Will physical casinos accept crypto someday? - page 6.

milewilda

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Quote from: KTChampions on August 03, 2021, 05:26:52 AM

Quote from: Russlenat on August 01, 2021, 09:49:28 AM

Quote from: KTChampions on August 01, 2021, 08:35:08 AM

I think that nowadays few shops and buyers use cryptocurrency for one simple reason - why should they do it if they are satisfied with fiat? The use of cryptocurrencies in online casinos is widespread for obvious reasons, but there is simply no particular reason for the transition to widespread use of cryptocurrencies by physical casinos.

Physical casinos offer a good experience than online gambling, however, due to the pandemic, people learn that gambling online is easier and cheaper, so Physical casinos revenue has decreased due to the restrictions, and for them to survive and stay profitable, they have to compete and operate an online casinos business also.

We should not limit the function of a physical casino, all of them operate for profit, and if they find an opportunity to boost their profit, then they will not hesitate to start accepting crypto as it's popular nowadays.

But the fact that physical casinos will begin to accept cryptocurrency does not mean an increase in its applicability. As I wrote above, casinos will accept cryptocurrency through the 3rd party (possibly an exchange) and in fact the casino will never have cryptocurrency on its account, since at the moment of payment it will be immediately converted to fiat.

Or simply they would really be using current payment processors where depositing crypto and would be converted to fiat immediately since this gambling industry is a business and owners would tend
to accept directly in fiat but this is actually on owners preference but talking about integrating crypto currency into their games then it would surely take a while or wont really be that possible
for these years but talking about acceptance and adoption then we are really surely heading there.

maju69

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Quote from: iTradeChips on August 01, 2021, 06:11:54 PM

I really don't see why they want to have such kind of adoption. The thing here is a vast majority of players still prefer online transactions of fiat which can be sent immediately. QR codes might help the biz to ease putting in long crypto addresses but still you will pay in fiat, or you are just converting fiat to crypto but fiat nevertheless. Going to casinos now still many would prefer bringing hard cash. So there I think it is really more convenience to use cash for the meantime.

It will eventually end up in fiat, all alternatives that are said to be betting with crypto will be exchanged for fiat. Well, fiat is a transaction tool that is prioritized in the form of exchange in its place. So fiat is still an option, even though the gambler is risking all his crypto in the end he will need fiat.

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Quote from: Russlenat on August 01, 2021, 09:49:28 AM

Quote from: KTChampions on August 01, 2021, 08:35:08 AM

I think that nowadays few shops and buyers use cryptocurrency for one simple reason - why should they do it if they are satisfied with fiat? The use of cryptocurrencies in online casinos is widespread for obvious reasons, but there is simply no particular reason for the transition to widespread use of cryptocurrencies by physical casinos.

Physical casinos offer a good experience than online gambling, however, due to the pandemic, people learn that gambling online is easier and cheaper, so Physical casinos revenue has decreased due to the restrictions, and for them to survive and stay profitable, they have to compete and operate an online casinos business also.

We should not limit the function of a physical casino, all of them operate for profit, and if they find an opportunity to boost their profit, then they will not hesitate to start accepting crypto as it's popular nowadays.

But the fact that physical casinos will begin to accept cryptocurrency does not mean an increase in its applicability. As I wrote above, casinos will accept cryptocurrency through the 3rd party (possibly an exchange) and in fact the casino will never have cryptocurrency on its account, since at the moment of payment it will be immediately converted to fiat.

paxmao

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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. i am not much of a physical casino fan, but I think this would make sense... you know... you charge 3% on top of market price and covert back to fiat to avoid running risks. Would that work? Would this make the casinos actually start that change service by themselves? I think that it would be a very smart move and mostly risk free, as they do not have to hold bitcoin reserves.

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Quote from: bakasabo on August 03, 2021, 01:44:16 AM

In my opinion, casinos will start accepting crypto only when crypto will be mass adopted. Due to fact, that all the casinos generate huge profits, they are strictly connected with laws and taxes. They buy licenses for every gambling machine, table or game they have. While the situation with crypto is rather shaky in every country, they can not accept it as a payment. But as soon as country will give a green light to crypto, it, as a payment, will be integrated in no time.

Indeed! the point is offline casinos needs legalities from the government,

and once the government allow crypto that's the sign that every business from that particular place will adopt this system, for now this discussions might take a long pause due to pandemic, as most of those offline casinos are close.
There are things that might changed up since some of those offline casinos are now adopting online and digital process might include crypto, but that's another thing to discuss.

bakasabo

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In my opinion, casinos will start accepting crypto only when crypto will be mass adopted. Due to fact, that all the casinos generate huge profits, they are strictly connected with laws and taxes. They buy licenses for every gambling machine, table or game they have. While the situation with crypto is rather shaky in every country, they can not accept it as a payment. But as soon as country will give a green light to crypto, it, as a payment, will be integrated in no time.

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Quote from: xSkylarx on August 02, 2021, 11:36:59 PM

Quote from: ethereumhunter on August 02, 2021, 02:14:08 AM

Quote from: crzy on August 01, 2021, 05:32:31 PM

Quote from: Tumanggor on August 01, 2021, 02:39:37 PM

see how many crypto online casinos have sprung up, that means the interest of casinos who want to get into crypto is very high
I am 100% sure that offline casinos will not refuse the huge profits they can get if they accept crypto

there are so many conveniences and benefits that players and casino owners can get if they adopt cryptocurrency
Not until 5 years from now for sure, we will see physical casinos accepting the crypto increase

It will happen eventually but right now, casinos are working well thru their online platform and maybe some of them already accept crypto. The adoption for this currency will happen at the right time, but since we are still on a pandemic some casinos still don’t want to take the risk of accepting crypto, we are still far from that.

It will continue for the future as the offline or online casinos that accept fiat will learn more about crypto before they accept crypto. Once the fiat casino accepts and integrates their payment with crypto, it will reach more people to their casino and that means those casinos will have more chances to make more profit from crypto. They can have an investment in crypto from their winning from the gamblers and their casino will get more members from people who use crypto.

You have a point, but it is currently very difficult because most of us dont use cryptocurrency, and the current situation is that most people would rather go to a gambling website than a physical one. Fees are also a major obstacle, as they are extremely high. If I have a cryptocurrency and am playing at a physical casino, I believe I will pay with cash or a credit card because it is more convenient. However, we can expect a large number of casinos to accept this method in the future.

Maybe it will not happen too soon but it will happen in the future as we see that the crypto will have a bigger chance to be accepted in many merchants, not just in the gambling platform. But I guess people are already aware of the crypto and make many of them search for crypto and start to use crypto. It only needs to wait for the right time before the crypto explodes and will be known in many countries and make all people open their eyes about the crypto. I am sure that we will get on that time and we should enjoy the process and still gamble using crypto.

xSkylarx

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Quote from: ethereumhunter on August 02, 2021, 02:14:08 AM

Quote from: crzy on August 01, 2021, 05:32:31 PM

Quote from: Tumanggor on August 01, 2021, 02:39:37 PM

see how many crypto online casinos have sprung up, that means the interest of casinos who want to get into crypto is very high
I am 100% sure that offline casinos will not refuse the huge profits they can get if they accept crypto

there are so many conveniences and benefits that players and casino owners can get if they adopt cryptocurrency
Not until 5 years from now for sure, we will see physical casinos accepting the crypto increase

It will happen eventually but right now, casinos are working well thru their online platform and maybe some of them already accept crypto. The adoption for this currency will happen at the right time, but since we are still on a pandemic some casinos still don’t want to take the risk of accepting crypto, we are still far from that.

It will continue for the future as the offline or online casinos that accept fiat will learn more about crypto before they accept crypto. Once the fiat casino accepts and integrates their payment with crypto, it will reach more people to their casino and that means those casinos will have more chances to make more profit from crypto. They can have an investment in crypto from their winning from the gamblers and their casino will get more members from people who use crypto.

You have a point, but it is currently very difficult because most of us dont use cryptocurrency, and the current situation is that most people would rather go to a gambling website than a physical one. Fees are also a major obstacle, as they are extremely high. If I have a cryptocurrency and am playing at a physical casino, I believe I will pay with cash or a credit card because it is more convenient. However, we can expect a large number of casinos to accept this method in the future.

ethereumhunter

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Quote from: Ziskinberg on August 02, 2021, 06:37:09 AM

Exactly, the competition in the future will be tougher, and casinos that are still using a traditional form or payment might not be able to compete, so for them to stay profitable, they will be forced to compete and will start accepting crypto, and actually, it's not a bad thing as adding it on their platform is not hard, instead, it will bring positive result as like you said, they will reach out to most gamblers.

If I'm not mistaken, we already have big fiat casinos that are already accepting crypto.

Suppose the traditional casino can not accept the changes in the gambling industry. In that case, that casino can not expand their business and reach more gamblers because the newest technology has been used by many casinos out there. Every casino is trying to implement the new technology to get more profit. Maybe they do not have been forced by anything but if the casino can not see what is happening in the gambling industry, they will not survive in the long run. Yes, I agree that the competition between every casino will be more challenging and only the casino that is aware of that will survive and get a big customer target.

Quote from: ultrloa on August 02, 2021, 06:50:58 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.

I guess so, but that gives a chance for the casino that operates in the country that allows gambling because they can grow their business by implementing crypto for their members to get more gamblers who use crypto and introduce crypto to their existing members. We will see the gambling industry grow in the future, and even if people still use fiat to gamble, crypto will be part of the gambling business.

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Quote from: ethereumhunter on August 02, 2021, 02:14:08 AM

Quote from: crzy on August 01, 2021, 05:32:31 PM

Quote from: Tumanggor on August 01, 2021, 02:39:37 PM

see how many crypto online casinos have sprung up, that means the interest of casinos who want to get into crypto is very high
I am 100% sure that offline casinos will not refuse the huge profits they can get if they accept crypto

there are so many conveniences and benefits that players and casino owners can get if they adopt cryptocurrency
Not until 5 years from now for sure, we will see physical casinos accepting the crypto increase

It will happen eventually but right now, casinos are working well thru their online platform and maybe some of them already accept crypto. The adoption for this currency will happen at the right time, but since we are still on a pandemic some casinos still don’t want to take the risk of accepting crypto, we are still far from that.

It will continue for the future as the offline or online casinos that accept fiat will learn more about crypto before they accept crypto. Once the fiat casino accepts and integrates their payment with crypto, it will reach more people to their casino and that means those casinos will have more chances to make more profit from crypto. They can have an investment in crypto from their winning from the gamblers and their casino will get more members from people who use crypto.

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.

Ziskinberg

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Quote from: ethereumhunter on August 02, 2021, 02:14:08 AM

Quote from: crzy on August 01, 2021, 05:32:31 PM

Quote from: Tumanggor on August 01, 2021, 02:39:37 PM

see how many crypto online casinos have sprung up, that means the interest of casinos who want to get into crypto is very high
I am 100% sure that offline casinos will not refuse the huge profits they can get if they accept crypto

there are so many conveniences and benefits that players and casino owners can get if they adopt cryptocurrency
Not until 5 years from now for sure, we will see physical casinos accepting the crypto increase

It will happen eventually but right now, casinos are working well thru their online platform and maybe some of them already accept crypto. The adoption for this currency will happen at the right time, but since we are still on a pandemic some casinos still don’t want to take the risk of accepting crypto, we are still far from that.

It will continue for the future as the offline or online casinos that accept fiat will learn more about crypto before they accept crypto. Once the fiat casino accepts and integrates their payment with crypto, it will reach more people to their casino and that means those casinos will have more chances to make more profit from crypto. They can have an investment in crypto from their winning from the gamblers and their casino will get more members from people who use crypto.

Exactly, the competition in the future will be tougher, and casinos that are still using a traditional form or payment might not be able to compete, so for them to stay profitable, they will be forced to compete and will start accepting crypto, and actually, it's not a bad thing as adding it on their platform is not hard, instead, it will bring positive result as like you said, they will reach out to most gamblers.

If I'm not mistaken, we already have big fiat casinos that are already accepting crypto.

ethereumhunter

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Quote from: crzy on August 01, 2021, 05:32:31 PM

Quote from: Tumanggor on August 01, 2021, 02:39:37 PM

see how many crypto online casinos have sprung up, that means the interest of casinos who want to get into crypto is very high
I am 100% sure that offline casinos will not refuse the huge profits they can get if they accept crypto

there are so many conveniences and benefits that players and casino owners can get if they adopt cryptocurrency
Not until 5 years from now for sure, we will see physical casinos accepting the crypto increase

It will happen eventually but right now, casinos are working well thru their online platform and maybe some of them already accept crypto. The adoption for this currency will happen at the right time, but since we are still on a pandemic some casinos still don’t want to take the risk of accepting crypto, we are still far from that.

It will continue for the future as the offline or online casinos that accept fiat will learn more about crypto before they accept crypto. Once the fiat casino accepts and integrates their payment with crypto, it will reach more people to their casino and that means those casinos will have more chances to make more profit from crypto. They can have an investment in crypto from their winning from the gamblers and their casino will get more members from people who use crypto.

goinmerry

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

If they serve gamblers online, they should have a cryptocurrency option

Not necessary as fiat digital payment today is much quicker in transactions than before. Clients only need a 1-tap click and done. No more third-party payment processor is needed to convert BTC to fiat and since most payments are fiat, it will be hard to make an investigation in case of questionable crypto-transactions.

But you are right on your follow-up statement, since it's a fiat online casino, expect a KYC as a primary requirement, as usual. It shouldn't be questioned by new customers that want a crypto-payment since KYC is already the policy from the start.

iTradeChips

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I really don't see why they want to have such kind of adoption. The thing here is a vast majority of players still prefer online transactions of fiat which can be sent immediately. QR codes might help the biz to ease putting in long crypto addresses but still you will pay in fiat, or you are just converting fiat to crypto but fiat nevertheless. Going to casinos now still many would prefer bringing hard cash. So there I think it is really more convenience to use cash for the meantime.

Wawa2013

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Quote from: Silberman on August 01, 2021, 05:25:01 PM

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

It will eventually happen, most likely the reason why we do not see physical casinos accepting bitcoin at the moment is simply that there is not enough demand, and without that demand they probably do not really see the need to offer that service to their clients, so despite the popularity of bitcoin at online casinos it doesn't seem as if this is going to change anytime soon when it comes to physical casinos, but it is not as if this is a great issue right now when many casinos are still closed down because of the pandemic that is still ongoing.

Your answer does make sense, the physical casino doesn't accept crypto yet because there hasn't been much demand for it. So the physical casino
has not considered it important to accept crypto for now, but I believe in the next few years things will be different. We will find many physical
casinos accept crypto, because now crypto is not fully understood by many people and is still a minority. In fact there are still some countries that
prohibit crypto, we really have to be patient waiting for crypto to increase in popularity and be accepted by all countries in the world.
That way physical casinos accept crypto is only a matter of time, I believe eventually in the future all physical casinos will accept crypto.

crzy

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Quote from: Tumanggor on August 01, 2021, 02:39:37 PM

see how many crypto online casinos have sprung up, that means the interest of casinos who want to get into crypto is very high
I am 100% sure that offline casinos will not refuse the huge profits they can get if they accept crypto

there are so many conveniences and benefits that players and casino owners can get if they adopt cryptocurrency
Not until 5 years from now for sure, we will see physical casinos accepting the crypto increase

It will happen eventually but right now, casinos are working well thru their online platform and maybe some of them already accept crypto. The adoption for this currency will happen at the right time, but since we are still on a pandemic some casinos still don’t want to take the risk of accepting crypto, we are still far from that.

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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

It will eventually happen, most likely the reason why we do not see physical casinos accepting bitcoin at the moment is simply that there is not enough demand, and without that demand they probably do not really see the need to offer that service to their clients, so despite the popularity of bitcoin at online casinos it doesn't seem as if this is going to change anytime soon when it comes to physical casinos, but it is not as if this is a great issue right now when many casinos are still closed down because of the pandemic that is still ongoing.

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

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.

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Quote from: goinmerry on July 30, 2021, 12:50:42 PM

Why should they? Getting physical casino credits can be done online, fast, and quickly within just a few seconds. Online payment and everything is digital now in fiat. And for a common person visiting a casino, hard cash is still the most convenient way.

I don't know how it will become convenient. If we have crypto, then it's easier to use it on a crypto gambling website, of course.

Why cross-borders if the purpose is just to gamble?

Hard cash is still the most convenient way to gamble at a physical casino. But with crypto in play, that will not last for long. It's no secret that banks are planning to phase out physical cash from existence. Casinos will be forced to rely on digital payments one way or another.

I think what's stopping physical casinos from accepting crypto is government censorship. KYC/AML is a must for casino operators to continue in business. Something that's partially anonymous like crypto greatly goes against established rules by the government. If casinos make such a move, they might require gamblers to provide some sort of ID verification. I don't think anonymous gambling will be possible anytime soon. Crypto/Blockchain tech is still in its infancy, so we're going to have to wait a couple of years from now until it matures for serious use worldwide. Just my opinion

CryptocurencyKing

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Well uhmmm, I'm not yet aware of any physical casino to be accepting bitcoin or cryptos for stakes on bets at the moment but then, I think part of the reason would be about the time it takes for coins to be confirmed. Especially when the mempool is clouded with transactions, it would be a lot of wait time, taken out of there playtime. No one would like to be waiting on coins to confirm when they could have just deposited fiat and be handed casino chips to be at the table.

If you look again, the casinos should have been more suited with twitching than fiat. Reason been that, the casino chips stands for actual fiat money and that's exactly what they could do with bitcoin. A pre-deposit is all that it could take to get the difficulty out of the way.

Topic: Will physical casinos accept crypto someday? - page 6. (Read 2038 times)