how big?

[Vaculin]

Exec Embezzles $22M From ‘Influencer’ Marketing Firm, Spends Nearly Half on Crypto Gambling




I know this is an old article but I'm just surprised that crypto casinos is this big already.

The article says one person has lose maybe at least $10 million in a casino from a poker game, I mean, how big we are already? I'm just amazed.


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

[chaser15]

I know this is an old article but I'm just surprised that crypto casinos is this big already.

The article says one person has lose maybe at least $10 million in a casino from a poker game, I mean, how big we are already? I'm just amazed.

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

What do you mean by discussing the market size? Do you mean the total money circulated in the crypto-gambling industry today?

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

Reading the article, if my understanding is correct, it looks like he just funded his crypto accounts then convert it to cash but he is actually playing in fiat casinos.

[stadus]

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

This was not viewed as a whole, that was probably just a basis to determine how big the market is already.
I was also searching online to have an idea on how big crypto casinos market already, but I didn't see any exact figure, maybe one of the reasons is that crypto casinos are not all regulated or the government does not consider them yet as one of the biggest contributor in terms of taxes.


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.

[Lanatsa]

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

~

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.

[alani123]

Wow this case is so blatant. Apparently he was trusted with managing client funds, and he went on to buy in to poker tournaments and build a career as a poker pro with other people's money...
It's true that there are many reputable sites that will take crypto funds for gambling without any questions asked. It's one of the niches in the market of crypto gambling anyway.

One such site is bustabit (ex. moneypot). They allow bets just with anonymous registration. You can look at the site's leaderboard and see how much each player has won/lost. Currently the biggest loser is PredictableLegacy with 1,278.1505535 BTC lost over 1,397 bets. Currently their max bet is 111.51 BTC, which is over 10 million USD in a single bet! And just-dice still allows for max profit with a value above 3 million USD. So it's definitely easy to bet ridiculously large amounts on crypto gambling sites. You can look at https://dicesites.com for an approximation of how many wagers there have been in dice websites. Of course that's not the entirety of the market, but it's quite obvious that crypto gambling is not a small market.

[Baofeng]

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

Online gambling is a billion dollar industry as well, (fiat/crypto).

https://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/

It's in the tune of $40-$50 billion, so that's a huge amount of money, of course it is still dwarfed as you compare it to land base casinos, but still online gaming is really getting popular and there are predictions that it can swell to double figures in the next 5 years.

[AmoreJaz]

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

~

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.

and the problem is, we have no way of tracking these crypto online casinos because their figures are not available. especially those unlicensed casinos. but yes, it is already huge. consider freebitco alone. operating for so many years. that's one casino only. how much more if we added the popular ones here in the forum running for number of years.

[stadus]

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

~

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.

and the problem is, we have no way of tracking these crypto online casinos because their figures are not available. especially those unlicensed casinos. but yes, it is already huge. consider freebitco alone. operating for so many years. that's one casino only. how much more if we added the popular ones here in the forum running for number of years.

So we can assume that they are already a billion dollar industry, and they are rising fast since their less regulation in making casinos in crypto that's why we are also seeing some casinos which just popped up and they are gone.

I think you are right with freebitco.in, it's already big and if we combined them with casinos listed in the forum, I believe they would already total in at least billion of dollars in revenue?

[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...

[mirakal]

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...

Huge amount indeed.

Actually what made crypto casinos successful is due to the volume of gamblers, unlike in fiat casinos, they require a big minimum and transaction is costly.
In crypto, let's say you have $10, you can already enjoy and imagine how many small time gamblers they would attract with that.

so no doubt that crypto casinos will continue to grow and I also believe they already hit at least a billion dollar industry now.

[STT]

Monetary expansion I would relate that too, the value stated in crypto is not on a 1:1 ratio with FIAT exactly.   Advertising is one of the first places to observe monetary velocity because it relates to prospective business and the desire and capacity to raise sales with production.   Before crypto came along people used to say the whole internet online economy was funded by advertising revenue, without that it would be devoid of money for running sites pretty much, we have more then that today as well as crypto itself as its own defined value exchange.   If you want to withdraw all your wealth from crypto back to FIAT, there are charges and delays to doing so most of the time which means the two values have different dynamics.  I personally prefer to just keep the crypto value within this economy and not be swapping it back and forth, a gambler will use money for crypto gambling and just use their FIAT for paying the bills.   Hence I think the crypto could be seen as more expendable, this gambler hoped to risk the original amount gain 100% and place back the amount he took without anyone noticing or complaining.  Unfortunately he lost and its now a big fraud but the size of advertising bill is believable.
   I have four figure sums just for in game items that I can hold or sell, in theory I can swap them to a crypto value or even FIAT but doing so is not a perfect process.  In the end I just hold them and wait for the market to develop, holding any value can be a kind of gamble because the market for crypto, for various assets and even for plain cash can decline.  

[UmerIdrees]

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

~

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.

[TravelMug]

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.

[LogitechMouse]

~

If you will compare that size of money that has been used for gambling to the total amount of money that is being gambled, that is just a tip of the iceberg. That is relatively small since we know already that there are many gamblers worldwide.

Also now that we are in a pandemic, more gamblers will gamble online since they can't go out to play in a casino. Maybe right now they are playing poker online . Even we are facing a pandemic, many gamblers are still gambling for some reasons.

[Genemind]

The gambling industry is huge, that is why it plays a big role in the economy as a whole. Just imagine the amount of money that gets in and out not just in a land-based casino, also in online gambling. The government gets a huge amount of tax from the casino, and not to mention casinos also serve as a tourist destination or spot.

As time goes by casinos will grow bigger and I guess that includes online gambling since the pandemic had somehow restricted physical contact.

[shoreno]

 i didnt read this before so dont mind the date if its old or not  but its already a comon sense that gambling market are huge   . everyone knows that   .

before there is a huge money floating around a traditional casino's but now that there are cryptos  , this adds another money on the gambling space   . never saw someone betting 10m usd before in fiat form but i see many whales betting over 30 btc on 1 game  .  

[maydna]

One person can lose so much money because he doesn't use big money in just one day or one week, but he uses small money, and he uses another money to gamble. If we calculate how much bigger the money that we use, yes, we can be amazed because that money can be used for buying something. And $10 million in a casino is not big, but for one person, that can be a big number. Gambling industry is a big industry which accumulating big money that has been used by the gamblers, and that number still growing every month.

[Wexnident]

The overall growth of the gambling industry totals to around ~$440 billion last 2018. If you were to take into account just online gambling, it'd come close to around ~$50 billion. That's already pretty huge, considering the time that online gambling has been around, and the dominance of physical casinos in the past. It's also expected for gambling to grow to close to ~$550 billion in the year 2022.

It isn't really that questionable as to why the industry has grown so big already. Gambling has been around for centuries, and it has only grown more since compared to back then. The gambling industry is literally the industry that revolves around money. Not to mention the ones that are addicted to gambling, even rich people that have no idea where to spend their money can just willy nilly gamble around and have fun. Their expenses are pretty much similar to a single drop in an ocean.
Source:
https://www.businesswire.com/news/home/20190606005537/en/Global-Gambling-Market-Reach-565-Billion-2022

One person can lose so much money because he doesn't use big money in just one day or one week, but he uses small money, and he uses another money to gamble. If we calculate how much bigger the money that we use, yes, we can be amazed because that money can be used for buying something. And $10 million in a casino is not big, but for one person, that can be a big number. Gambling industry is a big industry which accumulating big money that has been used by the gamblers, and that number still growing every month.

And that's why gambling is scary. Let's say that you enter the casino every day, but you limit your spendings to $5. It may seem small, but with time, that amount would only grow bigger and bigger. A week, and you would've spent $35, a month, and its $140. a year and its what, ~$1700?

[Darker45]

We are talking of mere millions here. So that's basically a small percentage as far as the entire crypto gambling industry is concerned.

Consider this article "Bitcoin Gamblers Have Wagered $4.5 Billion in BTC Since 2014" written in 2017. This was around 3 years ago and it already talked about Bitcoin gambling reaching as high as $4.5 Billion.

We are not yet even counting the wagers done in ETH, DOGE, LTC, XRP, and so on. As a matter of fact, on the Tron Blockchain alone and within 2019 only, it is being revealed that around $2.8 Billion are transactions related to gambling.^[1]

That is how huge the crypto gambling industry is. And still fast growing.

[1] https://medium.com/@LunarCRUSH/the-billion-dollar-industry-cryptos-been-waiting-for-48be2ae2c4cd

[maydna]

The overall growth of the gambling industry totals to around ~$440 billion last 2018. If you were to take into account just online gambling, it'd come close to around ~$50 billion. That's already pretty huge, considering the time that online gambling has been around, and the dominance of physical casinos in the past. It's also expected for gambling to grow to close to ~$550 billion in the year 2022.

That number will grow from time to time, and no one will imagine how big the gambling industry will grow. When young people become adult people and they attract to gambling games, that will make the number will increase so big. That is why the gambling industry can still survive, whether it's offline gambling or online gambling because the number of people who come to the gambling games will always increase.

One person can lose so much money because he doesn't use big money in just one day or one week, but he uses small money, and he uses another money to gamble. If we calculate how much bigger the money that we use, yes, we can be amazed because that money can be used for buying something. And $10 million in a casino is not big, but for one person, that can be a big number. Gambling industry is a big industry which accumulating big money that has been used by the gamblers, and that number still growing every month.

And that's why gambling is scary. Let's say that you enter the casino every day, but you limit your spendings to $5. It may seem small, but with time, that amount would only grow bigger and bigger. A week, and you would've spent $35, a month, and its $140. a year and its what, ~$1700?

Spending $5 but every day that means a lot of money in a month. Yes, you have the right calculation. No wonder that many people regret when they see how much money they use in a year. It's not a big deal for them if they don't calculate or don't think about the money they will spend, but still, that is big money for some people.