencing in the last couple of days with Bitcoin. Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
It's a good idea, but in many countries stablecoins aren't considered as cryptos by the law and/or the authorities. So it could create some legal problems... I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
AFAIK, Playbetr and Duckdice accept stablecoins, there are surely other stablecoins accepted crypto gambling platforms except for US citizens. The idea is to gamble with fiat equivalent coins but there are advantages of flexible crypto market rates too. Sudden market price movement can ruin your day because of the 30% loss in fiat value during the hour.
Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
Casino's and online gambling are the best way to evade a government's greed among the businesses by giving them a mandatory tax payment depending on how much they earn. Hence, making or having it adapt a stable coin (e.g. USDT - which is dependent on the price of USD) would somehow require them to follow certain laws applied on their government.
Also, most would have a tough time trusting a gambling site that offers and accepts stable coins due to unreliability reason. Cryptos are better be fluctuating and volatile. Therefore, to those whom wanted such stability, better be playing on real life casinos (after the quarantine ofc)
Reasons on why most gambling sites doesnt have this option because its indeed on that regulation matter but it doesnt really a big thing though
because most crypto gamblers will surely choose up crypto most of the time.
Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?
Casino's and online gambling are the best way to evade a government's greed among the businesses by giving them a mandatory tax payment depending on how much they earn. Hence, making or having it adapt a stable coin (e.g. USDT - which is dependent on the price of USD) would somehow require them to follow certain laws applied on their government.
Also, most would have a tough time trusting a gambling site that offers and accepts stable coins due to unreliability reason. Cryptos are better be fluctuating and volatile. Therefore, to those whom wanted such stability, better be playing on real life casinos (after the quarantine ofc)
Regulation is your answer.
Most countries do not treat stablecoins as cryptocurrencies but rather fiat, and in order for a gambling platform to acquire a license for their operations in a certain country, they would need to register for two licenses: one for cryptocurrencies and one for fiat currencies. It's a long and resource-exhausting process to acquire to license for a single platform which operators deem to be not really worth it. Though this is the case, as mentioned above by some users, there are still some gambling platforms which cater to both crypto and stablecoins players.
Most countries do not treat stablecoins as cryptocurrencies but rather fiat, and in order for a gambling platform to acquire a license for their operations in a certain country, they would need to register for two licenses: one for cryptocurrencies and one for fiat currencies. It's a long and resource-exhausting process to acquire to license for a single platform which operators deem to be not really worth it. Though this is the case, as mentioned above by some users, there are still some gambling platforms which cater to both crypto and stablecoins players.
Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins?
some people have already said that there are sites that accept Stablecoins, but I keep wondering if those sites that accept Stablecoins do not need to comply with US laws if they are going to use establecoin linked to the american dollar?
Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
but the main question is: are the Stablecoins reliable?
Jump to: