Will physical casinos accept crypto someday?

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Quote from: poldanmig on August 17, 2021, 11:49:49 AM

If the government legalized crypto currency in the country, of course the possibility of crypto being one of the payments for physical casinos could happen, but of course users would prefer to use fiat currency when playing at physical casinos because it is more practical in nature, except for gamblers, who have a lot of capital, of course, it will be very risky to bring a lot of money so maybe they will prefer to use crypto currency later.

Even it's not legalized by any country, casinos can easily adapt it as long as there's no law that prohibits the action. The casino is free to adopt cryptocurrencies as part of their business as long as they're going to have a legal basis on it and it doesn't conflict with their current laws.
For the gamblers that own cryptocurrencies, they would like to spend it on and have the experience of how it goes in the physical casinos using cryptocurrencies although there's not really that much change on it except paying in crypto.

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Quote from: poldanmig on August 17, 2021, 11:49:49 AM

If the government legalized crypto currency in the country, of course the possibility of crypto being one of the payments for physical casinos could happen, but of course users would prefer to use fiat currency when playing at physical casinos because it is more practical in nature, except for gamblers, who have a lot of capital, of course, it will be very risky to bring a lot of money so maybe they will prefer to use crypto currency later.

If we are talking about large amounts of cash, then of course there is a risk, but in any developed country it is minimal, since the likelihood that criminals are unlikely to have X-ray vision and there is no point in robbing everyone in a row. But if we use cryptocurrency in large quantities, then the risks increase, since it is quite easy to trace the entire path of money through the blockchain - I do not think that casino visitors will be pleased to think that someone (even the casino staff) will be able to track their money.

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Quote from: witcher_sense on August 17, 2021, 12:21:31 PM

Quote from: poldanmig on August 17, 2021, 11:49:49 AM

If the government legalized crypto currency in the country, of course the possibility of crypto being one of the payments for physical casinos could happen, but of course users would prefer to use fiat currency when playing at physical casinos because it is more practical in nature, except for gamblers, who have a lot of capital, of course, it will be very risky to bring a lot of money so maybe they will prefer to use crypto currency later.

No matter what circumstances may be, it is always a bad idea to run around with pockets full of cash. That is why most gamblers carry their credit/debit cards instead and usually prefer to use ATMs before the actual game. As saying goes, when it comes to gambling cash is a king. However, cryptocurrency can also be withdrawn via crypto ATMs, so I don't see any problem if there is a place nearby where I can quickly exchange my crypto.

It's more easy to bring your card and withdraw to an ATM nearby than bringing your wallets that full of cash. There are gamblers who also have credits those VIPs which can play without bringing out anything.

And with that argument above, crypto, once being recognized by the government, more businesses will cater it and adopt the system.

It's easier to withdraw your money if you understand how crypto works. You can simply go bringing nothing out from the casino, aside from the withdraw crypto though:

CogeDoin

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It wouldn't be too bizarre idea since brick and mortar casinos are copying the best practices from online all the time. Maybe bitcoin
casinos are a thing in land based gambling within a decade or two. Shocked

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Quote from: poldanmig on August 17, 2021, 11:49:49 AM

If the government legalized crypto currency in the country, of course the possibility of crypto being one of the payments for physical casinos could happen, but of course users would prefer to use fiat currency when playing at physical casinos because it is more practical in nature, except for gamblers, who have a lot of capital, of course, it will be very risky to bring a lot of money so maybe they will prefer to use crypto currency later.

No matter what circumstances may be, it is always a bad idea to run around with pockets full of cash. That is why most gamblers carry their credit/debit cards instead and usually prefer to use ATMs before the actual game. As saying goes, when it comes to gambling cash is a king. However, cryptocurrency can also be withdrawn via crypto ATMs, so I don't see any problem if there is a place nearby where I can quickly exchange my crypto.

poldanmig

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Quote from: Abiky on July 30, 2021, 10:45:31 AM

There are plethora of online casinos (gambling sites) which accept popular cryptocurrencies like Bitcoin and Ethereum. This is good because you can place your bets anonymously without all of the hurdles involved with Fiat. No KYC, means freedom. The only downside is that you'll be missing the experience of gambling in a real world setting. Physical interaction is not the same as going virtual.

I've been wondering what's been holding back real world casinos from adopting crypto? It is because they fear a government crackdown? Or because of crypto's volatility? With how popular crypto/Blockchain tech is right now, there should be at least one physical casino you can go to and place your bets with crypto. Thoughts? Huh

If the government legalized crypto currency in the country, of course the possibility of crypto being one of the payments for physical casinos could happen, but of course users would prefer to use fiat currency when playing at physical casinos because it is more practical in nature, except for gamblers, who have a lot of capital, of course, it will be very risky to bring a lot of money so maybe they will prefer to use crypto currency later.

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Quote from: zanezane on August 17, 2021, 10:36:42 AM

God I hope that they accept it someday, I feel like they're progressive in terms of new technology so I think that they will consider and finally add them someday that kind of payment system. They can probably multiply their profit because they can just store the crypto that they accept since they still profit a lot without the crypto.

They will accept it someday after the government accept it. They can only prepare their system to integrate with crypto and are just waiting for the next update from the government. If they can expand their business into the internet and build a new interface using the internet, maybe they can use crypto as a trial for their members and try to promote in many places to attract more people to test their payment system, which integrates with crypto. They will multiply their profit if they can use crypto as an asset after getting so many coins from gamblers who use it for gambling.

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Quote from: zanezane on August 17, 2021, 10:36:42 AM

God I hope that they accept it someday, I feel like they're progressive in terms of new technology so I think that they will consider and finally add them someday that kind of payment system. They can probably multiply their profit because they can just store the crypto that they accept since they still profit a lot without the crypto.

Some day physical casinos will but it would be a bit manipulative for the start and their exchange wouldn't be reliable. It will operate more like the normal fiat physical casinos demanding for KYC verification and since it's crypto so many other verification forfieting the privacy associated with crypto currency even ready to hand the gambler over to government authorities in cases where gambling funds were gotten through fraud

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Whether physical casinos is going to accept crypto or not, it has no effects for me as a gambler who live in a country where gambling is something prohibited.
The existence of online casinos (both fiat and crypto) is more than enough for me.
My hope for now is about the chance for me to see a new or a change in local law where gambling is something legal.

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Quote from: zanezane on August 17, 2021, 10:36:42 AM

God I hope that they accept it someday, I feel like they're progressive in terms of new technology so I think that they will consider and finally add them someday that kind of payment system. They can probably multiply their profit because they can just store the crypto that they accept since they still profit a lot without the crypto.

It will, but I'm not sure what the fees will be if they accept it, and hopefully they'll be able to catch up when the price spikes unexpectedly. This is a benefit to those who have crypto and will have no effect on those who do not, but can you imagine the innovation that most casinos are putting into technology that could lead to success? We believe this will happen in the future because, as we all know, cryptocurrency is becoming increasingly popular, and there is no reason why they will not accept it as a form of payment.

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Quote from: finaleshot2016 on August 16, 2021, 04:18:15 PM

If and only if the country have already accepted cryptocurrency as a normal payment method and most of the establishments are now accepting crypto. I think that's the best possible situation where even a physical casino will now accept crypto to bet. But I guess it'll take a lot of time before it happens since some are people are still into fiat and crypto are being used as an investment asset only.

Well, fiat casinos are obligated to follow the regulations of the country where they are operating! It's why before casinos a country should regulate Bitcoin usage in some way first, that can open the door for casinos to accept Bitcoin!
I agree with you, it will take a lot of time before this happens, but I guess some casinos in some countries will do it sooner than others, of course! Some countries are progressive!

zanezane

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God I hope that they accept it someday, I feel like they're progressive in terms of new technology so I think that they will consider and finally add them someday that kind of payment system. They can probably multiply their profit because they can just store the crypto that they accept since they still profit a lot without the crypto.

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I have a friend who is an entrepreneur and who has a casino in Colombia, I know him because I have made some appraisals, and I commented to him about what he thought about the issue of online casinos and if he was willing to accept a possible alliance with a casino and That he put a PC so that people could play and he did not refuse, in fact his response was very receptive, although he always emphasized that he has to generate profit for him too, but that they have never made that kind of proposal, which in these times You cannot deny technology and everything that concerns it.

finaleshot2016

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If and only if the country have already accepted cryptocurrency as a normal payment method and most of the establishments are now accepting crypto. I think that's the best possible situation where even a physical casino will now accept crypto to bet. But I guess it'll take a lot of time before it happens since some are people are still into fiat and crypto are being used as an investment asset only.

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Quote from: Abiky on July 30, 2021, 10:45:31 AM

There are plethora of online casinos (gambling sites) which accept popular cryptocurrencies like Bitcoin and Ethereum. This is good because you can place your bets anonymously without all of the hurdles involved with Fiat. No KYC, means freedom. The only downside is that you'll be missing the experience of gambling in a real world setting. Physical interaction is not the same as going virtual.

I've been wondering what's been holding back real world casinos from adopting crypto? It is because they fear a government crackdown? Or because of crypto's volatility? With how popular crypto/Blockchain tech is right now, there should be at least one physical casino you can go to and place your bets with crypto. Thoughts? Huh

Might be, they might miss out the real fun from betting with physical currencies and having hard time in managing as an escrow when crypto currencies are accepted and should be responsible for legal and genuine transactions. But yes, can bring in ambiances and systems to easily handle in these tough thought exercises. I am sure, slowly they would start adapting crypto so when mass adaption happens.

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In my mind, maybe it will not far from payment. There are no physical casino in my country, but seeing how casino works maybe in future they allow we to convert our money to chip with cryptocurrency, either with convert chips to money via cryptocurrency that we can save directly in our mobile phone. Maybe in big countries who have physical casino in theirs, only need cryptocurrency can be used as digital payment same with fiat.

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Quote from: ShowOff on August 16, 2021, 10:41:34 AM

Quote from: Fredomago on August 16, 2021, 10:22:39 AM

They need to add strict rules but both ends with KYC/AML legislations as long as the casino provide this info business will continue to run, t's just an additional job for those who will accept crypto since decentralizations is really hard to regulate without adding KYC, money laundering will keep haunting them from the government.

More on the casino owner's side. Before they accept and adopt the system, they need to comply with every government rule.

I still think that crypto adoption in physical casinos requires providers to comply with KYC/AML rules for gamblers for the purpose of preventing cases of money laundering and other illegal transaction. This may be a pros and cons among gamblers as not all of them will be willing to provide personal data just because they want to gamble in a physical casino.

Does KYC/AML for those using crypto in physical casino make sense for those of you who gamble at physical casinos a lot?

The question is, do we like crypto to be regulated? if yes, then all transactions related to cryptocurrency will be regulated and regulations comes with a lot of rules, the most basic one is KYC for AMLC requirement.

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Quote from: Fredomago on August 16, 2021, 10:22:39 AM

They need to add strict rules but both ends with KYC/AML legislations as long as the casino provide this info business will continue to run, t's just an additional job for those who will accept crypto since decentralizations is really hard to regulate without adding KYC, money laundering will keep haunting them from the government.

More on the casino owner's side. Before they accept and adopt the system, they need to comply with every government rule.

I still think that crypto adoption in physical casinos requires providers to comply with KYC/AML rules for gamblers for the purpose of preventing cases of money laundering and other illegal transaction. This may be a pros and cons among gamblers as not all of them will be willing to provide personal data just because they want to gamble in a physical casino.

Does KYC/AML for those using crypto in physical casino make sense for those of you who gamble at physical casinos a lot?

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Quote from: Fredomago on August 16, 2021, 10:22:39 AM

More on the casino owner's side. Before they accept and adopt the system, they need to comply with every government rule.

That's correct because there's a big penalty for the certain violation, and ignorance of the law excuses no one, so being a business operators, they need to be fully educated with the government laws in running a physical casinos that accepts both fiat and crypto.

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Quote from: Japinat on August 16, 2021, 09:32:16 AM

If they are under regulation, they need to require the KYC to their clients, but crypto is decentralized while fiat is not

Yeah, that defeats the purpose of cryptocurrencies if they're going to ask for KYC. But it's a physical casino so that's to be expected that they will implement that whether it's going to be fiat or crypto.

Quote from: Japinat on August 16, 2021, 09:32:16 AM

that's why some countries have more strict regulation on crypto so they can really trace the origin of the transaction as that is need for Anti Money Laundering reporting.

There has been a lot of news that I've watched in the past that there were transactions happening in the premises of the physical casinos and these deals include money laundering. It happens for most physical casinos and it involves every possible person that migrates just to have this purpose of their arrival.

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