Will physical casinos accept crypto someday? - page 5.

panjul07

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Quote from: hahay on August 04, 2021, 12:18:03 PM

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

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

-snip-

But still, at least they will also move when there is already a demand from many of their customers, if there is no demand to include cryptocurrencies in physical casinos then the developers will not do it. Although crypto gambling also continues to grow in online gambling, it doesn't mean that physical casinos will easily involve crypto in their casinos, because of course there will be many considerations which I think all have their share and limits.

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.

hahay

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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.

But still, at least they will also move when there is already a demand from many of their customers, if there is no demand to include cryptocurrencies in physical casinos then the developers will not do it. Although crypto gambling also continues to grow in online gambling, it doesn't mean that physical casinos will easily involve crypto in their casinos, because of course there will be many considerations which I think all have their share and limits.

mindrust

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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

They probably accept VISA&MC so I don't see a reason why wouldn't they accept BTC however, cash suits them better. Bitcoin can be tracked. If anonymity is a concern, the player will probably either use something like XMR or FIAT.

Also the time needed to get the first confirmation would make things harder for the casino and the player. VISA will probably solve these with their blockchain cards/solutions.

palle11

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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.

smyslov

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Quote from: Natalim on August 04, 2021, 09:41:53 AM

There's no big difference in terms of processing as long as the users understand how to use crypto, the big difference only is on the tax treatment as we know fiat casinos and crypto casinos have different regulations on taxation and casinos have to comply both on the requirement for them to have a smooth operation without regulatory problems.

Taxation is the least of the concern, implementation is the transaction fee and confirmation these are the two big issues that confront developers if they are going to set up a gambling casino that accepts Cryptocurrency in betting, once it is properly implemented the government can do its thing of regulation and taxation, as long as gambling site can compromise and follow the regulations all will be well.

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Quote from: btc78 on August 04, 2021, 08:12:22 AM

Quote from: cabron on August 01, 2021, 02:17:32 AM

The physical casino will soon accept Bitcoin. It's going to be valuable for them like how BTC to ba valuable for the institutions.

but on what process they will gonna accept this? providing machineries that can tabulate cryptocurrencies/
because if you mean accepting bitcoin to buy chips then what is the difference from accepting fiat .

There's no big difference in terms of processing as long as the users understand how to use crypto, the big difference only is on the tax treatment as we know fiat casinos and crypto casinos have different regulations on taxation and casinos have to comply both on the requirement for them to have a smooth operation without regulatory problems.

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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

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...

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Quote from: cabron on August 01, 2021, 02:17:32 AM

The physical casino will soon accept Bitcoin. It's going to be valuable for them like how BTC to ba valuable for the institutions.

but on what process they will gonna accept this? providing machineries that can tabulate cryptocurrencies/
because if you mean accepting bitcoin to buy chips then what is the difference from accepting fiat .

Quote

If they serve gamblers online, they should have a cryptocurrency option but this will once again be a possible platform that will require KYC. One thing that Bitcoiner will probably prefer is to just stay and play on the old bitcoin casinos, like the old ones, and leave the physical casino alone. We already have enough platforms asking out data.

old casinos or new , the importance here is which will accept bitcoin as physical casino offers.

and can't wait to bring only my Cellphone in casino houses to be able playing .

imstillthebest

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

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

Quote from: Obito on August 04, 2021, 05:40:02 AM

~snip

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 .

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.

ahh okay but maybe physical casinos will consider adding crypto now since their income got lessen because of the covid pandemic and if people heard that the casino supports crypto currency ,
they will do anything to go outside and gamble there . to the casino that are not affected by the pandemic ,
their earnings are still high but are they going to stop there ? would it be better if they can increase that earnings by the help of cryptos .

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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.

Just wondering how this thing works? I mean if it's done online, then what's the difference between a land based casino and a online casino?

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

Most of them are afraid of cryptocurrency volatility, or they just don't want it because they don't know how it works, that's why they stick to fiat only when it comes to betting. Also, not all of their customers would probably use cryptocurrency therefore they don't have a choice but to continue to accept fiat instead of cryptocurrency. I mean, what's the point of accepting cryptocurrency as a bet if nobody on your players are willing to use it.

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Quote from: Karartma1 on August 04, 2021, 06:19:26 AM

One of the doable ways for casinos to accept crypto would be that of implementing a payment processor that does the automatic crypto2fiat exchange for them. In that way, the player gambles in crypto but casino receives fiat money, thus reducing any administrative and fiscal risks.
Many of my friends who have shops all around the world do this (alongside keeping crypto with larger transaction amounts in order to avoid MC/VISA/AMEX abusive fees).

There's an existing service like that so I don't think that they will have a reason to delay putting that feature of crypto payment system. Also, this thing takes time and experiments because they have to see if the users will try that service.

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Quote from: paxmao on August 03, 2021, 06:23:35 AM

i see this as a business opportunity if they do not to be honest. Just go into a casino, buy some chips and then offer your services as intermediary getting paid in crypto and selling the chips.

You mean this is done by the broker, not by the casino? I've never gambled at a physical casino, is it possible to buy chips to gamble by buying them from someone other than the casino where we want to gamble?

Crypto being accepted at physical casinos is very possible, especially if the country where the casino operates does not prohibit crypto, but maybe one of the casinos' reluctance to accept crypto is that volatily of crypto, when the bearish trend will be a challenge for the casino because their profits can be decrease

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

Quote from: Obito on August 04, 2021, 05:40:02 AM

~snip

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 .

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.

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Quote from: Obito on August 04, 2021, 05:40:02 AM

Oh they will, it's only a matter of time when adoption gets big enough in cryptocurrency that they have to add an option or feature in their casino

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

Quote

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 .

Karartma1

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One of the doable ways for casinos to accept crypto would be that of implementing a payment processor that does the automatic crypto2fiat exchange for them. In that way, the player gambles in crypto but casino receives fiat money, thus reducing any administrative and fiscal risks.
Many of my friends who have shops all around the world do this (alongside keeping crypto with larger transaction amounts in order to avoid MC/VISA/AMEX abusive fees).

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Quote from: madnessteat on August 04, 2021, 05:19:26 AM

I think that the use of cryptocurrencies in casinos is not as widely used as in online casinos because of the regulators. As soon as we see a working legislation fully regulating crypto assets, the trend of using cryptocurrencies in casinos will increase significantly.

The second factor that slows down this trend is more convenient for casino owners to use fiat, which they can use to avoid taxes.

Yes, if we are talking about a physical casino, then cash is the ideal option for a player at the moment. Crypto is cash in the online world, but nothing in the physical world can compete with fiat cash at the moment. And I see no reason why this situation could change (unless cash will be banned).

Obito

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Oh they will, it's only a matter of time when adoption gets big enough in cryptocurrency that they have to add an option or feature in their casino but given how profitable it is right now, it's probably a long time before they will allow or accept crypto payments.

madnessteat

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I think that the use of cryptocurrencies in casinos is not as widely used as in online casinos because of the regulators. As soon as we see a working legislation fully regulating crypto assets, the trend of using cryptocurrencies in casinos will increase significantly.

The second factor that slows down this trend is more convenient for casino owners to use fiat, which they can use to avoid taxes.

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Quote from: LUCKMCFLY on August 03, 2021, 06:49:30 PM

I think it is a matter of people or a representative agent of a crypto casino talking with the owners of a traditional casino, very well you can set up a part of the traditional casino and place a PC that draws a lot of attention for different games, be it roulette, poker, Blck Jack, and being able to carry it out. For this, it can be taken into account that the possible association of the traditional casino wins a considerable percentage so that it likes the option of continuing to put more online casino machines, really no casino has taken this initiative, but it would expand in a great way because it is terrain that has not been explored.

i guess, this kind of scenario will soon be possible to countries like el salvador as they adopt bitcoin in their system. but for countries who are not yet legally adopting bitcoin in their financial system, would be hard to see crypto in physical casinos. they may set-up bitcoin ATMs within their premises, but not directly using it inside physical casinos.
once physical casinos accepting crypto showed a major boost in their revenue, then, maybe other physical casinos will follow thru.

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I think it is a matter of people or a representative agent of a crypto casino talking with the owners of a traditional casino, very well you can set up a part of the traditional casino and place a PC that draws a lot of attention for different games, be it roulette, poker, Blck Jack, and being able to carry it out. For this, it can be taken into account that the possible association of the traditional casino wins a considerable percentage so that it likes the option of continuing to put more online casino machines, really no casino has taken this initiative, but it would expand in a great way because it is terrain that has not been explored.

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