Is it beneficial for the crypto casinos to add stable coins?

[mirakal]

I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.

Cloudbet Adds USD Tether as First Stablecoin Solution


Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

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[akram143]

It will give more traffic to their site for sure because most bitcoin users are not interested in spending their cryptos right now so stable coin holders will visit sites and will try their luck on gambling.But I think they crypto gambling sites need fiat casino license as well if they want to add any stable coin, correct me if I am wrong.

[Maus0728]

In terms of volatility, yes, USDT allows their players to be somehow invincible to the high volatility rate of bitcoin and any other altcoins such as ETH, DOGE, etc..

But how about the governing body who makes USDT or stablecoin become prone to freezing if such user reluctantly gamble such large amount of money exposing the site as a hot reservoir for central authorities. Isn't it that it defeats the purpose of using cryptocurrency in which gambler/crypto gamblers has the ability optimize their privacy and secure their coins knowing that most of the gambling site does not require KYC.

[Degens]

I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.

Cloudbet Adds USD Tether as First Stablecoin Solution


Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

USDT can be blacklisted, so it's not ideal for gaming.  DAI is fully decentralized, so I could see that taking off.

The sports betting exchange Degens.com uses DAI exclusively. It used to use ETH but the users wanted to make bets in something with n volatility.

[Bitinity]

Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

There must be at least a good reason why casinos add stable coins. One of the possible reason is to gain more traffic and perhaps many of their players ask them to add it. Adding stable coins can be a trend in the future imho if the traffic on those early casinos who add stable casinos increase steadily or even significantly.

I found an article from playbetr about this case, just in case you want to read it for references https://www.playbetr.com/benefits-gambling-stablecoins

[acroman08]

It could be beneficial but aren't USDT centralized? wouldn't that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

[stadus]

It could be beneficial but aren't USDT centralized? wouldn't

Yeah it's centralized.

that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

You don't lose your anonymity even if you are using a stable coin as it's still crypto.

The only difference with other assets like bitcoin and ETH from USDT is that it's not volatile, the value is fix and gamblers does not have to worry on the price changes, which I think would attract a lot of gamblers but for crypto in general, I don't think it's beneficial as real crypto assets should be the assets that we are promoting.

[Wexnident]

I guess it could be useful. I mean, every one of us understands how cryptos are very volatile, and letting them sit on my casino account when I'm not even using it could pose potential problems when price changes happen. Sure, changes may happen positively, but as there is two sides of the coin, the same could be said for negative changes. In the end, stable coins are there to ensure that my funds inside my gambling account don't change due to volatility.

It could be beneficial but aren't USDT centralized? wouldn't that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

People gamble in the crypto-casinos cause of it providing speed and anonymity, compared to fiat casinos. The fact that credit card information is revealed whenever you gamble in fiat casinos has been a pain since long ago after all. Besides, stable coins still retain their anonymity. Stable coins are still cryptocurrency, they still act the same in providing anonymity.

[acroman08]

It could be beneficial but aren't USDT centralized? wouldn't

Yeah it's centralized.

that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

You don't lose your anonymity even if you are using a stable coin as it's still crypto.

The only difference with other assets like bitcoin and ETH from USDT is that it's not volatile, the value is fix and gamblers does not have to worry on the price changes, which I think would attract a lot of gamblers but for crypto in general, I don't think it's beneficial as real crypto assets should be the assets that we are promoting.

I see, thanks for clearing that up. in that case, having a stable coin on their gambling site would be beneficial for them and yeah, as you said, it would attract gamblers and most likely increase the traffic on their gambling site. if this implementation on their website prove to be successful, then I suppose it would just be a matter of time before other gambling site di the same thing.

[cabron]

 If I want to bet just the exact amount in USD, tether would be the best to use. There are more casinos today accepting USDT though. Some casinos in EOS and TRON platform had also been using USDT. These casinos even have a mini exchange within itself so that a gambler can turn their BTC into USDT and can even withdraw USDT as well. Its beneficial to have it in casinos since its like getting out of crypto volatility.

[mirakal]

I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.

Cloudbet Adds USD Tether as First Stablecoin Solution


Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

USDT can be blacklisted, so it's not ideal for gaming.  DAI is fully decentralized, so I could see that taking off.

The sports betting exchange Degens.com uses DAI exclusively. It used to use ETH but the users wanted to make bets in something with n volatility.

Blacklisted how? I think it's volume is big enough for gamblers to think that USDT is quite good for online gambling since its very liquid.

Can you enlighten me a bit on the "Blacklisted" thing?

[Twinkledoe]

It could be beneficial but aren't USDT centralized? wouldn't

Yeah it's centralized.

that defeat wanting to gamble anonymously or without a central authority? although I understand gamblers wanting to gamble without worrying that their money would suddenly decrease its value but if they want to gamble without worrying about it why not just gamble on a fiat-based casino? wouldn't that be almost the same thing?

You don't lose your anonymity even if you are using a stable coin as it's still crypto.

The only difference with other assets like bitcoin and ETH from USDT is that it's not volatile, the value is fix and gamblers does not have to worry on the price changes, which I think would attract a lot of gamblers but for crypto in general, I don't think it's beneficial as real crypto assets should be the assets that we are promoting.

Maybe another option for the gamblers, it may be beneficial for some players who are conscious with volatility. But I don't think the addition will have significant effect on the casino itself.

[Lordhermes]

Adding stable coin to casino companies would actually gives traffic to the betting sites so as attracting new bettors. Users betting with Bitcoin would probably feel a slight regret hoarding their coin if bitcoin could go on a high moon. Stable coin is beneficial to gamblers.

[swogerino]

Some casinos have implemented beside cryptos even Fiat in order to expand their target of users and I think this is the most successful approach to this.This will put a bit more burden to the casino maintenance group but it will be well worth it as long as it expands the target users of the casino and increases the numbers of players.

[imstillthebest]

its always beneficial for the casino to add a new crypto coin because we gamblers cant agree or unite with one brand of coin . we sometimes have our preference because we think that coin brings us luck . my friend only use litecoin because he said he is lucky with this coin so to some gambler they can use usdt or a stable coin because they have other reasons too . while for me i just coins that are fast and easily accesible .

[Maslate]

Definitely beneficial for the crypto casinos as it would entice gamblers who does not want to gamble with the market volatility.
It's like gambling using fiat but easier, cheaper and faster in terms of processing of transactions.

As of now, I think there are only few sportsbook that are adding stable coins particularly the USDT in their platform.

[milewilda]

I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.

Cloudbet Adds USD Tether as First Stablecoin Solution


Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

Everything is beneficial as long players would able to make deposits into the gambling site itself neither he do uses volatile coins such as BTC and other top alts or using up stable coins.
For house concern then we know that they do rely on House edge which means adding up stable coins wont really be that a big thing but it would be an option that might pull out some gamblers that
are preferring to use stable coins to avoid market volatility while they do play but most of the time i cant really say that people are minding that much when they do already make use of their crypto.
They are willing on what would they earn and whats the value of it when they do tend to cash out and tend to convert it.

[bitbunnny]

Some casinos have implemented beside cryptos even Fiat in order to expand their target of users and I think this is the most successful approach to this.This will put a bit more burden to the casino maintenance group but it will be well worth it as long as it expands the target users of the casino and increases the numbers of players.

From the volatility perspective it's good to offer fiat. That might also atract gamblers who don't have or don't want  to spend cryptocurrencies.
On the other hand that might be a burden for casinos not only because of maintainance.but from regulatory perspective too and additional pressure from authorities in some countries.

[Timelord2067]

USDT is used on a wide number of exchanges as a go between fiat to crypto.  That said, ETH opens up a whole new scope of traders with ERC-20 crypto that can be tapped into.  Just about any crypto's that have been around a couple of years have multiple exchanges and block-chain explorers/stable block-chain should also be considered.

Games such as Dice would probably be the first cabs off the rank in that case due to their widespread popularity.

[LogitechMouse]

I have seen many gamblers wanting USDT or any stable coin to be added on the list of the coins to be used in a site.

While some others wanting to have fiat currency added to these gambling sites, I think that these sites might focus first on the crypto coins and some are already doing it. Yes there are some maybe that are accepting fiat currencies but only few and most of them are just accepting crypto coins. For some conservative gamblers who can't take the volatility of crypto (like for ex. they lose a lot of Bitcoin and at the same time the price of Bitcoin went down too so the fiat value of their Bitcoin went down harder) then USDT is a better choice for them.

[Ulven]

I think adding a stable currency would be beneficial to gamblers who fear market fluctuations, But we have a problem that we can think of is that stable, central currencies can be frozen, and we cannot control them. That is why I personally prefer to rely on decentralized currency. As for gambling sites, they are trying to add the largest possible number of cryptocurrencies to provide facilities for their customers.

[mirakal]

I think adding a stable currency would be beneficial to gamblers who fear market fluctuations, But we have a problem that we can think of is that stable, central currencies can be frozen, and we cannot control them.

Maybe you have answered my question in my previous post as one person stated the coin can be blacklisted, which I thin frozen is the right term.
Yeah, because it's centralized, I see the risk.

That is why I personally prefer to rely on decentralized currency. As for gambling sites, they are trying to add the largest possible number of cryptocurrencies to provide facilities for their customers.

That's the benefit if they will add USDT with has a good liquidity, more options will be given to gamblers, I think it will make them a better casino.

[Tipstar]

There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

[stadus]

There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

Probably because they have less capital and maintenance compared to the traditional casinos where they maintain the place and they have a a lot of employees to play. Starting an online caisino does not need a big capital, so we are seeing a lot of online casinos and that makes the competition better in crypto, but this will only serve gamblers which are fan of online betting, not on the gamblers who like to play cards in a traditional casinos.

[shoreno]

There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

its not a trend when only few casinos are doing that because trend means atleast 80 percent of them are joining  . its because traditional gamblers use fiat , it means they can be convinced to play if they saw that stable coins are now added  ? im not sure with that  .  maybe yes and maybe not  . yes because they dont join crypto as it is too volatile and no because they dont get impressed on how online gambling work  . not knowing the value of the crypto is not a reason to not gamble because there are converters online   .

[abel1337]

There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

its not a trend when only few casinos are doing that because trend means atleast 80 percent of them are joining  . its because traditional gamblers use fiat , it means they can be convinced to play if they saw that stable coins are now added  ? im not sure with that  .  maybe yes and maybe not  . yes because they dont join crypto as it is too volatile and no because they dont get impressed on how online gambling work  . not knowing the value of the crypto is not a reason to not gamble because there are converters online   .

You have a point but try to consider the other important factors why crypto casino gamblers chose crypto gambling sites than traditional online gambling sites. Like the Crypto casino doesn't have KYC which is most fiat-based gambling sites do.

Having stable coins on a crypto gambling site for me is abosolutely fine, At least the casino gave us more options on what token we are going to use.

[leea-1334]

Most casinos that WANT a stablecoin anyway just accept bitcoin deposits and then simply convert everything to USD so the concept of a stable unit of currency hasn't been a new one. I can see the benefit of stablecoins for businesses than run in actual dollars but since most crypto casinos only deal in crypto,,, adding Tether or others is simply adding another coin, nothing much to do with stable value IMO.

[Casdinyard]

.......
Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

It is the dream of most gamblers here, to somehow have a safe haven for their holdings. With the common volatility of decentralized cryptocurrencies, many find it difficult to have a certain and stable amount of their winnings. They might win a hundred dollars now, but the time they need it, it could be only 90.

Meanwhile, some would still find having stable coins unnecessary and unrealiable, due to the fact that having stable coins could also be risky (even riskier) as you couldn't expect that later it could cost half of its price today depending on the big time holders of that certain coin (with USDT, once the USDs price suddenly go down, then their holdings in USDT would be pretty off as well)

Both have pros and cons. It would only depend on how and when would the holder withdraw his holdings.

[sunsilk]

Well, expect that some of them may add it soon. As long as there is some players who are asking them to do so, that's a gain for them if ever they are granting the demand of their players. And there is no loss in their part if ever they will accept it.

It's a tradable stable coin so there should be no problem on any casino that will add it to their accepted cryptocurrencies. For those who are conservative with the fluctuations can convert to stable coins and keep gambling.

[Bttzed03]

It could be beneficial but aren't USDT centralized? wouldn't that defeat wanting to gamble anonymously or without a central authority?

I don't think adding USDT makes any difference. Cloudbet is a centralized gambling platform who also asks verification if needed anyway.

~
Blacklisted how? I think it's volume is big enough for gamblers to think that USDT is quite good for online gambling since its very liquid.

Can you enlighten me a bit on the "Blacklisted" thing?

Maybe he meant USDT can be frozen unlike DAI.

Read more - PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

~
Like the Crypto casino doesn't have KYC which is most fiat-based gambling sites do.

They don't always implement it but they do require KYC in cases like huge withdrawals or when they suspect users of fraudulent activities.

[Sadlife]

Nope, not unless they add a convert function between Bitcoin to Tether and vice versa. Then it's a good idea but if not then my answer is no.
First of all their regulated you might get tax evasion lawsuit in your doorstep if you try and use it.

[bitbollo]

thanks to directbet (a gambling site that has been closed) I have sent a lot of transactions paying a lot of fees in bitcoin.
I think this was another way to support the growth of bitcoin.
Since more fees means more earning for miners = more profitable ecosystem for all of us.

I am scared to see this hype behind stablecoins. You're accepting the risk to get your funds seized or freezed, blacklisting your personal account and so on.
It's really worth it? I mean we are using bitcoin just to avoid fiat, we really need another version of classic fiat (plus this is not emitted/controlled by central entities?)

We really need this for betting? I think a real better with bitcoin doesn't need at all these kind of stuff...

[ReiMomo]

Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

I guess yes, many gamblers wanted this to add stable coin just for the safety of their fund throughout the volatility in cryptocurrency, this is the nature of decentralized work. Most gambling platform uses this table coin just because maybe they knew there are gamblers prefer to use a stable coin.

The beneficial brings might be a safe fund from volatility and have from a wide selection of crypto usage aside from bitcoin and ethereum which is very common in online casinos.

[GDragon]

There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.

Probably because they have less capital and maintenance compared to the traditional casinos where they maintain the place and they have a a lot of employees to play. Starting an online caisino does not need a big capital, so we are seeing a lot of online casinos and that makes the competition better in crypto, but this will only serve gamblers which are fan of online betting, not on the gamblers who like to play cards in a traditional casinos.

For now this is the only benefit I see for the crypto industry, some online gamblers who gambles in fiat will somehow be introduced to an online crypto gambling casino. They may try crypto for once or maybe a start for them to get interested in the crypto community. However, they may also feel that it is better to stay gambling in fiat cause yup, their money is protected from the volatility.

But this whole thing, I think all the benefits will go to the casino sites, they can have more traffic, they somehow got a solution for the volatility problem the gamblers faced in their platform. They have a choice for their customers who are tired of playing without a fixed price.

[Nellayar]

Adding stable coins is more beneficial for both gamblers and casino.

It may be good in gamblers to the point that there is no more hassle in converting your usdt or other stable coins into bitcoin or ethereum. If you want to gamble your money, there are many choices that you can deposit. And lastly, when it comes in real betting, I think we can easily determine our lose or value of our bets for every game if it is in form of stablecoins.


It is good in casino because, there is a chance that the number of their gamblers will arise. Since we all know that there are some who are preferred to use stablecoins in transacting than in cryptocurrency which is more volatile.

Actually many gambling site have their stablecoins already but I am using bitcoin every time I play in gambling site because there are some that accepts only bitcoin and ethereum.

Here is the reason why stablecoins are good: https://bitcasino.io/blog/cryptocurrency/a-guide-to-usdt?utm_campaign=2020h01q02m05&utm_content=blog-btctalk&utm_medium=&utm_source=BTCTALK&utm_term=lnk

It came from bitcasino.io

[adamistraybar]

more coins more moeny, and people like bettin i demntions tey know like usa dollar

[spike420211]

I think yes. The more opportunities a casino provides, the better.
I believe people will be more willing to go to a casino where it is possible to transfer all funds to stable coins without the need to make a withdrawal of funds, which may take some time.
All that remains is the question of how much this is beneficial for the casino, and whether it will also be technically convenient to provide a withdrawal in stable coins.

[DarkDays]

I think that a lot of casinos don't want to accept stablecoins simply because they are a proxy for fiat, and most cryptocurrency casinos don't want to be seen handling fiat currencies in any form.

That's why a lot of these places partner with external currency exchange platforms to automatically convert stablecoin deposits into a decentralized cryptocurrency like BTC, LTC etc, just to avoid this issue.

That said, I'd like to see a casino that allows users to stake their balances, e.g. TRX, Cardano etc. So far I haven't seen any casinos that offer this feature.

[mindrust]

I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.

Cloudbet Adds USD Tether as First Stablecoin Solution


Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?

It will create more problems for the casino (and for you) probably.

I would stay away from any of these stable coins. FIAT means regulation and since stable coins guarantee the same value as FIAT currencies, they are essentially the same. That means the same regulations can be applied to them as well.

I don't want that kind of headaches. Stick with real crypto.

[ShowOff]

I don't want that kind of headaches. Stick with real crypto.

Understand, too many rules faced by gambler who come from gambling sites is not a good choice to consider. I also dont really like stable coins used for gambling and I am used to real crypto in general. I prefer Ethereum, Bitcoin, and LTC when gambling and it gives me another chance to get a higher price anytime I win a bet.

Using a stable coin to gamble is not much different from using fiat. I dont think there are many gambler who want this coin option to be enjoyed. The average gambler prefers real coins to be used for gambling such as bitcoin, ethereum, doge, ltc, and others.

[Timelord2067]

It will create more problems for the casino (and for you) probably.

... Stick with real crypto.

Agreed - having read this thread from top to bottom it's clear the stable coins have some issues that need attention, that's not to say they aren't great coins, but other cryptos are much easier to implement.  And, as long as you wager with those crypto, the price can yo-yo all day long, but your payout is still in the crypto you wagered with.

[hatshepsut93]

Crypto gambling is booming because it allows gamblers and casinos to bypass regulations and bans, and as the result it even creates better terms for players, because it allows crypto casinos to have way lower house edge than the fiat money ones. Now when you add stablecoins, you'll either have to legalize yourself and rise your house edge due to higher costs of operating, and put obstacles for players like KYC and taxes; or risk getting all your stablecoin bankroll frozen.

[hulla]

Gambling site adding stablecoins have been discussed before but majority believe the idea is not and said its better for gambler to play using altcoin like Dogecoin and it good that Cloudbet see it as a brilliant idea.
Meanwhile, the current stance of the world economy and cryptocurrency market changing it momentum simultaneously it is beneficial for crypto related gambling site to implement stable coin but the Tether adding by Cloudbet is still not a good choice because of it protocol.

[ERKO20]

I think this will not be successful, although you need to look in practice. Until you try, you won’t know.

My personal opinion, it would be better if they tried to implement the blockchain platform instead of adding stablecoins.

[Renampun]

putting stable coins on gambling sites is a good concept IMO...
stable coins like USDT & USDC are not different from the usual dollar value, if a gambling site puts the option of choosing stable coins on their site it will definitely be very interesting, at this time I see there are no gambling sites that place stable coins CMIIW.