Topic: Will you still gamble? - page 10. (Read 1762 times)

I haven’t come across this yet. It’s important to understand what additional commissions will be charged and then agree with it or not. I wouldn’t compare it with stock exchanges since it’s more about trading than about the entertainment industry. As far as I know, this industry has so a decent income and this is subject to license fees, taxes, salaries and so on.

If the casino charge fees and have house edge, I would reduce my gambling activity because it's too much, not to mention I also need to pay when I withdraw my money.

Yeah, the casino can't be too greedy, instead of earning a lot money by taking additional fees for each games the gamblers played, they might lose a lot money since it would make drive away the gamblers.

Uhm, House Edge exists? Pretty sure as a business, casinos area already aware of how much they need to set the House Edge for them to profit so no, I don't think they need any "additional" fees whatsoever. Not to mention that they already have a lot of other bonuses/promotions stuff. Free spins don't really cost them anything so they can give them out all the time and make players buy it through bonuses and stuff. There's probably similar practices like that all over their promotion system.

Taxes applied to exchanges and gambling are certainly different things, because on the exchange there is a transaction tax for each trader, while in gambling or casinos there is no trading activity and the business that is run is only entertainment services, there are no value exchange transactions in casinos, gamblers are also taxed if they get a win like in other regions.

These two types of business are different, the services provided are also different, the exchange is like a market that provides goods, sellers and buyers.

With exchanges, you get an opportunity to exit trades even before they totally empty you of all your funds and in such case, the exchange will be loosing if they had not taken anything just yet and you should remember with trading, the exchange literally takes the other side of almost every trade you place because ordinarily you wouldn't be able to afford the much it cot to open a position so all this and more are the services the exchanges gives to you and because they are very serious and regulated business in almost every region, the government and other regulatory bodies do task them commissions which makes the running of their service actually expensive.

with casinos its literally different, they are almost at no point responsible for your losses and they don't take the other side of your bets either, they and not so regulated and not much people are heavy on the business until recently. they have got more profit advantages than exchanges and so it will be unfair to further task their customers while trying to place a bet with them meanwhile they have got a whole lot of means to still get their money even if the gambler wins their bet.

This is also the first thing that came up with me. Casinos have their house edge so they don't need additional fees for every game that you are playing with them. They already have the advantage over their players. So why would they charge fees on top of that?

I believe that's the main reason why gambling sites don't need to charge more fees from their clients. HE alone will give them the advantage over their players as it has already the percentage of the player’s bet that the casino expects to keep as profit over the long term.

Casinos doesn't charge a fee because they have a house edge, that's how they earn money with gambling. But some games like poker charge a small fee for each game, that's because it is a player vs payer game, and that fee is the only way that casinos can earn from it.

In the past there used to be the onchain games, those were games where the way to place a bet was by sending a transaction, so, each bet needed a transaction fee, and that wasn't the bad part, to wait for a confirmation was the hard part.

I also disagree with him on that assertion if I am not mistaken in my previous comment. They might have some kind of similar risk bit they are not the same. And the risk of both is not clear foe me because I don't know which of them has the highest risk percentage. But I think gambling might carry the highest risk compare to trading. Though in gambling you can Cash out and in trading you can stop the trade when you have made small profit from the trade. And the last time I trade, deriv didn't cut any amount from my deposit. The $400 which deposited reflected in the account and I converted it to dollar before trading.

And that is why they are of two different things entirely.

I can understand platforms needing to implement fees. It is how I can make sure the platform runs smoothly anyway both with crypto and gambling. However it should be justifiable. Ridiculously high fees will do nothing but drive away customers. Especially if the services do not actually reflect the fees you are paying. I can accept fees but if I were to choose between two platforms, both performing on the same level, why shouldn't I choose the one with lower fees?

Even though stock exchanges and casino gambling are said to be the same, with risks and risking money in the hope of making significant profits, the two sites have differences in financial management and profits for both businesses.

Gambling sites do not cut fees from users because they take profits or income from players' losses, the funds they lose will go into the ring casino balance and they will use it as capital in each type of game, For this reason, we can see at the end of the year the profits obtained in the online gambling business.

Whereas exchanges don't do that, they get turnover from users who carry out activities on the exchange, whether it's when selling or buying a fee cut will occur, it will go into the balance of the exchange, because the exchange system with gambling is different.
Gambling profits from those who lose, the exchange from the activity of the exchange's users, so it is clear that gambling does not cut costs, while the exchange is required to cut costs for the profit of the exchange itself. that's my understanding.

They won't impose fees upfront because that would deter gamblers from joining. Imagine losing money before even placing a bet, no gambler would want that. Casinos typically only deduct fees during withdrawals, and these fees are usually minimal. Some even offer free withdrawals to attract more players, knowing that once a gambler is hooked, the likelihood of losing is high due to the casino's inherent advantage.

In trading, platforms earn from a small percentage taken as trading fees, but in casinos, they can potentially take all your deposits if you're unlucky or if you lack the discipline to know when to stop.

There's already the house edge so why else will they charge us with something more? Also, we keep on losing more because that is how the system is written and these businesses are still alive because there's a lot of money coming in. If they do that, they will just lose more customers and that is bad for business.

I might not play anymore if they do that. I'd rather gamble against a friend in sports betting so that no third party will be involved and I think many people will be doing that kind of thing. I don't think governments will like that as it is almost the same as illegal because there's no betting platform that could satisfy that kind of service anymore.

Well, sorry but I do not agree with you that trading and gambling are the same thing, they both may kind of exhibit some kind of; or what seem like a similar characteristic or end goal, but the process involved in both, and even the mechanics involved are totally not the same, and this is based on the fact that if you are trading, opening a position and the price of the asset going an opposite direction different from the direction you had thought it will go, does not mean you have automatically lost that trade, you can still win the trade if you decide to be patient and wait for the price of that asset to come back to the direction you had expected it will go, this is possible both spot and features trading, possible on futures trading so long as you know to use leverage, or not use it at all.

Gambling on that other hand is different in the sense that, ones you've lost a game, a bet, you've absolutely lost it and there is no remedy, not of any kind, you either open and play another round, or place another bet, or simply walk away.
And not to mention the fact that in gambling, there is what is known as a house edge, an algorithm that gives casinos an edge over the gamblers, ensuring that gamblers stand a better chance of losing a game than winning, this is something not found on crypto exchanges.

Casinos determine the odds we play with, any profit or edge they need has already been calculated into that. With trading, it is dependent on the market which is not under the control of the broker, so they take out fees to give them a guaranteed inflow.

It would not make any sense for casinos to include a visible fee to place a bet, if that means taking away the house edge. They lose potential customers and people see them as being greedy even if it is a more practical amount for players. Many gamblers are not aware the house mathematically always give themselves the advantage.

- Jay -

Even though they have similarities they are not the same and they have different ways of gaining their income. Trading is purely for gain and not for funs but gambling is for fun and profit. And the profit brings the fun. Though there are some people that would just go to the casino hall and play for fun. And I think if you deposit to casinos, they used to deduct some percentage from the total deposit which I have experienced. Though it is not all the casinos do that.

Casinos are making a whole lot of money in other ways compared to the exchanges. The casinos revenue comes from both withdrawal fees from gamblers, a high rate of losses, which gamblers lose on a daily basis in the casino, and every other possible means, so it won't be too good to start charging a fee for each game gambler plays again, in my opinion. 
 
For the exchanges, their main source of revenue is the trading fee, withdrawal fee, and listing fee. Even though the fees are usually very small, up to the extent that they might go unnoticed in most cases, exchanges still can't stay in business for long without charging for those fees.

That's not fair. Online casinos are going to spoil the business if they choose to start taking such fees from their customers. There are enough losses in a day for them to make good profits, unlike centralized exchange where a coin cannot completely be null unless the price drops so low or a pump-and-dump altcoin.

When we bet in a casino and lose the money automatically belongs to the casino. And in a day, there are a lot of persons who make losses from gambling. Taking extra gambling fees is greediness in my own point of view and should be done by any casino website at all.

They won't charge us extra because they already have the house edge, which gives them an advantage and makes them profitable. In sportsbooks, they typically charge an average of 5-10% for the juice, which is even higher than the 1% house edge in casino games or trading fees on exchanges. Trading and gambling are different platforms, so they can't be directly compared. If a gambling site were to charge more, they might increase their house edge so it isn't too obvious. However, they wouldn't grow to be a billion-dollar industry if they weren't already profitable.

Gambling sites are businesses for gamblers to enjoy gambling while the gambling site is making money from the gamblers. From the money the gambling sites  make, they pay taxes. Also some countries charge gamblers that win taxes to be paid.

The way gambling sites and exchanges are paying taxes are different but they are all paying taxes.

There are non common gambling sites that will let individuals to compete between themselves and the gambling site will only take percentage from the winner. This one is similar to those exchanges.

The motive of this thread is for us to discuss what will be you stands if online casinos charges you fees on each game you play on them, same way excahges charges you on each trading position you open, and why should excahges charges fees and casinos not charging such fees, First of all the First objective of every business is to generate revenues, so at first I wasn't curious about this, but recently I began to wonder why the difference between excahges and casinos when both have similar features which are licensing and KYC.
If exchanges take trading fee's their call it value added taxes which some part get remitted to the government.
But online cryptocurrency casino's act in the same vain because both trading and Gambling are the same it all aim at either profits or lose, but while gambling plartforms let go of the fees, exchange charges us on each regardless wether we make profits or lose in the trading position.