Will you still gamble? - page 9. | Bitcointalksearch.org

Crypto Library

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

I don't know what types of exchange you are talking about but we can say the exchanges are the same as gambling sites I think you saying this because of the futures trade if I am not wrong. But future trade is only on the centralized exchanger and rest don't have the future trade and also they earn from the trading fees in both cases so I don't see any similarities between them. We have to remind that casinos generate revenue from the loss of players by house edge not from the withdrawal or the trading or exchanging fees

bitbollo

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there is one famous bookmakers (that offers exchange bets p2p) that charges around 20% up to 60% in each win. litterally! Roll Eyes

it's a crazy amount if you thinkg ... but nevermind... casually people are still betting there! once you understand the site and the reason behind well it's pretty clear why they are betting there...

AbuBhakar

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Quote from: TelolettOm on August 12, 2024, 12:04:57 PM

Quote from: Odusko on August 12, 2024, 08:20:13 AM

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 -snip-

This will never happen. If there is a casino to charge the gamblers for each game, the gamblers surely will leave the casino. They will move to other casinos with zero fees. Because of this reason, I am very sure there will be no casinos to apply the charge for every game because they know the consequence. There are too many casino sites nowadays, casinos have a big competition among them. They won't make something to bother the gamblers to come to the casinos. If there is a casino to apply the charge, gamblers will be no longer interested to come to the casino.

Yeah right, besides casino doesn’t need to charge fees on each bet since most of the casino games is designed with house advantage which means they guaranteed profit in general as there’s always a players will lose in long term due to house edge advantage.

I doubt that casino will be greedy to charge that kind of fees while most the players is keep losing their bankroll 100% in normal cases whenever gambling loses. Casino just need to be patient and wait for human error in able to win against players.

Even withdrawal sometimes being free by some casino just ro attract players.

alani123

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Your fee in a casino is the house edge. You don't have to pay more because already simply by existing the house edge provides casinos a calculated profit based on how much turnover they can generate.

If casinos start charging more, then smart gamblers will make their way out. Of course charging fees on winnings is actually a reality on many so called government licensed casinos. For isntance, if you play in a Greek licensed casino they tax your winnings automatically and give part of it to the government. So just by virtue of playing, the government knows your statistics and maybe even later on ask you where you found that money. So fees charged on games is actually a very reasonable reason to abandon platforms that adopt it. But sometimes it's also a legal requirement if a casino doesn't want to get blocked by national authorities.

TelolettOm

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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 -snip-

This will never happen. If there is a casino to charge the gamblers for each game, the gamblers surely will leave the casino. They will move to other casinos with zero fees. Because of this reason, I am very sure there will be no casinos to apply the charge for every game because they know the consequence. There are too many casino sites nowadays, casinos have a big competition among them. They won't make something to bother the gamblers to come to the casinos. If there is a casino to apply the charge, gamblers will be no longer interested to come to the casino.

Adbitco

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Quote from: Odusko on August 12, 2024, 11:20:10 AM

Quote from: Adbitco on August 12, 2024, 10:32:14 AM

They could be the same but the rate at which people lose from gambling is much more to be compared with exchange irrespective that they have similar features and of course they can't operate same way because gambling site is to have pleasure and ease ones stresses, at same time using money for it, although there are some games you may decide to play without staking a specific amount from the site.

All these makes it different from exchange because in exchange you can't have fun without you trading with money or you can entertain yourself with games rather it's trading so, apparently gambling site pays taxes same as exchange does because most of the exchange that are operating under some jurisdiction are paying taxes. For example, the US, there's no company that operates under the law of US that does remits their taxes including their gamblers if I am not mistakenly.

While I was writing this thread, that thought came to my mind, on the importance of fun and entertainment that make gambling significantly different from trading and to that we have to look at other points of direction which may be the reason why gambling sites does not charge fees, may be because their are more of fun and free, while exchanges must be paid for because there is no fun in trading and cryptocurrency threading is all about the profits which means it business oriented while cryptocurrency casino are entertainment oriented.

Gambling is also business they make their money from losses on bettors, but they want to make it entertaining like people wouldn't have to reason the fee associated with gambling couple with their losses with this gambling could be too hard or expensive to gamble since it is a kind of platform that provide a chance based game anyone could come to try luck with even the least 50 cent to gamble. So I think all this are things that made gambling site not to be charging people instead depending on their losses and so far the rate at which people lost is much more higher compared to the winning being made in gambling site.

carlfebz2

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

We do already have that we do called housed edge on which they are making money no matter what and we do know that people or gamblers are skeptical always whenever they do saw higher HE on which
they would really be always finding out for the lowest one because we do know that when it comes into this aspect on where tons of people will really be that preferring not unless if you dont know on what house edge is, then you wont really be definitely be playing on that. How much more if there would be more added taxes or whatever additional deductions on what gambler could have, that would really be that a big
disappointment or big hindrance into someone on the time that they would be playing. This is why it cant be possible that these businesses would really be making their own ways or rules about adding
or piling up another fee whenever a gambler would really be playing. They would already hinder out on the things that they would be gonna doing on which instead of gambling then they would simply avoid it out
because of unreasonable fees.

Rockstarguy

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

The reason why exchanges imposed tax paying to users is because they know people will always look for a way to make use of exchange to have access to different asset and exchanges are playing a vital role to investors and traders which the government and exchanges feels their is a need for users to pay tax. Gambling is a game that can't be predicted and just imagine you are are paying tax to play games that are not certain if you will win or not. If gambling company decides to collect tax from their customers I think they might lose some of it customers. One of the reason why some people gamble is because of high hopes expecting that it will turn out a win, and tax for gambling can make gamblers to think twice before thinking of gambling.

If gambling companies demands tax paying it will make me to gamble once in a while because I would not want to gamble in a game that I'm not sure if I will win or not.

tsaroz

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

Gambling sites already has an ever present fee system called house edge and unsurprisingly, it's much larger than any fees on exchange. The average fees on an exchange ranges around 0.1% while the average fee(house edge) on a gambling site is 1%.
Exchanges don't make profit on people making money out of the coins they trade and only takes a cut when they do trade. Gambling sites have a mathematical odd that is certain to give them a profit on total gambled money which comes equal to the house edge.

Sandra_hakeem

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

No matter how slim the chances of making profits for the casino looks to you, they actually do make alot of profits as long as they're still running... The house edge can never be made against the casinos themselves so for that reason, there are no extra charges - atleast non that i know of .

An exchange has a different means of operation; they can't deduct anything without your consent as well... Whatever they make is inclusive of the taxes and renewals on their own part.

Fivestar4everMVP

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Quote from: Odusko on August 12, 2024, 11:20:10 AM

Quote from: Adbitco on August 12, 2024, 10:32:14 AM

They could be the same but the rate at which people lose from gambling is much more to be compared with exchange irrespective that they have similar features and of course they can't operate same way because gambling site is to have pleasure and ease ones stresses, at same time using money for it, although there are some games you may decide to play without staking a specific amount from the site.

All these makes it different from exchange because in exchange you can't have fun without you trading with money or you can entertain yourself with games rather it's trading so, apparently gambling site pays taxes same as exchange does because most of the exchange that are operating under some jurisdiction are paying taxes. For example, the US, there's no company that operates under the law of US that does remits their taxes including their gamblers if I am not mistakenly.

While I was writing this thread, that thought came to my mind, on the importance of fun and entertainment that make gambling significantly different from trading and to that we have to look at other points of direction which may be the reason why gambling sites does not charge fees, may be because their are more of fun and free, while exchanges must be paid for because there is no fun in trading and cryptocurrency threading is all about the profits which means it business oriented while cryptocurrency casino are entertainment oriented.

You are correct specially with the last part of your comment, cryptocurrency trading is business, and crypto exchanges are business oriented when it comes to trading crypto.
Meanwhile on that other hand, gambling is entertainment, even casinos advertise it that gamblers treat gambling as an entertainment rather than a means to make money.

But when it comes to what's fun to do and whats not fun, I can categorically tell you that on individually levels, trading and gambling are fun for whoever find any of both, or even both; to be fun, like me personally, I enjoy trading as much as I do enjoy gambling, in fact, if I must be sincere with you, I will tell you that I find more fun in trading than I do with gambling, I could sit for hours watching my computer screen while trading, analyzing markets, speculating, playing with charts and so on, but if I spend the same amount of time on gambling, depending on what type of game I am playing, I can easily get bored, specially when there aren't really any winning coming around to serve as a motivation to keep playing the game.

Docnaster

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There are gamblers who can't go a full day without gambling and there are gamblers who gamble once in while so if the gambling companies decides to charge extra fees for anyone who's using their platforms like the crypto exchanges does, it's going to affect the level if engagements they get on their platforms. For the gamblers who gamble frequently, it'll serve as a little discouragement which might as well make them stop using the gambling platforms but for the gamblers who gambles once in a blue moon, I doubt they'll want to continue gambling sincd they'll have to pay extra charges to the amount of money they stake in their bets.

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In exchanges you are buying an asset while opening a position. You have to pay the tax to that.

In casinos if you win, you have to pay taxes on gains in many casinos operating from land and country specific casinos. I am sure OP knows of taxes on lotteries that have been won and on prize money from game shows.

You are not out of the taxation cycle in trading or gambling, it might not be evident in front of you but it is running in the background. The sites have to report their taxes to be able to run smoothly in a certain area of the world.

Odusko

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Quote from: Adbitco on August 12, 2024, 10:32:14 AM

They could be the same but the rate at which people lose from gambling is much more to be compared with exchange irrespective that they have similar features and of course they can't operate same way because gambling site is to have pleasure and ease ones stresses, at same time using money for it, although there are some games you may decide to play without staking a specific amount from the site.

All these makes it different from exchange because in exchange you can't have fun without you trading with money or you can entertain yourself with games rather it's trading so, apparently gambling site pays taxes same as exchange does because most of the exchange that are operating under some jurisdiction are paying taxes. For example, the US, there's no company that operates under the law of US that does remits their taxes including their gamblers if I am not mistakenly.

While I was writing this thread, that thought came to my mind, on the importance of fun and entertainment that make gambling significantly different from trading and to that we have to look at other points of direction which may be the reason why gambling sites does not charge fees, may be because their are more of fun and free, while exchanges must be paid for because there is no fun in trading and cryptocurrency threading is all about the profits which means it business oriented while cryptocurrency casino are entertainment oriented.

bangjoe

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Quote from: topbitcoin on August 12, 2024, 09:36:55 AM

Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

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.

I agree with you about the business mechanism in these two industries, although both require KYC as a customer requirement so that they know who is doing the activity on the services they provide, such as casinos to gamblers and exchanges to traders.

Not all goals for and losses can be treated and viewed the same, gambling and exchanges are different industries and even though gambling can use crypto as a gambling currency to play, but on the crypto exchange it is considered a commodity and investment asset that can be traded while in casinos crypto is used as a means of payment and reward for winning, that is a different mechanism from the same view, therefore taxation for each of these industries is applied differently as well.

Adbitco

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They could be the same but the rate at which people lose from gambling is much more to be compared with exchange irrespective that they have similar features and of course they can't operate same way because gambling site is to have pleasure and ease ones stresses, at same time using money for it, although there are some games you may decide to play without staking a specific amount from the site.

All these makes it different from exchange because in exchange you can't have fun without you trading with money or you can entertain yourself with games rather it's trading so, apparently gambling site pays taxes same as exchange does because most of the exchange that are operating under some jurisdiction are paying taxes. For example, the US, there's no company that operates under the law of US that does remits their taxes including their gamblers if I am not mistakenly.

GxSTxV

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Exchanges are charging fees for each transaction as their main source of income from clients, while casinos are offering free gambling experience even when it comes to withdrawals and deposits. These two businesses are different and both are generating income from clients with a very different way, also the amount they spend on marketing, taxes paid for licensing and governance.

Casinos are doing their best to attract gamblers, and they take more profits from a gambler than what an exchange platform takes from a client. However, most exchanges have more clients since it’s a highly needed service compared to gambling which is a fun activity.

In my opinion, if casinos started to impose fees for gamblers, they will certainly lose a lot of numbers, or in best cases players will lower their activity and rounds if they are paying fees for every bet or game.

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

They charge fee on every bet and that’s called house edge. All the casino game doesn’t offer x2 payment on a 50% winning chance game but rather they offer less payout for the actual payout if there’s no house edge yet people still play with this known disadvantage.

I think people will still gamble even if government charge additional fee on every bets as long as it’s just minimal since some people can still play gambling games even with a house edge greater than 5% which is so high.

Findingnemo

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

Exchanges and casinos are different, they need different licenses to operate and if you see one with both then they acquired both licenses.

Why exchanges charging money for trade is fair while casinos won't is simply because exchanges don't make any other revenue they are just being middlemen for buyers and sellers while casinos we bet money and if we win we make some or we lose the entire bet amount to them which is enough to make their profits.

And casinos worked this way for very long time so I guess there won't be any need to change that or else people may start to refuse their platforms which directly affects their revenue generation.

Hispo

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Quote from: Odusko on August 12, 2024, 08:20:13 AM

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.

Well, I think it is important first to give some context on how both casinos and cryptocurrency exchanges have different models to turn their daily volume into a profit..In the case of casinos, they do not necessarily need to ask for a few with each wager you take on them, because they already have set up a implicit system which allows the house to be very profitable in the long run, asking for fees for rolling dices of playing black jack would only make gamblers more reluctant to participate in those games.
On the other hand, exchanges do not have the same mathematical algorithm in place for them to take advantage of their traders in the long terms, they comply as for a small fee with each trade in the spot market which is successfully carried out. so they always win as well, regardless the market is going up or down., as long as there is volume there will be profit

Topic: Will you still gamble? - page 9. (Read 1745 times)