Can someone explain the trend of bitcoin casinos creating altcoins ?

[Bitcoingiver]

You know business change and the way some people chose to run Thiers makes it look scamy  most at times, and they try to make more profit than they should. Casinos in general make a lot of money and if you're not careful the way you play them then you will be bankrupt.

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[jualidbitmixer]

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 ?

Because ICO is the most easiest way to get money and investor in a fast way. I'm sure the success of betking ICO makes other gambling site want to try what betking do. Can you imagine Betking can easily raise the ico to $1m and keep raising till now, no doubt other gambling site will follow betking.

[Tenderino]

I think it's because bitcoin is already at a relatively high level and the chance that it will rise another 100% is relatively low.

People like to gamble and make money and with issuing a new token, that token can easiliy rise 1000% within a few months if that gambling site will be successful. If the gambling site fails, then the token will also fail, so there is a higher risk compared to bitcoin, but this business model appear to be successful.

[iram3130]

Personally, I feel most of the ico's are created to scam people but there are some legit one. I think betking can be trustable and it's getting lots of hyip recently as the casino is one of the hottest place to visit.

[erpbridge]

Because ICO is the most easiest way to get money and investor in a fast way. I'm sure the success of betking ICO makes other gambling site want to try what betking do. Can you imagine Betking can easily raise the ico to $1m and keep raising till now, no doubt other gambling site will follow betking.

Technically all sites are following them. betking, Bitdice, bitcoinrush etc are all holding ICOs.

How easy will it be to cash out of these sites ? Will i have to rely on the market to buy my tokens if I wish to cash out ?

[JL421]

There's nothing wrong with this idea I'm not a ico type giy as they can be a really risky investment but i have researched few of these ico and it was mentioned in their whitepaper that they would share 30% of profit throught some smart contract which isn't bad i think this works like some sort of bankroll

[Caladonian]

There's nothing wrong with this idea I'm not a ico type giy as they can be a really risky investment but i have researched few of these ico and it was mentioned in their whitepaper that they would share 30% of profit throught some smart contract which isn't bad i think this works like some sort of bankroll

well if this will succeed it will be profitable for both ends and some of those  ico gambling site already got attentions with investors, thinking that you will
be able to earn in two ways holding the coins and get your share dividends or sell the token when the value really went high. i think sparing some btc to
invest would not be a bad idea.

[BlockEye]

There's nothing wrong with this idea I'm not a ico type giy as they can be a really risky investment but i have researched few of these ico and it was mentioned in their whitepaper that they would share 30% of profit throught some smart contract which isn't bad i think this works like some sort of bankroll

well if this will succeed it will be profitable for both ends and some of those  ico gambling site already got attentions with investors, thinking that you will
be able to earn in two ways holding the coins and get your share dividends or sell the token when the value really went high. i think sparing some btc to
invest would not be a bad idea.

Yeah, having investment is actually profitable, we can have shares depending on the amount we invested and on the sites income, we can guarantee earning depending on the casino and the idea on how they will implement it if it is pleasing or not.

[MinerHQ]

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

These casinos want to play very safely because if they invest money on bankroll there are chances that sometimes someone may win big amount and can lose money. But from the public you raise funds then owners are not risking much but they can still make a commission for maintaining a casino without any risk. Due to some reason if they need to close the casino still investors will lose money but not casino owners.

They prefer to play with their own tokens because each time anyone wants to gamble on their site then they need to exchange first with other coins. That's means to play and to withdraw money players need to pay commission for exchange.

[Distinctin]

It's very simple, this issue tokens because they want you to be their investors.
The value of the token they issued will eventually rise once their casinos will become profitable, that's the new trend here, anyone can invest and anyone also has the right to liquidate as tokens can be traded in different exchanges.

People come, people go, it does not affect the casino and this is a win-win for both investors and operators.

[maydna]

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 think the owners following the trends, and he wants to get more money by creating an altcoin. But I am sure that he will accept bitcoin also like the regular investment because bitcoin gambling was too famous among us and he wants to get more and more profit. And if there is a change with the trend, I guess that the owners will change their strategy and they will follow the trends like before. I think they are smart to use the trends to gain more profit for themselves and some of them can make a lot of money from gambling industries.

[swogerino]

This is a delicate theme and honestly I believe more casinos whoch accepts investments in Bitcoin as their primary way, of course these casinos may add major altcoins and that is perfectly fine but I would stay away from casinos that try to make you invest in their ICO and add some subtle options like offering also unknown altcoins for your investments.

As a rule of thumb always do your own research, ask also here and only then make your decision.

[SirLancelot]

There are two reasons for doing something like that. One is a quite obvious one, if the casino has their own coins of sorts that would mean it would require for you to change your bitcoins or whatever currency you have into the coin they allow you to gamble with which makes it harder for you to gamble there but also makes it harder for you to get out as well and casinos are always designed to make it harder for you to get out.

Second reason is the ease of use, if they control the blockchain and you gamble on their altcoins it would make it much faster and much easier for them to let you gamble, that way you can check provably fair better, you can bet smaller amounts better and it won't use bitcoin blockchain which is heavier and slower. So it works out for the casino both ways, they keep you in there and they make it easier for you to gamble.

[semobo]

They also want to raise a coin like bitcoin so they were creating their own token but is not much successful until now and mkst of the reputed sites don't do this they are still happy with bitcoin so the reason why creation of gambling token is making money from it.

[neonshium]

Personally, I feel most of the ico's are created to scam people but there are some legit one. I think betking can be trustable and it's getting lots of hyip recently as the casino is one of the hottest place to visit.

Other than gambling based ICOs, many gambling houses are creating their own crypto coins for the purpose of gambling with them. OP is concerning about that. Because, that will not be for purpose of scamming you. As far as I have read betking is a crowd-funding based on casino and I'm not sure they are having their own crypto coin for the purpose of gambling with them.

[Ellen Adarna]

I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

[Ellen Adarna]

I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.

[noormcs5]

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 ?

Because ICO is the most easiest way to get money and investor in a fast way. I'm sure the success of betking ICO makes other gambling site want to try what betking do. Can you imagine Betking can easily raise the ico to $1m and keep raising till now, no doubt other gambling site will follow betking.

These days the trend of ICO is really on the rise. The big gambling companies have already big funds and they can even start their ico on exchanges like Binance launchpad. Not only they can gather million of dollar by this step but also their coin / token will be listed on the world biggest exhange making it more and more valuable.

[Avirunes]

I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.

I can give you many sites who are accepting Bitcoin and yet they haven't created their own tokens. Wonder how you are relating things 

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

I don't think so. I can give you some examples where it failed. The main motive of the ICO is to get money used in development of the gambling platform.

[klaaas]

It can give benefits but the few ICOs with good intents wont hold up against the profit only ICOs may it be gambling or lets say a game token.
The old fashion invest btc is still the way to go if you trust the owner of the casino with your crypto.