Can someone explain the trend of bitcoin casinos creating altcoins ?

[erpbridge]

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like  creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

[iv4n]

Do you think about DAO and BetKing? Many people are interested in this, or they just spamming to get tokens from bounties. My facebook page is full with people that advertise this two ICO`s, and many others of course.
BetKing was a good site, I even participated in their signature campaign a long time ago. Dean is honest guy, he had many chances to run away with big money, but he always return funds if something is not right. He is a guy worth to be followed, and as I saw that he is making a much better casino, with more games, I saw plans for poker and sports book, all that looks very nice.

[NorrisK]

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

[erpbridge]

Do you think about DAO and BetKing? Many people are interested in this, or they just spamming to get tokens from bounties. My facebook page is full with people that advertise this two ICO`s, and many others of course.
BetKing was a good site, I even participated in their signature campaign a long time ago. Dean is honest guy, he had many chances to run away with big money, but he always return funds if something is not right. He is a guy worth to be followed, and as I saw that he is making a much better casino, with more games, I saw plans for poker and sports book, all that looks very nice.

Yes these are examples I am talking about. Yeah plans and all look good but why not just accept investments the usual way ?

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

I am not too sure about that. When they offered investments, they had a pretty huge amount invested. Now its much smaller so far in the presale. Still doesn't answer my question.

[LuanX3]

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like  creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

I guess, well there are a lot of shitty coins anyway. They are adding more to it. The coins don't really convert to parts of the casino, like how stocks work on corporation. So I don't know why they are offering coins as a way to raise funds. The coins don't mean anything but coins that we trade on the exchanges. It will not be equivalent to any assets of the casino.

[BitcoinSupremo]

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like  creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

Great casinos which accepts investments are still accepting them in bitcoin. I am talking about Cryptogames , this is one of the oldest standing casinos here in the forum and they still continue to accept investments in bitcoin, minimum 0.01 bitcoin to invest if I remember it correctly. They just need to add a few more games as they have very few games compared with other casinos.

[LuanX3]

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like  creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

Great casinos which accepts investments are still accepting them in bitcoin. I am talking about Cryptogames , this is one of the oldest standing casinos here in the forum and they still continue to accept investments in bitcoin, minimum 0.01 bitcoin to invest if I remember it correctly. They just need to add a few more games as they have very few games compared with other casinos.

Not even sure why you brought up cryptogames here. The OP is not questioning every casino that accept investments, not all of them create their own coins. He is wondering why new casinos (and probably some old ones) are creating altcoins for their casinos and consider it as their investment method to the casinos bank roll.

[ralle14]

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.
Maybe dean doesn't want to hold the investor's bitcoin anymore so he won't have any problems incase something bad happens to him.

[BlockEye]

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.
Maybe dean doesn't want to hold the investor's bitcoin anymore so he won't have any problems incase something bad happens to him.

Token is the best to distribute easily the share of a casino, It can be also sold in the market that made the pull out of shares easily.Adaptation of Altcoin token by casino is very good and wise idea on easy profit sharing, Anyone can participate on investment even on small amount of money.

[Oilacris]

Do you think about DAO and BetKing? Many people are interested in this, or they just spamming to get tokens from bounties. My facebook page is full with people that advertise this two ICO`s, and many others of course.
BetKing was a good site, I even participated in their signature campaign a long time ago. Dean is honest guy, he had many chances to run away with big money, but he always return funds if something is not right. He is a guy worth to be followed, and as I saw that he is making a much better casino, with more games, I saw plans for poker and sports book, all that looks very nice.

He probably mean about that 2 sites since it's the only one who do make ICO as of now and do have its own token and I do agree on what you have said about dean. I'm once a player on the site and I know the transparency and credibility of the site the same on its owner and there's nothing wrong if they would create their own token as long it can be exchange to btc then it won't really be a big problem.

[Bitcoinsummoner]

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.
Maybe dean doesn't want to hold the investor's bitcoin anymore so he won't have any problems incase something bad happens to him.

Token is the best to distribute easily the share of a casino, It can be also sold in the market that made the pull out of shares easily.Adaptation of Altcoin token by casino is very good and wise idea on easy profit sharing, Anyone can participate on investment even on small amount of money.

This is another way of any casino just to promote the ICO altcoins that can distribute easily..
That was another way i think that can push the value of the coin fast..
Look at almost post new thread and updates every day almost ICO and altcoins thread flood daily in altcoin section every minute there are new posted about altcoin and i think altcoin is more active than bitcoin these days and casino is one of their first target to start ICO trend..

[shintosai]

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.
Maybe dean doesn't want to hold the investor's bitcoin anymore so he won't have any problems incase something bad happens to him.

Token is the best to distribute easily the share of a casino, It can be also sold in the market that made the pull out of shares easily.Adaptation of Altcoin token by casino is very good and wise idea on easy profit sharing, Anyone can participate on investment even on small amount of money.

This is another way of any casino just to promote the ICO altcoins that can distribute easily..
That was another way i think that can push the value of the coin fast..
Look at almost post new thread and updates every day almost ICO and altcoins thread flood daily in altcoin section every minute there are new posted about altcoin and i think altcoin is more active than bitcoin these days and casino is one of their first target to start ICO trend..

this concept was been created before by rbies i don't know why they didn't materialized or why they are now quite but yes its the easiest ways
to promote the site itself and giving profit sharing will attract more investors and gamblers to join the business.

[Red-Apple]

it seems like the ICO mania has reached everywhere and is becoming global in the cryptocurrency space!
to answer your question: yes i find it scammy. if they want investment then they can simply do what other casinos have been doing for years to accept investors. simple and clean.
creating a token to pump and dump it on exchanges and get some initial free money is not really an honest way of conducting business in my opinion.

[masterzino]

In most cases they are not creating coins, but tokes.
And they are doing it with a single purpose: to raise funds for them. Usually in every ANN topic have a description how they will use the funds. Common practice is devs to keep 10-20% and the rest to be used for project development, jackpots, marketing, etc.

[flower1024]

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.
Maybe dean doesn't want to hold the investor's bitcoin anymore so he won't have any problems incase something bad happens to him.

Token is the best to distribute easily the share of a casino, It can be also sold in the market that made the pull out of shares easily.Adaptation of Altcoin token by casino is very good and wise idea on easy profit sharing, Anyone can participate on investment even on small amount of money.

This is another way of any casino just to promote the ICO altcoins that can distribute easily..
That was another way i think that can push the value of the coin fast..
Look at almost post new thread and updates every day almost ICO and altcoins thread flood daily in altcoin section every minute there are new posted about altcoin and i think altcoin is more active than bitcoin these days and casino is one of their first target to start ICO trend..

this concept was been created before by rbies i don't know why they didn't materialized or why they are now quite but yes its the easiest ways
to promote the site itself and giving profit sharing will attract more investors and gamblers to join the business.

Yes, this is a new way of approaching investors and promoting there ICO and site. This will help them to get more players, and it takes few time to know all people in the market. And you are right alt coins is attracting people more than bitcoins.  This is an advantage for owners, but how it will help for players, i don't know.

[machinek20]

For me if a casino accepting alt coin, it will be better for the player, we will have more coin to play, sometimes alt coin can be more suitable for gambling, like some coin gives cheaper transaction fee and some of the alt coin is cheaper so it is more afforable to used in gambling

[panjul07]

For me if a casino accepting alt coin, it will be better for the player, we will have more coin to play, sometimes alt coin can be more suitable for gambling, like some coin gives cheaper transaction fee and some of the alt coin is cheaper so it is more afforable to used in gambling

I think you misunderstand what is the main point/idea of this thread. Afaik it is not about casino accepting altcoins but about casinos creates their own altcoins/tokens. I myself do not really understand whats the reason behind those casinos that create their own tokens but I think it is about "more profit" purpose nothing else. cmiiw

[iv4n]

There is some off-topic comments in this thread that make a little confusion. I will try to keep it simple.

Do you think about DAO and BetKing? Many people are interested in this, or they just spamming to get tokens from bounties. My facebook page is full with people that advertise this two ICO`s, and many others of course.
BetKing was a good site, I even participated in their signature campaign a long time ago. Dean is honest guy, he had many chances to run away with big money, but he always return funds if something is not right. He is a guy worth to be followed, and as I saw that he is making a much better casino, with more games, I saw plans for poker and sports book, all that looks very nice.

He probably mean about that 2 sites since it's the only one who do make ICO as of now and do have its own token and I do agree on what you have said about dean. I'm once a player on the site and I know the transparency and credibility of the site the same on its owner and there's nothing wrong if they would create their own token as long it can be exchange to btc then it won't really be a big problem.

Dean reputation is out of the question here! And this time he is not alone, he have a team. As far as I know from their ANN thread they have plans for their coin to be listed on some exchanges and exchanged for btc, they didn`t said which one, but they are still not ready for that.

Yes these are examples I am talking about. Yeah plans and all look good but why not just accept investments the usual way ?

Like you I also thought about why not the usual way, and I will try to explain my opinion.
Before you invested in site and that is all, there is a tracker how much you invested your percents in profit and loss of the casino and that is probably all about it. But on other side with altcoin, which is actually investment in casino bankroll, you can trade on exchanges yes? As I understand their tokens will be traded as stocks and that can make this alt even more valuable.
I`m not sure am I close to something, or this is just some stupidity.

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.
It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

I`m not sure how they provide founds for paying rake back, loss back or affiliate rewards. In one of Dean comments he said that he wish to increase casino bankroll and with that to attract high rollers, as I know from investments if casino win you have a share of profit, if casino lose you also have a share in that too.

[phr0stbyt3]

This is a new trend starting a gambling site isn't cheap and easy if you are serious about gambling sites and you can't just ask people for money and be like you will get your money which is risky for the users and no one will invest , so instead they can raise funds and issue tokens on ether platform and share profits with it token holders easily and allowing them to trade on exchanges even opens more opportunities as people don't want the profit and nowadays all ico coins sells for 4 times the price in ico , so the funders can have 2 options trade for profit or earn site profit. Nothing's wrong with this idea

[Mike Mayor]

It just a new different way of introducing altcoins to the world. There many gamblers so it makes alot of sense. It's also something different from the same old useless does nothing coin. It has a reason to be and is backed by that reason with real world value outside of coarse of the trade value on the market. To me I think it's clever. I would invest in some of these and I have so let's see how it goes and which of the altcoins following this trend does the best. AntiMania !!!