Bitcoin Forum

Hello,

We all see how big is going to be Bitcoin again but personally I am thinking how the bitcoin price is affecting the market of gambling?

Cheers

there are already multiple topics about this in this board discussing about this.

to sum it up, most people won't care much unless there is a ridiculously large bitcoin price rise like going to $5000 but with these rises nowadays, they keep on keeping their old habits. specially those who are earning bitcoin and the amount they are earning has not changed with the price rise.

you earn x then spend y and if you earn x/2 you can no longer spend y you have to spend y/2 too :D

It's not affecting it at all in my opinion,the people who bet now are the people who did that when BTC was far under that price,so as long as BTC exists,the price won't really determine how many people are involved or how much BTC they bet

Just other members said here it wont really affect too much on gambling even how high would be the bitcoins price because the amount would be still equivalent to the previous plays it may shows huge numbers on bitcoin value but it depends on the gambler on how much would he bet equivalent on USD value.

I am pretty sure that this https://bitcointalk.org/index.php?topic=1722346.0 and this thread will have almost the same comments, and as mentioned in that said thread by many, nothing will be change, they will still gamble, so probably your thread is already answered with that thread, that means, everyone (gambler) will still gamble no matter what price is.

The nice thing is how you can bet in units smaller than 1 bitcoin.

The moment where one satoshi is too big of a bet for the common person or even the smallest gambler is not even close.

The biggest risk would probably be gambling sites running away with investors money now that it has basically doubled in value.

In my view bitcoin price is keep on increasing along with the price gambling market too growing with more and more gambling websites with bitcoin access. At the same personally fear of failing in events is getting increased, because even a small loss will be a big one as the price variation is happening often.

It's not a problem to us as we are gamblers, if the price continues to rise and we won the game then we increase our winnings but when we lose it's the opposite. If you really does not want to be affected with the price increase, you can always convert your bitcoins to fiat every time you are done betting but that is not a good practice now.

You are gonna make more profit when you take the opportunity now and it's always your favor as the price is increasing.

The price of Bitcoin now didn't effect gambling. Its just people who are not that rich can now just withdraw 1mb instead of playing it because 1mb now is 1$+. But it is all still the same you can still bet whatever amount you can do and whatever you win is still the same. For myself because of the price of Bitcoin now i am very careful when gambling i limit myself 10mb a day or 10$ a day if that lose then i'll stop for the day but if that win 2mb - 5mb i'll stop too and call it a day.

Gambling sites has their minimum and I think they did not adjust it even if the price has increased substantially. In terms of market, I'm pretty sure the market of potential clients will increased as the popularity of bitcoin has an indirect connection to online gambling sites, I mean there are a lot of gamblers in this world and when it's their first time to hear bitcoins they will be interested to try what are the things you can do with bitcoin, and obviously gambling industry is leading in the list.

I think there is no effect in gambling the increase of bitcoin now. In gambling, it will always defends on the bets. It will somehow be related if the winnings in gambling will withdraw and transfer in the wallet. It can be see the increase of bitcoin value. These increase makes me eager to earn more and tries my luck in gambling.

a gambler won't be affected in anyhow mate as they just there to play and nothing else, so even the price of btc will be rising too much it will not affect anything with the players who continuously have this habitual needs and for sure they will make their own adjustment regarding with the current value but the way or the amount that they will be using will still the same on their fiat value,.

Yes and no, depends on who involved in gambling because every person are different.
For me, it doesn't affected too much due to I play with small amount within 0.0001-0.001.
Gambling sites that may know about it better than gambler as they could calculate how much benefit they get every week/month compare to bitcoin prices.

i think it really effect the bit of the most of the people, as they play gambling using bitcoin but they most compare their bit with USD or their future currency, therefore they change thier bit with the increase or decrease of the price of bitcoin.

I personally don't think it affects the way people gamble by inhibiting them to spend money.
If it did I would think it would have them spend more when the price rises because there is more of a thrill in knowing that you are gambling for more worth then it is actually worth at the time of when your bet was placed.

Well for me it can be affect while we are gamble if you are rich maybe it can not affected but for me i am not rich so i care what is the price of bitcoin because we are saving bitcoins and waiting for the price increase so the price can be affect while you are gamble if you are targeting a profit or you are just gamble for fun.. you are still look what is the price this present time.

This is what I'm thinking and this is absolutely the effect of the price increase. So if you are that kind of gambler that are betting small amount for each dice you make, then you can now bet lower than that because the small amount that you use to bet is now bigger.


Exactly there is already almost the same situation like what you are saying https://bitcointalk.org/index.php?topic=77870.msg17398660#msg17398660
But it is now being investigated by the management. I hope so those casino's will not run their investors money.

its affects somehow, As for me, its better to make money from BTC price increase and earn a clean 10 - 20% profit than to risk it with gambling and loose it all.

yes that is right to say that it effect the gambling but not so much because i do change my bet according to the price increase or decrease, because i usually compare my bitcoin value with local fiat currency and the play gambling according to the compared price.

The potential issue here though is that some gambling sites have min bet sizes in place. When they don't move with the increased bitcoin price, at one point you are not able to make the small bet you planned.

They may increase min or max bets, but when their investors stay with the same amount of bitcoin, there is not really a reason for them to change the min/max bet sizes.

i think it would be affect with the market of gambling because with the price now, to make deposit at least 0.1 btc is equal with $110 and i don't think people with limited stock of bitcoin will gamble with this amount, maybe they will reduce the amount of bitcoin but its still worth in fiat. i mean maybe they will deposit 0.05 btc that is equal with $55.

The only effect i think is going to be on profit that gambling site will be making because as we all know house always win in end and if total profit any casino is making remain same in terms of bitcoin (which used to remain same despite of price change), casino will be making more profit in terms of fiat.

For sure mate as long as they have this system house will always in its favorable state theres no effect in nay manner with the gamblers since they always love playing so for sure whatever the price is gambler will still play and for sure house will be more happier.

but i think that every house have the same strategy, there are some gambling sites who depend on their commission only and do not take the support of house edge. i think bitcoin price has a little effect on my gambling.

With bitcoin price increased, house always win more, like this min/max bet, the house can decided, for a gambler it's a kind of disadvantage, because if the house not make a lower min bet gambler need to deposit more fiat.

There's no impossible if the house will not change min bet.

i don't think a gambling site/casino increased the minimum bet , it is doesn't makes sense.

but they might can change the max bet as it is about the site bankroll , especially when bitcoin price skyrocketed. also there is nothing makes house edge always win more with bitcoin price move up lol , no influence at all for the house edge.

Since you bet in units of bitcoins in gambling sites like mBit, uBit, etc. The price of bitcoin isn't always in the mind of the users. The previous price increase doesn't matter to the gambling site owners. It's actually on their advantage since they're making much more money in terms of dollars today assuming that they make the same amount of bitcoins as before.

1BTC is still 1BTC in the eyes of most people especially gamblers since they only convert whenever they need to. Not everyone looks at the price of bitcoin every time. Even though they know that the price is high right now, they surely will not bet lower than they used to since it's the same for them.

Yeah it doesn't have something to do with the their min/max bet. Because for us gamblers we can just adjust whatever the amount we wanted to bet. For their bankroll also I don't think it does have something to do with their investors, unless some of their investors will pull out their investments and take the chance to cash it out because of the price.

I don't know if you share my feelings guys but since the huge spike price I did not feel like gambling so much (in BTC I mean). Most of my funds are in cold storage and my hot wallet is almost empty so I don't have much to gamble these days.

I think the rise of Bitcoin price will affect the gambling market positively, because that rise will result in more Bitcoin users, as we can watch now that all news companies focus on Bitcoin price rise, so Bitcoin is getting more popularity.

looks like it doesn't matter much not because we are back at the normal bitcoin price levels once again and the slow rise is going to start soon and with a slow and stable rise nobody thinks much about changing their plans in gambling and the gambling market is not affected much because of it.

I'm afraid not!
Rise in bitcoin prices will make it unaffordable for new adapters.$1000 for 1 bitcoin does seem a bit expensive.Even though the investment is safe,it is a costly one at this point of time.
The holders aren't selling right now,market demands are unsatisfied.Don't think potential bitcoin gamblers would love taking a few loses.
The rise in bitcoin prices has already attracted big organizations and government sectors .The bitcoin gambling industry might not have a future if government plans to impose taxes on using bitcoin services.

I dont think that the price will affect the gambler who are betting in sports betting, as most of then are following the bankroll system so they have set their gambling budget and they bet according to it. only those who are gambling in sense of earning high in a day will stop it as if they lose then it will be high lose. But still i think the gambling market wont get affected as gamblers who are not stoppable even on any price due to habit of gambling. Even if government plans to impose taxes on using bitcoin services but still gambling sites should think of the account id proof till then no problem for gambler.

I have no experience, but basically I think that higher the price the less Bitcoin are used for gambling on average. However, this will not change much in fiat value. In addition, the increasing popularity of Bitcoin is constantly adding new users to the sites.

I'm not sure if the high price really deters new users from buying, I mean Bitcoin is almost infinitely divisible and in the grand scheme of things, 1000 dollars isn't that much for investing purposes.

You're not exactly wrong but the current high volatility is a real pain in the ass!
I was just playing poker on Fortune Jack, casino poker. The game is live (which is pretty cool) but the game balance is in dollars! That means that when you start the game your btc balance is converted into dollars and when you close the window it's reversed and your dollars are converted into btc.
I had a good session and went from 30$ to 65 so pretty cool. But I started the game when btc was low and closed it when it rised again! So even if I more than doubled my stacks I went from around 0.04btc to 0.075btc! So it's not important but that still has some effects on the games ^^

Oh, you've a point. gambling sites get profits in bitcoin but actually gambler reduce their capital for gambling due to bitcoin price increase or vice versa, cause less of profits of btc for the site but if convert into fiat and it should be stable profits for the house right.

According to my views it will have a very good affect on gambling sites and casinos which use bitcoins because people have their limits of bits for playing and if the price of bitcoin will increase then the earnings of the owners will also be increased.

There is positive effect for most of the gambling owners because they are using bitcoin in gambling and the price of bitcoin is gradually increase and i think those gambling owners they are not exchanging their bitcoin fast into fiat but if the price is increasing i think some of them they are exchange their bitcoins into fiat just to save the profit from price increase

yes i also have the same feeling. hope that when the number of bitcoin will increase it will bring a positive effect on online gambling, as more people will ry their luck and the gambling sites will become crowded and that is the good point about bitcoin.

Personally i don't think it is affecting them as i guess increase in price may be resulting in more investment as the value has changed and i have noticed that most of the gambling site use btc and not usd as the currency so i think it will still be same for them

Perhaps the impact of rising bitcoin on gambling is people will choose to deviate from the bitcoin for increasingly risky gamble. if not saved will be in the selling / trading. I did not dare to gamble when the price is high

I gamble more when the price is higher. I like to risk, if I win it will be a bigger amount so I can sell a few of my winnings and the others I put up for keep in my wallet. There are a lot of impacts from the price rise but many people keep going with their old habits.

but it is just you for me those gamblers who loves to play won't be affected of it as they will continue to bet in any form of it what really inside their mind is just to bet and nothing else fill up their lust and keep playing to enjoy or to gain profits two types of gamblers will not be affected of bitcoin rising.

I quess there is some impact.

When the bitcoin price increases,more users hold their bitcoins waiting for the price to go up,so

they don`t gamble.This is the only way bitcoin price can affect gambling,but it`s just my theory.

you agree with my opinion right? nothing affected with bitcoin price increased like the max bet or the winning percentage , it is just delusional random thought. bitcoin casino will have more bitcoin stored instead fiat/cash.

but yes if then there is casino bankroll deducted, they have to decrease the max winning bet.

But logically people who want to gamble they can still gamble even bitcoin prices go high because they can stick to their minimum bet amount in fiat equivalent in BTC to bet. Only thing is they will bet fewer bitcoins for each bet. But wise people will always gamble only with small fixed amount whether BTC prices are high or low. I have reduced my each bet in BTC after prices go high.

In my opinion, the price of bitcoin is not affect the market of gambling. Because the gambler will keep betting like usual and even the bitcoins price goes so high, the gambler can reduce the base bet. The conclusion is The Booker/gambling sites is fine even the price goes up/down.

I also think so. Gamblers will not look at price movements of bitcoins because either they will go to have fun or believe that they can make more money because prices are high. So high prices may be good for gambling houses to make more profit. But gamblers may lose more money if they don't reduce their base bet amount to adjust these high prices. I usually adjust my base bet amount according to BTC prices.

Some people don't look at prices. From what I seen in Prime Dice, it has a not answering how much the amount of BTC is. It's fun to see how much you've especially when you're gambling all the way. Don't look at it when you lose because you might regret it.

Have fun while playing and don't regret about how much you were lose or recover your losses with your funds.
When the price was low and high till now, this isn't not a big deal about price and for someone this is a big chance to get big profit from gambling.

it depends on the person's itself because if there is some people only gambling for fun or only for spend his time i'm pretty sure they will reduce their limit amount for gambling because with highest price then will high too bitcoin spendable but for the real gamblers i think there is no effect for them even someday the price will reach to $2000 or $3000 i think they still gamble as usual

It's depend on the gambler to decide on how much they want to gambling

If they did not care about their bitcoin, they will bet although the bitcoin value still high ( let say like last week value )
Overall , if bitcoin value is increased then any gambling site will experience profit first then gambler

Indeed.  Aside from that people who are used to gambling with bitcoins does not care about the price movement anymore.  For them it is all the same because they saw it as bitcoin and not as conversion of bitcoin to dollar.  Believe me because i feel the same way too.  Since I am used to using Bitcoin in my gambling activity, it feel like there is no changes at all even if the price of bitcoin goes up or down.

those who are bitcoin holders for long term are not gambling with bitcoin anyways and the traders aren't gambling much either. so it only leaves one group of people who have been gambling with bitcoin for some time and since they keep things only in bitcoin they don't care much about price and it going up and down because if they make any profit it means that much more with a price rise.

I think it makes a huge difference for the gambling sites that have a minimum 1mbtc bet. Just a few years ago when BTC was floating between 200-300. i thought it was great, fun, and a cheaper alternative to buying real life scratch offs. But now, with BTC price high, I cannot bet on those sites where 1mbtc is the minimum bet. 

I will correct your statement.
Bitcoin price is not affecting the market of gambling. What do you mean with market of gambling by the way?

Gambling activity is affecting the bitcoin price. When you see more peoples got addicted with a gambling site, the massive funds will be store in that sites. It means the more bitcoin spend, the more chances of price can be move.

The bitcoin price is depending on Bitcoin transaction. if we do more transaction means, it will effect on the bitcoin price. So the price will decide by selling and buying bitcoin. And yes because of more gambling activity the price of bitcoin is effecting. And now online workers are accepting bitcoin as their payment this is also one of the reasons to effect on bitcoin price.

what you are saying is correct , who ever are the gamblers they dont see the bitcoin price but they just gamble and enjoy it , some off them are so addicted that they play even when they dont have anything and start to sell everything to play gambling , mainly in the process of recovering the loss and in this process they lose everything

I don't think bitcoin's price is affecting the markets of gambling, but bitcoin is affecting on gambling game
because right now many gambling websites that accept bitcoins for betting on there.
Although bitcoin's price going down, it is still accepted on gambling website.

its true and i think the gambler might be reduce their bet to follow with bitcoin price, because if they use the same amount of bitcoin, then they just make double their bet and maybe its depend their luck to get win or not. but for me, i will reduce my bitcoin amount to make a bet because its too risky for me to continue with the same amount and i think i am not good in gambling games.

If you are really active in gambling sites you might not come to a conclusion like this.Most of the high rollers does not really gamble looking at the price of the coin as even when the price of bitcoin touched over $1000 high rollers are still coming in to wage their bets as usual,but for me i do purchase my coins if i want to gamble so i do manage my bank roll according to the price.

I agree with you that with the fluctuation of the price of bitcoin, there is not much to do with the gambling system, only if the price of bitcoin increases much more, the problem may occur.

If i am a very big gambler, and i bet everyday making profit or losing, I dont really care if the bitcoin price go high or low. I will not stop gambling because i did not gamble because of the bitcoin's price. I gambled because I want to earn some and I want to get some, I want to have fun. Even if the bitcoin's price drop to a $200 price, i think gamblers will never stop gambling, they really don't care.

yes i am agree with that, every gamblers don't think about the bitcoin price and they still playing gambling whenever bitcoin price is high or low. bitcoin price and gambling is not related, which mean if bitcoin price is high or low, its not affecting with the market of gambling.

most of the people do not care for the price because they do not care for conversion of bitcoin from one form to another , they only play keep in mind that the play with bitcoin just like people do it in fiat or their local currency.

Yup most the gamblers use bitcoin for making betting because bitcoins is easy, simple, cheap, anonymous, fast and
bitcoins can be used on the internasional website gambling that accept bitcoins than use fiat money for making betting
it will need time and must pay fees for convert to other fiat currencies is like USD.

and its also have fastest transaction and there's a lots of bitcoin casinos now, in gamblers mind price is nothing what is important is for them to place bets and enjoy their activity inside the gambling sites.

Unfortunately when Bitcoin price goes up, some gamblers take it as an excuse to gamble with the extra money they happend to get due to the rising. They mostly end up losing much more than they gained but they are unable to think of it beforehand.

i don't think if bitcoin price will affect for gambling world except bitcoin price is reach more than $4000 per bitcoin
in my opinion is if gambler don't too care about bitcoin price but they concern of winning huge amount of bitcoin
bitcoin price will affect for traders include trading activity of altcoins

I think if you spend bitcoin for gambling at this time, it's not good for you because the bitcoin will rise up highly after Trump officially became the president of USA. Just hold it and you can get more earning from bitcoin increase later.

Correct,gamblers would really dont matter on how much would be the current price of bitcoin because they would still definitely play gambling.You are right price is nothing and using bitcoin is the fastest mode of payment of playing gambling thats why they will normally use it.

Bitcoin price doesn't matters to gamblers, let's say if they gamble and win then they'll have more bitcoins, ultimately more money if the price increases.

ya like that soul gamblers do not judge each bitcoin prices now, going up or down. which according to him is a pleasure and the victory, and he can spend a lot of money for one day, he thought gambling was a pleasure. ;D

Well i dont mind spending my bitcoin because i can use giveaways and free bitcoins that every casinos or site gave me. It is not a problem even if the price of bitcoin increases because that is not a basis of a gambler to gamble, right? they are just gambling to have fun or have some profits from it, which is not that good. Well it is a good news if the bitcoin's price is increasing but i dont think that it will affect some gamblers.

If someone is gambling for profits then it would be better if he just held the bitcoins instead of gambling it. But if you are gambling for fun that is another matter. You just play with it and gamble for fun. However, as bitcoins rise people who convert fiat into bitcoins and gamble will have a harder time in casinos. As their bank roll will be lower each time bitcoins rises.

That would only be applicable and feasible if you have a decent amount to invest with your bitcoin, while some have enjoyed the increase of bitcoin's value but some has seek to grow their money in a faster way. That faster way is in gambling, you are taking both risk or using bitcoin and gambling and that means higher risk, however, we still gonna accept it as we want higher income as well.

Big or small if you try gambling than just waiting for the bitcoins to appreciate in price then I think the latter will still win. Since in gambling there is really little chances of winning and multiplying your bet to some target profit. It's hard and kinda impossible. That is how gambling works, the casinos will always win over their gamblers.

The relevance of bitcoin price to gambling is what I don't understand because bitcoin itself is a currency you deposit to wager and when you win you withdraw you bitcoin whether the value is $1000 or $100 it does not matter so far you are not withdrawing fiat instead of btc. Also if the value of btc should increase not only in your wallet it increases its general and it affects the gambling site as well. And finally its the multiplying effect of what one puts in he will get you cant put 0.001btc now and expect the multiplying effect of 0.05btc. Its just not possible.

Well it affects the player who uses USD instead of bits,
for instant the player want's to gamble only 5 USD he/she would only send 5 USD unlike those who play with bits and don't even care about the price they will send for example 10,000 bits