Gambling activities correlates with Bitcoin's price?

[michellee]

I suppose the gambling sites have data on the average daily bets made in BTC, ETH, and other cryptos and its USD equivalent. It is a very important statistical data for any gambling site.

Yeah its a good idea! If only we could get some available data from these gambling sites like on the number of users online per day, total amount of wagered per day and the frequency of visits per user, etc., and correlate this to certain periods where the price of BTC were either bullish or bearish, then  I think we could probably interpret it more efficiently and consequently  arrived at a more accurate conclusion to test our hypothesis.

That will need more observation if we want to get more data from the gambling site. Besides that, I think we can make some tables to knowing how much the number of users online per day as you said, how long their stay at that site, etc. The only things that we do are ask those data from the gambling owner so we can know the real data in each gambling site. But I don't think that the owner will give the data to us since that is their secret

[dimonstration]

Some investors aren't into gambling at all, I don't think gambling and bitcoin correlates. They will rather trade or hold it than bet in gambling. Though gambling is popular in crypto users and tons of gambling sites accepts crypto now but some only put minimal amount of BTC except if they are already addicted to it. Since gambling is much riskier and tricky to do so. I think those who gamble put only small percentage of their holdings in gambling or for just sake of taking chances which is not enough to affect the bitcoin price unless they are whales too that are good in gambling. Broader adoption and news affect BTC price more than gambling.

[jakoylantern]

For me, it depends on the gambler because if you are a regular gambler or addicted in gambling, you will not mind the price of the bitcoin except if the price range plummets, that you will notice the change, but then if the difference is not that high I'm sure that you will don't care about it. But if you are a casual gambler and focus to much on the price, I'm sure that you will notice all the changes that happen.

[Slow death]

This is a very interesting question, imagine that the price of 1 BTC was $100,000. if you were on a gambling site you would probably bet with 0.0001 BTC = $10, but if the price was $10,000 you would bet with 0.001 BTC. I think the higher the bitcoin price is, the less bitcoins people will spend on the gambling sites. a person can place 10 bets per week even if the bitcoin price goes up or down, the only thing that I believe that person will change is the bitcoin value that will bet. I believe this can answer your question

[Darker45]

I suppose the gambling sites have data on the average daily bets made in BTC, ETH, and other cryptos and its USD equivalent. It is a very important statistical data for any gambling site.

Yeah its a good idea! If only we could get some available data from these gambling sites like on the number of users online per day, total amount of wagered per day and the frequency of visits per user, etc., and correlate this to certain periods where the price of BTC were either bullish or bearish, then  I think we could probably interpret it more efficiently and consequently  arrived at a more accurate conclusion to test our hypothesis.

That will need more observation if we want to get more data from the gambling site. Besides that, I think we can make some tables to knowing how much the number of users online per day as you said, how long their stay at that site, etc. The only things that we do are ask those data from the gambling owner so we can know the real data in each gambling site. But I don't think that the owner will give the data to us since that is their secret

That is most likely treated as a confidential set of data. If that is so, such information is only shared among stock holders, board members, and other executive staff of these sites. But then they are also submitting regular reports to the respective government regulating bodies for sure. Still, we can hardly get hold of these information. For now, we cannot have anything except rough estimates and guesses.

But as I've said, based on my gambling pattern also, gambling activities will not be affected by the market's performance, except perhaps the amounts of bets placed.

[Naida_BR]

I am little bit confused about this topic, especially in gambling websites that accept Bitcoins or any cryptocurrencies.

So, we can see more activities on gambling that uses Bitcoin when we are in bull market (price increasing)? And decreases the activities or gambling volumes when also the price of Bitcoin keeps dumping (bear season) ?

I don't know if (we) some normal gamblers would have idea about this or maybe some gambling sites would exactly know this based on their website traffic/bet activities.

The gambling industry is so huge in the industry and it totally affects the bitcoin price.
If gamblers lose money they are going to set up buy orders in the market and if casinos accumulate a lot of amounts of cryptocurrencies they are going to sell them in huge portions in the market and push the price down.

[Ryker1]

[snip]

Bitcoin is not easy to influence. Gambling industry has no direct relationship with bitcoin pumps and dumps. I also believe that bitcoin is the greatest animal of cryptocurrencies oceans that only big ships with veteran hunters can hurt it. In short, big events of world economy or those of crypto world can affect it and few are truly mentioned by you.

Well, that is a good analogy. If we are going to rate the percentage that the possible help by the gambling industry to the bitcoin price, I think it is 25%. Why? The transaction of it from the deposit and withdrawal will give contribute to miners to generate bitcoin and the accumulation. While storing your bitcoin in gambling site just for example you are investing using bitcoin that is being considered as holding.
So, the fact is it has a contribution but not much that will feel those impacts.

[carlfebz2]

I am little bit confused about this topic, especially in gambling websites that accept Bitcoins or any cryptocurrencies.

So, we can see more activities on gambling that uses Bitcoin when we are in bull market (price increasing)? And decreases the activities or gambling volumes when also the price of Bitcoin keeps dumping (bear season) ?

I don't know if (we) some normal gamblers would have idea about this or maybe some gambling sites would exactly know this based on their website traffic/bet activities.

Gambling sites doesnt really care on what would be the market trend yet their business would still operate no matter where prices do go.Important for them is that people do still continue out to play and deposit all of their coins specially btc and other alts no matter what would be the price since is always pegged up to dollar rate.

On players side- it depends because as i said earlier gamblers will vary on usd price or value when making bets as its value drops the btc amount goes higher and if you are a holder or investor you would surely think twice before spending lots of btc on gambling rather than saving it on the bull run.Accumulating through gambling is also ideal but as said this is always been a risky move.

[spadormie]

I don't think there is a correlation between the price of bitcoin to gambling activities. I mean, it's up to the gamblers perspectives. There are some gamblers that would say, "Oh, the price of bitcoin goes down, I think I should hodl." And some could go, "I don't care, I'll just gamble whenever I want." Probably, this will take us to another topic that will separate regular gamblers or gamblers that considers the price of bitcoin.

[audaciousbeing]

I am little bit confused about this topic, especially in gambling websites that accept Bitcoins or any cryptocurrencies.

So, we can see more activities on gambling that uses Bitcoin when we are in bull market (price increasing)? And decreases the activities or gambling volumes when also the price of Bitcoin keeps dumping (bear season) ?

I don't know if (we) some normal gamblers would have idea about this or maybe some gambling sites would exactly know this based on their website traffic/bet activities.

The correlation is valid really and its because every of our activities the use of bitcoin, we are not oblivious of the fiat equivalent because that is the basis of attaching value which would be the compensation for every risk that you have willingly or unwillingly had to bear. The same thing is applicable to exchange sites that during the period of high price, there is always high volume and vice versa when we have low price.

The solution to this, I don't see it happening anytime soon except we grow to a point where majority of things to buy using fiat can then be purchased using bitcoin with an established amount of bitcoin without its corresponding fiat value be the determinant value and gradually increasing due to  mild inflation.

[hahay]

Come to think of it, I have a theory with regards to your claim.

So firstly, you said that there would be more people gambling with the use of cryptocurrencies when it's a bull market. A couple of reasons that I could think of initially is that:
1. The price of Bitcoin is high, so risking Lower Volume of BTC still yields great rewards (because of the high price of BTC)
2. More people coming in the gambling sites Due to the news of BTC

Then there's the bear market. Just the opposite of what I input on the bullish market.
1. The price of BTC is Low. People HODL. Accumulating.
2. Fewer people are interested in BTC with its low price.

I think this could be the reason for those gambling activities that you have said.

Agreeing that is the theory, I don't have exact data about gambling activities but at least I'm sure gambling activities are always high because there are a lot of crypto gamblers in the world and it seems to prove that crypto gambling isn't too correlated about prices, because even gambling activities in the past were very high before bitcoin prices reach the moon until finally we see there are some gambling sites that close and even sell gambling sites when bitcoin prices go to the moon or even before reaching the moon like some gambling sites like rollin and directbet and maybe there are many others that I don't know for sure about it.

[DaftAjax]

Do you really think those huge companies and whales could change the price immediately without the prescence of us, the people who deeply patronized crypto as sources of financial freedom? Gambling  was sincerely separated from bitcoin economy, however the correlation has nothing to do with it. Gamblers will always use bitcoin regardless of what's the value of it. As long they enjoyed it, that's the most important aspect.

Then, my friend, you're in the wrong thread.

The OP is clearly talking about whether gambling have a correlation/connection to the changes in the Bitcoin's price. Yes, I do think that these companies and whales could change the price immediately. If you're not aware, miners and investors/traders are the ones who have a really big impact on the changes to the chart. Because they're the ones who constantly bring it about, while gamblers are, well just gambling. You're using Bitcoin as a medium, meaning "what" currency you bet will also be the currency you get, e.g. if you bet Bitcoin you'll also get Bitcoin, assuming that you won. There'll be no exchange to another currency or a new amount of currency will be added whatsoever that'll make the market price change.

If you enjoy gambling, cheers to you my friend may you win lots.

[DoublerHunter]

Once a gambler has doing a habit just to gamble then, it will not change even if the price of Bitcoin goes up or down. Gambling activities will depend on the gamblers, no matter how the price is they don't care. The fact that gambling enthusiasts are different to crypto enthusiasts. They just gamble as they want. Nevertheless, we can not conclude in general because all gamblers have a different perspective on what they want. So, therefore. This can not correlate with the bitcoin price.

[iMark]

I don’t think it correlates although the gambling industry is the one where bitcoin and digital currencies are used heavily and this industry is one of the top supporters of bitcoin in general.

However I think the price correlates more to major events happening around the world,for example when an exchange is hacked and the amount of money lost is in millions of dollars the bitcoin price may tumble.

Agree, even though gambling users are getting bigger though it will not affect to the market. For example if a player get big wins in gambling or gambling sites become a scam, I think it doesn't have too much influence on the crypto market. Gambling business is not directly related to the crypto market, because gambling activities are not affected by the ups and downs of prices. Even though prices are falling, gamblers still play gambling, right?

[michellee]

That will need more observation if we want to get more data from the gambling site. Besides that, I think we can make some tables to knowing how much the number of users online per day as you said, how long their stay at that site, etc. The only things that we do are ask those data from the gambling owner so we can know the real data in each gambling site. But I don't think that the owner will give the data to us since that is their secret

That is most likely treated as a confidential set of data. If that is so, such information is only shared among stock holders, board members, and other executive staff of these sites. But then they are also submitting regular reports to the respective government regulating bodies for sure. Still, we can hardly get hold of these information. For now, we cannot have anything except rough estimates and guesses.

But as I've said, based on my gambling pattern also, gambling activities will not be affected by the market's performance, except perhaps the amounts of bets placed.

We could only guess how much the traffic the gambling site get in monthly because we don't know the right information. But maybe if we can get the information from the government, we will know how bigger the traffic but that will not be easy too. Yeah, you're right, gambling still goes on no matter if the market is down or up because every day people will come to the gambling site to gamble.

[GreatArkansas]

I don’t think it correlates although the gambling industry is the one where bitcoin and digital currencies are used heavily and this industry is one of the top supporters of bitcoin in general.
However I think the price correlates more to major events happening around the world,for example when an exchange is hacked and the amount of money lost is in millions of dollars the bitcoin price may tumble.

Have you read the whole first post?
What I said is those Gambling activities that uses Bitcoin for every bets they made.
Like for example, if there are some massive dumping within the week, we can see more people betting using bitcoin or it is decreasing? And in opposite, if we are stable climbing (pumping) on the price of Bitcoin, can we expect a lot of gamblers that will use Bitcoin to gamble?
 (Read the first post again for further explaination).

[febriyana]

I dont watch too much statistic about gambling sites.
But if i see on top big player, this year the biggest bet already dropped around 40% if we compare it with last year.
There is also in gambling sites now is like quite. I don't know what happen, but i think that is correlate.
Maybe if price bullish, some people want gamble coin to get maximum profit, but not when price bearish, maybe hard to get it.

[Ucy]

I am little bit confused about this topic, especially in gambling websites that accept Bitcoins or any cryptocurrencies.

So, we can see more activities on gambling that uses Bitcoin when we are in bull market (price increasing)? And decreases the activities or gambling volumes when also the price of Bitcoin keeps dumping (bear season) ?

I don't know if (we) some normal gamblers would have idea about this or maybe some gambling sites would exactly know this based on their website traffic/bet activities.

Where did you get this information from? Or is it based on your observation? I guess you'll have to base your findings on the total number of gambling companies that use Bitcoin or cryptocurrencies. I wonder if anyone here has observed the correlation. That will probably be a good way to determine the future price of cryptocurrencies.

[iamsheikhadil]

This is an interesting analysis which can be done. I don't think it directly affects the price. However, if a very rich player wins huge on casino, he will probably sell that (unless he's addicted to gambling so much to play it till he loses). And when he sells it, it will create a dump order that might affect the price slightly. Now add more such winners and the effect would be tremendous! Hence, I think casinos do in some indirect way manipulate prices of crypto.

[Kasabus]

There is a pump and dump, and therefore in short, there's a market manipulation.
Gambling industry in crypto space as it keeps increasing, the demand should also increase and it will not result to a pump and dump.
Regardless of the price of BTC, gambling industry will still continue to operate as they don't hold like traders, in fact, I believe they are making ways to fight volatility so they will not get affected to it, and they can operate as profitable as they are expecting it.