Will physical casinos accept crypto someday? - page 3.

panjul07

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Quote from: agustina2 on August 08, 2021, 09:38:52 PM

Physical casino owners are not holding back but rather there's no demand for it since other payment methods are more fast and quick.

They do not need they wait for the demand if they want to adopt crypto currency as an alternative payment method.
What they need to do is to look for the possible effects, whether it will bring good effects for their gambling business or not.

Quote from: agustina2 on August 08, 2021, 09:38:52 PM

In physical casinos, they can play with their cash right away 1:1 without worrying about the volatility. No need to purchase crypto or convert it. In the table room, chips can be bought instantly with credit cards which most big gamblers have.

If the volatility is the main problem, simply accept stable coins such as USDT.
Indeed of the weaknesses of crypto is that not all gamblers have crypto in their wallet all the time while they always own fiat money.
But if the main purpose of accepting crypto is just for an alternative payment method, casinos and players should not be worry as they can still play with fiat if they do not want to buy crypto first.

Qunenin

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Quote from: Abiky on July 30, 2021, 11:45:31 AM

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

After all, in general it doesn't feel right if crypto is in real bets/physical casinos, crypto is not in real form, of course this is more towards internet connection (online terms), besides problems with the government... I think it will also require additional costs in physical casinos if it does add the crypto bets, it requires electricity, internet connection, etc.

The question is why physical casino need to accept crypto when they can easily collect funds in fiat. There will be number of issues if they start accepting crypto currencies. First you need to have proper infrastructure and secondly, people will be waiting in queue as bitcoin payments takes time in confirmations etc.

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Quote from: TimeTeller on August 08, 2021, 07:31:38 PM

Quote from: KTChampions on August 08, 2021, 04:56:36 PM

In fact, there is nothing surprising here - the demand for payments with cryptocurrencies is low, so casinos (like other services) are in no hurry to introduce such an option when accepting payments. No matter how much crypto enthusiasts talk about mass adoption, but people consciously choose fiat and bank cards because in everyday life they are more convenient in every sense.

It will take time before these traditional casinos will accept crypto in their payment system.
For one, it depends on the regulatory board of their country. They need to abide their laws and regulations.
So injecting crypto in their system, will be a new one in their book. And formulating rules will take time.
Maybe, we will see this to reality like in El Salvador, once they accepted crypto in their financial system.
But still, it will take time for these offline casinos to draft protocols on how to accept crypto in their system.

You shouldn't pay attention to nonsense (like technical details or laws) but to demand. If there is a demand, then the technical details are quickly resolved and the legal regulation of new activities quickly appears.
What advantage will the average casino visitor get when using cryptocurrency? Personally, I see no reason (and hence the demand for such an option) why it would be beneficial to him.

agustina2

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Quote from: Abiky on July 30, 2021, 11:45:31 AM

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

Physical casino owners are not holding back but rather there's no demand for it since other payment methods are more fast and quick.

In physical casinos, they can play with their cash right away 1:1 without worrying about the volatility. No need to purchase crypto or convert it. In the table room, chips can be bought instantly with credit cards which most big gamblers have.

Crypto is a good payment method but fiat payment whether physical or online are still much better in terms of transaction speed.

Woodie

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If cryptocurrencies are said to be the future of money then they need to find a way to integrate it into their platforms to grow their client base but the only thing holding them back is state regulation.
Most of these casinos are excited to offer it to their customers but their state laws don't allow and they will not risk their license for the sake of accepting cryptocurrencies. But once laws give a go ahead all casinos will be out there advertising their new payment alternatives to try win new customers to their business.

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Quote from: lolxxxx on August 08, 2021, 04:58:14 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

As we continue to grow, there’s a higher possibility for this one but not now because many are still dealing with the pandemic, and they can’t take the risk for now because of that. Cryptocurrency is a big thing already on any market, we made a good exposure and I’m sure casinos are considering this one. Cryptocurrency will be one of the major options in the future.

TimeTeller

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Quote from: KTChampions on August 08, 2021, 04:56:36 PM

Quote from: Silberman on August 08, 2021, 04:46:57 PM

I believe this as well, however I am not really sure why this is not happening, after all we know that there is a strong gambling industry in the market of cryptocurrencies so it is to be expected that this is eventually transferred to physical casinos as well, and the fact that this has not happened is puzzling, maybe as we speculate it has to do with the regulations, but maybe it has to do with the fact that for a physical casino to adopt bitcoin then they will need to have a lot of gamblers interested in bitcoin be near them, something that is difficult as the concentration of bitcoin users in many areas is quite low.

In fact, there is nothing surprising here - the demand for payments with cryptocurrencies is low, so casinos (like other services) are in no hurry to introduce such an option when accepting payments. No matter how much crypto enthusiasts talk about mass adoption, but people consciously choose fiat and bank cards because in everyday life they are more convenient in every sense.

It will take time before these traditional casinos will accept crypto in their payment system.
For one, it depends on the regulatory board of their country. They need to abide their laws and regulations.
So injecting crypto in their system, will be a new one in their book. And formulating rules will take time.
Maybe, we will see this to reality like in El Salvador, once they accepted crypto in their financial system.
But still, it will take time for these offline casinos to draft protocols on how to accept crypto in their system.

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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

KTChampions

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Quote from: Silberman on August 08, 2021, 04:46:57 PM

I believe this as well, however I am not really sure why this is not happening, after all we know that there is a strong gambling industry in the market of cryptocurrencies so it is to be expected that this is eventually transferred to physical casinos as well, and the fact that this has not happened is puzzling, maybe as we speculate it has to do with the regulations, but maybe it has to do with the fact that for a physical casino to adopt bitcoin then they will need to have a lot of gamblers interested in bitcoin be near them, something that is difficult as the concentration of bitcoin users in many areas is quite low.

In fact, there is nothing surprising here - the demand for payments with cryptocurrencies is low, so casinos (like other services) are in no hurry to introduce such an option when accepting payments. No matter how much crypto enthusiasts talk about mass adoption, but people consciously choose fiat and bank cards because in everyday life they are more convenient in every sense.

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Quote from: madnessteat on August 06, 2021, 05:23:08 AM

Quote from: Silberman on August 05, 2021, 06:25:48 PM

This is another problem, in many countries bitcoin is recognized as an asset that you can buy and sell but it is not recognized as a currency that you can use in order to pay for products and services, which means that casinos cannot really legally accept bitcoin as a payment option, so even if a casino wants to do this because they want to give their clients the option of using cryptocurrencies to play at their installations if the regulation is not there then they have their hands tied up.

I am sure that in the future it will be possible to use cryptocurrencies to play in the casino just have to wait until the regulators will be able to prepare laws governing this area. Recently, more and more major global companies are interested in cryptocurrencies. This will give an impetus to the adoption of cryptocurrencies everywhere.

I believe this as well, however I am not really sure why this is not happening, after all we know that there is a strong gambling industry in the market of cryptocurrencies so it is to be expected that this is eventually transferred to physical casinos as well, and the fact that this has not happened is puzzling, maybe as we speculate it has to do with the regulations, but maybe it has to do with the fact that for a physical casino to adopt bitcoin then they will need to have a lot of gamblers interested in bitcoin be near them, something that is difficult as the concentration of bitcoin users in many areas is quite low.

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Quote from: nitrobetting on August 04, 2021, 08:45:55 PM

I think someday they will but Bitcoin is just risky and volatile to be exact for physical casinos to completely latch into. Physical casinos are playing it smart not to depend only on crypto.

For physical casinos to accept crypto automatically means they have to create an exchange which might either be in paper format or digital but certainly an exchange has to be created for both fiat and crypto exchanges. I don't think it will really be convenient for physical casinos to accept crypto except it becomes legally approved by entire world as some nation's will likely sieze licences of operators who decide to accept crypto against the regulations of the state.

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Quote from: coin-investor on August 08, 2021, 02:15:14 AM

Quote from: Abiky on July 30, 2021, 11:45:31 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

It's going to be a big lift if this happens, but it's quite expensive and risky if they do this because they need to set up the system and the volatility is another issue, but this is a revolution in the offline casino industry if one company dare to do this, let's see in the coming years if one company dare to set up a casino that can accept Cryptocurrency and what will be its impact.

Maybe the offline casino that lived in the country that allows gambling will try it later as that casino will not have a problem with their government and their regulations. But still, it needs more research from the offline casino before they implement their payment system because they will see the volatility of the crypto price can affect their business. But all in all, that can give them more profit once they start adding crypto to their payment because they can hold the crypto and only sell it when the price increases. That can bring a new experience for offline gamblers because they will see that using crypto will be different than using fiat money to gamble.

coin-investor

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Quote from: Abiky on July 30, 2021, 11:45:31 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

It's going to be a big lift if this happens, but it's quite expensive and risky if they do this because they need to set up the system and the volatility is another issue, but this is a revolution in the offline casino industry if one company dare to do this, let's see in the coming years if one company dare to set up a casino that can accept Cryptocurrency and what will be its impact.

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After all, in general it doesn't feel right if crypto is in real bets/physical casinos, crypto is not in real form, of course this is more towards internet connection (online terms), besides problems with the government... I think it will also require additional costs in physical casinos if it does add the crypto bets, it requires electricity, internet connection, etc.

It's not like the casino isn't already using electricity and internet though... Setting up the systems that they need to accept Crypto would take some costs to be fulfilled, but it's a one-time fee at most, and casinos could surely afford that. Maybe a scanner code of sorts that would automatically deduct the funds they used once leaving the table or something. Again, a one-time cost that they'd have to shoulder, but it does improve customer experience if they're going to accept crypto.

ChiBitCTy

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I imagine that they would likely start to accept cryptocurrency at some point in time as long as it keeps advancing along. The fact that online casinos currently do accept bitcoin and some accepting many other types of cryptocurrencies, seems to be proof enough to me that they would eventually bring them on as a payment method. You would have to think that they are already starting to look in to doing this already. I think they would be crazy to ignore another way for players to play, which means a bigger bottom line for them.

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Quote from: Kyraishi on August 07, 2021, 10:11:02 PM

Absolutely.

I think that there will be increased integration between virtual and physical casinos as a matter of time, and not if.

Physical casino giants are struggling to secure business across the world due to this ongoing pandemic situation, and that has transferred wealth towards online casinos and increased the popularity of cryptos as the currency of choice for gamblers. This will only accelerate out of the pandemic as bitcoin gets adopted mainstream - there is no way around it for places on the Vegas Strip, Macau, etc.

Maybe in the near future, some of these physical casinos will allocate a specific area where you can play online and where crypto is already integrated in their payment system. It is very true that right now, online casinos are generating their income because a lot of gamblers opted for online gambling because of this pandemic. Some may have discovered crypto casinos during this period as crypto increased its popularity during this pandemic. We can see that there are so many online casinos that were created also during this time. In this forum alone, we have seen a lot of new casinos launched last year and up until now.

Kyraishi

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Absolutely.

I think that there will be increased integration between virtual and physical casinos as a matter of time, and not if.

Physical casino giants are struggling to secure business across the world due to this ongoing pandemic situation, and that has transferred wealth towards online casinos and increased the popularity of cryptos as the currency of choice for gamblers. This will only accelerate out of the pandemic as bitcoin gets adopted mainstream - there is no way around it for places on the Vegas Strip, Macau, etc.

pinggoki

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There is a huge possibility of this coming true in the future. The cryptocurrency pump that happened last year plus the multitudes of online casinos that mostly offer cryptocurrency prizes may force their physical counterparts to accept and reward their customers in the form of cryptocurrency someday. This offers numerous benefits for the bettor and the house since they would cut the need for greenbacks and cash rewards, because nobody wants to walk around the city unarmed with a bag of money with them. That would literally be a call for thieves and muggers to target you.

Quote from: macson on August 05, 2021, 01:28:58 PM

one day they will definitely do that, physical casinos really love money, if crypto is adopted there is no reason they shouldn't add cryptocurrency options to their business. sooner or later it is something that casino owners have to do as a form of following the trend. and I'm sure the concept will not make it difficult for gambling players who want to use crypto to make it easier to deposit or withdraw.

There is a huge possibility of this happening but your explanation should at least explain more as to why this would happen. I would assume that by you saying that casinos love money, you mean that they see cryptocurrency gamblers as an untapped resource they must come after to expand their reaches and improve profitability. This wouldn't happen anytime soon though as drastic measures like this takes time and research before implemented, not to mention the risks of COVID-19 contraction being existent.

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Quote from: SquallLeonhart on August 07, 2021, 04:21:23 PM

Quote from: Yamifoud on August 07, 2021, 12:04:26 PM

I know it doesn't work like that, if they see it as an opportunity to increase their revenue, I don't think they will not find a way to integrate crypto in their system, and they know it's not easy as being a regulated casino, they also have to adopt with the crypto laws so they'll not face any problem with their operation.

Yeah, I remember that I have read already some countries' offline casinos started accepting cryptos and with lighting bitcoin, I guess there will be no delay may occur by waiting for network confirmations and most altcoins are having quicker blocks for instant confirmations to facilitate gamblers to start with even with their physical visits.

Plus, I read some casinos are allowing loading their wallet online prior to physical visit. This way they are wisely eliminating the hassles of scanning QR codes to addys and delays in network confirmations.

We are looking for the success of this huge adoption. It might be difficult to start knowing of some long delays on transactions confirmations that hold casinos to fully accept the system and this will give hassle to the gamblers but I believe they could find a solution to this. Maybe a mutual understanding between the gambler and the casino, and their option to be able to wait for a few minutes could help.
Anyways, this was just an option because if they are aware of the said delays, they can use fiat instead.

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Quote from: just_Alice on August 07, 2021, 04:29:09 PM

Quote from: macson on August 05, 2021, 01:28:58 PM

one day they will definitely do that, physical casinos really love money, if crypto is adopted there is no reason they shouldn't add cryptocurrency options to their business. sooner or later it is something that casino owners have to do as a form of following the trend. and I'm sure the concept will not make it difficult for gambling players who want to use crypto to make it easier to deposit or withdraw.

1. Everyone really loves money, that doesn’t really prove a point Cheesy

2.There is a reason why casinos would want to avoid crypto. First, the legal ones will have to arrange rules in accordance with certain countries, and, if cryptocurrencies are banned there, there’s a high chance that the casino itself will lose a whole geographic sector due to that.
Second, casinos benefit from knowing their customers in the face, so to say, they offer bonuses, give special treatment, try to make sure that the client will remain loyal. And, in addition, reduce cheating by requiring KYC. Needless to say, with the full adoption of crypto and the idea of anonymity, all of that will be harder.

As for your second point, I am absolutely convince that at some point in the future there will be no way around accepting cryptocurrencies as well. Legally is an easy one, should crypto be prohibited or rather belong to a legal grey area, serious physical casinos would deny it. If it is officially allowed, they would certainly at some point allow for cryptos to be used. If you are a decently high net worth individual and you would prefer your bank to not know you just gambled big time, you could go for BTC, still do you KYC at the casino and either leave with more, less, or no Bitcoin again. I think for individuals who prefer a certain level of privacy, that'd be a reasonable point for a casino to in fact accept crypto. Crypto would also be much safer than cash in conjunction with KYC, no?

Topic: Will physical casinos accept crypto someday? - page 3. (Read 2014 times)