If we deposit crypto why our bet is in USD?

[Wiwo]

If you deposit any coin in some gambling sites, the coin would be in United States dollars or stable coin equivalent and you will notice that the amount is stable in dollars. But there are other gambling sites that if you deposit unstable coin like bitcoin, you will have the bitcoin and be able to gamble with only the bitcoin. If you need such gambling site, you can go to Stake.com. If you want to gamble with USDT, there is also the deposit and withdrawal for USDT on the gambling site. Also are many other coins supported.

I haven't experienced such incidents on cryptocurrency casino before, and most of the casino I use, it in the deposit coin that you have your stake in, although the dollars equivalent of the deposits will be displayed in the balance bar, but then when you want to place your bet, you deposits currency is what appear.

For me it be a strange thing for me to deposit bitcoin a d the casino automatically convert it to USDT or any other universal currency approved on the casino, it likely to have long term effect on our gambling appetite since some of the time we already have a pre calculation before setting out to start gambling.

[Oshosondy]

You are correct. My casino livecasino has its coins in usdt. The default withdrawal coin is USDT however you can change it to any other coin of your choice. Personally, I like as it serves to protect your deposit. At least one is saved from high transaction fees and network congestion whenever it happens sonas to have a smooth gambling experience without disruptions.

If you deposit bitcoin on Livecasino, you can only use bitcoin to gamble. Also if you deposit USDT on Livecasino, you can only use USDT to gamble. The coin that you deposit on Livecasino is the coin that you can use to gamble.  Probably you are thinking like this because you have only been depositing USDT and having your signature campaign rewards in USDT.

[BIT-BENDER]

I think you have a valid point. Betting companies that offers the possibility of using Crypto-currency to bet should be aware that the market is very volatile and it can go up or down depending on how the market is and it should be like a shared risk between the user and the company (when it goes down the user loses and when it goes up the company pay more on value of the dollar)

Or alternatively betting companies can just stick to USDT as their prime source of funding so such controversies would cease to exist.

[Taskford]

Most casinos works that way nowadays, let's say you make a 1 LTC deposit, then go to sports and bet all in a soccer game to win a x2, that way you get a ticket with the bet on a conversion from LTC to USD (or your local coin). So your ticket is to with $114 from a $57 bet. All good here, until we think about the long-term bets.

Let's saywe place a bet on Donald trump to win a x1.5, and we place a 10 LTC bet, the casino will take it as a $570 bet. We wait until November 5 and trump win, we get the $855 payment, but for that moment the markets was on a run and LTC was up to $150, so, we get 5.666 LTC back.

If we hold those 10 LTC we would end with $1500, but placing the bet makes us lose money while we risk it all.

And my point here is, that casinos should give us the option if we want to bet on cryptos or bet on local currency. Because from my past example, we should be able to walk away with 15 LTC @150 each one, and that's $2250.

Provably because everything deal in USD and those casino is just basing the current value of the coin you are depositing that's why the value show up there is the current total amount of deposited amount in the casino. What's downside of this is the volatility since instead we can get those figures in mind there will be changes due to fluctuating  traits of crypto so we cannot really assure to walk away certain figures since there's sudden changes happen by the time we want to withdraw our funds.

I also don't know if some casinos take some amount for tax since I guess casinos have different rules especially if they are compliant with the law although I'm just guessing with this and interesting to read more insights coming from those people who have great minds provide their good opinion regarding in this matter.

[ralle14]

I assume it's their way of bringing in convenience because they know we'll cash out our coins to USD once we're done for good and it eliminates the need for an internal exchange.

Despite the downside you've mentioned it still has a bunch of upsides that other users prefer, I also wasn't a fan of it at first, until I started converting my units to USD.

Having an option to pick between the two would be the best of both worlds, but I doubt it'll be a thing since casinos won't profit much from that feature.

[OgNasty]

I haven’t seen this. Admittedly, I don’t use many online casinos but this does seem a bit odd. Almost like a risk to the casino to be trying to play exchanger. It could be lucrative for them I guess, but I would much prefer how Stake does it, where your deposited currencies stay separate and there isn’t some behind the scenes usd algorithm at play.

[TravelMug]

Pretty much all gamblers are used to seeing fiat like USD when betting. And it's hard to calculate let's say in a slot machine we want to bet only $1.00 per spin. So if it is in BTC or LTC then we will have to convert in our mind how much we are going to bet.

So it's very easy for us then if they are going to convert it in USD. At least we will not do the manual exchange, thus we can continue and play and not be bothered by it. Same thing when we won, already turning $10->$50 or whatever LTC or BTC equivalent it is, for sure it's $40 profits already.

[Apocollapse]

Because gambling providers value your money in USD instead of in cryptocurrency, so they will convert your money in USD.

In order to avoid this, you can gamble on Web3.0 casino where you only need to connect your wallet to gamble, they use smart contract and value your bet in cryptocurrency.

Many people don't care with this because they always value their money in USD instead of in cryptocurrency.

[Darker45]

I cannot remember using a casino or a sports betting platform that automatically converts my bets. I remember gambling with Bitcoin before and then ETH, and then I decided to use coins that are cheaper to move around like LTC and Doge. But my bets were denominated in the cryptocurrency that I'm depositing. Further, I'm sure that I've never encountered a crypto betting site that automatically converted my crypto deposits to my local fiat.

I can see no point for any casino to offer wide array of crypto choices when they'll convert all bets in USD anyway. And for a bettor, why choose BTC or other crypto when your bets are converted to USD. You'd better stick to using stablecoins in that case.

[bitbollo]

I Know (and used when I have funds) at least one bookmaker/casino that converts all bet from crypto or bitcoin to USD. They are doing this operation for all bets so I don't see nothing wrong or unethical since they are approachibg all bets on this way.
Excluding critical movements there Is any difference... Just another measure unit.

[Su-asa]

From my understanding, crypto are not stable because it fluctuates every seconds, so the casino prefer to know the exact amount on fiat so that if you win the game they will just convert the amount of fiat you won to the coin you staked with. Their aim is just to know how much the gamblers staked and his potential winning. Even if you are keeping your coins on exchange, you can set the currency or coins you want your balance to be so that you can easily know how much you are holding.

This is not what OP meant. If a gambling site is estimating someone's coins in dollars, that is not bad. It is even good. But what OP meant is that the coin would be in dollar or something like USDT. Let me give you an illustration for you to understand this properly. Assuming you have deposited $100 worth of BTC on your gambling site account, because it is in BTC, you will expect the coin to be increasing in value if bitcoin is increasing, and to decrease in value if bitcoin is decreasing. But in this case, it will not increase but remain in $100.

Okay mate, now I understand better. This means that if the gambler deposits crypto his balance will not fluctuate if the coin is increasing or decreasing. However an thinking that the casino only shows the amount of crypto you have in your balance so that they will not be at loss of the coin decrease in value. Some gamblers might deposit crypto on their online betting account and won't have the chance to gamble with the coins, and if the value of the coins increase to 6% or more the gambler might not think of gambling again, he might want to withdraw the coins back without wagering.

[Oshosondy]

I haven’t seen this. Admittedly, I don’t use many online casinos but this does seem a bit odd. Almost like a risk to the casino to be trying to play exchanger. It could be lucrative for them I guess, but I would much prefer how Stake does it, where your deposited currencies stay separate and there isn’t some behind the scenes usd algorithm at play.

I will also prefer how Stake does it which is also how Livecasino is doing it. You will deposit the coin of your choice and use the coin to gamble or bet. It is the better way about this. On this forum, I can remember that Betnomi and Gandom were like that when I made use of them in the past. I am not recommending the sites because I do not know how they are now. Even converting my coins to USD can be a reason I no longer use any of them.

[seoincorporation]

Provably because everything deal in USD and those casino is just basing the current value of the coin you are depositing that's why the value show up there is the current total amount of deposited amount in the casino.

If you see it from the legal side, they should use the Curacao currency because from there is their licence, in curacao we have the Florín Antillano (ANG), and that currency isn't available on any cryptocasino.

But on the other hand, when the coin goes down, the casino is the one who loses money, because if we depo $100 on ltc and the coin loses 30% of it's value we will keep our $100 on the balance. It is a double-edged sword.

[crwth]

Having a different way would make them a trading exchange and not a gambling casino anymore. I’m not sure if there are rules with this, but I have thought of this to convert in the casino and maybe withdraw after, but it’s just when you deposit, and then it’s already converted. Perhaps it’s just a rule because they want to earn and profit in USD and not in crypto.

[Julien_Olynpic]

In order for a casino to support the function of the current price for your deposit in cryptocurrency, the casino must initially somehow specialize in this and even position itself in this way. It would be possible not even quite a casino, but even a semi-exchange - semi-casino. I do not see any obstacles to the emergence of such casinos (or a sports betting site). On the contrary, it is absolutely in line with today's trends: cryptocurrencies are penetrating everywhere and everyone is becoming a little bit of a trader, even gamblers. And indeed. After all, trading and gambling have a lot in common.

[satscraper]

Why $ rather than, let's say, BTC... it seems to me the reason is hidden in sustainability of the unit which is much higher for USD than for any crypto. It is like measuring the distance  when you move from A to B. You measure it in miles rather then hours to eliminate the speed interference at this distance.

[Dr.Bitcoin_Strange]

Let's saywe place a bet on Donald trump to win a x1.5, and we place a 10 LTC bet, the casino will take it as a $570 bet. We wait until November 5 and trump win, we get the $855 payment, but for that moment the markets was on a run and LTC was up to $150, so, we get 5.666 LTC back.

If we hold those 10 LTC we would end with $1500, but placing the bet makes us lose money while we risk it all.

I understand the whole contest of this topic, and it actually makes me marvel to see that some casinos actually do that, causing the gambler to be at a loss in the sense that if he had just held his coins and waited for a price spike, the gambler could actually make more profit compared to his winnings in the casino. I don't really know why some casinos do that, but it's not every casino that does that. Stake Casino doesn't do that, that's if you are looking for an alternative casino that allows you to stake on your choice of crypto. 

I also agree with your opinion that those casinos that do this conversion should always have an option that allows the gambler to choose if they want to use crypto or fiat. 

[Webetcoins]

It is because USD is I think the most famous local currency and it is used to measure the current value of a crypto. Let's faced it, many of us wants it this way because it is easy for us to know how much money we are dealing with. In some casinos, there is still an option to trigger that feature off and just see a bare cryptos in your screen or you can also use a different local currency, if you think it is much easier to calculate things using them.

There's also casinos which only accept crypto deposits but once it entered on their system, everything will then be converted into a fiat currency. This might be because they are not yet a full crypto casino but that is better because at least they still try their best to cater crypto users.

Cryptos are volatile and I think this is what you are referring to, that we are losing money by the time we are placing our bets but that is if the value of the cryptos have also dumped, while if they are co-incidentally pumping during it, we will noticed that our money have also grown immediately. If you don't like these schemes, then it's better if you can just use a fiat or a stable coin, if you still want to retain that crypto vibe there.

[Distinctin]

Change to a casino that satisfies your gambling needs. Personally, I haven't experienced this kind of problem. What I see on my casino balance is just its estimated conversion value, but I still have my LTC if I bet in LTC. They can't convert our bets without us initiating it, and if they ever do, we shouldn't trust them and should look for better options. With the large number of casinos on the forum, you can surely find one that meets your expectations.

[Oshosondy]

Change to a casino that satisfies your gambling needs. Personally, I haven't experienced this kind of problem. What I see on my casino balance is just its estimated conversion value, but I still have my LTC if I bet in LTC. They can't convert our bets without us initiating it, and if they ever do, we shouldn't trust them and should look for better options. With the large number of casinos on the forum, you can surely find one that meets your expectations.

Some casinos are just like that and they are trustworthy. Some people that may prefer to bet in USD will like the option. Although I do not like it because I will prefer to use the common one which you also explained. If I do not want to use volatile coin, I can use USDT or any other stable coin that I can deposit on my account in the gambling site. Almost all the casinos that I use including Livecasino works like this in a way that if you deposit 1 BTC, the bitcoin will not change in amount and you will only have the option to withdraw only BTC.