how big?

[FlightyPouch]

Right now, I am scared to gamble $1K, and he did place almost $8.5M in his cryptocurrency betting. That is just surprising and a bit sad since that is a lot of money. Though he did that for some years based on the article so maybe he's putting $1M to $2M a year? Still, that is just surprising.

In terms of how big, I guess this answers it.

[source] https://www.grandviewresearch.com/industry-analysis/online-gambling-market

[cryptomaniac_xxx]

~

[..]

But if you read what the OP has said,

"Can we just discuss the market size not the gambling addiction or anything related to that?"

He is asking our opinion about the market size of crypto related gambling that's why members reply with that in mind, with data and with their opinion. Crypto related online gambling has move and really grow in the last 5-9 years already. And this numbers are not going to stop anytime soon even if we are in the pandemic or not. There will be always be gamblers around, suckered into a world wherein it's really hard to get out, specially if you become addicted.

[Sadlife]

There's no way to tell actually because there are no data available that analyze Crypto users and it's quite impossible to speculate the numbers due to Blockchain's decentralized nature.
I guess if an organization conducts an online survey i guess we could have an rough estimate.

[plvbob0070]

We may not exactly know the market size but definitely, online gambling is earning a lot. Just like in a physical casino, they pay a huge amount of taxes because they are earning a lot. So it's kinda same with online casinos. If a single person can actually spend such a huge amount, what more for hundreds or thousands of players they have. Since there's still anonymity, some crypto gamblers are not afraid to spend tons of money on gambling, especially if the money they are using is not actually their own money.

It's just shocking how that person used his knowledge to fake transactions and transfer money in his personal account. With that huge money, it's obvious how he will get caught.

[kryptqnick]

That $10M loss is just a small amount when we look at the whole.

I've seen this 2017 article only, but these are wagered only, but if you are good in accounting, maybe it can give us an idea.

Bitcoin Gamblers Have Wagered $4.5 Billion in BTC Since 2014


probably the figure has already doubled or increase more than that.

While it sounds like a lot of money (just like a story about someone losing 11 million dollars in poker that impressed the op), it's important to compare data with that of other casinos to see the real picture. For instance, it's estimated that 6 billion dollars were wagered on Super Bowl alone in 2019, according to this website. Moreover, around 150 billion dollars is wagered on sports in the US illegally every year, if we can trust this estimation. In that case, as of 2017, crypto casinos had a tiny market share, unbelievably tiny. However, perhaps the $4 billion estimation is far from reality. And, in any case, I'm sure that the market has grown significantly over the last three years.

[yazher]

We haven't added the underground bet which is we know they are not playing around down there. if they are not operating illegally, we can somehow find a source that will lead us to know how much they spend on one bet down there. I'm sure we can also count some millions of dollars and maybe much more than that. I don't know how they gonna set-up their own gambling station but I know there is something going on there which normal people don't know.

[Shimmiry]

~
hahaha,Maybe because the Title and the Post signifies about the losing and not about from what the story is all about.

LOL that's why I don't also see the correlation of the main thread and the main article as well. The OP should only make a new yet cliche topic than to link some article yet talk about different things. It just makes no sense at all.

We haven't added the underground bet which is we know they are not playing around down there. if they are not operating illegally, we can somehow find a source that will lead us to know how much they spend on one bet down there. I'm sure we can also count some millions of dollars and maybe much more than that. I don't know how they gonna set-up their own gambling station but I know there is something going on there which normal people don't know.

Can you list some online "underground bet"-ting platform? We talk about not the general gambling, but rather focuses on the big loss on crypto gambling alone. And I don't had any idea if there was still an underground betting sites that uses crypto. There could be online casinos that are decentralized and unregistered to its country of origin but most of it were either a prototype (because of the failure on investments) or were endorsed in the forum or any crypto related forums. Therefore, most online casinos starts with making its platform popular, hence there's no importance on making it hidden (unless there would be bets that were not only cryptos)

[spike420211]

When it comes to poker, there have always been high stakes in this game. I would be surprised if he lost 11 million in slots or dice, but poker is pretty common.
Of course, the amount is large, but take a look at the top poker players, tournaments and cash. A lot of money is spinning there, millions of dollars.

There is always a lot of money spinning around world poker serials both in tournaments and in cash games, this is an example of offline.
An example of online pokerstars with their millionaire tournaments.It would be to find out what kind of games that guy played, I’m sure it could not do without omaha.

[Emitdama]

Gambling industry is so big and vast thats why i dont really believe much into those numbers to be precise and im expecting for it to be much more bigger.
If that statistics based of on last 2 years then pretty sure that it is way more bigger now and to think that do excludes crypto gambling industry which i do also
believe that having that humongous amount we are talking on.

The gambling industry has grown very fast after the introduction of bitcoin in the market. Those who never thought of gambling came into this field only after the introduction of crypto currencies. It's hard to imagine how big is this industry and it will continue to grow in the coming years.

That's right and that is how the industry is so big right now because there are no legal norms involved and someone can bet any amount they want and withdraw it instantly without any KYC or anything else needed.

the market size is nearly impossible to calculate because there are people who bet enormous and even hide their names so you don't know if the same guy is making those bets or these are 2 different people making those bets.

All I can think is that when a casino allows up to 5 BTC winnings in a single bet (stake.com for instance) than the market is ginormous and beyond the limits one can imagine and there is absolutely no way to measure or even get an idea about the size of the industry.

[Ryker1]

Well, as I understand on OP posted was stated a single person who has been lost a huge amount from gambling. But how about on general losses of all gamblers in different aspect of games. Perhaps I have doubt that it is from the betting game because there was wide games and event all over the world that perhaps people can place their bet online from certain bookmakers. Indeed, --this will be a countless amount and I think the government will also be benefited from this due to the fact that the most registered and licensed gambling casino online or land-based was paying their tax.

[Mahanton]

Gambling industry is so big and vast thats why i dont really believe much into those numbers to be precise and im expecting for it to be much more bigger.
If that statistics based of on last 2 years then pretty sure that it is way more bigger now and to think that do excludes crypto gambling industry which i do also
believe that having that humongous amount we are talking on.

The gambling industry has grown very fast after the introduction of bitcoin in the market. Those who never thought of gambling came into this field only after the introduction of crypto currencies. It's hard to imagine how big is this industry and it will continue to grow in the coming years.

That's right and that is how the industry is so big right now because there are no legal norms involved and someone can bet any amount they want and withdraw it instantly without any KYC or anything else needed.

the market size is nearly impossible to calculate because there are people who bet enormous and even hide their names so you don't know if the same guy is making those bets or these are 2 different people making those bets.

All I can think is that when a casino allows up to 5 BTC winnings in a single bet (stake.com for instance) than the market is ginormous and beyond the limits one can imagine and there is absolutely no way to measure or even get an idea about the size of the industry.

We can really only see the small portion and the thing you had said was right that there are instances that overall bets cant really be tallied or listed due to anonymity.
This doesnt country on typical gambling sites that we know thats why i do agree into this one but surely it is a very big one but we dont have the exact numbers
but we know that this is growing day by day.

[travwill]

Well, as I understand on OP posted was stated a single person who has been lost a huge amount from gambling. But how about on general losses of all gamblers in different aspect of games. Perhaps I have doubt that it is from the betting game because there was wide games and event all over the world that perhaps people can place their bet online from certain bookmakers. Indeed, --this will be a countless amount and I think the government will also be benefited from this due to the fact that the most registered and licensed gambling casino online or land-based was paying their tax.

I think that we are not the most record loss. In the world there are a lot of very rich people who love to bet, I'm sure their spending is not commensurate.
But you're right, I would like to look at the total income of all casinos not including the sale of alcohol and other goods. Exactly what the players brought them.

[Vaculin]

I would like to look at the total income of all casinos not including the sale of alcohol and other goods.

Of course because I was only asking on the total size of the market for crypto online casinos, and gamblers can't buy goods when they are playing online.
Figure that is based on wins less loses on their part only, no other factors included.

[Lordhermes]

People weren't thought that crypto gambling would go a long way as it is now, many set up of big companies chooses casino,poker as a means of easy placing of bets with crypto currencies. Loosing money on a daily basis by gamblers gradually determining how big the crypto gambling platform is now. So in future the value you mentioned above would be nothing compare to the ones in future.

[justdimin]

I am also aware of the how fast the crypto casinos grow. It was first Primedice, Stake now Roobet, the total turnovers are more than what I have thought. I was curious about the competitions on the "games and rounds" board and decided to check one. The Yolodice has announced new low number hunt competitions a week ago with 20 ETH prize pool plus the 50% profit of casino. At the end of contest, the total prize pool has climbed to 64 ETH...

Yeah, the casino in your signature is pretty huge in itself and the forum is actually dominated by signature campaigns that are being dominated by our sweet casinos and sportsbooks industry which is amazing.

I don't think there is a realistic way to measure the gambling market but I would imagine every 10 transactions that happen in the bitcoin blockchain, at least 4 or 5 of them are related to gambling or similar services. The number of transactions have reduced because the casinos have their own wallet system so you don't have to make a transaction as you make every bet, like directbet used to operate on that model earlier.

[Oilacris]

I am also aware of the how fast the crypto casinos grow. It was first Primedice, Stake now Roobet, the total turnovers are more than what I have thought. I was curious about the competitions on the "games and rounds" board and decided to check one. The Yolodice has announced new low number hunt competitions a week ago with 20 ETH prize pool plus the 50% profit of casino. At the end of contest, the total prize pool has climbed to 64 ETH...

Yeah, the casino in your signature is pretty huge in itself and the forum is actually dominated by signature campaigns that are being dominated by our sweet casinos and sportsbooks industry which is amazing.

I don't think there is a realistic way to measure the gambling market but I would imagine every 10 transactions that happen in the bitcoin blockchain, at least 4 or 5 of them are related to gambling or similar services. The number of transactions have reduced because the casinos have their own wallet system so you don't have to make a transaction as you make every bet, like directbet used to operate on that model earlier.

We cant tally up those numbers precisely but this one is a valid presumption and yes it cant really be counted totally if we do base it up those exclusions.

Measuring it wont really be possible but for sure it is really so big and not just only to those numbers that we are just seeing.

The thing you do said about that wallet system is that this is only possible with blockchain based games not necessarily talks about that deposit/withdrawal thing yet
we cant even point out on which one it do belong.

[cabalism13]

I mean, how big we are already? I'm just amazed.

That $10M loss is just a small amount when we look at the whole.

Just by looking here at the forum, there are already many agambling sites that have appeared and even just counting the users here who actually plays, we surely have a big family in the Gambling Community and with this you'll already know what we're talking about even without counting the RL gamblers who also does play online.

I just saw an the article from the 3rd comment, and from by looking at it it's not something we can't expect. Besides it was way back then, though I'm pretty sure the market by this time is surely on the downside.

[seleme]

I am also aware of the how fast the crypto casinos grow. It was first Primedice, Stake now Roobet, the total turnovers are more than what I have thought. I was curious about the competitions on the "games and rounds" board and decided to check one. The Yolodice has announced new low number hunt competitions a week ago with 20 ETH prize pool plus the 50% profit of casino. At the end of contest, the total prize pool has climbed to 64 ETH...

Crypto base casino are really taking the gambling world into the next level. A lot of competitions and there might be a few unheard casinos as well that is thriving that we are not aware of. Familiar names and new are just popping up everywhere trying to get a piece of this billion dollar industry.

So I will not surprised if we hit a numbers similar to fiat base casinos as more gamblers find it easy to really just play crypto more at the comfort of their homes.

New competitions also have the double sword feature, some smart gamblers can use the promo as a backdoor for the well-managed game strategy. Jumping the bandwagon is the worst side and some users forget about the other side of medallion: Losing the bankroll before reaching the top.

I am also aware of the how fast the crypto casinos grow. It was first Primedice, Stake now Roobet, the total turnovers are more than what I have thought. I was curious about the competitions on the "games and rounds" board and decided to check one. The Yolodice has announced new low number hunt competitions a week ago with 20 ETH prize pool plus the 50% profit of casino. At the end of contest, the total prize pool has climbed to 64 ETH...

Yeah, the casino in your signature is pretty huge in itself and the forum is actually dominated by signature campaigns that are being dominated by our sweet casinos and sportsbooks industry which is amazing.

I don't think there is a realistic way to measure the gambling market but I would imagine every 10 transactions that happen in the bitcoin blockchain, at least 4 or 5 of them are related to gambling or similar services. The number of transactions have reduced because the casinos have their own wallet system so you don't have to make a transaction as you make every bet, like directbet used to operate on that model earlier.

Signature campaigns and new promotions are beneficial for both parties, so it is just a small expense considering the potential gain.

[virasog]

Well, as I understand on OP posted was stated a single person who has been lost a huge amount from gambling. But how about on general losses of all gamblers in different aspect of games. Perhaps I have doubt that it is from the betting game because there was wide games and event all over the world that perhaps people can place their bet online from certain bookmakers. Indeed, --this will be a countless amount and I think the government will also be benefited from this due to the fact that the most registered and licensed gambling casino online or land-based was paying their tax.

I think that we are not the most record loss. In the world there are a lot of very rich people who love to bet, I'm sure their spending is not commensurate.
But you're right, I would like to look at the total income of all casinos not including the sale of alcohol and other goods. Exactly what the players brought them.

One way to tell the income of the legal casino is to look at the tax which they pay. The amount of tax can tell how much income a casino generates and we can combine these value to find the estimate of the total income which casino generates. Casino is one of the most profitable business and if we get this number, it may surprise many of us.

[Russlenat]

Well, as I understand on OP posted was stated a single person who has been lost a huge amount from gambling. But how about on general losses of all gamblers in different aspect of games. Perhaps I have doubt that it is from the betting game because there was wide games and event all over the world that perhaps people can place their bet online from certain bookmakers. Indeed, --this will be a countless amount and I think the government will also be benefited from this due to the fact that the most registered and licensed gambling casino online or land-based was paying their tax.

I think that we are not the most record loss. In the world there are a lot of very rich people who love to bet, I'm sure their spending is not commensurate.
But you're right, I would like to look at the total income of all casinos not including the sale of alcohol and other goods. Exactly what the players brought them.

One way to tell the income of the legal casino is to look at the tax which they pay. The amount of tax can tell how much income a casino generates and we can combine these value to find the estimate of the total income which casino generates. Casino is one of the most profitable business and if we get this number, it may surprise many of us.

But those tax matters are confidential, only the authority can divulge that to the public but I don't think they will give the exact amount, but on the estimate only to sum up with other casinos revenue that are operating in the same industry. For crypto, it's hard to find these figure/s, I'm not saying it's impossible but the government needs to cooperate with other countries in order to get the overall market revenue.

Crypto casinos are different from traditional online casinos where the biggest bettors are coming in the US, crypto casinos are everywhere and can register their business in a certain country where the regulation is not strict, though they accept bettors from different country so that's the reason it's hard to get the real figure or the closest estimate to the real market revenue and capitalization.