Bitcoin Forum

Hello,

Don't know if this is the right forum, but what is the gambling percenatge of the total crypto-economies?  I read in some ICO document, maybe it was Betkings that it was 60%. I read 15% somewhere else.

Anyone know an accurate number and statistical source?

There is no way to know for sure, given that bitcoin is pseudo anonymous so we usually can't tell if a transaction is using bitcoin to buy something, deposit in a gambling site, or mixing their coins. There are a lot more bitcoin transactions compared to a few years ago.

The percentage that you saw was probably from an estimate that was done a few years ago, when Luckyb.it was a very large gambling site. They had special public deposit addresses, and I think someone analyzed how many transactions were to Luckyb.it and how many weren't to get an estimate.

Why do you want to know this info?

I found that some ICO's put in percentages, and one put in 65%, which I found to be high. I realize of course it depends on how counting is done, and that exchange transactions is by far the largest chunk of transactions. I read on coindesk I think 18 months ago that the author of that article determined it was 15%, without mentioning source or methods.

The reason why I am asking is due to that I write business reports, sometimes articles and have a general business interest in crypto-gambling, as I am involved with gambling myself. But as you pointed out, the anonymous nature make it harder to determine.   I had hoped there was some unknown method when the ICO whitepapers etc. had stated numbers. But then again, the ICO's seems to contain quite a bit of fluffed up data.

I don't think there is any accurate number for this, it is like finding the total number of people in the world who are using bitcoins. I don't think it is more than 50% but some say it is which is hard to believe.

From my view I will assure that bitcoin is been involved in gambling. This we can confirm it by number gambling site and campaign involved via gambling will confirm it. I speculate that 60% percentage of btc and alt economy is based on the gambling and other 40% will be involved in smart contract projects, ICOs, mining and lending.

If it's really 50-60% of the overall  btc economy, then it must be very large numbers. Question is then, of the 45 billion dollar gambling market, how much of that is crypto?  I talked to some payment processors, and large operators and they stated that now 10-15-20% are bitcoin (and other cryptocoins) of their overall transaction volume.  I know it's hard to find numbers, but when doing business reports, I sometimes try to go beyond pure conjecture at least ;)
So if the gambling market is 45 billion and say 15% is crypto, is then the cryptogambling market ~6-7 billion? And if the 6-7 billion represents 50% of the total crypto market, is then the total crypto market, including darknets etc. 12-14 billion?   

Very interesting numbers indeed. I had thought the crypto-gambling market to be a bit smaller, maybe 1-2 billion. What say the community? My numbers make sense or are they off?

I think back in the new days of Bitcoin 2012-2013 or so since the value was much less more and more people gambled with the Bitcoins. Because back then there wasn't much you would do with them.

Now there are many services and other altcoins so the total percentage is probably much much less however if you look at the amount of rolls and users registered on sites like Primedice, it shows you what huge amounts of BTC is gambled daily.

I would say its like 5% of total.

It's hard to tell we don't know the exact number of people who use bitcoins and spending it on gambling because of the community growing and adopting cryptocurrencies, i think people who have a large amount of coins do gambling but i don't know what is the exact percentage because if you are a wise man you don't want to lose all your money on gambling.

The estimates that you have come across somewhere is very very rough. It is hard to tell and even harder to find out. However, I think gambling is one thing that cryptos are great in offers. Alts especially focusing on gambling are the ones that are ruling. Bitcoin's use in gambling has diminished significantly I guess. BTC has grown really huge in value that other alts are more like safer to use in gambling.

I'm not sure about the percentage but what I know is bitcoins are more popular in gambling industry compared to any other industry as of now. Because of its popularity now many people have started to invest in it and most of those people may not be gambling. So there is no way anyone can give you the accurate information for your query.

Yeah, bitcoin fits with the gambling industry quite well. And bitcoin casinos tend to be much better than their fiat counterparts especially with their provably fair implementations. I'd say that the percentage is quite high but it is hard to tell for sure.

- If you are talking about betking's ICO whitepaper than those stats can't be accurate, they are trying to get more funds by showing larger percentage of bitcoin economy is in gambling.

There is no way to find out accurate number or stats for this but obviously it is more than 15% but less than 60%.

I beleive that percentage is that high as you say, maybe even biger but you will not find an accurate number for your document, just estimations, because as far as I know there is no relevant method to measure this and I'm not sure that someone is even monitoring these figures. Maybe you could engage someone to make some survey, if that would satisfy you.

What exactly do you mean by " the gambling percentage"? is it the amount of money the players send to their online-gambling wallets or the aggregated amount of their collective wager - which will be many, many, many times higher.

Or did you mean the amount that online crypto casinos win, which will be about 25% of the money players send to their wallet or about 1-3% of their total wagers.

Either way, i don't think any of that can be estimated with any significant precision.

You should be more specific. What do you mean by gambling percentage of total crypto-economies? Don't think any accurate statistic has been made yet. So it's actually hard to tell.

Adzino,

Point taken: I meant both in direct numbers (M or B's), and in a percentage of transactions for bitcoin. I believe that basically no gambling company have any significant volumes of etherum, dash, monero etc.

I fully agree: there is no accurate statistics on the subject-matter, but I read an article from coindesk, from March of last year that stated 15%, but they didn't list sources.  A general question, may be tricky to answer - do anyone know what methodology is used by the transaction tracking companies to peg a transaction as gambling? Bloom filters, address clustering?

Again, I'm trying to find accurate statistics that I can source reference, but I realize that it may be futile.

Thanks guys!

What you read are just pure estimate and we cannot determine what really are the exact number since gambling in crypto world is anonymous and anyone can create as many accounts as he want and just don't use afterwards. One thing that is certain mate is that the crypto gambling industry is having an impressive growth and when this continue we will have the majority of gamblers in the world adopting.

Its probably a big chunk of it. But impossible to figure it out. I believe the gambling subsection on this forum is the biggest part of the forum, and hence it probably implies that most of the people introduced to bitcoin do end up gambling some for the fun of it.

As of now,for sure there is no accurate number of people using bitcoin. Whatever you read is only estimated number. Maybe today the number of bitcoin users is higher than your estimates because bitcoin is now better known and more investors.

Theres no exact statistical status on this one and talking about Betking its indeed doing good thing in the past but i cant assume that most of the ratio would be come into it. There are lots of gambling sites which i believe that surpasses Betking. If you are pertaining on ICO side then i dont have much idea about it.

One way we could try and calculate this is to look at crypto revenue as a percentage of global revenue.

We do this by totaling sums of wagers from known sites. Most crypto-only sites publish that, the problem is conventional casinos that don't. But my suspicion is crypto use at casinos that also accept fiat aren't big due to verification needs.

From there, the house edge will approximate the expected revenue.

Numbers are already known for "global gambling revenue", even if the methodology is not. A basic [revenue from crypto]/[total gambling revenue] can give us an estimate. It's probably quite a task but if OP is involved in doing reporting, maybe he has tools that can make this data crunching easier?

Interesting question, but to be honest it is hard to say. The Bitcoin or crypto-currency economy has not yet been well researched. My personal impression is that the gambling part makes up a large part of the crypto-economy. This also shows the high number of Bitcoin gambling sites. Also the number of posts here in the gambling area is a good indicator. I think there will be more academic research in the future.

Actually the statics release by Betking is quiet accurate since they use their personal statics and their competitors in gambling industry. For it is not a big deal to know the accurate percentage of crypto used in gambling as long as crypto made gambling experience better than statistics don't matter.

in my own point of views gambling percentage in the crpyto economy is a huge numbers but still not enough to get the 50% of it. there's more traders and people in the market than gambling percentage. although online gambling is very popular in bitcoin because they can get a lot of bitcoins here in a single winning if you have a huge bet amount.

In reality I don't know how much accurate the calculation is, but in my personal opinion I believe more than 50% bitcoin market circulation is through the gambling. These days the ICO's had made a good circulation of the cryptocurrencies in the market. Hope over the years the same will continue as more and more gambling websites are coming into existence.

I would be more tilted to the lower side of say between 15% and 25% because of the fact that gambling by default to so many society is a social vice and this is something that most people have grown to become and if they try gambling and they lose, they try not to come back and aside that there are some countries whose law is against gambling but they still do extra things in the crytpo world like trading which to me cuts across every climes of the society.

It's hard to tell exactly, because some part of crypto-economy is in deepweb, so we can't measure it. But you can get some idea by comparing gambling volumes with the network volumes. Gambling sites historical earning are usually in double/triple digit zone in Bitcoins, and there's not that much casinos - lets say a hundred or so. Now, blockchain.info gives us 234,417 BTC transacted per day, and of course it doesn't mean that every transaction is a payment, but still this number is much bigger than combined profit of all casinos per day. So, I think gambling share of crypto economy is somewhere between 5% and 15%.

never hear about this,and i think it just some community take survey about people who playing gambling and calculated in percentage,and they got 60% crypto-economies come from gambling,but actually crypto are more than gambling,i think trader and miner are dominated in this crypto world,even so they also playing gambling.

You have forgotten one thing that winning in gambling is very less compared to losing money. So who ever is going to bet a huge amount to make a huge profit they are risking their huge amount of bitcoins as well. What I know is Bitcoins currently more popular mostly in online gambling industry compared to any other industry so I think its use in gambling may be more than 50%.

I'm sure cryptocurrency gambling growth recently is rising, because the easiness of cryptocurrency gambling and the system which don't need to proof your ID. I heard fiat gambler switch to crypto.

It's hard to get accurate percentage, especially nowadays, pretty much new crypto casino pop-up, it's need work hard and a lot time to collect the data, but I found this: http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/ that article show the statistics of gambling proportion in crypto-economy, although it's old article and the calculation is roughly.

For me,  gambling percentage will be than 50% to 60%. But it is my observation, but still i don't know about perfect answer. But i believe i am right. The reason is bitcoin, bitcoin online gambling is too much popular now a days. But one thing is coming is my mind that gambling percentage will be less than bitcoin investment and trading.

I also think that gambling percentage is near about 50%.
To know the perfect answer that how many gambling percentage is here of the crypto economy, i never hear any instrument is here. But we can accept it easily that bitcoin gambling have a good percentage in crypto economy world.

Yes, gambling is very important in Crypto economy. There are people who are in Crytpo-Currency world only to gamble without fiat as they can't on their country or because they want accessibility when gambling online, it's much simpler than using credit cards to gamble.

But I don't know what is more important for Crypto-Currency economy, gambling or trading? I think these are the two main pillars that sustain this world.

5%-15% is somewhat low and you're right it's hard to guess because there's no way to track every amount now that there's a ton of casinos opening while some are closing.  With that guess you only included bitcoin gambling in this scenario and forgot about the different altcoins that are being accepted by different online casinos.

not more than 30% maybe because the biggest percentage maybe held by miners and traders as we can see there are a lot of markets than gambling site. the volume too

Some miners and traders are also a gamblers and 30% is pure guessing, there is no way for us to calculate how much percents of all crypto wealth is in gambling. There is many sites, and probably every site have some high rollers, plus so many little players. Its already mentioned, but some fiat casinos now accept bitcoins, and how to track all that, almost impossible. Even thou 30% is guessing, I must admit that its reasonable assumption, maybe a bit high who knows, 30% out of 70 billion, market value of cryptocurrencies, is almost 21 billion, do you really think that people have so much money in bitcoin gambling? When you put things like this in dollars for me 30% maybe even sounds to high. I tried to find more informations about about this topic but I couldn`t, I doubt that we will hear right answer on this question.

Yes I think I second your speculative guess. Not many are using their bitcoins in gambling and so they are kept and sold at the right time the owner deems fit. It'll be really great if we have this percentage of Bitcoin owners into Bitcoin gambling as well.

Yes, I doubt also that a completely accurate number will be found. I do appreciate all the answers in the thread with estimates and theories to come up with a somewhat accurate estimate.  Personally, I am thinking crypto-gambling is between 400 million and 1 billion a month in revenues, all depending how you count. I estimate that companies like nitrogen for instance (I could be completely off),  have some 6000-8000 players per month based on analyzing traffic (not blockchain data). If they are normal post-up players, that is about $100 per player in revenues or 6-8 million during season. Now, there are then other companies with about same size as nitrogen, and then 'old' companies, like Bovada and other companies that have started to direct a large amount of their activities to crypto-currencies.

of the 45 billion dollar a year gambling market, I estimate that 15-25% is stemming from crypto-currency deposits.  I am therefor estimating a value of the crypto-gambling markets between 5 billion and 12 billion dollars a year in revenues.

The answers I have received have largely been in the range of my own estimates.

I thank all contributors to the thread.

Gambling industry in crypto is getting bigger, in fact it's one of the reasons why the crypto economy has progress this much. It maybe small in the entire industry but this is a big threat to fiat gambling and there is a big possibility that in the future crypto will dominate the gambling world and we investors will benefit on that.

Yes and there is a great possibility of crypto can beat fiat gambling because we do not know how much total percentage of crypto economic gambling and we do not know for what people spend their crypto. Maybe some of us say 50% and others say 30% but it's hard to know the exact number because there is no classification of transactions sent to blockchain. All we know is the bitcoin gambling industry become bigger than we thing and many people is interesting to playing gambling using bitcoin.

Gambling percentage on the crypto economy has been on the raising side from a long time now. It is one of the most solid foundation to bitcoin, one of its main uses (of course it has many more main uses) but this is becoming fast one of the most appealing way to use bitcoin. It is super fast , no registration, no real life details. I think this business will continue to grow, in fact many FIAT casinos are really considering bitcoin to add as a form of payment (don't know if they will ask for KYC documents but its a good thing if they add it). It is a great percentage which I think will continue to grow corresponding to a growing user base who use bitcoin as a form of payment.

Very nice comment from you BitcoinSupremo, this is a nice review about bitcoin gambling generally and I doubt that anyone can add something more.
I also don't know, and for me it's foolish to even try to guess how much percentage of all crypto economy belong to gambling. What ever number that may be its in rising, bitcoin and other crypto currencies are used for gambling more each year and that us happening for the reasons you mentioned in your comment, fast, anonymous, do we need anything more?