Will physical casinos accept crypto someday? - page 2.

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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, 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.

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.

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Quote from: magneto on August 16, 2021, 04:16:08 AM

Quote from: Dread Pirate Roberts on August 14, 2021, 05:57:40 PM

It depends on which country you are talking about . in some countries the regulation of crypto is clear that crypto cannot be used as payment. if caught by the government and their business is running legally in the country, there will definitely be problems for them later for violating government rules and policies.

Actually, no.

In most countries there is absolutely nothing wrong in terms of accepting crypto. And after all, who can stop you if you wanted to accept crypto as a form of payment for private transactions?

Regulations of crypto generally is imposed on financial institutions, not retail venues. I don't think that there will be a huge regulatory concern over casinos accepting crypto per se, so long as the casinos abide by the KYC/AML legislations - there will likely be a bigger problem with accepting/paying winnings in cash.

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

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Quote from: Dread Pirate Roberts on August 14, 2021, 05:57:40 PM

It depends on which country you are talking about . in some countries the regulation of crypto is clear that crypto cannot be used as payment. if caught by the government and their business is running legally in the country, there will definitely be problems for them later for violating government rules and policies.

Actually, no.

In most countries there is absolutely nothing wrong in terms of accepting crypto. And after all, who can stop you if you wanted to accept crypto as a form of payment for private transactions?

Regulations of crypto generally is imposed on financial institutions, not retail venues. I don't think that there will be a huge regulatory concern over casinos accepting crypto per se, so long as the casinos abide by the KYC/AML legislations - there will likely be a bigger problem with accepting/paying winnings in cash.

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Quote from: Dread Pirate Roberts on August 14, 2021, 05:57:40 PM

Quote from: agustina2 on August 11, 2021, 06:40:11 PM

This is totally wrong. Physical casinos can add crypto as their payment method without the government's approval. It's the same as other business that accepts crypto as their payment method.

It depends on which country you are talking about . in some countries the regulation of crypto is clear that crypto cannot be used as payment. if caught by the government and their business is running legally in the country, there will definitely be problems for them later for violating government rules and policies.

Regulation does differ on each country thats why we would see different takings or decisions in regards to this matter.If we do talk about acceptance of crypto payments then there are already some establishments or casinos been accepting crypto payments but if we do talk about integration into games itself or literally playing or earning crypto into those machines then it isnt really possible nowadays.
We wont know on what would happen in the future and lets see if there would be some probabilities on such changes but of course it would really be needing first some recognition.

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Quote from: qory on August 12, 2021, 01:44:01 AM

That's a good idea and yes there's a possibility that soon they might accept cryptocurrency or probably have their own cryptocurrency that you can use to their own casino it would be a cashless or chipless casino it's not impossible because of the current pandemic that we have.

But aren't they making a decent money already so I don't see how they are going to adopt it when it's going to be all the same? Although I do hope that they will adopt because I do think that there's some experience that an online casino can't replicate that is unique to a physical casino.

I don't see any contradiction if they're simply going to adopt and accept deposits and payments with cryptocurrencies.

In fact, most of these physical casinos are aware of the existence of online casinos that are accepting cryptocurrencies. They are dealt with adoption and it's an inevitable thing to happen for most of them.

That's what I think because cryptos are in mainstream.

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Quote from: agustina2 on August 11, 2021, 06:40:11 PM

This is totally wrong. Physical casinos can add crypto as their payment method without the government's approval. It's the same as other business that accepts crypto as their payment method.

It depends on which country you are talking about . in some countries the regulation of crypto is clear that crypto cannot be used as payment. if caught by the government and their business is running legally in the country, there will definitely be problems for them later for violating government rules and policies.

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Quote from: qory on August 12, 2021, 01:44:01 AM

That's a good idea and yes there's a possibility that soon they might accept cryptocurrency or probably have their own cryptocurrency that you can use to their own casino it would be a cashless or chipless casino it's not impossible because of the current pandemic that we have.

But aren't they making a decent money already so I don't see how they are going to adopt it when it's going to be all the same? Although I do hope that they will adopt because I do think that there's some experience that an online casino can't replicate that is unique to a physical casino.

They are only going to adopt when gamblers demand it. Otherwise, I do not see any reason for them to move from Fiat to Crypto. As you said they are making a ton of Fiat money and those who gamble there are not okay to use Fiat. They are not bothered about privacy or government, they are there to play and enjoy. I do not think they use cryptocurrencies unless the country where they operate starts accepting cryptocurrency as a legal tender. At the moment there are a few countries that have done that, maybe in the future.

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Quote from: chaser15 on August 14, 2021, 05:12:24 PM

Quote from: Vaskiy on August 14, 2021, 05:03:42 PM

Though they're making good from the usage of paper currency usage, it is the need to go along with the growing technology.

Growing technology? Physical casinos transactions are mostly done now thru credit cards or online payments. Gamblers no need to bring their physical cash.

Don't tell me just because it physical casino you think guys that transactions were done by paper money? No. Growing technology doesn't mean physical casinos should accept crypto. There are lots of fast and quick payment methods compare to crypto that they currently use.

You have a valid point here. A lot of gamblers are not comfortable carrying actual cash inside the casino.
There are many digital ways now how to spend money inside the casino like debit/credit cards.
Crypto inside physical casino is still not seen, but only outside its premises. Like Bitcoin ATMs outside Vegas casinos.
However, it may soon be possible in countries like El Salvador. But it is too early to tell.

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Quote from: Vaskiy on August 14, 2021, 05:03:42 PM

Though they're making good from the usage of paper currency usage, it is the need to go along with the growing technology.

Growing technology? Physical casinos transactions are mostly done now thru credit cards or online payments. Gamblers no need to bring their physical cash.

Don't tell me just because it physical casino you think guys that transactions were done by paper money? No. Growing technology doesn't mean physical casinos should accept crypto. There are lots of fast and quick payment methods compare to crypto that they currently use.

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Quote from: qory on August 12, 2021, 01:44:01 AM

That's a good idea and yes there's a possibility that soon they might accept cryptocurrency or probably have their own cryptocurrency that you can use to their own casino it would be a cashless or chipless casino it's not impossible because of the current pandemic that we have.

But aren't they making a decent money already so I don't see how they are going to adopt it when it's going to be all the same? Although I do hope that they will adopt because I do think that there's some experience that an online casino can't replicate that is unique to a physical casino.

Though they're making good from the usage of paper currency usage, it is the need to go along with the growing technology. As a result surely these casinos will surely adopt and accept cryptocurrency into their casino business. Already people have started using it long ago online and now the plans of the physical casinos will be to bring those online users towards the real world casinos.

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Quote from: Macadonian on August 11, 2021, 04:36:49 PM

I do not think you will place bets with crypto in a physical casino but it will be like you do now you deposit real money and then they give you chips. I think in the future there will be more casinos allowing you to deposit with Bitcoin and get chips in return. They will have to accept Bitcoin if it stays relevant in the next couple of years because otherwise they will lose money.

I think that is precisely what people are referring to, no one is really expecting for regular casinos to accept bets inside their installations with bitcoin, maybe an exception could be made for sport bets but for the rest of the games you are going to need to use chips, and this is because this is a psychological trick, the casinos use chips instead of money because that way people do not feel like they are betting actual money and as such they have the tendency to gamble more so it is obvious they are going to do the same with bitcoin.

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Quote from: harizen on August 01, 2021, 05:15:14 PM

Adding and integrating crypto to these physical casinos will be just the same as the other payment methods. It doesn't give an impact honestly based on my observation. Using online banking or any online payment thru scan or something along those lines, credit cards, debit cards, physical money is way more fast, quick and convenient at these kinds of establishments compared to when using crypto.

I think it's not that they are fear because of the government law nor 100% concern about volatility but rather there might not be massive demands or requests from their clients for that type of payment method.

As mentioned in some replies, there are few on Vegas casinos but look, it was unable to trigger other casinos to follow.

Crypto can be as fast as traditional payment processors if it scales enough to meet the world's demands. Some blockchain networks are highly scalable, making them a perfect choice for day-to-day payments. With stablecoins in play, I don't see any reason why casinos would avoid crypto in the first place. I think the main reason why physical casinos are away from crypto is because of fear of a government crackdown. After all, they're required to collect personally identifiable information from gamblers (KYC/AML). Crypto goes against this as it enables truly-anonymous (sort of) payments. Gambling in a completely anonymous manner could be deemed illegal by the government. Unless the crypto/Blockchain space becomes more regulated, Fiat will remain as the number one currency of choice for gambling. I wouldn't worry about this since we already have online gambling sites which accept crypto for gambling. Just my opinion

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That's a good idea and yes there's a possibility that soon they might accept cryptocurrency or probably have their own cryptocurrency that you can use to their own casino it would be a cashless or chipless casino it's not impossible because of the current pandemic that we have.

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Quote from: Shasha80 on August 11, 2021, 05:16:34 PM

Physical casinos are bound by government regulations, because they cannot accept crypto arbitrarily without government approval.

This is totally wrong. Physical casinos can add crypto as their payment method without the government's approval. It's the same as other business that accepts crypto as their payment method.

There's no law related to that. The tax will always be the same.

Quote from: Shasha80 on August 11, 2021, 05:16:34 PM

Especially if the government has not legalized cryptocurrencies, it is definitely physically casinos impossible for accept crypto.

In the first place, why that casino will add crypto if it's not legal in that country. Casinos won't even end up making a plan regarding that.

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Gambling industry is very big. As more people are getting into the usage of cryptocurrencies, we can see the acceptance of these cryptocurrencies on physical casinos. Whatever we pay we are gonna play with chips that's been bought with cryptocurrency/fiat. With online casinos we play directly whereas with physical casinos chips need to be bought and played. So, we can expect this happen and there might be some physical casinos doing it at present.

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Quote from: arwin100 on August 11, 2021, 04:54:37 PM

Quote from: Macadonian on August 11, 2021, 04:36:49 PM

I do not think you will place bets with crypto in a physical casino but it will be like you do now you deposit real money and then they give you chips. I think in the future there will be more casinos allowing you to deposit with Bitcoin and get chips in return. They will have to accept Bitcoin if it stays relevant in the next couple of years because otherwise they will lose money.

This thing will not happen if government will not accept bitcoin as their legal tender since physical always follow the government ruling but also majority of traditional casino doesn't know about bitcoin so I expect also that they will not accept bitcoin to use it on their casinos. But let see maybe in future once bitcoin will be notice as good alternative currency and government will vouch its legality maybe this bitcoin acceptance on casino or even everywhere will happen.

Physical casinos are bound by government regulations, because they cannot accept crypto arbitrarily without government approval. Especially if
the government has not legalized cryptocurrencies, it is definitely physically casinos impossible for accept crypto. Moreover, there is not yet a high
enough demand from gamblers for physical casinos to accept crypto, so the physical casino does think accepting crypto is not something to do
right now. I also agree that there are still many physical casinos who don't understand cryptocurrency, so it's true that physical casinos won't
accept something they don't understand. But anything can change in the future, if crypto is legalized more and more in many countries and
governments start accepting crypto as a payment alternative, it will make the physical casino accept crypto too.

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Quote from: Macadonian on August 11, 2021, 04:36:49 PM

I do not think you will place bets with crypto in a physical casino but it will be like you do now you deposit real money and then they give you chips. I think in the future there will be more casinos allowing you to deposit with Bitcoin and get chips in return. They will have to accept Bitcoin if it stays relevant in the next couple of years because otherwise they will lose money.

This thing will not happen if government will not accept bitcoin as their legal tender since physical always follow the government ruling but also majority of traditional casino doesn't know about bitcoin so I expect also that they will not accept bitcoin to use it on their casinos. But let see maybe in future once bitcoin will be notice as good alternative currency and government will vouch its legality maybe this bitcoin acceptance on casino or even everywhere will happen.

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I do not think you will place bets with crypto in a physical casino but it will be like you do now you deposit real money and then they give you chips. I think in the future there will be more casinos allowing you to deposit with Bitcoin and get chips in return. They will have to accept Bitcoin if it stays relevant in the next couple of years because otherwise they will lose money.

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Quote from: Silberman on August 11, 2021, 04:06:09 PM

Quote from: lolxxxx on August 08, 2021, 03:58:14 PM

Why not everyone is switching to crypto and the next future is of digital currencies and they will implement crypto either they will make their own coin or they will accept others as payments and vice versa.

Regards

In a way we are already there, after all there are thousands of coins in the market and those are just the ones that have some modest success, during the whole history of this market there have been probably tens of thousands of coins and despite all of that by far the coin that people prefer to use is bitcoin, so I'm not really worried about the future that you are pointing out because it's already here and despite all of that people are still selecting bitcoin as the coin that they prefer.

We are already heading there even though its not really full game integrated but rather on payment options which had been already been operational for a while now. Accepting crypto is already happening even though

it isnt possible on some aspects specially to those people who had been talking about crypto into such game directly or literally.If we do consider or mind off on how it would be done then its a bit complicated imho

and not just a thing that could really be that implemented easily.So its better not to expect that much that it would happen someday because it would just frustrate you out.

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Quote from: lolxxxx on August 08, 2021, 03:58:14 PM

Why not everyone is switching to crypto and the next future is of digital currencies and they will implement crypto either they will make their own coin or they will accept others as payments and vice versa.

Regards

In a way we are already there, after all there are thousands of coins in the market and those are just the ones that have some modest success, during the whole history of this market there have been probably tens of thousands of coins and despite all of that by far the coin that people prefer to use is bitcoin, so I'm not really worried about the future that you are pointing out because it's already here and despite all of that people are still selecting bitcoin as the coin that they prefer.

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