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Author Topic: To convert or not to convert ❓ This is the Esportsbook’s question…  (Read 304 times)
Thunderpick
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July 02, 2019, 08:23:48 AM
 #1

Hey guys!
 
Short intro:

Thunderpick.com is a quite unique esports betting platform
that has launched in 2016 with a pari-mutuel (pool) betting.
Since then we’ve added (through in-house development or 3rd party providers)
various new products including Casino Games and Sports Betting.
Currently, we’re in the process of transition from pari-mutuel to fixed-odds betting as requested by our users.
 
The issue:

Among various payment methods we offer cryptocurrencies with the following set-up:
 
⬇️ Deposits:
BTC, LTC, ETH, BCH, XRP, ZEC, DASH, LSK, BTG, TRX with 0% deposit fee.

⬆️ Withdrawals:
BTC, LTC, ETH, BCH with 0.5% withdrawal fee for the first withdrawal each month and 1.5% for the next ones.
 
Deposits are converted from crypto to euro
(exactly to the Thunderpick’s currency which is pegged to the euro).
 
The question(s):

  • What is your opinion on converting crypto deposits to FIAT?
  • Is that fine with you as long as you like the site and its features or it’s a no go and we should start working on implementing crypto wallets?


 
All replies are welcome, as we want to learn about your preferences and deliver the best experience.

Cheers!
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legendster
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July 02, 2019, 03:02:06 PM
 #2

Its been a while since I traded game items or games themselves. Same with betting, I did bet a few dollars with Dota2's internal betting system and compendium back in early 2018.
I noticed that your site boasts of in-game betting, which games are supported? Dota2? CsGO? RUST?

Among the new ones are either of Overwatch or Pubg supported?


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July 02, 2019, 03:07:26 PM
Merited by legendster (1), jakelyson (1)
 #3

Quote
What is your opinion on converting crypto deposits to FIAT?

Let me give you two scenarios and let me know how your casino would do in those situations.

Scenario 1:
Date: 1 July 2019
Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
Converted value at my bankroll: 5k EUR
 
Date: 3 July 2019
Winning from games: 500 EUR
Current bankroll value: 5500 EUR
Bitcoin market price: 12k EUR
Converted to btc while withdrawing: 0.4583 btc

So in this scenario, I will be getting less numbers of bitcoin even after winning 500 EUR from the games. How do you handle this??

Now Scenario 2:
Date: 1 July 2019
Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
Converted value at my bankroll: 5k EUR
 
Date: 3 July 2019
Loss from games: 500 EUR
Current bankroll value: 4500 EUR
Bitcoin market price: 8k EUR
Converted to btc while withdrawing: 0.5625 btc

In this scenario, I am making losses but getting more bitcoins while withdrawing.

Please let me know how do you propose to handle such situations? I think it is wise to implement crypto wallets instead of converting cryptos to fiat. You will be significantly exposed in exchange rate fluctuation risk.

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July 02, 2019, 04:14:28 PM
 #4

It is fine for me if I get to withdraw whenever I like in the crypto I deposited with no extra conversion fees.
As most of the people keep on comparing their coin holding with fiat, the deposit would just act as converting to a stablecoin and holding.
Anyone obsessed with getting a profit on increasing market could use other options.

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legendster
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July 02, 2019, 04:30:12 PM
 #5

Quote
What is your opinion on converting crypto deposits to FIAT?

Let me give you two scenarios and let me know how your casino would do in those situations.

Scenario 1:
Date: 1 July 2019
Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
Converted value at my bankroll: 5k EUR
 
Date: 3 July 2019
Winning from games: 500 EUR
Current bankroll value: 5500 EUR
Bitcoin market price: 12k EUR
Converted to btc while withdrawing: 0.4583 btc

So in this scenario, I will be getting less numbers of bitcoin even after winning 500 EUR from the games. How do you handle this??

Now Scenario 2:
Date: 1 July 2019
Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
Converted value at my bankroll: 5k EUR
 
Date: 3 July 2019
Loss from games: 500 EUR
Current bankroll value: 4500 EUR
Bitcoin market price: 8k EUR
Converted to btc while withdrawing: 0.5625 btc

In this scenario, I am making losses but getting more bitcoins while withdrawing.

Please let me know how do you propose to handle such situations? I think it is wise to implement crypto wallets instead of converting cryptos to fiat. You will be significantly exposed in exchange rate fluctuation risk.


Now I'm not sure but both these scenarios can be answered with 1 answer. What you deposit or withdraw is instantly pegged to USD value and not Bitcoins. They might have a third party implementation like shapeshift or changelly where they will insta convert deposits and withdrawals.

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July 02, 2019, 05:32:48 PM
 #6

I would keep the balances in BTC if you can, as you generally don't want bettors to think "I would have been better off keeping my BTC instead of betting". Usually when I use a book that keeps USD/EUR balances (which is very rare), I would deposit, place the bet, and quickly withdraw if I won so that price volatility would hopefully have very little affect. With a very expensive 0.5%/1.5% withdraw fee (seriously, this doesn't really make any sense), I would almost certainly never play at your book. However, there's probably many people who do like keeping balances in fiat, so why not make it an option? Is there a specific reason you have to decide on one currency or the other?

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July 02, 2019, 05:54:39 PM
 #7

    • What is your opinion on converting crypto deposits to FIAT?
    • Is that fine with you as long as you like the site and its features or it’s a no go and we should start working on implementing crypto wallets?

    Wondering, why you are converting currency to EUR since you are accepting different crypto-currency during deposit? I don't think this is wise decision. I think better make all withdrawal with crypto-currency. You might keep option for convert currency between crypto only, not Fiat or EUR. Yea, perhaps you need implement crypto wallet for that and I believe more players will encourage to play with your website if you implement that.
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    milewilda
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    July 02, 2019, 08:16:53 PM
     #8

    • What is your opinion on converting crypto deposits to FIAT?
    • Is that fine with you as long as you like the site and its features or it’s a no go and we should start working on implementing crypto wallets?

    -Stick with Crypto deposits and if there are conversions then it should be directly with other crypto coins as well.

    -Its a no go for me,as a bettor if you do make a crypto deposit,I would always prefer on withdrawing the same thing and to think that
    each conversion from fiat to crypto or crypto to fiat would have corresponding fees.

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    July 02, 2019, 10:13:22 PM
     #9

    The question(s):

    • What is your opinion on converting crypto deposits to FIAT?
    • Is that fine with you as long as you like the site and its features or it’s a no go and we should start working on implementing crypto wallets?
    You have the full authority to automatically convert crypto deposits into fiat if that's what you want. It's okay for me as long as you can sustain those withdrawals in crypto but there might be some issue on your end if the price goes up. I think that will be the issue for your customers who really like withdrawing in crypto if it will also be affected if ever your system upgrades. But, if you can simply put that feature of letting your customers to decide if they would like to convert it to fiat, I think it's the best.

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    July 03, 2019, 08:28:07 AM
     #10

    Quote
    What is your opinion on converting crypto deposits to FIAT?

    Let me give you two scenarios and let me know how your casino would do in those situations.

    Scenario 1:
    Date: 1 July 2019
    Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
    Converted value at my bankroll: 5k EUR
     
    Date: 3 July 2019
    Winning from games: 500 EUR
    Current bankroll value: 5500 EUR
    Bitcoin market price: 12k EUR
    Converted to btc while withdrawing: 0.4583 btc

    So in this scenario, I will be getting less numbers of bitcoin even after winning 500 EUR from the games. How do you handle this??

    Now Scenario 2:
    Date: 1 July 2019
    Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
    Converted value at my bankroll: 5k EUR
     
    Date: 3 July 2019
    Loss from games: 500 EUR
    Current bankroll value: 4500 EUR
    Bitcoin market price: 8k EUR
    Converted to btc while withdrawing: 0.5625 btc

    In this scenario, I am making losses but getting more bitcoins while withdrawing.

    Please let me know how do you propose to handle such situations? I think it is wise to implement crypto wallets instead of converting cryptos to fiat. You will be significantly exposed in exchange rate fluctuation risk.


    Now I'm not sure but both these scenarios can be answered with 1 answer. What you deposit or withdraw is instantly pegged to USD value and not Bitcoins. They might have a third party implementation like shapeshift or changelly where they will insta convert deposits and withdrawals.

    Not really mate! The concern is only with the fiat value pegging! Are you saying that once I deposit the bitcoins at 10k EUR exchange rate, the entire time it stays in the game will be valued at the same rate? Same thing will apply while withdrawing as well?? If yes, then have you considered the risk behind that?? People will start using this gambling website for hedging purpose then! It's unrealistic!

    The most realistic way is to implement crypto wallet and consider crypto bets in crypto units only so that the exchange rate fluctuation doesn't come into play! That's the simplest and most realistic solution!

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    July 03, 2019, 09:47:55 AM
     #11

    I really love the Esports industry and sometimes would really want to bet and support teams that I really like, And I would like For my deposit currency if I withdraw it will just retain the same currency as the currency I have deposited, So I would go with really not to convert, Why would you convert it with Euro and not the universal money that we are using "$" Is the fee's this way can get really small when you convert it to Euro? I don't think so, That is why I would really want to retain the same deposited currency when we decided to withdraw it.

    BTCitcointalk
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    July 03, 2019, 11:02:29 AM
     #12

    think you should stick to the crypto without converting
    you have a high enough withdrawal fee as it is , imagine  if there is a convert option at 1-3% ....
    generally , players betting in cryptocurrencies prefer to keep it in crypto , so to them volatility is not a big issue
    certainly , there are many that are withdrawing and converting , you should have the statistics and decide if it is really worth the hassle

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    July 03, 2019, 12:10:56 PM
     #13

    Its been a while since I traded game items or games themselves. Same with betting, I did bet a few dollars with Dota2's internal betting system and compendium back in early 2018.
    I noticed that your site boasts of in-game betting, which games are supported? Dota2? CsGO? RUST?

    Among the new ones are either of Overwatch or Pubg supported?



    When it comes to live in-play betting we currently offer markets for such games as CSGO, Dota 2, League of Legends, Overwatch, Call of Duty and Rainbow 6, but we're planning to add other games too. We also offer prematch betting on mentioned games and others, like SC2, Hearthstone, Rocket League, NBA 2K. PUBG and Fortnite only from time to time Smiley
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    July 03, 2019, 12:23:19 PM
     #14

    Quote
    What is your opinion on converting crypto deposits to FIAT?

    Let me give you two scenarios and let me know how your casino would do in those situations.

    Scenario 1:
    Date: 1 July 2019
    Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
    Converted value at my bankroll: 5k EUR
     
    Date: 3 July 2019
    Winning from games: 500 EUR
    Current bankroll value: 5500 EUR
    Bitcoin market price: 12k EUR
    Converted to btc while withdrawing: 0.4583 btc

    So in this scenario, I will be getting less numbers of bitcoin even after winning 500 EUR from the games. How do you handle this??

    Now Scenario 2:
    Date: 1 July 2019
    Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
    Converted value at my bankroll: 5k EUR
     
    Date: 3 July 2019
    Loss from games: 500 EUR
    Current bankroll value: 4500 EUR
    Bitcoin market price: 8k EUR
    Converted to btc while withdrawing: 0.5625 btc

    In this scenario, I am making losses but getting more bitcoins while withdrawing.

    Please let me know how do you propose to handle such situations? I think it is wise to implement crypto wallets instead of converting cryptos to fiat. You will be significantly exposed in exchange rate fluctuation risk.

    Hey avikz!

    Deposits and withdrawals work basically like buying and selling crypto on the exchange.
    When you make a deposit we convert your crypto to euro at the current rate and other way around when you request a withdrawal.
    Our balance is immune to the market fluctuations as all deposits are instantly converted to euro by the 3rd party payment provider.

    It seems that most users would prefer crypto wallets, so we gonna definitely work on that. Thanks for the input!
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    July 03, 2019, 12:30:14 PM
     #15

    Most bitcoin sportsbook and casinos doesn't have the option to convert your balance to fiat and because of that i'm used to betting with bitcoin than fiat. I prefer that you guys do the same or at least put up an option to bet directly with bitcoin. I don't hate that you convert the deposits but imo it's better if you guys add a crypto wallet. Also it's good that you're moving to fixed odds, when I first heard of thunderpick and trying it for the first time that's what I was expecting.  Smiley

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    July 03, 2019, 12:36:09 PM
     #16

    I would keep the balances in BTC if you can, as you generally don't want bettors to think "I would have been better off keeping my BTC instead of betting". Usually when I use a book that keeps USD/EUR balances (which is very rare), I would deposit, place the bet, and quickly withdraw if I won so that price volatility would hopefully have very little affect. With a very expensive 0.5%/1.5% withdraw fee (seriously, this doesn't really make any sense), I would almost certainly never play at your book. However, there's probably many people who do like keeping balances in fiat, so why not make it an option? Is there a specific reason you have to decide on one currency or the other?

    Hey DarkStar,

    I guess we could leave it this way and add other wallets so the users could choose if they want to keep their balance in crypto or rather in FIAT. It might be a little bit confusing from the UX perspective but can be done for sure. The fees are imposed on us by 3rd party payments providers that handle transactions. Hopefully we will bring them down to 0% in the future. Thanks for your opinion!
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    July 03, 2019, 12:48:09 PM
     #17

      • What is your opinion on converting crypto deposits to FIAT?
      • Is that fine with you as long as you like the site and its features or it’s a no go and we should start working on implementing crypto wallets?

      Wondering, why you are converting currency to EUR since you are accepting different crypto-currency during deposit? I don't think this is wise decision. I think better make all withdrawal with crypto-currency. You might keep option for convert currency between crypto only, not Fiat or EUR. Yea, perhaps you need implement crypto wallet for that and I believe more players will encourage to play with your website if you implement that.
      [/list]

      Thunderpick has evolved since the launch. It has started as pari-mutuel betting platform with FIAT payments. Because of the nature of pari-mutuel bets, where players bet against each other and the funds are transferred between them, it was more convenient to keep all balances in euro (or rather own currency pegged to the euro). Since the launch we've added more payment options and products as well as we've started to shift from pari-mutuel to fixed-odds betting, which makes it easier to add more wallets and balances.
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      July 03, 2019, 01:09:20 PM
       #18

      I would definitly keep the balance in the currency it was deposited. Otherwise you will have to deal with lots of customers who are angry when they eg lose BTC in a bull market due to your conversion.

      Personally for me it would be a no go to get my hardly earned BTC automatically converted into FIAT. I wouldnt use a site which does that!

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      July 03, 2019, 01:28:46 PM
       #19

      Hey avikz!

      Deposits and withdrawals work basically like buying and selling crypto on the exchange.
      When you make a deposit we convert your crypto to euro at the current rate and other way around when you request a withdrawal.
      Our balance is immune to the market fluctuations as all deposits are instantly converted to euro by the 3rd party payment provider.

      It seems that most users would prefer crypto wallets, so we gonna definitely work on that. Thanks for the input!

      Of the two scenarios there are advantages and disadvantages, just how you can choose good one and not be a problem for players. Because crypto prices are fluctuating so I think making Crypto wallet is the best choice so that players are not affected by changes in value.
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      July 03, 2019, 02:05:56 PM
       #20

      For me in my opinion as a user if I want to deposit bitcoin or eth I want it to still remain btc/eth in my account balance since its bull market at the moment many users are taking risk their crypto to earn more money buy playing into different betting platforms like your site thunderpick, some users may not agree on your decision to convert it to fiat and might find another same site if you decided to use cryptocurrency as one of the payment methods you should understand the risk of using it.

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