Bitcoin Forum

Gambling is getting more popular, just at the US casinos produced almost 55 billion dollars in revenue during 2022, an amount which surpassed the previous record that was established last year, and since any trend going on the US is most likely taking place all over the world it seems safe to assume the same is happening at many other countries.

Have you noticed this as well where you live? Are cryptocurrency casinos experimenting the same kind of boom as fiat casinos?

Source: https://www.forbes.com/sites/willyakowicz/2023/01/13/us-set-gambling-record-in-2022-with-more-than-549-billion-in-revenue/

I guess this is another piece of evidence that gambling does not necessarily goes down during rough economical periods of time. Or are we supposed to assume it is coincidence this record of revenue happened while the United States is dealing with high inflation?

I wonder if there is any study on this matter, the relation between inflation and casino revenue. Anyways, thanks for bringing this up.

This new record by the casinos in the US does not include crypto casinos. But even if crypto casino revenue is included, I think it doesn't make much difference because most crypto casinos are not licensed in the US. They are mostly based in Curacao. So the big revenue of large crypto casinos like Sportsbet, Stake, and many more cannot be included in US casino revenue computation.

Where I live, I haven't observed any noticeable growth in casinos. The casinos here are the same old casinos, no additions, no extensions.

While I have no doubt that the gambling market is a growth market in itself, the regulatory issue will have something to do with it. Three states legalised sports betting in 2022. (https://sportshandle.com/three-states-legalized-sports-betting-2022/#:~:text=Kansas%2C%20Maine%2C%20and%20Massachusetts%20joined,Act%20was%20overturned%20in%202018.)  

I haven't found out about other types of gambling but it seems to me that the USA is in the process of legalising gambling in states where it is currently banned, and obviously that has an effect on the total.

I am very surprised that gambling firms' revenue increased even in the face of global economic crises. I tried to get data on the revenue of casinos in my country for last year and they are not currently available. But research has shown that as citizens have access to mobile phones and Internet facilities it results in an increase in online betting which ultimately leads to more revenue. And last year more people had access to internet facilities in my country.

I do not doubt that last year was a profitable one for casinos in my country because this year more casino companies are being established, existing ones are signing lucrative promotion and endorsement deals with celebrities and other organizations, and more people are turning to gamble as a side hustle due to current economic challenges.

Yup, it's noticeable from where I live since i've been seeing countless gambling ads than usual. I guess it's also because of the states that recently allowed online gambling, I only found that out due to the group that i'm following, and I was surprised by the number of promotions that are being offered by several fiat sportsbooks. Most crypto casinos will probably experience an increase but I think it won't be similar to what the US casinos are currently going through right now since crypto casinos have a different player base and only a few of them have a sister site that only focuses on US players.

Of course, only countries that legalize online gambling will have statistical records, because the owners of online gambling sites will report their activities and pay taxes and from paying these taxes it will be seen how much money their citizens spend on online gambling.
It will continue to increase if cryptocurrencies continue to grow in popularity day by day

In my country, fiat casinos are the most dominant and I do not see much boom in crypto casinos, the only privilege that I have is this forum that I can play with cryptocurrencies easily unlike while using local casinos which are fiat casinos that do not support cryptocurrencies. But we noticed that the casinos that are accepting cryptocurrencies are increasing and they are making money as more people are now playing in crypto casinos across the world. As long as it is a casinos, more people will join and play, that is casinos by nature.

fiat-based casinos will still be the dominant ones when it comes to revenue. however, i believe crypto casinos are also increasing its revenue owed to the number of online crypto casinos that we have been seeing these days. just take for example, stake - you can already see high rollers betting on this site. drake alone will give good profits on them. a lot of people are back to their jobs, so no wonder some of them are back to their gambling activities.

I think the most of the people are turning towards gambling in these fiat based casinos because they want to try their luck and see if they win some huge amounts changing their fortunes to tackle with growing inflation as we see in the reports.The fiat based casino system has always being generated good revenues but these times are proving to be more beneficial for casinos and governments through taxes as people tend to win more and interested in wagering over these casinos.

I am sure that Serbian casinos (or maybe better to say Balkan casinos) are setting up new records every year in the past 5 years! Land-based casinos are almost on every corner, if not a few of them (different companies), and when it comes to online casinos you simply can't miss all those ads on TV and almost everywhere else.
And I am talking about fiat casinos, crypto is still not so "popular" here. We are moving in the same direction as the world does, but as always we are doing it very slowly. I guess there's some progress, but nothing significant most likely.

Yes indeed I live in a country where we follow countries like the US, online casinos is very popular in our country but one of that kind become illegal because of abuse, this is online sabong but there are a lot of casinos that are being promoted locally here in our country, majority of cellphone users here in our country free paid and postpaid are receiving text offers from unregistered local online casinos.
This is the main reason, why our government pass a law that all cell phone users must register their sim whether prepaid or postpaid.
Online casinos are booming because by nature we are gamblers, or prone to gambling.

It's no doubt that the gambling industry is a lucrative business because it isn't so, there wouldn't be those gambling capitals and states in different parts of the world.

Yes, we're seeing the booming industry of the crypto casinos and they've been there for how many years. If it's not profitable then the profitable ones won't be continuing with their operations up until now. But, what we see is that there have been new additions on this industry and as well as the known and old ones keeps on operating but there have been those that have been out of the business.

I am not sure about the gambling industry in my country, because we had so many lock downs during covid where all the physical casinos had to be closed. As far as I know all of the casinos got cheap loans from the state to not go out of business. The three big casinos near my hometown are all open again and quite busy from what I heard from friends. The thing is that I just don't know if it's all profits for them now or if they still have to repay the covid loans. Rent is probably one of the highest cost factors as they are all placed at prime locations. So it could be that it will take another 2-3 years to fully recover from the covid restrictions. As for online gambling, I know it's very popular since the lock downs as well. Competition is high, but so are the profits. I think 2022 was a great year for all the online casino and so will be 2023.

Does that mean there are so many gamblers in the US and so many rich people in their country too? Gambling is legal for them.

We just don't know if it does that much in a year, but what I do know is that there are a lot of gamblers here and rich people who are involved in the cryptocurrency gambling industry. But here in our country, I think the average of those who gamble via online has increased due to the promotion of influencers on various social media platforms.

I think it is a matter of people getting desperate during harder times, so they take more irrational risks in an attempt to fix their problem. People who usually would not gamble in normal times then get drawn in and likely form a problem. At the same time, casino revenue would most likely be swayed more by the whales than average people. It could be a better indicator of how the whales are doing financially than the economy, which mostly just effects normal people more than it does whales.

Even with a bad economy huh? Well, that should be obvious as the number of gambling advertisements is also soaring especially in the sports industry.
Just in NBA, how many commercials were there on local sports channels, DraftKings, Fanduel, BetMGM, and more...
This probably enhanced the number of fans that can now make their bets even while watching the game and even the commentators are giving out information about how much the odds were before the game started and then an update on halftime.
The number of gambling sites is increasing and so does the gamblers who before were just enjoying the game but now adding more fuel to the excitement by spending a few bucks for their favorite team.

I don't know for the country where I live in right now as gambling has been banned since 2019 but on January of this year they pass the new legislation to make it legal again and as so I have seen a boom in lotto clubs where people play sport betting while slot machines are only allowed in big casinos that have a valid government license,small clubs are not allowed anymore to have these type of slots which they could house before 2019.

I personally am playing the same amount of crypto I play since 2020 and do not over pass 100 dollars weekly as the maximum amount spent,I don't know but I am assuming the more crypto gets widespread adoption the more the crypto casinos will see a boom in revenues.

It's not a surprise that casinos are improving in earnings, people are getting bored these days as the adult population is increasing, and they are using the casino to pass time. This is an eye-opener to people that still want to channel their money somewhere, casino investment is still poorly tapped in many countries, they could start little and grow big with time.

As for your question, have never seen a crypto casino in my area. Nevertheless, the area we live in might not be a determinant here because many people living in a country are running offshore crypto casinos. I realized that crypto casinos are mainly online than offline which are more of an offshore establishment.

I'm not sure when I last remembered that gambling was legalized in my country, but what is certain is that until recently gambling in my country was prohibited and did not generate any income from the gambling industry.
but even though gambling is prohibited in my country, some gamblers have switched to online gambling to be able to bet as they wish and there are still many who gamble in my country.
I imagined if gambling in my country was legalized it would make a good income for the gambling industry to support the country's economy, but it seems impossible.

speaking of the crypto casino boom, maybe in the last year crypto online gambling also experienced a big boom like Stake.com.
some time ago Stake.com shared the total bets for the past 1 year and the numbers were also very large.
in this story I think all the increase in the field of the entire fiat as well as online casino gambling industry has occurred because of the increasing trend in Slot gambling.

Well, it was quite expected to reach a new level in casino revenues, because in the previous year everyone suffered from a lockdown associated with the pandemic, however, the same is indicated in the article. And if 2021 was very successful for online gambling, then it is quite natural that after the pandemic, people began to actively visit real casinos more willingly, especially this is typical for the US, where according to surveys 85% of adults said they had gambled at least once.
https://www.gambling.net/statistics.php

Yeah, the pandemic has made everyone stayed at home and that also has made the registers for most online casinos to go up. But those that are only present physically, they're the ones that have suffered.

But after 2 years and as we're close to making it to the third year as we deal with the pandemic, almost everything is coming back to normal.

Those gamblers that have missed going to the physical casinos have contributed to the sales revenue that they're showing right now. I hope that there will be other stats for the casinos that can be found outside the US and how much they are.

I would not be surprised to see casino revenue increase to almost 55 billion dollars throughout 2022 because gambling has become so popular and is not yet revenue from online casinos, including crypto casinos. Maybe people think gambling is a short way to get a lot of money, so many of them hope to win a lot of money by playing lots of gambling games.

But I never observed or noticed this around where I live. And I think online crypto casinos are also experiencing the same thing, especially since Covid-19 has hit many countries, which has prevented gamblers from going to their favorite casinos and they have to gamble online. Probably many of them have moved to crypto casinos after discovering crypto news.

Slot games have suddenly exploded in my country since the effects of the 2021 pandemic until now. Actually those "infiltrating" gambling platforms are not based in my country as far as gambling is prohibited, but I believe that this boom has contributed to a massive increase in revenue when classified by country. Some of my neighbors are even starting to show signs of addiction, and without hesitation share their experiences openly (unlike in previous years).

One of my local news stories (https://www.bbc.com/indonesia/indonesia-61404363) attests to the growing interest of the people in my country in slots since the pandemic.

I'm sure they are, only I don't think it's possible to find reliable stats on that. Online crypto casinos are, of course, still less popular than fiat casinos, but I think we can safely assume that the online crypto casinos' yearly turnover is measured in billions of US dollars. And this industry will only be growing in the future because people want to spend more time at home than outside(because of pandemics and many other things). Land-based casinos will not go anywhere because for some people the experience is irreplaceable, but most of the gamblers, I think more than 90% of them, will be gambling online.

Online gambling industry was one of the few industries which did thrive during the height of pandemic period.
And so it is no doubt when land-based casinos open their doors to the public, they are one of the industries which got their boost in revenue.
I believe, a lot of people are still hoping to win one way or another despite of the economic situation that we are facing with.
Gambling industry will continue to grow now that online crypto casinos not only fiat-based are getting popular.
I guess, people are taking their chances in these gambling games to cover some financial desires. But everyone should be cautious especially if you are already financially challenged.

You just have to look around and see the number of new Crypto casinos being launched every month, if the fiat casinos are booming, much more the Crypto casino industry, just check out the number of big events major Crypto casinos are sponsoring, in fact, during the times of pandemic there's a big boom in online casinos.
New records in fiat casinos are set because people are excited to play again and they missed the ambiance of the Physical casinos.

I think it's safe to say with crypto having/experiencing the same thing but with a lesser amount of audience I reckon since it's being limited by it's medium (crypto), but in general, it should be the same imo. Heck, it may have even offset some of its limits by most (if not all) crypto casinos being online, which is easily accessible by a lot of users. Crypto isn't as hard to get into as well compared to the past so really, the limit I said earlier could be called non-existent at this point (or in the near future).

I guess the promotions that casinos has had in the past year of being free (mostly) from the lockdown proved to be rather effective, and people are being more lax with how they spend money (regardless of the current economic situation I guess).

You have to consider that the US and other countries are protecting the gambling scene with strict rules and regulations. These regulations "block" US citizens from using external online casinos. Take Stake.com (Possibly one of the largest Online casinos) for instance.... they are not allowed to operator in the US, so Stake has to create a  Sweepstakes style site to operate a site in the US.  ::)

A lot of countries are doing this, because they do not want money to go to other countries (capital controls) and they also want to cash in on huge fees for licensing and the taxes that are paid on that money. (winnings)  ::)

The gambling industry is evolving constantly. A study last year June 30 found that sports betting generated a total of $3.04 billion in revenue in America and is expected to surpass its previous record this year, with Morgan Stanley forecast to reach $7 billion in revenue by 2025. 6-10 billion revenue will come in other industries. There is no doubt that the gambling industry is moving forward in that regard.

In recent times a lot of gambling and casino establishments have emerged online with cryptocurrency. Crypto gambling platforms are constantly growing. It has gained great popularity not only in America but also in almost all countries of the world. Some gambling platforms require depositing in fiat currency, which is often problematic, but depositing in crypto is much easier.

i see that the crypto-based casino industry is also experiencing the same thing,, this can be seen from the increasing number of people who are starting to gamble using cryptocurrencies .. i think that in the next few years, more people will gamble using crypto because gambling with crypto is much easier and the exchange is faster

The economy is not good and people are spending more on the products they buy groceries including eggs.  People experience hardships and unemployment but we see more people gambling.

What theory I can come up I guess when a person felt hopeless like there are only a few left in his wallet, he will resort to gambling to change his fate.
Believe it. One story I heard was that this man was about to buy infant formula milk for his child but the money is not enough so he went to a gambling house and bet.

I don't know how much the casinos around me earn because they never explain it to the public. And it's not surprising that United States casinos can get that much revenue because there are a lot of casinos that already have many regular customers who play in those casinos. And the revenue boom also happened to crypto casinos, especially during and after yesterday's pandemic, which hit many countries. And it is true that gambling has become more and more popular among other businesses and online casinos are also gaining popularity, just like offline casinos.

Fiat casinos? ahm you mean a traditional ones right? I just notice here my country that all the traditional ones are operating normally, though the rise of online casinos now are being known by many in here still they still not prefer to use crypto. I really admired US for having high revenue in casinos I am sure that government is very happy with this as well. Taxes that they will get will be huge as well.

They didn't count the online casinos as well as the tribal and illegal gambling which I'm not sure if they have the means to do it. This is a report from American Gaming Association.

The point of the article is that. Sports is now what people in US are up to according to the Bussmann of BGlobal since gamblers are evolved, they now treat gambling as entertainment, not a vice according to the article.  Is that right? Although the economy may still face a lot of headwinds, the gambling business will still be profitable.

Yes, gambling in general is getting more popular where I live as well. I see this by the amount of posts on the internet from people talking about gambling online platforms and also by the fact youtubers and celebrities are promoting such services more frequently these days. Differences are hugely noticed after the pandemic. I think we could classify gambling before Covid-19 pandemic as one thing and after as another thing.

At same time, with popularity it also comes the criticisms. Many people don't know how to adopt gambling on their lives in a healthy way, so they end blaming betting platforms for the financial bankruptcy common citizens are facing in the country.

I don't blame them at all, though, because some promoters are really unethical, as they advertise casinos as a mean of making an extra income. Add this to low educational backgrounds and you will have a lot of angry newbies losing money and calling gambling services scammers.

Well tbh, it seems like the brick-and-mortar casinos here re not doing very well. I mean, they are still posting quite the revenue on their platforms but it's not really as record-breaking as the ones in the US. Perhaps one thing that affects this is the ongoing inflation that ravages our economy. Not a lot of people have that much disposable income anymore, and the only ones that can afford to go to casinos are the rich ones and the upper middle class people. Most are trying to save some money where they can and it's understandable. But yeah, $55 billion in revenues for casinos in just the US alone is pretty big, though not surprising at all.

And that stats were only from regulated gambling operators.

What more if there's data too about revenues from illegal gambling and add it on the whole?

It's been expected already that the gambling industry will just continue to grow as there's no way it can experience a downfall even amid an economic crash, global recession, global pandemic, and even war.


Yes, lots of local fiat casinos are now well-known here and they are popping everywhere.

As for crypto-casinos, no need for any experiment as they just need to move forward in providing good service.

I guess even if most of the people are much affected with inflation, but that does not mean that gamblers will stop spending their money because they are eager more to save now than to spend. Maybe the reason why gambling is still in high demand because the gamblers are now more obsessed to try their luck so they can win and bring home their big bonuses and profits. It’s not anymore that gamblers gamble for fun, but this time gamblers are now eager to win more money and be more profitable.

Ok, you can say that gambling business is growing and with online gambling , it has even more potential to grow further, however i have one question as a food of thought.

When we say that Casino earned like 55 billion dollars in 2022, this means that the gamblers have lose this amount in gambling which eventually become the property of the gambling casino and they show that as a profit in their balance sheet. Right ?

From what I recall, betting used to be more more restricted across the USA until relatively recently when a lot of laws were relaxed and different states started competing to host these sort of companies. It's similar to cannabis laws in that way, there has been a surprising relaxation of the rules and there is a lot of money in taxes to be raised for the most accommodating local governments. It might hit a point where there is a bit of pushback but it seems like politicians and supreme court judges are concentrating on all the wrong things lately. Either way it looks like this trend will continue for a while and these US companies are likely going to start hoovering up overseas companies at some point with these huge funds available.

Gambling industry is no doubt one of the most progressive when it comes to development and increasing numbers year by year.On the time that it does have some significant decline is into that time where pandemic

happened.We aren't that blind not to see up on industries which had been mainly affected into those time but now that we are going back to normal then its no surprise that  gambling industry is coping up and now
breaking up some records.Same as goes on other industries as well on which it is really that progressing when it comes to revenue or something related to this.
Its no surprise actually when it comes to this matter.Speaking about places here on my country specially casinos then people are starting up to play there
when health protocols arent really that strict anymore.

Inflation can be simply said to be the expansion of the monetary base which has certainly happened.   Any industry or company which does not see growth in its figures during that time is losing ground and value its quite certain to say.  I would hope to see 10% growth during the recent high inflation but it was required anyway as we know there are just more dollars available to circulate globally now.   BTC is a different dynamic but overall there are more people able and willing to trade and use BTC for gambling etc.

There’s also a surge to gambling adoption in my country, you can see a lot of advertisements online and especially in social media platform, I guess if they are true to their numbers they probably made a lot of profit last year as well. Gambling becomes more accessible online for both fiat and crypto, and if this market continues to grow probably the gambling industry will also grow more.

Casino was popular among all the countries.In America the people are mostly had huge funds to use for their entertainment.It may be the foremost reason for the development of more casino based websites their.This record will be the impact of the complete development casino project to the United States.The foremost part of this one is the people play the casino for their entertainment.Instead of using it to earn money.Mostly the entertainment game must be view as Commercial entertainment platform.Some people use this as the Earning tool and create some wrong tactics and loss their all money again and again.The gambling websites become a more popular one after the uplifting the crypto currency to the people.Many crypto traders use their money to inverse in the gambling and their ultimate aim to do multiple of their crypto currency using the gambling and casino.

I can feel that crypto casinos are making more than that because cryptos have fewer restrictions due to their decentralized state. Being that said, cryptos have more audiences than the fiat casinos. The lockdowns or the pandemic rather have helped a lot for the online business to grow big and one of the most successful is the online gambling.

Now that there are no lockdowns anymore, I think it's expected that the revenue of the online casinos will now decline by some percent as people are now back on their good old routine. They are now busy and need to allocate money on a much important things than in gambling. It's not totally a sad news though.