Will physical casinos accept crypto someday? - page 8.

qwertyup23

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Quote from: palle11 on July 30, 2021, 01:06:50 PM

It is still a process that is still opening up. The system is not totally free now as you still have restrictions even with online casinos that ask for KYC. Physically, you have some government making hate speech about cryptocurrency except the government that are adopting like El Salvador, it can commence from there but is a gradual process and casino is yet to be a popular physically gambling setting to start adoption of cryptocurrency. It could take more 5-10 years for that to start happening.

I think the process of achieving acceptance of cryptocurrencies solely depends on the government. If they see that cryptocurrencies are a threat to the economy or to the country, then this would affect its overall acceptance. This also applies to physical casinos in accepting cryptocurrencies as a payment.

Like what you have mentioned, lots of online gambling websites require KYC documents due to stringent regulations imposed by their respective government. Since online gambling websites can easily get away due to their nature, physical casinos, on the other hand, have much further stringent rules- that is why we won't see physical casinos accepting cryptocurrencies in the near future.

danherbias07

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IMO, it's still volatility that they fear just like how the merchants fear it. I have no idea how online casinos are managing the volatility but they are doing pretty good at keeping their businesses alive. What could be the secret? Is it the withdrawal fees? Up until now we could not see a big growth in adoption of crypto currencies as payment methods and I do think it will just happen if the government itself will start the change.
How cool would it be to use Bitcoin to start playing and it will be exchange for chips embedded with the bitcoin sign? That will be worthy to keep if permitted.

Saisher

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Quote from: iv4n on July 31, 2021, 11:29:00 AM

After all, crypto is like money, if there's enough customers who wants to gamble with crypto in the land-based casino someone will make that possible for them.

If there's demand and there is a market and potential profit for developers and investors, they will likely look for it, they will do a feasibility study to check if it's worth creating physical casinos that only use Cryptocurrency, I like the idea, if one or two companies can start this we will have an industry and many more companies will follow.

iv4n

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I guess we can expect this to happen with legit casinos, one day they will start accepting crypto, that will come right after governments regulations. But casinos that have an illegal side will (money laundering, dealing with dirty money...) will not give up on cash... We all know how things work with cash.
After all, crypto is like money, if there's enough customers who wants to gamble with crypto in the land-based casino someone will make that possible for them.

AverageGlabella

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Confirmations would be a pain for the casinos as they could not give you your winnings until confirmations of at least 2 were on the blockchain. I do not think Bitcoin works quick enough or well enough to become the main currency in a casino they will probably allow you to purchase chips with bitcoin because that would then remove the delays with Bitcoin when you are gambling.

Cling18

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Maybe physical casinos are still comfortable with the current currency that they're using since it provides convenience. As for me, they always consider the welfare of their players before switching to other currencies but I believe that it could still possibly happen in the future since Bitcoin and other top coins are being adopted by some casinos.

Renampun

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

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it must have been a great experience if we could use cryptocurrency to gamble in offline casinos...

how can offline casinos reject cryptocurrencies when it is mass-adopted. Crypto players who are used to playing online will definitely be very easy with this and can be a fun experience.

rhomelmabini

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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

I guess it's possible but it will have a tight regulators or there's huge demand for operators to accept cryptos. Most likely what scares them was the regulators like FinCEN that was pressuring most physical casinos 'cause they are that strict especially to AML issues on the gambling side. I think regulations will here to stay and crypto isn't gonna end for good in the short term but physical casinos are missing something if they wouldn't grab the opportunity?

Rruchi man

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The adoption of cryptocurrency in physical casinos is sure to happen but not immediately. We're still really early in the crypto revolution 😁 I do think that unless both deposits and pay outs are made exclusively via crypto then it would be absolutely unnecessary to use to Fiat and cryptocurrency in physical casinos. However, once they can solve the regulation and infrastructure issues associated with crypto use, they'll be good to go.

I read sometime ago that CryptoChip , is offering CryptoChipping exchange service, they are converting cryptocurrency to physical based casino chips. Has the official ICO been published yet?

https://bitcointalksearch.org/user/cryptochip-official-1018069

hahay

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Yes, maybe someday because we know that there are big companies that have accepted Bitcoin as a means of payment, with this movement it is very possible that physical casinos will have many alternatives because they accept several existing cryptocurrencies. But if online gambling continues to be more popular then I guess, instead of physical casinos involving crypto it looks like physical casinos will be more interested in creating gambling sites as well, that way they can be involved in both worlds, right.

bitzizzix

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Careful consideration is required if physical casinos bet using crypto as players are unlikely to wait long to play due to time-consuming transaction processing and even if the internet network is unstable and it will really require consideration that there must be a best solution for fast playing and comfortable gambling.
and besides that the government is still not friendly with kritpo and even prohibits it, and if possible it still takes a very long time and process so that no one is harmed or unexpected mistakes.

RokokGudangGaram

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Why not? In that way they would be maximize the number of possible customers and with the pandemic right now I really think it would be all digitalized, or I mean less physical contact in Casino but if that happened what will happen to the online casinos? I think there's a difference between physical casino and online casino, I still prefer physical casino rather than online casino though.

imstillthebest

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theres is one if i remember but i forgot the name of that gambling company .
it was also posted here in gambling forums but i guess that the number of similar hybrid casino have increase now because crypto is not a secret anymore .
i dont think owners have a fear of cryptos being volatile because theres a solution to that but they dont accept crypto maybe because it was banned by their governments .

BuNga_cute

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Quote from: virasog on July 31, 2021, 05:57:52 AM

Quote from: aioc on July 31, 2021, 03:53:27 AM

We only have one now, Cryptocurrency is a work in progress, there will be more if there are demands, but right now it's much easier to gamble offline on these casinos because of the readiness of cash, gambling casinos, don't want the hassle of technicalities like traffic congestion and volatility of the price, they have a mindset of why fix when it's not broken.

Mostly crypto currencies is accepted in online stores and in online gambling sites. There is no trend of crypto being accepted in physical stores on gambling casinos. Once the crypto become more popular i hope it will be accepted in all physical gambling houses.

Although right now there are not many requests from gamblers for physical casinos to accept crypto, as time goes on and crypto is gaining popularity.
I believe eventually physical casinos will consider accepting crypto, because maybe now accepting crypto is considered not to provide benefits for
the casino. So there are no physical casinos that accept crypto at this time, actually depends also on the rules of the country where the physical
casino is located. Because if the country where the physical casino is located prohibits crypto, will not be able to physically casino accept crypto.

Jackl87

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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 see no reason why they shouldn't accept cryptocurrencies. In my opinion, it would also be a minimal effort for the casinos to accept cryptos as a means of payment. They would only have to set up different wallets and that would be it. So you would enter the casino, go to the counter, send the amount of tokens or coins that you want to the wallet address that is given to you and done. If casinos are afraid of volatility issues they could at least accept stable coins like USDT or USDC. One problem could be though that you have to wait for a few minutes for your transaction to go through when the ETH network is congested, so this could be annoying.
I also think it is safer for casinos to accept cryptos as payment because this way they have less cash lying around.

virasog

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Quote from: aioc on July 31, 2021, 03:53:27 AM

We only have one now, Cryptocurrency is a work in progress, there will be more if there are demands, but right now it's much easier to gamble offline on these casinos because of the readiness of cash, gambling casinos, don't want the hassle of technicalities like traffic congestion and volatility of the price, they have a mindset of why fix when it's not broken.

Mostly crypto currencies is accepted in online stores and in online gambling sites. There is no trend of crypto being accepted in physical stores on gambling casinos. Once the crypto become more popular i hope it will be accepted in all physical gambling houses.

KTChampions

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Quote from: goinmerry on July 30, 2021, 06:04:01 PM

Quote from: KTChampions on July 30, 2021, 04:48:30 PM

I see no reason why a physical casino would not accept cryptocurrency. I think in the future most casinos will do this, but I am 100% sure they will accept payment through the 3rd party (some exchange) that will instantly convert the cryptocurrency into fiat for the casino. I don't think the casino would be interested in keeping its funds in cryptocurrency.

That will be the logical thing that will happen. There will be a 3rd party that will convert the crypto into fiat right away, not a direct crypto payment in the casino. It's like using a credit or debit card but loaded with crypto.

Land-based casinos don't want to take chances on crypto because of its volatility. They are a big business and want a stable form of investment.

Sure. Even when using stablecoins, the casino will instantly convert it to fiat. Their business is located in the fiat zone, so it makes no sense for them to have other assets on the balance sheet. This is neither bad nor good, it is just a feature of a physical casino operating in a fiat zone.

aysg76

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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

Casinos in crypto friendly nations might be willing to accept crypto payment otherwise not any positive signs.But we don't need them actually and pretty well gambling on crypto casino online just from my home and recently the online industry is one the Verge of rising and crypto gambling is becoming quite popular these days and if you have choice of playing over there why look for some physical options when world has taught you isolation is not that much boring if have interesting options with us.But when it becomes mainstream like in El Salvador and other countries you could probably use it as currency and go to any casino and buy chips by just scanning your QR code and boom you are on your table with other players.

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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

Government.
Slow Transaction fees.

IMO, I don't think that the volatility is one of the reason why casinos aren't accepting crypto right now. The Government might be the main reason why they aren't accepting. Casinos are paying huge taxes and if they will accept crypto, they will be exempted in huge taxes since there isn't any regulation with cryptocurrencies (correct me here if I'm wrong)

. Another is the transaction fees maybe but I don't think that it affect that much especially if you give the transaction hash or ID to the cashier or any representative of the casino.

I just taught this reason but maybe another reason is there are some who aren't that knowledgeable when it comes to crypto. I know that it is becoming popular but still, there are some people who doesn't know at least the basics of it and this might be another reason why they aren't accepting it.

aioc

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We only have one now, Cryptocurrency is a work in progress, there will be more if there are demands, but right now it's much easier to gamble offline on these casinos because of the readiness of cash, gambling casinos, don't want the hassle of technicalities like traffic congestion and volatility of the price, they have a mindset of why fix when it's not broken.

Topic: Will physical casinos accept crypto someday? - page 8. (Read 2014 times)