Will physical casinos accept crypto someday? - page 4.

just_Alice

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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.

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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.

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Quote from: imstillthebest on August 04, 2021, 06:21:08 AM

if we will take the physical stores as example they also accept other payment methods and some of this are digital so i believe that can also happen to physical casinos and they will soon consider cryptos .
they dont accept cryptos maybe they think that adoption was still small and theres less or no people that suggest them to add cryptos in their casino

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but given how profitable it is right now, it's probably a long time before they will allow or accept crypto payments.

why ? because people dont gamble their cryptos when its still profitable ? or the casino wont let the people to earn more ? but i think none of this reasons are correct .

Indeed, for now, I think so. For physical casinos it seems they still can't know in detail how the crypto system works and the payments they will make with it. There needs to be an advisor in the crypto finance department and they will of course create a special team in the crypto section. So that between crypto and fiat payments a comparison can be made, to find out which difference is generated.

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.

michellee

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Quote from: nakamura12 on August 06, 2021, 05:06:57 AM

I haven't see or know any physical casino that accept crypto as one of their payment but I do see some fiat only casinos that started to adopt cryptocurrency as one of the payment they have. You can see some of the casino in this forum where they created their ann thread and some people said they didn't know the site because it is a fiat casino that just accepted crypto as one of their payment.

Maybe not now but that could happen in the future, especially if the government allow people to use crypto in their country. That can attract offline casinos to start integrating their system using blockchain and they will introduce to their members that at that time, they accept crypto be used for gamble. The online casino will be the earlier to adopt crypto to their casino because they are aware of it happening on the internet, so they do not want to be late to take advantage of using crypto.

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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.

actually they don't need adoption before doing this acceptance because Bitcoin is already making money now.
so accepting this will add money in their bags , and also opportunity for them to bag more bitcoin earlier than when the price comes huge.

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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.

actually with the popularity of bitcoin and cryptos now? i don't see any reason why they will need to deny the fact of accepting cryptos inside their business.

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

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.

It is still illegal to operate brick-and-mortar Bitcoin casinos in the majority of jurisdictions where gambling is regulated. Most physical casinos don't even accept credit cards or smartphone-based payment systems. While you can use your credit card to deposit or buy chips, winnings are still paid out in cash. Online casinos, when compared to their land-based counterparts, have a huge advantage when it comes to payment methods, including the ability to pay and play with cryptocurrencies such as Bitcoin. In Las Vegas, however, gamblers can exchange their crypto for cash at bitcoin ATMs before heading out to their favorite casino. I know, it's not the perfect solution but it's better than nothing.

It remains to be seen whether or not physical casinos will accept crypto in the future. For now, we'll have to stick with their online counterparts.

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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.

nakamura12

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I haven't see or know any physical casino that accept crypto as one of their payment but I do see some fiat only casinos that started to adopt cryptocurrency as one of the payment they have. You can see some of the casino in this forum where they created their ann thread and some people said they didn't know the site because it is a fiat casino that just accepted crypto as one of their payment.

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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

Before the pandemic/corona I often visited real/physical casinos, at that time Bitcoin was widely known, I thought so too, as the OP asked, at least....!

But I often chat with those who play and engage directly with real/physical casinos, their explanation makes sense to me.
They say that most of them are from business circles, they are very sensitive and aggressive, not easy to believe like fantasy, they are not afraid of government rules, however they prefer real on the table/professional and real, for them Bitcoin is not real in plain sight, vulnerable to payments, if you lose a bet, and they are mostly old and they like the real, don't like the imaginary, even though Bitcoin is real online, in real casino betting tiered when placing a bet, they do not like to take risks online transaction system, at the end of the story real/physical house casino/casino players prefer things on the table, not in wallets or exchanges, for that they are not allowed to bet with Bitcoin.

you sell Bitcoin and bring the money here, put it on the table, bet, it's more professional, someone said, (sorry, they are gamblers, words are very sensitive and against).

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Quote from: ultrloa on August 02, 2021, 07:50:58 AM

I think it will matter depends on the regulation of the country since if a country restrict their citizen to use crypto then provably we cannot see this happening but since most of the casinos either traditional or online are into the place where regulation are not so tight so maybe this will really happen but lets still see what will happen on future since crypto still controversial and many old school investors are quietly still not trusting this technology.

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.

macson

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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.

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Quote from: Vaculin on August 05, 2021, 07:30:48 AM

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. If yes, then some casinos only implement crypto to a certain degree but most of the time it is very limited. Having said that, future is certainly bright for cryptos and casinos. It's not too far fetched to think physical casinos will shift to cryptos as long as its profitable and then they might go all in for adoption.

Well, volatility is not really a major concern if they know how to eliminate the risk of price volatility, crypto space is evolving, before it was really a problem but now that we already have a stable coin, it's easy to trade bitcoin since it has the biggest liquidity, so it's not a problem.

Physical Casino use chips so if ever they will implement cryptocurrency in there payment system, The transaction will be on the counter and obviously they will use payment solution for Crypto to Fiat convertion. So there will be no volatility issue in that case since they will just convert it on the spot.

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Quote from: shield132 on August 04, 2021, 08:15:14 AM

Ny KYC can be easily implemented on fiat but no one will ever do that, instead, KYC is implemented on almost everything and bitcoin being the cryptocurrency doesn't mean that it will be KYC free. Every government knows what cryptocurrencies are and what's their purpose, so, don't expect that you'll keep your anonimity while using the crypto. There are some casinos going to accept it but as the demand on it grows in real life casinos cases, then I believe they'll start work in it with the government to accept them in a regulated way. You'll be verified and then you'll be able to use bitcoin, I guess...

By the way, the use of cryptocurrency in a physical casino, even without KYC, will seriously damage the anonymity of the player - there are video cameras, face recognition systems, etc. everywhere. therefore, in the end, the casino will at least be able to link bitcoin wallets to certain people.

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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. If yes, then some casinos only implement crypto to a certain degree but most of the time it is very limited. Having said that, future is certainly bright for cryptos and casinos. It's not too far fetched to think physical casinos will shift to cryptos as long as its profitable and then they might go all in for adoption.

Well, volatility is not really a major concern if they know how to eliminate the risk of price volatility, crypto space is evolving, before it was really a problem but now that we already have a stable coin, it's easy to trade bitcoin since it has the biggest liquidity, so it's not a problem.

nitrobetting

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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. If yes, then some casinos only implement crypto to a certain degree but most of the time it is very limited. Having said that, future is certainly bright for cryptos and casinos. It's not too far fetched to think physical casinos will shift to cryptos as long as its profitable and then they might go all in for adoption.

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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

I think once the regulations surrounding them gets settled, at least from a US perspective then they might add capability. Where it makes sense in the beginning is poker. Have a completely crypto related poker event. Where pay in amount and prize amounts all in crypto, with the vig in cash. It eliminates any market movement risk on their end. Playing in crypto and getting paid in poker seems the only sensible route for them though because of the market price risk theft they won't want to carry.

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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 seems like real world casinos have a problem already with how exposed to money laundering they can be, people are expected to walk in with thousands of dollars in cash and it is well known that "the house" is designed to take it all if given enough time. That means they are heavily exposed to accounting fraud and probably have a pretty tough time proving all their income is clean to the government already. Crypto is popular online, however it is generally being used as a speculative commodity by itself and people expect to gain money just by holding it. If it was more like a currency that did not swing in price heavily from day to day then someone might come up with a reliable system to accept it.

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Quote from: palle11 on August 04, 2021, 10:01:08 AM

Quote from: Obito on August 04, 2021, 06:37:47 AM

No what I'm trying to say is that casinos are already profitable without the help of crypto so I think that it will take a long time for them to consider trying their hands on crypto since they make so much money as I have said earlier.

No it should not take a long time, all that will matter is the rate of adoption and usage of cryptocurrency around the world not even in casinos. If people use cryptocurrency frequently it means they will also have it for spending and to do all the financial obligations and expenses they want to run including gambling. That means casinos won't have any choice but to follow the practice of using cryptocurrency also to run their business like other business that will accept cryptocurrency. All is for the rate of use to increase, casinos will open up more access to accept it naturally.

yeah right! depends from how demands will take place, once adoptions happened in most places of the world, businesses will follow and start using this system. Especially once the government rule it out and legalize this industry,

Expect that more and more venues of business will follow that lead, and gambling is not exempt in doing so. We will see how crypto will work along side with fiat and any other form of currencies that being use inside every physical casinos in every side of the world.

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Crypto will definitely be accepted in physical casino if the government in the country where the business is run has legalized crypto as a means of payment. Legality will still be one of the consideration for physical casino entrepreneurs so as not to violate government regulation, I think. I believe that sooner or later crypto will be accepted in physical casino.

Quote from: panjul07 on August 04, 2021, 01:31:09 PM

Expanding the business by accepting crypto do not need to wait for the demand from their existing customers.
It can be done in order to attract those who are gambling with crypto online to gamble offline with the same payment method (crypto).
So the land based casino will have more players from crypto based gamblers.

It is only a matter of time to see crypto start to be accepted in physical casinos.

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They will, it's inevitable that they have to given the continuous rise of bitcoin and cryptocurrencies as a whole, with more people everyday wanting to learn about it and investing on it when they can. It's only a matter of time and how trendy it becomes for people in the gambling circles to notice it.

Topic: Will physical casinos accept crypto someday? - page 4. (Read 2014 times)