Bitcoin Forum

Wouldn't it be much easier and attractive if there were gambling sites that dealt with stablecoins? Stablecoins could be easily exchanged with both fiat and crypto and are generally faster and cheaper for transaction.
I always dream about bustabit and crypto.games accepting stable coins like DAI and USDT. What makes them not look at this potential?

I am not an expert on this field, but probably because most of casinos can't operate with fiat due legislation and they are "forced" to use crypto currency. Legally speaking Stable coins have a TOS (Terms of Service) and probably gambling isn't an usage that they don't allow.

That is maybe the very reason why they are not operating with fiat currency since we do have laws on acquiring that legislation. There is also one thing in my mind that might be the reason why, there are gambling sites that has a fiat deposit feature however upon gambling you should convert it first with bitcoin, that I think in most cases, platforms are looking into more futuristic way of gambling, coz using crypto is the main difference in gambling to physical casinos right?

Playbetr allows users to deposit stable coins:


According to their blog, however, only for sports betting, not for classic games (whether this is really the case can be answered by someone with a Playbetr account).

Many gambling sites have been around much longer than stable coins, including the two sites you mentioned. I think that depends more on supply and demand. If the players want to be able to deposit Stablecoins, the casinos will also offer it. Maybe the demand for them is not that high at the moment?

Bitbollo is right, there's a legal issue using them in a casino.

Other than playbetr, here are the other casinos that accept stable coins.

mbitcasino - Tether(USDT)
betchain - Tether(USDT)

If you dream to play with stablecoins on crypto casino websites, then luckily for you, there are a lot of options: You can play dice, crash (bustabit) and other games with USDT on Bitsler and believe me, this is one of the top casino. If you are looking for sportsbook (which I highly doubt right now but still...) then sportsbet.io <- one of the most trustwortht and popular crypto bookmaker will accept your tether.
Tether was never in my interest when it comes to gambling but I guess stake.com may accept some stablecoins because there is high demand on it from users.

At least there are similar topics that discuss gambling sites that use:


Topic: Tether (USDT) supported gambling platform? (https://bitcointalk.org/index.php?topic=2160344.0)


Gambling - Tether (USDT) accepted (https://cryptwerk.com/companies/gambling/usdt/)

Stablecoin Casinos (https://thebitcoinstrip.com/stablecoin-casinos/)


Maybe this can help you bet on gambling sites that use DAI and USDT coins, if you are a gambling addict, who dreams of gambling sites that use crypto you mean.

some people have already said that there are sites that accept Stablecoins, but I keep wondering if those sites that accept Stablecoins do not need to comply with US laws if they are going to use establecoin linked to the american dollar?


but the main question is: are the Stablecoins reliable?

Regulation is your answer.

Most countries do not treat stablecoins as cryptocurrencies but rather fiat, and in order for a gambling platform to acquire a license for their operations in a certain country, they would need to register for two licenses: one for cryptocurrencies and one for fiat currencies. It's a long and resource-exhausting process to acquire to license for a single platform which operators deem to be not really worth it. Though this is the case, as mentioned above by some users, there are still some gambling platforms which cater to both crypto and stablecoins players.

Casino's and online gambling are the best way to evade a government's greed among the businesses by giving them a mandatory tax payment depending on how much they earn. Hence, making or having it adapt a stable coin (e.g. USDT - which is dependent on the price of USD) would somehow require them to follow certain laws applied on their government.

Also, most would have a tough time trusting a gambling site that offers and accepts stable coins due to unreliability reason. Cryptos are better be fluctuating and volatile. Therefore, to those whom wanted such stability, better be playing on real life casinos (after the quarantine ofc)

This is actually on point, if people would consider on using stablecoins to gamble then it would really be just the same when you are playing fiat.
Reasons on why most gambling sites doesnt have this option because its indeed on that regulation matter but it doesnt really a big thing though
because most crypto gamblers will surely choose up crypto most of the time.

It's a good idea, but in many countries stablecoins aren't considered as cryptos by the law and/or the authorities. So it could create some legal problems...

In addition to those gambling sites, Sportsbet (https://sportsbet.io/promotions/tether-star-wars) and Bitcasino (https://bitcasino.io/promotions/tether-star-wars) just started accepting Tether and they even have a promotion to encourage their players. On other sites i've tried they have their own stable coin as a way to maybe avoid those legal issues.

On the other hand that risk can also make their day as the prices go up just like what we've been experiencing in the last couple of days with Bitcoin.

So the question of the OP has already answered by some of the users here. There are really gambling sites that are using stable coins. And maybe because of some certain laws, the reason why it is not common to online casinos. They prefer to distance themselves from using stable coins to avoid problems along the way.

Regulation is one big problem maybe I agree even if I did not know this is the case, but with over 100 stablecoins out there,,, is it really a problem if people wanted to use them? Anyway I think the real problem is convincing the user and the casino to want to open new wallets to manage. Administrative headache:)

This was the first thing I tought as well.

However, usdt and others are not really fiat, si there must be some other reason...I would certainly prefer to gamble with btc, just because holding btc is a gamble by itself

If sportsbet.io are accepting stable coin, I don't think regulations would be any issue. They are a good gambling platform both for sports and casino games and they know properly what legal problems they may face. Just like almost every other casino, they are curacao registered.
I maybe wrong but with the examples, I'd dismiss the proposition of regulation not letting the adoptable of stablecoins.

^ Definitely right, there are some gambling sites that accept stable coins though it may not be the site you prefer. However, that is due to the trust issue. Gambling sites registered for the currency that they think has a higher demand but if the demand on stable coins to be accepted with your preferred sites and rest assured they will work on the license for stable coins on their platforms. Probably someday if the stable coin will become like other cryptocurrencies such as bitcoin then in no time it will be accepted as well in most gambling sites. Nevertheless, there are also some reasons gamblers want volatility coins because while holding of gambling platform at the same time they are investing.

Yeah, I search for it and they really do.

Not only that, since you just really want to gamble and not to trade or hodl it on a gambling site (not recommended though) better if it will be a stable coins since you'll not be in wary if your coins is not in the same value since dips may not affect it at all.

It is probably because it is dangerous.

USDT is too similar to USD and the authorities may think that the casino is mostly dealing with FIAT (USDT) instead of real crypto. (btc, ltc etc...) IRS, FBI, CIA all these track the USD movement very hard. They seem to not give 2 shits about crypto except bitcoin though.

What is the reason to gamble with stable coins?
Bitcoin is the king and the most attractive cryptocurrency out there so casinos would be more interested in getting it instead of stable coins. Apart from that, if they had only stablecoins integrated there will be no differentiation with ordinary casinos.

Gambling with stable coins basically means that you are playing with a coin that is not volatile. The only reason I see why they want to play with stable coins is to avoid the volatility of other cryptocurrencies like bitcoin. Crypto casino is different from an ordinary casino on different aspects. And people want to bring the asset stabilization on crypto casinos by playing on stable coins.

Normally ordinary casino does have rules like KYC and people doesn't want that. People want to bring combine the advantages of crypto casinos and the stable asset that you can use on an ordinary casino.

Though many won't use the said stable coins because of some restrictions place on them, we also understand that, the government has always raised some regulations whenever there's as stable coins be use or intended to be use either by casinos or exchanges. In totality, the government regulations make many of these sites not.always interested in these coins, the very few using them on their platforms can tell better with their experiences.

Of course, a gambling platform has a consideration when using stablecoin, because in my opinion, it will be more difficult to make the smallest unit for betting. unlike coins in general like BTC became mBTC or uBTC like poker gambling I have ever played.

then what is the smallest unit if you use stablecoin? of course, it makes it a little more complicated.

You are certainly right, so a good way to avoid this would be to accept stablecoins based on other things than USD or any money. Stablecoins backed by gold for example, like PaxG or Tether Gold could be relevant for that.

As people said crypto gambling site needs fiat license as well to operate a crypto gambling sites which accepts stable coins and not much people are interested in playing on cryptos sites with stable coins so its not worth to spend more money just to attract few users. Moreover people can directly play on fiat sites which is less expensive compared to convert theit fiat into stable coins in an exchange then send and receive to different places to get the same gambling experience.

Tether (USDT) is the largest stablecoin of preference for users and with the highest circulation. As some have mentioned there are already Online Casinos that are accepting stablecoins.
Here is a good review of Top Rated USDT Casinos.

https://thebitcoinstrip.com/tether-casinos/

I prefer to keep a seperate allocation of gambling funds in crypto, I think it leads to better discipline.    With mainstream gambling there is always the temptation to keep going back to your bank for a little bit more and turn your luck around by continuing.   Actually the best attitude is to have a set budget every day and walk away when its expended on the days you are not lucky and use it all up, having the balance in crypto makes that more likely as there is a process of conversion.
     Stable coins have their place but I dont want to over allocate funds under the premise its safer in a link to FIAT, theres inflation and losses in FIAT anyhow.   I just doubled all my BTC value in the last month or so also  ;D

I don't think it has something to do with the legality of the stable coins. Isn't it the same if it's transferred like a cryptocurrency and acts like a cryptocurrency makes it viable to cryptocurrency gambling sites? It's not because sites cannot use stable coins, it's probably because they prefer cryptocurrencies instead.

Maybe you can create your own site with that.

Promoting cryptocurrency in their site is good for crypto adoption, their crypto business would not be success if without crypto so they are just returning the favor I guess, bitcoin is not that fast but still it's what majority of people prefer to use, that is because of the support and I can also think that a gambling sites being a business operator, they are also an investors at the same time.

So that maybe the main reason why commonly gambling sited just uses cryptocurrencies instead of stable coins. After all, the OP have a good point that why there is no gambling sites that uses stable coins for playing. This information you have said brings my mind into enlightenment. Well, I have already been playing into gambling sites using cryptocurrencies even before and the question have also bumped into my mind, then at least for now I have already know that there are also certain legalities that are needed to be considered. Although stable coins would be a lot more easier to be used, but the request for it to be done will just undergo certain complexities so we just need to stick on using cryptocurrencies since we have already been using it for a little while now.

I also haven't found gambling sites that accept stablecoins, but some members of this forum have said that there are some
gambling sites that accept stablecoins. And that makes me understand why rarely people play gambling using stablecoins,
the price may be stable, so it's hard to make big profits. So I avoid playing gambling with stablecoins.
 

I think its the same, cryptocurrency based gambling games are easy because we can exchange them anywhere and most of these cryptocurrency gambling sites only accept famous cryptocurrency. So it is no different from stable coins, but if this is because you want to maintain your balance, the choice is to play on sites that accept stable coins and not have to be weird just because the site you are playing on does not accept stable coins.

If you are worried about costs, I think LTC is altcoin which has a pretty low fee.

If you need to gamble with stable coins then i think you should visit physical casino and there you can gamble with USD. Although it will not be the coin (USDT) but it will be the actual USD and it is stable too. I never like the tether coin.

I don't wish to sound like I'm advertising tron gambling (in last couple weeks I made few posts where I mentioned tron), but couple prominent tron casinos have usdt, and you can gamble with their stable coin on these two places I know, probably there're several more, quick search about tron gambling sites will lead you to the right place. Except tron casinos, tether is accepted at bitstarz and mbit casino, at least they had it, I didn't visit or played on this two sites for a while (more than a year). For other stable coins I don't know, but you can search more about it on google and you will find a casino you need!

I've also wondered why there are so few stablecoin supporting sites, literally only around a quarter of crypto gambling sites actually support stablecoins—even decentralized ones like DAI.

I'm thinking that it's to do with regulations.

After all, most crypto casinos are not licensed to offer fiat gambling services. Since some stablecoins are a proxy for fiat, you could imagine that casinos that support stablecoins like Tether or TrueUSD might also fall under the scope of the financial conduct authority (FCA) or other regulatory bodies that handle money transmission.

That said, I really wish they'd find a workaround, as I hate risking volatility to play with BTC.

Doge is even faster than LTC with lower fees! And is almost a stablecoin since several months (it goes up when btc goes down and goes down when btc goes up)

EOS,XRP,TRX  is also a good alternative when we do talk or being concern about fees.About on the topic why theres no
stable coin in gambling sites, actually there's a few already. Regulation aspect is the definitely the closest reason
why they havent included this one.

I believe some beginners in the crypto gambling are still afraid of this "new thing", I mean they want to rely on something that they feel or think is more secure or less volatile than king Bitcoin.
So, fear plays a good role while someone would look for crypto casinos with licences or that could use stablecoins

I don't think the answer is regulation...
I don't think it's hard for a gambling site to provide a stable coin option, but why average gambling sites did not want to, the reason is that it is less profitable and comfort factor. average online crypto gambling players are comfortable with BTC, DOGE, ETH and LTC options.

profitable ? we arent investing on here but we are gambling and the profit depends on your gameplay   . your profit when you win and loose when you loose   .  stable coins are infact less risky because volatillity wont affect your play if ever you like to store coins for play inside a gambling site   . there are sites that i already saw have a stable coin but most havent this yet so im convince that the reason is regulation since stable coins are centralized and are related to banks or fiats 

It will be probably a bad idea if gambling sites uses Stablecoin because Stablecoins are being considered to be banned globally by regulators and leaders in G20.
So this might end the USD backed USDT project and gamblers prefer Cryptocurrencies so i dont think its a big deal as long as you can bet and transfer it with no third party tracking you.

Are the stablecoins really banned by G20 all over the world?

There are so many betting and gambling sites that accept stable coins. There are also others that do not accept them. But if you are really looking for these sites accepting stable coins, you have a lot of options. MintDice, BitCasino, SportsBet, 1xBit, DuckDice, etc are accepting stable coins.

There are a lot of gambling websites that support only the currency in their country because some of them do not have an authorization to make run with the use of the cryptocurrency and fiat currency still it depends on them if they are trying to adopt this kind of transaction or payment transactions. If they are trying to adopt the stable coins it is better if they will use the USD or the euro only because it is just the same there is no too much difference in the market movement. Still, I'm looking forward to it that they will adopt this kind of transactions but still they need another payment for this kind of payment.


In terms of getting volatile the market crypto and fiat currency are more making a lot of movements unlike the stable coins which it depends on the market to make more profit or downward in the market.

I don’t see a real advantage of using StableCoins over Bitcoin and other cryptocurrencies except maybe less volatility and cheaper transaction fees but that does not really stop a crypto gambler from not playing with crypto.While many of the casinos now accept these coins I think that the casino themselves are more looking forward to cryptos where they make bigger profit.I have seen very few posts like this here which makes me presume that not many gamblers are interested in these coins.For those interested there are options.

Gambling with stablecoins may be less attractive to gamblers. Therefore few gambling sites that provide stablecoins options.
And most people are used to gambling with bitcoin, I also feel comfortable when gambling with bitcoin. And volatile bitcoin
make the profit obtained can be greater too.Right now stablecoins are less popular for gambling use. And only a small number of
gambling sites make stablecoins the choice for gambling.

I don't see a real advantage either, that is why I don't, or even haven't, used stable coins for gambling. But some are probably looking at the fees as well as the possibility that their wasted BTC, TRX, ETH, LTC, DOGE, etc would grow double or even higher in value over time. So their accumulated losses would become a treasure in the future.

A bunch have usdt, but some don't look as legit as others.  I guess if your money is locked in usdt for market purposes, and you really wanna gamble on non usdt site, can just convert and play and convert again.  If using lean exchange and coin that is cheap to send, it works fine. Litecoin ether doge, generally cheap to send. 

If someone intended to gamble with crypto then all he has to do is to forget about its exchange rate for a while and just gamble. If you could turn your 1 btc into 1.1 btc, it means you win and thats all.

No matter what the exchange rate is, it doesnt matter at all because you managed to get higher balance from what you deposited into the site so it is a win for you. Regarding the transaction fees, I dont see how a mere $3 usd could be a problem for gambler

You will spend around $3 to deposit into the site and probably around that number as well to withdraw from the site ( depending on which site you use because some site pay for your transaction fee ). If you are "gambling" and thinks that a mere $7-$10 fee is huge than you probably dont need to gamble anymore

---

The transaction fees data was taken from this site https://ycharts.com/indicators/bitcoin_average_transaction_fee

Not yet but they are working on it.

I recently read this article:
https://cryptobriefing.com/central-banks-recommended-ban-stablecoins/

As I said before, these stable coins are way too similar to the real thing and It is in question whether they actually have the assets to back them or not. If they don't have those assets which makes it a scam, a huge one.

I just want to add for OP's reference that Cloudbet added USDT on their deposit option. Not promoting the site but since OP's concern is about stable coin deposits, just giving out some information.

https://www.cloudbet.com/en/player/account

(Note: The USDT deposit option is not present on their legacy website)

Another reason is that while stable coins are really popular among traders because it allows them to maintain their capital once they had a profitable trade, stable coins are not really that popular when it comes to actually making transactions with them, by far the most popular coin is bitcoin which is why it is universally accepted by almost every cryptocurrency casino, and since casinos are on the business of making money if there were a bunch of gamblers that wanted to use stable coins I'm sure they will find a way to do accept them, the fact that is not the case indicates a lack of demand.

Stable coins very quickly gain popularity in all areas and I am sure that in gambling they will also dominate after some time. If you look at the trend, then it is obvious - gradually they appear in all casinos. For a player who wants to win dollars, they have advantages similar to those for which traders value them. Therefore, I think that gradually most gamblers will use stable coins.

Maybe he particularly means about not profitable in gambling house side because if they do tend out to accept stable coins and able to accumulate in to their stash then they do know that it do had less volatility which means they would earn less in price swings but somewhat this one is stable and similar to fiat so its just the same
if we do talk about  profit on volatility- It wont really be that different when it comes to accepting fiat.Therefore, regulation matter would be suited out reason why
only a few do give out this kind of option to masses or to gambling industry.

There were few that do accept stable coins but im sure that most players will always choose up crypto coins since they do know that if they do able to accumulate in likes of BTC or other top alts then they have that chance on earning profit in case they able to stash out some winnings if not then that would be and edge by the house itself.

Many coin gambling look not stable and exist few moment, after sold and developer got profit will run away without take care with his investor. I got bad moment with gambling coin always down just few moment after listing on exchange market because not have good planning at the future time.

Although I have no idea about online casino business, I think the situation you are talking about is a negative advantage for many services. Offering users the opportunity to play games with a fixed currency is a very important factor. This is very important for many users to use that service or website. Although I do not know a casino website that serves USDT or similar stable cryptocurrencies until yesterday, I learned that there is now such a service with an incoming mail yesterday. As of yesterday, the Cloudbet service had sent a mail saying that it would now allow gambling with USDT. I even want to add that email as a quote here, anyone can easily see this mail content.

Hey,

If you want to read more information about stablecoins, we have an article on our blog.

Regards,
Karl
Bitcasino.io

I think that you don't know what you're saying.

It's about the acceptance of the stable coins of the casinos not about their stability.

I'm seeing stablecoin are going to be the part of crypto gambling in the near future. Because, gamblers need some money which can be in any format or with any kind of feature and I believe stablecoins are having all the features what most gamblers are always looking for. I'm not sure but I heard some gambling have already added stablecoins to allow their customers to gamble with.

Many crypto gambling houses removed faucet facility along with rise of bitcoin value. I guess with stablecoins, houses may consider about bringing back faucets regardless of how intensive those faucet abusers go. Because, providing faucets with 1 or 5 cents will not change over the time unlike how 500 satoshi in bitcoin varies over the time.

Who knows stablecoins could be the future of crypto gambling as people may start valuing bitcoins and other reputed coins more which may lead them not spending on gambling.

Maybe it is not common, but there are some gambling sites like Luckygames that are accepting Stablecoins like Tether and TrueUSD. Lesser fees? If USDT (Tether) has no Ethereum and TRX version, it charges a lot on every transaction on Omni that is why some platforms now are shifting to USDT running on tron and eth. I also notice that majority of the Stablecoins are running on the Ethereum network. I also found some gambling DAPPS running on TRON using USDT as bet.

It is unusual for a gambling site that accepts stable coins like USDT and DAI. But if you are looking for a online gambling site that uses a stable coin, so you could easily exchange both fiat currency and cryptocurrency. Why won't you find a online gambling site that accepts fiat currency because stable coin has no difference with fiat currency.

I don't know what their reason is but what I know is almost all of the gambling site that I played only have bitcoin and altcoin to be used for gamble. Maybe they will use USDT or USD or another stable coin someday, but for now, we don't have to feel sad if we don't see a gambling site don't have USDT or another stable coin at their site.

no reason to feel sad because crypto was all about btc and alts anyways   . usdt are just extra and not really that important imo  . one of the reason i  think is that casinos wants an excitement and they dont want people to convert thier funds to a stable coin   .

thats more better because volatility is also like gambling   .  people still have the option to withdrew and  convert thier coins if they feel scared of the volatility even without the help of stable coins

I tried to look at some casinos and found that USDT actually accepted on bitcasino.io, bitcoincasino.io, cloudbet.com, etc., I'm not vouching for these sites to be legit though, just perhaps these sites are not as popular as the one that only accepts crypto (BTC, ETH, BCH).

I'd rather play with TRX or XRP anyway since it is cheaper and faster.

Two sites in bold are popular, they have been operating since years ago and I believe they are legit casinos (not sure about bitcoincasino.io).
The idea of playing with stable coin is about its price. Some gamblers are worrying to see their cryptos dropped down signficantly in just short period of time.