Cryptocurrencies price and their effect on gambling industry

[shield132]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

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[electronicash]

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

most of my reserves are in usdt. i think everyone who are into crypto business knows that the real profit is when you trade your coins to usd the moment the price of BTC goes ATH. and then buy again when the market is fine.

i'm no representative of a casino but i assume, this is what they do as well. holding while its $65000, is the worse decision.
but whichever the price goes, its good for casinos.

[roosbit]

It all depends, if you are among the few that win most of the time and deposited some funds on the casino,  and during your playing time or you deposited some coins earlier during the year and forgot about your coins and when you came back price goes up..that means you have more money in fiat value which could also be profit. But for the casino this could be seen as a loss as they are paying more in terms of fiat value.

[palle11]

I hope you won't limit your thread to only casino representatives because you may not get enough response. Or you consider taking the thread to gambling main board/marketplace, there you may get reps talking. Many users certainly have experience on how they preserve their hodling. I do convert to USDT and sometimes in btc when I observe bull coming because I also will benefit from that.

[michellee]

Maybe you can add more Neutral for the effect of bitcoin price on the gambling business because not all gamblers will avoid using bitcoin when bitcoin price increases and start the move to altcoin. Some of them will still use bitcoin and continue playing gambling but they can reduce the amount of satoshi they use to gamble.

Those data will be different on all gambling sites because that site will not have the same number of members. In this matter, maybe you can ask the casino owner because they will have that answer to fill your curiosity.

We can only know that a gambler who visits the gambling site will be more than 17 years old, but we do not know how exactly they are. Maybe the young generation is playing gambling secretly.

[avikz]

In my opinion, the crypto price increase should adversely affect the crypto gambling websites. A lot of people may argue that 1btc is equal to 1 btc and not in dollar value, but the reality is that , players usually calculate their risk proposition and winning amount in their local currency or usd. So the price increase would force the players to reduce the bet amount in crypto units thus adversely affecting the gambling website's revenue.

That's the general thought. I am not sure any statistics is available or not to analyze what is happening in reality.

[Fesatmas]

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

I am not one of the representatives of any gambling site, this is based on what I currently have.
Since I am familiar with crypto and gambling, I often prioritize my reserves in Bitcoin, even though you know how risky it is when we don't have time to secure when the market makes a big correction (not for altcoins). However, that didn't stop me from keeping as much as possible in the 40% reserve in USD, I even set it aside in gold.

[Darker45]

I can only speak for myself. Actually if I could only turn back time, I think I wouldn't have used my precious Bitcoin or even Ethereum and other major altcoins for gambling. Those crypto amounts I had squandered on gambling used to be small amounts. But now, they are already worth a fortune to me. Having said this, I think the fast rise of crypto prices could somehow discourage some gamblers from spending their crypto. However, with the features unique to crypto, other gamblers might still stick to it.

[zanezane]

It all depends, if you are among the few that win most of the time and deposited some funds on the casino,  and during your playing time or you deposited some coins earlier during the year and forgot about your coins and when you came back price goes up..that means you have more money in fiat value which could also be profit. But for the casino this could be seen as a loss as they are paying more in terms of fiat value.

Well, some casinos are notorious for not allowing some coins being withdrawn after being inactive for a long time. Probably it's nothing to scoff at for big online casinos since they have a consistent clients playing in there even if the prices are up or down.

[Russlenat]

Crypto casino operators do understand already how to manage the risk of their operation, understanding the volatility is pretty basic for them and I believe that they are investing in crypto as well but they make sure their business will continue to operate profitably despite the price volatility.

There's one site I know that is operating profitably but close its business during the bull run last year.

look at here : https://bitcointalk.org/index.php?topic=1674772.4500

The owner must have made a lot of money already.

[Yamifoud]

I can only speak for myself. Actually if I could only turn back time, I think I wouldn't have used my precious Bitcoin or even Ethereum and other major altcoins for gambling. Those crypto amounts I had squandered on gambling used to be small amounts. But now, they are already worth a fortune to me. Having said this, I think the fast rise of crypto prices could somehow discourage some gamblers from spending their crypto. However, with the features unique to crypto, other gamblers might still stick to it.

Well, we have to learn from our mistakes, and for me, though crypto is really profitable we should not deprive ourselves of gambling as it's still fun to use crypto in gambling, just learn how to invest and gamble at the same, you should still be profitable from investing and be entertain in gambling at the same time.

[ralle14]

Knowing that a lot of casinos started with a higher bankroll back then, any price increase would only mean more profits in fiat so that's good news. Eventually though some casinos started adjusting their bankroll and max profit accordingly.

If there's a big price movement in the near future it's unlikely they'd convert their bankroll right away as it could affect their business. If they're going to convert their bitcoins it should be coming from the profits they've accumulated.

For gamblers, the price increase is somewhat frustrating because there are casinos that don't adjust their minimums, back then it wasn't significant since the price was somewhere within the hundreds but now it's getting a bit costly as some of them still stick to 1mbtc minimums.

[Hydrogen]

I seem to remember the gambling minimum on anonibet being 1 bitcoin around 2011/2012 for sports gambling. Later the gambling minimum was adjusted to 0.01 BTC. Then 0.001. Finally the industry average rests around 0.0001 today for sports betting. Throughout that time, I think the crypto gambling industry targeted a minimum bet of around $5. Which is more or less what established casinos in vegas offer for minimum wagers.

The thing that stands out the most to me, is bitcoin's rapid ascension into the stratosphere. Marked by its exponentially declining minimum bet sum.

Bitcoin appreciating in value value wiped out some of my gambling losses. It also stacked a massive cherry on top of my winnings.

Gambling with bitcoin during its run from $5 to $50k should go down in history as one of the all time golden eras.

[DoublerHunter]

It all depends, if you are among the few that win most of the time and deposited some funds on the casino,  and during your playing time or you deposited some coins earlier during the year and forgot about your coins and when you came back price goes up..that means you have more money in fiat value which could also be profit. But for the casino this could be seen as a loss as they are paying more in terms of fiat value.

^ At this point, you go to the casino just to gamble not just keeping your BTC as your investment that you will wait for the price when it will price. So for me, it does not matter how much the value of BTC, if you want to gamble using BTC at the time and the same value of that time, there is nothing to worry about. You are using an exact amount per day. Since we know that BTC price is very volatile, we are already aware of the value that will probably rise up or it will down. Therefore, for me, there is nothing wrong with the price.

[dunfida]

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Not that im a representative or something but there are only two things where these casinos would potentially be acting about those price changes neither they do accumulate bitcoin no matter what the USD or fiat value is or would definitely make out some conversions from time to time and just make out some reserves for bankroll purposes.

It all matters with the owner itself but for sure they are still in profits no matter what the fiat value is on that particular year because they arent dumb on securing profits as this step will ensure that they are
already in ROI.

We've seen lots of casinos specially old ones which does simply means that volatility in price isnt really an issue.

[TimeTeller]

It all depends, if you are among the few that win most of the time and deposited some funds on the casino,  and during your playing time or you deposited some coins earlier during the year and forgot about your coins and when you came back price goes up..that means you have more money in fiat value which could also be profit. But for the casino this could be seen as a loss as they are paying more in terms of fiat value.

^ At this point, you go to the casino just to gamble not just keeping your BTC as your investment that you will wait for the price when it will price. So for me, it does not matter how much the value of BTC, if you want to gamble using BTC at the time and the same value of that time, there is nothing to worry about. You are using an exact amount per day. Since we know that BTC price is very volatile, we are already aware of the value that will probably rise up or it will down. Therefore, for me, there is nothing wrong with the price.

I have to agree as no matter what the price of btc in the market, gamblers will always gamble.
They may use different amount of btc according to the price in the market, but more than likely the equivalent amount in US$ may be the same.
Just like a smoker, even if the price of cigarette increase, they will always smoke.
So in gambling, just like many others have said, the price doesn't matter, because their gambling is not dependent on the price of crypto in the market.

[Ryker1]

^[snip]
How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

Well, I think most of the casinos have their own coin and this situation will depend on the gamblers which they are preferred to use. If a gambler did not want to risk their coin from being volatile, they can choose a stable coin instead. But those gamblers know that bitcoin will have a chance to raise and also it could be double their profit by keeping their bitcoin and increase the amount. For me here I will choose bitcoin instead of their coin or stable coins because when I got lucky to gamble and hold the price, there will perhaps be a chance that the value of your coins was increase and I can wait when the price of bitcoin will rise and the cashout my fund.

[nelson4lov]

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Not that im a representative or something but there are only two things where these casinos would potentially be acting about those price changes neither they do accumulate bitcoin no matter what the USD or fiat value is or would definitely make out some conversions from time to time and just make out some reserves for bankroll purposes.

It all matters with the owner itself but for sure they are still in profits no matter what the fiat value is on that particular year because they arent dumb on securing profits as this step will ensure that they are
already in ROI.

We've seen lots of casinos specially old ones which does simply means that volatility in price isnt really an issue.

It depends on the casino and what their strategy is. Usually, gambling platforms like that have people that make money decisions and one of which might be about preserving and maintaining casino balance in USDT, USD or any other stable coi / currency. While I'm not sure about this but I feel there's a really good chance that this is what happen with those platforms. From a user's perspective, I'm always concerned about the market price of any crypto I use for gambling. I don't know about others.

I'm sure those users that used dogecoin for gambling way back while accumulating enough for themselves would be thankful now. Their dogecoin is most likely the same but they're up in multiple x from their original amount in USD. That's a big in my opinion.

I was stuck between voting for "positive" and "very positive", so I just went with "very positive".

[MiaAndTheMarbles]

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Some gambling sites are non-custodial with smart contracts that pay out winners immediately.
But they still have to adjust minimum bet amounts to current prices in order to maintain attractiveness for players.

[robelneo]

i think everyone who are into crypto business knows that the real profit is when you trade your coins to usd the moment the price of BTC goes ATH. and then buy again when the market is fine.

i'm no representative of a casino but i assume, this is what they do as well. holding while its $65000, is the worse decision.
but whichever the price goes, its good for casinos.

I agree with your analysis gambling developers and administrators are also traders they know the volatility of the market, and their projected income is based on fiat or USDT, they must continue trading and do not stuck their profit to a certain price level, of course, this is only my assumption as a trader and investor it's only logical to use the available means to protect your assets from volatility, in this case, stable coins are the best coin or tools for this.

[Mahanton]

i think everyone who are into crypto business knows that the real profit is when you trade your coins to usd the moment the price of BTC goes ATH. and then buy again when the market is fine.

i'm no representative of a casino but i assume, this is what they do as well. holding while its $65000, is the worse decision.
but whichever the price goes, its good for casinos.

I agree with your analysis gambling developers and administrators are also traders they know the volatility of the market, and their projected income is based on fiat or USDT, they must continue trading and do not stuck their profit to a certain price level, of course, this is only my assumption as a trader and investor it's only logical to use the available means to protect your assets from volatility, in this case, stable coins are the best coin or tools for this.

Casinos would always have the edge because no matter what the market condition is, they would neither choose up to hold or would to convert those coins into fiat.It all depends into their decision
since its their money after all and same goes with players too which it doesnt really affect that much because even the price had bloated up, they could always make out some conversion basing up
on fiat value which simply means that btc value would be adjusted on the time they would play. The thing here on what makes those gambling site owners do make advantage is on a dumping market
the higher the amount of coins since the price is still cheap and if they do tend to hold and made out some recovery then thats really a sure add up on profit.

[traderethereum]

I think the casino is trade with their coins for some parts to make another profit from crypto.
They have a lot of money to trade and run their business simultaneously, so if they can make more profit, they will be enthusiastic about buying and selling their coins.
With the popularity of crypto from a few years ago, I think the number of bettors is increased much as this pandemic makes gamblers who are playing gambling at the offline casino are trying to search for online gambling to continue playing gambling.
So that affects the crypto gambling business which means, they get more new members from offline gambling.
If we talk about the profit, maybe that will be more profit in USD as bitcoin price itself increases so high depending on the last year to give more profit too to the casino.

[passwordnow]

I don't have any intention of telling how much reserve I've got in bitcoin or in fiat. It's just for safety of myself even though everybody doesn't really don't know everyone on this forum personally. For the stock that the casinos have, I think they have a dedicated amount for each crypto that they support whether the market rises or it dumps. What's for sure is that they've got all of their crypto stocks bought at a cheap rise and the bull run made a plus on their end.

[Renampun]

...

I feel there is no problem with the increase in the price of cryptocurrencies against gambling...

Bitcoin price rose 7 times from 2017 and the results that can be obtained from gambling also increased 7 times when compared to 2017. The price increase will definitely have a big impact on players' income.

[yazher]

Most likely when the price of bitcoins goes higher, gambling sites competitions are more in demand since those sites will offer good services for a period of time, just like what we have seen in recent months when the bull-run is still active. there are lots of campaigns and promotions. The only question here is when the price will go down suddenly after they promote those freebies and giveaways, that will hurt them economically but not their reputation. that's not totally bad for them I guess.

[harizen]

We have no way to know if gambling operators also play with the market during its peak. That's right they have lots on their reserve so possibly they actually selling some of it just to take advantage of the uptrend.

It's a small chance that they will share it here so hoping they will give at least of glimpse of what they are doing on some of their reserves during or whenever on the bullish trend even that is a private thing.

[Fundamentals Of]

We cannot know the real effect of the changes in the prices of cryptocurrencies to the gambling industry unless the gambling companies will open up their books, which is unlikely to happen because those are oftentimes treated with confidentiality. But we can make a speculation. For me, when the prices are rising, there may be a possibility that the gamblers will somehow slow down because they would rather make profit from the growth of their crypto rather than risk it on gambling.

But it is also true that whenever the prices are flying high, the attention to crypto is also increasing. This may also result to its heightened adoption in the gambling industry.

[mu_enrico]

There are two kinds of crypto casino: (1) play directly with the BTC and (2) use USD value of BTC. For the first type, sure it affects the game, for example, previously the minimum bet for slots is 10ubtc, suddenly it becomes almost unplayable for small gamblers. There's almost no effect for the second type of casino except more expensive deposit and withdrawal fees. If we remove deposit and withdrawal fees from the equation, let's say I hold XRP and then XRP pump, I tend to play more.

[Fesatmas]

Most likely when the price of bitcoins goes higher, gambling sites competitions are more in demand since those sites will offer good services for a period of time, just like what we have seen in recent months when the bull-run is still active. there are lots of campaigns and promotions. The only question here is when the price will go down suddenly after they promote those freebies and giveaways, that will hurt them economically but not their reputation. that's not totally bad for them I guess.

do we really need prices to drop suddenly and make it a reference to look at casino games that only provide free services during Bullrun time? I don't think it's the right thought for a casino that continues to operate in either a Bull market or a Bear market.

[Dread Pirate Roberts]

If it's a gambling site like that. it's part of their risk and advantage too. because the value of wagering also will increase and higher if compared to a few years ago. what more if directly with the coin is not converted in usd. that's why stable coins or any popular altcoin that have low value are also commonly used as optional.

[AmoreJaz]

As cryptos become more popular, so does crypto gambling, presumably. As for the specifics or the prices, I don't think they matter much. What's essential is the average transaction fee. If we're talking about a small-scale gambler, let's say this person deposits and withdraws sums like $50-$100 worth of Bitcoin. In that case, it matters a lot whether the fee is $2 or $20, and when it's $20, the gambler will probably abstain from withdrawing or depositing money, and stick to websites where the money is already available (until it's lost in bets). I keep my gambling money in BTC, no matter what happens, but I try not to deposit/withdraw when the fees are high.

or some will opt for other alts like trx or xrp or ltc with very cheap transaction fees. this is why some popular alts other than btc are getting popular in casinos because of their advantage in fees. but as we noticed, as btc and other alts are getting popular, the number of casinos here also multiply their number. so it means, even if btc increased a lot, still gamblers are gambling their money. so when it comes to the mindset of gambler, i guess there's no effect when it comes to price.

[dothebeats]

Crypto casinos need to keep some of their reserves purely in crypto, otherwise they wouldn't have anything to pay their customers if someone gets a juicy jackpot on one of their games. It's one of the risk that they need to accept since they are dealing with cryptocurrencies on their platform. They can convert some of their crypto assets to USDT or any other stablecoin to gain some $ profits, but they have to convert it back again in order to have something to pay for their players.

For the players, I don't think the change in $ price matters much, especially if the amount is on the low side. But then again, some of them are surely regretting that they spent much btc/whatever crypto on a casino rather than just playing with USD directly.

[Rengga Jati]

Every online gambling that accepts Bitcoin or other cryptocurrencies may have its own standard and consideration in using the coins.
Moreover about Bitcoin. They are not new in this world. They have known the progress and also development of the Bitcoin price from last to now.
Well, IMHO, they may have some diversification on how to cash out or convert to USD and how to hold. If they are Bitcoin believers and trust in Bitcoin as the future of currency, I am no doubt that they will save some of their Bitcoin for the future. And convert to SUDT of course they will also do it because they also need safe funds in their industry.

[Fesatmas]

Crypto casinos need to keep some of their reserves purely in crypto, otherwise they wouldn't have anything to pay their customers if someone gets a juicy jackpot on one of their games. It's one of the risk that they need to accept since they are dealing with cryptocurrencies on their platform. They can convert some of their crypto assets to USDT or any other stablecoin to gain some $ profits, but they have to convert it back again in order to have something to pay for their players.

For the players, I don't think the change in $ price matters much, especially if the amount is on the low side. But then again, some of them are surely regretting that they spent much btc/whatever crypto on a casino rather than just playing with USD directly.

Well, you are right that the risk will be much greater if the victory is obtained at the ATH of the crypto being played. It was really advantageous for players who had that kind of rare luck. Especially when you bet BTC when you get the Jackpot. On the other hand, it benefits the Casino who gets all the advantages in large numbers. Where they will immediately make a backup not only in crypto, in $ they will do it in order to minimize the occurrence of a bear market.

[qwertyup23]

I can only speak for myself. Actually if I could only turn back time, I think I wouldn't have used my precious Bitcoin or even Ethereum and other major altcoins for gambling. Those crypto amounts I had squandered on gambling used to be small amounts. But now, they are already worth a fortune to me. Having said this, I think the fast rise of crypto prices could somehow discourage some gamblers from spending their crypto. However, with the features unique to crypto, other gamblers might still stick to it.

I definitely agree with this statement.

This is true- if I could also turn back time, I would not use my BTCs as the currency for my online gambling spree. When I joined this forum last 2017, some of the proceeds that I received from participating in campaign signatures went straight to some gambling websites. To cut the story short, I lost like 0.05 BTCs before. If we were to convert its price now, 0.05 BTCs = $2,000 but before, it's converted USD price was below $100.

Lesson learned- if possible, always avoid betting your precious BTCs since you will never know that its price may skyrocket again 5-10 years from now.

[mindrust]

I don't think it affects casinos that much unless they use super valuable coins like bitcoin because transfer costs of that coin also rises when its price rises. Otherwise, it wouldn't affect the casino very much especially when the price rises.

If the price goes down however, the casinos bankroll would also go down and big USD holders may try to bankrupt the casino by wagering big amounts. It is an unlikely situation but not impossible.

[KTChampions]

I noticed a significant difference in two things - firstly, faucets and free chips stopped being issued in satoshi. Now you can get only virtual chips for free. The fees for depositing and withdrawing funds have changed significantly, earlier they were even more than now if you count in cryptocurrency, but if you evaluate it in dollars, now they are clearly higher than before.

[dunfida]

I don't think it affects casinos that much unless they use super valuable coins like bitcoin because transfer costs of that coin also rises when its price rises. Otherwise, it wouldn't affect the casino very much especially when the price rises.

If the price goes down however, the casinos bankroll would also go down and big USD holders may try to bankrupt the casino by wagering big amounts. It is an unlikely situation but not impossible.

Not all the times on where high price would indicate high fees but it would be always depending on the network condition but most likely it would really be on that situation because people would definitely be that busy
on trading out bitcoin on that particular time specially on bullish run.

When it comes to USD matters or talking generally with volatility then of course it would really be affecting in all angles no matter how it moves neither you would be earning in usd
or would be losing if it goes to other side.

For sure majority is really been awared with that possibilities and it isnt something that they would be shocked.

[imstillthebest]

on some gambling sites their minimum amount to bet is lower than 1 sats but to some thier minimum amount to bet is fix at 1 dollars  .
 i think higher minimum bet amounts like 1 usd does have an effect to a gambling business because not all players can afford it . when it comes to players profits they remain unchanged .
the numbers that we saw can be lower now but the value of them is also adjusted and they are higher now . im not a casino representative but i think most of the casino's cryptos are remain untraded because they are using it for thier business . they chose this business in the first place so they should know the risks of volatility

[harizen]

I don't think it affects casinos that much unless they use super valuable coins like bitcoin because transfer costs of that coin also rises when its price rises.

It's 1:1. Gambling sites have large reserves (they should have) of certain coins e.g bitcoin on their respective cold wallet so regardless of BTC up or down, the fees used will still be in BTC value.

If the price goes down however, the casinos bankroll would also go down and big USD holders may try to bankrupt the casino by wagering big amounts. It is an unlikely situation but not impossible.

I don't know where you got that idea but that is unlikely to happen.

What's the connection of price decline for casino bankroll to go down? The gambling on that platform will still be on their usual operation regardless of the price up or down. There are big losers, there are gainers, etc. as usual.

And I doubt a great number of big whales will attempt to bankrupt the casino. Why should they? What if they lose? That was a worst idea providing the fact that it's impossible to beat the casino 100% in the long run.

[Fundamentals Of]

I noticed a significant difference in two things - firstly, faucets and free chips stopped being issued in satoshi. Now you can get only virtual chips for free. The fees for depositing and withdrawing funds have changed significantly, earlier they were even more than now if you count in cryptocurrency, but if you evaluate it in dollars, now they are clearly higher than before.

Nice observations. This means Bitcoin is now kept more than freely given away even in small amounts. They're getting more precious, after all. In terms of withdrawals, there are still gambling or betting sites that offer free withdrawal. But it is probably also getting common for others to ask for a fee. If withdrawal fees are kept the same in terms of Bitcoin, then it is definitely increasing in terms of dollars because the price has been rising a lot.

[Obito]

I noticed a significant difference in two things - firstly, faucets and free chips stopped being issued in satoshi. Now you can get only virtual chips for free. The fees for depositing and withdrawing funds have changed significantly, earlier they were even more than now if you count in cryptocurrency, but if you evaluate it in dollars, now they are clearly higher than before.

That's what happens when the prices go up, they have to keep up so as to not experience losses because the price increase waits for no man and it's not like it's a bad thing, that's just how the market is, if the price is high then you will have to increase too but if the prices go down you have to go down too.

[goaldigger]

I noticed a significant difference in two things - firstly, faucets and free chips stopped being issued in satoshi. Now you can get only virtual chips for free. The fees for depositing and withdrawing funds have changed significantly, earlier they were even more than now if you count in cryptocurrency, but if you evaluate it in dollars, now they are clearly higher than before.

That's what happens when the prices go up, they have to keep up so as to not experience losses because the price increase waits for no man and it's not like it's a bad thing, that's just how the market is, if the price is high then you will have to increase too but if the prices go down you have to go down too.

In the long run, casinos still make money despite of the market price and the only affected here are the gambler especially if you are just going to fund your account using a higher price while the market dumps after you gamble, you supposed to have more. Crypto price are more volatile, we have to accept that as a gambler and casinos are also taking risk for that. This is why some casinos are USD based value, that allows you to withdraw on any cryptos.

[ralle14]

But it is probably also getting common for others to ask for a fee. If withdrawal fees are kept the same in terms of Bitcoin, then it is definitely increasing in terms of dollars because the price has been rising a lot.

Yup, most sites are asking for fees which i'm fine paying but the downside is that some of them ask for way too much even if the network isn't busy.

on some gambling sites their minimum amount to bet is lower than 1 sats but to some thier minimum amount to bet is fix at 1 dollars  .
 i think higher minimum bet amounts like 1 usd does have an effect to a gambling business because not all players can afford it . when it comes to players profits they remain unchanged .

One dollar minimum is still fine though, the bigger issue imo is the minimum amount for deposits and withdrawals because even if they could adjust the minimum to .01 usd only a small portion of gamblers could take advantage of the small bet amounts since not everyone could afford to deposit that much money in one session.

[Beparanf]

on some gambling sites their minimum amount to bet is lower than 1 sats but to some thier minimum amount to bet is fix at 1 dollars  .
 i think higher minimum bet amounts like 1 usd does have an effect to a gambling business because not all players can afford it . when it comes to players profits they remain unchanged .
the numbers that we saw can be lower now but the value of them is also adjusted and they are higher now . im not a casino representative but i think most of the casino's cryptos are remain untraded because they are using it for thier business . they chose this business in the first place so they should know the risks of volatility

I think they are regularly trading there crypto profit to fiat in a regular basis because they will need fiat to pay for there operating cost and employee. The only money they keep untouch are those funds on the current bankroll but sooner they will have an audit in fiat then re-evaluate on how much they will convert to fiat. Casino is not a holder so definitely they trade there crypto as much as possible so this guys oparate there business no matter what is the price of crypto.

[imstillthebest]

on some gambling sites their minimum amount to bet is lower than 1 sats but to some thier minimum amount to bet is fix at 1 dollars  .
 i think higher minimum bet amounts like 1 usd does have an effect to a gambling business because not all players can afford it . when it comes to players profits they remain unchanged .

One dollar minimum is still fine though, the bigger issue imo is the minimum amount for deposits and withdrawals because even if they could adjust the minimum to .01 usd only a small portion of gamblers could take advantage of the small bet amounts since not everyone could afford to deposit that much money in one session.

i think 1 dollar minimum bet is being used in real life casinos and non crypto casinos , this is why some crypto casinos copy it and there are gamblers that are already used to it .

the bigger issue imo is the minimum amount for deposits and withdrawals

true but most gambling sites have no minimum deposit . only withdrawal fees are present all the time and it was annoying if a site demands high withdrawal fees like 0.01btc  . that gambling site are only for the whale gambler

''

I think they are regularly trading there crypto profit to fiat in a regular basis because they will need fiat to pay for there operating cost and employee.

unless if they agree to be paid by cryptos . usually those who apply for work in crypto related business are presented to get paid in crypto before they start

[Beparanf]

unless if they agree to be paid by cryptos . usually those who apply for work in crypto related business are presented to get paid in crypto before they start

Agreed on this on the employee payroll part but they will be paying operational expenses in fiat though and I don't think that they will pay it on crypto as well as the owners profit. Because businessman always take profit on hard cash unless they are a trader but usually they always preferred a play safe which is converting cryptocurrency in to fiat or stablecoins. I believe we can get a best insight if casino owner like @lightlord from bitvest & 777 game can make a comment about this.  

[Wexnident]

I'd actually say that most people would put their reserves into stable coins or fiat instead of crypto, especially if they were going to use the said crypto for gambling. The only instance I'd say that they'd left it behind in crypto would be if they totally forgot about it imo. It is as you said, the price increased over time, but the same could be said for the opposite, especially if you consider the time frames of the price rising and the price dropping. There's too large of a gap for gamblers to "accidentally" take advantage of imo.

I'd also reckon that casinos are constantly regulating the system in case of any major changes that would negatively affect their business.

[RealMalatesta]

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

In my understanding people who are well aware of the potential of crypto or at least bitcoin, must be running most of the crypto gambling houses. They might have started their business without realizing the power of bitcoin and its benefits while holding long term but over the time when they watch what do happens with the value of bitcoins along with each halving, they might started understanding its true potential.

What I am trying to say is, most probably all crypto gambling houses must be enjoying the profitable run of cryptos so far and might be trading to catch the waves of crypto markets and some other casinos must be simply holding like how a typical long term bitcoin holder is doing.

Simply, they are enjoying ~100x profits compared to what they made in 2016 as most crypto gambling houses are always treating 1 BTC = 1 BTC regardless of its USD value.

[magneto]

If anything, casinos should be turning over more in fiat terms.

As quite an early adopter of bitcoin, I know that I still value of lot of things in absolute BTC terms and not fiat terms. Gambling would be one of them.

When I'm betting with 0.01 BTC, I definitely don't feel like I'm playing with $400.

Those psychological differences definitely do add up for the casino, who ultimately profits more from it.

[AicecreaME]

We're talking about cryptocurrency casinos, that's why I think they don't need to convert their cryptocurrency when the market is in bearish trend, because they don't need cash to keep their casinos running and paying their players winnings. So, my conclusion is that they are only making profits or converting their cryptocurrency whenever they think it is good and buy the dip to deposit it on their casinos as a fuel to pay their players winning.

So yeah, it's not affecting them in a negative way because the winnings are fixed amount of cryptocurrency and not in any currencies.

[Slow death]

it reminds me that when I made a sportsbook on a certain site and won I was very happy, but when I removed the bitcoin and days later the bitcoin price dropped a lot I was very irritating, I remember that at that time the price of bitcoin all the time it was falling because it was a bear market, so I decided to start placing sports bets on my country's local sites where the currency belongs to my country and I don't pay taxes and I don't have to worry about price fluctuation

So yeah, it's not affecting them in a negative way because the winnings are fixed amount of cryptocurrency and not in any currencies.

True, since deposits are in cryptocurrencies, wins and withdrawals are in crytocurrencies so casinos are not affected by the rise or fall in the price of cryptocurrencies

[jaberwock]

If anything, casinos should be turning over more in fiat terms.

As quite an early adopter of bitcoin, I know that I still value of lot of things in absolute BTC terms and not fiat terms. Gambling would be one of them.

When I'm betting with 0.01 BTC, I definitely don't feel like I'm playing with $400.

Those psychological differences definitely do add up for the casino, who ultimately profits more from it.

Honestly I have been around here for 8 years and I can say that I still only calculate on the fiat amount of it, so I am exactly the opposite of you. Whenever I gamble I only care about how much I am gambling in fiat terms at that moment. And the only reason for that is the fact that if I keep considering about how much bitcoin I ended up gambling then I will start thinking how much I could lose in the future, like what I lose today could be 4x more in the future.

I have lost many bitcoins while gambling, when I consider it that gives me big chills because I am not a rich person, even one bitcoin is a lot of money for me, but I did had one bitcoin in my life, I had multiple, but I never had 40k before, so that is how I think in order to keep sane.

[ShowOff]

Honestly I have been around here for 8 years and I can say that I still only calculate on the fiat amount of it, so I am exactly the opposite of you. Whenever I gamble I only care about how much I am gambling in fiat terms at that moment. And the only reason for that is the fact that if I keep considering about how much bitcoin I ended up gambling then I will start thinking how much I could lose in the future, like what I lose today could be 4x more in the future.

I have lost many bitcoins while gambling, when I consider it that gives me big chills because I am not a rich person, even one bitcoin is a lot of money for me, but I did had one bitcoin in my life, I had multiple, but I never had 40k before, so that is how I think in order to keep sane.

We all probably shouldn't be frustrated when considering the amount of bitcoin we've spent gambling before. The value is never the same again and I don't think that we should round up the amount now and try to convert it to fiat equivalent. It doesn't make sense to me because the bitcoin we spent in the past are not worth tens of thousand. It's honest that most of the bitcoin I've spent now have been worth tens of thousand, but I never wanted to remember that long ago because that would just invite a lazy feeling for myself.

[iv4n]

Honestly I have been around here for 8 years and I can say that I still only calculate on the fiat amount of it, so I am exactly the opposite of you. Whenever I gamble I only care about how much I am gambling in fiat terms at that moment. And the only reason for that is the fact that if I keep considering about how much bitcoin I ended up gambling then I will start thinking how much I could lose in the future, like what I lose today could be 4x more in the future.

I have lost many bitcoins while gambling, when I consider it that gives me big chills because I am not a rich person, even one bitcoin is a lot of money for me, but I did had one bitcoin in my life, I had multiple, but I never had 40k before, so that is how I think in order to keep sane.

We all probably shouldn't be frustrated when considering the amount of bitcoin we've spent gambling before. The value is never the same again and I don't think that we should round up the amount now and try to convert it to fiat equivalent. It doesn't make sense to me because the bitcoin we spent in the past are not worth tens of thousand. It's honest that most of the bitcoin I've spent now have been worth tens of thousand, but I never wanted to remember that long ago because that would just invite a lazy feeling for myself.

Well, that "counting" means something! Do you count in fiat or crypto, and what you put aside, one thing or the other! We can all agree, and that's a fact, the ones who saved in crypto have a reason to celebrate, even with the current prices, to not talk about the top from weeks ago! The ones who decided to keep stable (fiat pegged coins) missed a good chance to double, triple, and so on, their bankroll!
As casinos, we had the same opportunity! Some of us took it, some had weak hands! Whatever happened it's not the end of the world, the game is still on, and we have chances to do it better next time!

[crzy]

We're talking about cryptocurrency casinos, that's why I think they don't need to convert their cryptocurrency when the market is in bearish trend, because they don't need cash to keep their casinos running and paying their players winnings. So, my conclusion is that they are only making profits or converting their cryptocurrency whenever they think it is good and buy the dip to deposit it on their casinos as a fuel to pay their players winning.

So yeah, it's not affecting them in a negative way because the winnings are fixed amount of cryptocurrency and not in any currencies.

We actually don’t know if the winning is fix though is right that it is cryptocurrency but still its value will always depend on how much you bet and on how much is the current price. Cheaper price during buying can increase the volume of your holdings and if the price rise, you can have more in terms of value. There’s no much effect of this over all, but still you’re lucky to buy at a cheaper price.

[KennyR]

The gambling industry have grown good along with the rise in the price of bitcoin. Myself state this based on the rise in circulation and increase in the number of online gambling sites with cryptocurrency acceptance. When the price was low myself preferred spending in USD equivalent to bitcoin that had specific value. Now also I'm following the same. Earlier betting 0.1BTC is possible, now I can only dream of it.

[Lanatsa]

The gambling industry have grown good along with the rise in the price of bitcoin. Myself state this based on the rise in circulation and increase in the number of online gambling sites with cryptocurrency acceptance. When the price was low myself preferred spending in USD equivalent to bitcoin that had specific value. Now also I'm following the same. Earlier betting 0.1BTC is possible, now I can only dream of it.

Even crypto didn't exist in the first place., gambling industry would still be on progress but since its already there then it do really make out some changes and give out some options for gamblers.

Talking into their price then it doesn't really affect the industry because gambling site owners specially accepting crypto do knows the risk and the opportunity that it could possibly give.

As a gambler then its either you would be minding about investment or wont really care at all as long you do able to get the leisure you do seek on gambling.

[goinmerry]

What I am trying to say is, most probably all crypto gambling houses must be enjoying the profitable run of cryptos so far and might be trading to catch the waves of crypto markets and some other casinos must be simply holding like how a typical long term bitcoin holder is doing.

Simply, they are enjoying ~100x profits compared to what they made in 2016 as most crypto gambling houses are always treating 1 BTC = 1 BTC regardless of its USD value.

I also have the same idea that gambling sites are taking advantage of the bullish trends and might be selling too.

But we can't confirm it completely as gambling owners won't probably tell it or they will share it here.

I don't understand the feeling and experience of being a gambling owner but in terms of handling business and investment strategy, like in any other institution, turning the situation as an advantage is one of the keys to make the business a much stable one and that was gambling site is doing, turning the bull and bear trend into their advantage.

[Theones]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

I don't think anyone who represents the casino is willing to provide this information about funds for security reasons. After all, talking about where you keep your money is simply encouraging hackers to empty your wallet.
I think the turnover of all cryptocurrency casinos is increasing more and more. Niot only due to the increase in Bitcoin's price, but mainly due to the increase in the popularity of cryptocurrencies.

[worldofcoins]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher?

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.

[Fundamentals Of]

But it is probably also getting common for others to ask for a fee. If withdrawal fees are kept the same in terms of Bitcoin, then it is definitely increasing in terms of dollars because the price has been rising a lot.

Yup, most sites are asking for fees which i'm fine paying but the downside is that some of them ask for way too much even if the network isn't busy.

Because if I am not mistaken the fees imposed by many gambling sites are mostly fixed. They are not constantly updated according to the mempool so it cannot be avoided that there are certain days when the fees are really very high compared to the minimal requirement for a transaction to get confirmed easily. It would be appreciated if these gambling sites would have their fees immediately adjust according to mempool data. Or probably a feature allowing the user to adjust the fees he is willing to pay.

[YOSHIE]

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

Before I give my opinion on crypto and gambling industry, obviously I will choose 'Positive'.

the gambling industry is one of the main forms and evolutions based on Blockchain and technology, not a few of the online gambling industry wants to satisfy their customers for security and privacy for their customers, crypto the best way today.

There are a thousand reasons that can be stated behind the popularity of the crypto/Bitcoin gambling industry and also the potential for profit is very promising, In other words, the innovation of online casinos/gambling that is very influential on crypto, one of which is to have access to betting and playing games comfortably and easily, both via mobile and laptop.

On the other hand, as the number of gambling games that offer crypto also has good attributes, the world will slowly move away from paper money and pay special attention to digital technology and coins.

There is no doubt in this case the crypto based gambling/casino industry is a business that leads to internet adapters with the fastest facilities and great interest the public.

[imstillthebest]

unless if they agree to be paid by cryptos . usually those who apply for work in crypto related business are presented to get paid in crypto before they start

Agreed on this on the employee payroll part but they will be paying operational expenses in fiat though and I don't think that they will pay it on crypto as well as the owners profit. Because businessman always take profit on hard cash unless they are a trader but usually they always preferred a play safe which is converting cryptocurrency in to fiat or stablecoins.

yes agree in the operational cost .
 afterall we dont know what future awaits in crypto so its always a good idea to secure some of our wealth in fiats or also in stable coins  .

I believe we can get a best insight if casino owner like @lightlord from bitvest & 777 game can make a comment about this.  

am not sure with this because our boss lightlord have been busy at all times because i heard that they are only 2 of them ( he and his business partner ) that manages their casino but maybe other casino owners and their representatives can discover this thread .

[hahay]

For me, it will actually benefit the gambling business, how not, if in the past some satoshi had no value in fiat but for now with high bitcoin prices it would certainly be more profitable, right. But about whether or not the impact on the businessmen of the bitcoin price is good, I think it depends on how they manage it. As we know, there were several gambling sites that closed when the price of bitcoin went up and the reasons for them varied but most of them have remained until now. So I think, the effect of the bitcoin price for the business or gambling industry is something positive or maybe very positive, because they continue to grow then I see that is something good and not something bad for sustainable development.

[KTChampions]

I noticed a significant difference in two things - firstly, faucets and free chips stopped being issued in satoshi. Now you can get only virtual chips for free. The fees for depositing and withdrawing funds have changed significantly, earlier they were even more than now if you count in cryptocurrency, but if you evaluate it in dollars, now they are clearly higher than before.

That's what happens when the prices go up, they have to keep up so as to not experience losses because the price increase waits for no man and it's not like it's a bad thing, that's just how the market is, if the price is high then you will have to increase too but if the prices go down you have to go down too.

In the case of faucets, it is clear that the general state of the market is the case - the casino cannot afford to regularly distribute even small amounts of money for free. And in the case of commissions for replenishment or withdrawal of money from a deposit, the same thing - if the network is loaded and the commissions are expensive, then the casino is forced to shift the payment of these commissions to the player.

[madnessteat]

For me, it will actually benefit the gambling business, how not, if in the past some satoshi had no value in fiat but for now with high bitcoin prices it would certainly be more profitable, right. But about whether or not the impact on the businessmen of the bitcoin price is good, I think it depends on how they manage it. As we know, there were several gambling sites that closed when the price of bitcoin went up and the reasons for them varied but most of them have remained until now. So I think, the effect of the bitcoin price for the business or gambling industry is something positive or maybe very positive, because they continue to grow then I see that is something good and not something bad for sustainable development.

Bitcoin's rising price has a positive effect on its recognition among the masses. And since this asset is very often used by casinos and can still maintain a high level of player anonymity if used correctly, it clearly has a positive effect on the gambling business.

[michellee]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher?

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.

Talk about 0.01 btc in 2016 will not give you much USD because, at that time, the bitcoin price is not too high compared to 2017-2018. So with that amount of bitcoin, people will not have to feel too sad if they lose that amount. But when the bitcoin prices start to increase and reach more than $20k this year, losing 0.01 btc will give pain in their head, especially if we do not have many bitcoins.

But people will still gamble, whether it uses bitcoin or USD because they like gambling and it is hard to leave gambling forever. The crypto gambling industry will grow, no matter how high the bitcoin price will be, because the crypto gambling industry has altcoins, which can be many people's options to gamble. So that is why people will come to the crypto gambling site and play their favorite gambling games.

[rodskee]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

I don't think anyone who represents the casino is willing to provide this information about funds for security reasons. After all, talking about where you keep your money is simply encouraging hackers to empty your wallet.
I think the turnover of all cryptocurrency casinos is increasing more and more. Niot only due to the increase in Bitcoin's price, but mainly due to the increase in the popularity of cryptocurrencies.

Yeah just like the site that you are advertising that keeps om hiding behind their security safeties that's why the scam victims cannot ask for  proof of their account and amount freezing?  sounds legit .

For me, it will actually benefit the gambling business, how not, if in the past some satoshi had no value in fiat but for now with high bitcoin prices it would certainly be more profitable, right. But about whether or not the impact on the businessmen of the bitcoin price is good, I think it depends on how they manage it. As we know, there were several gambling sites that closed when the price of bitcoin went up and the reasons for them varied but most of them have remained until now. So I think, the effect of the bitcoin price for the business or gambling industry is something positive or maybe very positive, because they continue to grow then I see that is something good and not something bad for sustainable development.

Bitcoin's rising price has a positive effect on its recognition among the masses. And since this asset is very often used by casinos and can still maintain a high level of player anonymity if used correctly, it clearly has a positive effect on the gambling business.

always has an effect and  the higher the value of the coins is the more attractive to gamblers is..

[Taskford]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher?

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.

Talk about 0.01 btc in 2016 will not give you much USD because, at that time, the bitcoin price is not too high compared to 2017-2018. So with that amount of bitcoin, people will not have to feel too sad if they lose that amount. But when the bitcoin prices start to increase and reach more than $20k this year, losing 0.01 btc will give pain in their head, especially if we do not have many bitcoins.

But people will still gamble, whether it uses bitcoin or USD because they like gambling and it is hard to leave gambling forever. The crypto gambling industry will grow, no matter how high the bitcoin price will be, because the crypto gambling industry has altcoins, which can be many people's options to gamble. So that is why people will come to the crypto gambling site and play their favorite gambling games.

Actually sometimes those volatility incident is pain in the ass of the casinos since imagine if they bought at the peak for payout of winnings purposes then suddenly the bitcoin price soar down this incident makes them already a loser plus we add the high payment fees which is another painful scenario which take their balances for every transaction they made. But what good thing there is if the casino have strong balls and doesn't pull the selling button and surrender for sure they have chance to recover back. Those old casinos out there shows this strength that's why its good to gamble at that place compare to new ones which we don't know their capabilities yet.

[worle1bm]

Speaking for my side the price changes in bitcoin have no affect my gambling budget because i have set aside my monthly budget for all these bets and try to keep it consistent cashing out my profits or fueling the balance if negative out of loss.But the minimum bet place as said by you can be changed with price levels.But i also keep in mind that profits have also increased over time if we win with change in btc prices if we win.But the main thing is to keep playing with your stop limits set.

[Kittygalore]

The gambling industry have grown good along with the rise in the price of bitcoin. Myself state this based on the rise in circulation and increase in the number of online gambling sites with cryptocurrency acceptance. When the price was low myself preferred spending in USD equivalent to bitcoin that had specific value. Now also I'm following the same. Earlier betting 0.1BTC is possible, now I can only dream of it.

That claim is confirmed with how big the increase of gambling services there is even though there's an significant increase in the prices, plus it's not like bitcoin is the only cryptocurrency available for the clients to use when they are gambling so it's not really that much of a big effect.

[ralle14]

true but most gambling sites have no minimum deposit . only withdrawal fees are present all the time and it was annoying if a site demands high withdrawal fees like 0.01btc  . that gambling site are only for the whale gambler

Back then this was the case on most casinos but after a while it slowly become an issue as they're forced to spend tons of fees just to consolidate these deposits that's why most of them started introducing minimum deposits.

always has an effect and  the higher the value of the coins is the more attractive to gamblers is..

I think in bitcoin's case it's the opposite because in terms of spending it's getting to the point where the value is way too much and one example is the minimums which i've mentioned before.

[Fortify]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

I think you've missed an option within your poll which should be "No effect" and sit in the middle. Gambling has been going on for centuries, probably before money was ever even invented and will go on into the future long after we are all dead. Gambling institutions will take whatever medium of currency that will offer them a decent profit. While it has opened up a whole range of possibilities for newcomer businesses, the actual business of gambling has not changed very much. Some people like flashy lights and stimulating sounds which are triggered when the win a pre-defined payout, others like the competition on the poker tables (which is sadly lacking in the cryptocurrency space after sealswithclubs went wrong).

[macson]

Rising cryptocurrency prices definitely have a good effect on gambling.  people who hear crypto prices going up must think they will get a big profit if they win.  I may not be an active gambler but I have never had a problem with the rising crypto prices will affect my gambling because I keep making deposits with the money I can afford.

[maju69]

Rising cryptocurrency prices definitely have a good effect on gambling.  people who hear crypto prices going up must think they will get a big profit if they win.  I may not be an active gambler but I have never had a problem with the rising crypto prices will affect my gambling because I keep making deposits with the money I can afford.

Who has been able to manipulate the price according to the casino's demand to increase the price at the right time? Casinos need to trade them quickly when they have been waiting so long for high prices. It's possible that if the whales complied with the casino's demands, it would clearly benefit the casinos as they could fetch a huge price with a bonus that exceeds the initial deposit of the gambler.

[Hippocrypto]

We really don't whay move are those casino was taking lately as btc rose higher of current price lately.
As what I've observed with how they adopt on cryptocurrency as their mode of business profit, I think they also sell their holdings in order to fund their employees. Not all person has the options to hold their btc or whatsoever crypto coin, someone also need to spend fist for their personal needs that requires physical money.
So, price also matters when there's huge numbers of casino gamblers used to trade and exchange their massively.

[worldofcoins]

Talk about 0.01 btc in 2016 will not give you much USD because, at that time, the bitcoin price is not too high compared to 2017-2018. So with that amount of bitcoin, people will not have to feel too sad if they lose that amount. But when the bitcoin prices start to increase and reach more than $20k this year, losing 0.01 btc will give pain in their head, especially if we do not have many bitcoins.

But people will still gamble, whether it uses bitcoin or USD because they like gambling and it is hard to leave gambling forever. The crypto gambling industry will grow, no matter how high the bitcoin price will be, because the crypto gambling industry has altcoins, which can be many people's options to gamble. So that is why people will come to the crypto gambling site and play their favorite gambling games.

That's exactly what I meant.

Gamblers from the past are getting the same feel from gambling the same amount in USD value in bitcoins now, I can only wonder what some of them are doing if they're still chasing theirs losses from past years in bitcoins.

[Sithara007]

Talk about 0.01 btc in 2016 will not give you much USD because, at that time, the bitcoin price is not too high compared to 2017-2018. So with that amount of bitcoin, people will not have to feel too sad if they lose that amount. But when the bitcoin prices start to increase and reach more than $20k this year, losing 0.01 btc will give pain in their head, especially if we do not have many bitcoins.

But people will still gamble, whether it uses bitcoin or USD because they like gambling and it is hard to leave gambling forever. The crypto gambling industry will grow, no matter how high the bitcoin price will be, because the crypto gambling industry has altcoins, which can be many people's options to gamble. So that is why people will come to the crypto gambling site and play their favorite gambling games.

There is another aspect as well. Back in 2015/16, there were not many avenues for cryptocurrency users to spend their coins. So obviously a number of the users got bored and spent their coins in gambling (which was the easiest way to use the coins). The situation changed only recently, when it was made possible to purchase gift cards using Bitcoin. Obviously those who spend most of their coins in 2015/16 will be regretting their past decision. But back then, Bitcoin was undergoing a 85% correction and the mood was very dark among the cryptocurrency users. Not many of them expected a recovery anytime soon.

[michellee]

Actually sometimes those volatility incident is pain in the ass of the casinos since imagine if they bought at the peak for payout of winnings purposes then suddenly the bitcoin price soar down this incident makes them already a loser plus we add the high payment fees which is another painful scenario which take their balances for every transaction they made. But what good thing there is if the casino have strong balls and doesn't pull the selling button and surrender for sure they have chance to recover back. Those old casinos out there shows this strength that's why its good to gamble at that place compare to new ones which we don't know their capabilities yet.

Yeah, but we can not deny the volatility incident because that will always be there at the market. We already have had those experiences since a long time ago and we really knew how it feels. We cannot avoid paying high fees if the bitcoin price is soaring up or the altcoin follows bitcoin price increases. The casino itself will always adjust its fees based on the market situation. Maybe the solution for us is always checking the price before we want to withdraw to avoid paying a high fee. The gambler will know where they can gamble because I am sure they will have their favorite gambling site to cover their needs.

That's exactly what I meant.

Gamblers from the past are getting the same feel from gambling the same amount in USD value in bitcoins now, I can only wonder what some of them are doing if they're still chasing theirs losses from past years in bitcoins.

Maybe they are getting more losses if they decide to chase their losses from past years and I think that is not worth doing because the bitcoin price already increases so high, more than the last ATH.

But maybe some gamblers are still trying to recover their losses and not stop before getting all of their money, which is not easy to do.

There is another aspect as well. Back in 2015/16, there were not many avenues for cryptocurrency users to spend their coins. So obviously a number of the users got bored and spent their coins in gambling (which was the easiest way to use the coins). The situation changed only recently, when it was made possible to purchase gift cards using Bitcoin. Obviously those who spend most of their coins in 2015/16 will be regretting their past decision. But back then, Bitcoin was undergoing a 85% correction and the mood was very dark among the cryptocurrency users. Not many of them expected a recovery anytime soon.

If they think that they got bored and do not know how to spend their coins, they can just hold them instead of using them for playing gambling because we never know what will happen to that coin. We already saw what was happening to bitcoin a few years ago and now, if we still think to spend more bitcoin playing gambling, maybe our profit will not be bigger if we save it from now.

With many companies now aware of bitcoin, that can trigger online shopping to try to integrate their payment system with bitcoin so people who have bitcoin can spend their bitcoin to purchase something they want. That will be better than using it for playing gambling. But all in all, that will be back to personal because only we will know what we want to do with our bitcoin.

[Zilon]

Bitcoin price adds positive effect to both gamblers and the gambling companies. For gamblers the issue arise while funding as 0.000001btc is the minimum funding amount but during winnings and withdrawal you get a forced smile no matter how angry you were before the bet because the wins is worth many times the initial deposit or amount of coin staked.

[Cling18]

I can only speak for myself. Actually if I could only turn back time, I think I wouldn't have used my precious Bitcoin or even Ethereum and other major altcoins for gambling. Those crypto amounts I had squandered on gambling used to be small amounts. But now, they are already worth a fortune to me. Having said this, I think the fast rise of crypto prices could somehow discourage some gamblers from spending their crypto. However, with the features unique to crypto, other gamblers might still stick to it.

The price of Bitcoin has the same effect on me. Every time the price of Bitcoin rises, I personally stop from spending it and just switch to holding. As for me, the price of Bitcoin could affect the gambling players depending on their goal and motive. It could positively affect those who are aiming to gain a good profit and winnings while the price is high.

[smyslov]

I prefer to HODL my Bitcoin and my other coins in the bull market, which means double the profit from the price I purchased, I only spend Bitcoin in my gambling activity in the bear trend, and so are other coins I deposited, but this is based on my decision only, some gamblers don't care whether it's bear or bull they will continue to play.

[Kong Hey Pakboy]

I prefer to HODL my Bitcoin and my other coins in the bull market, which means double the profit from the price I purchased, I only spend Bitcoin in my gambling activity in the bear trend, and so are other coins I deposited, but this is based on my decision only, some gamblers don't care whether it's bear or bull they will continue to play.

That's a good way to not regret your spending habits when it comes to gambling. I don't do gambling with my crypto no matter what's the status of the current market, I only bet with fiat  because I feel like I have more control over spending when it's fiat that I am using.

[fullhdpixel]

Rising cryptocurrency prices definitely have a good effect on gambling.  people who hear crypto prices going up must think they will get a big profit if they win.  I may not be an active gambler but I have never had a problem with the rising crypto prices will affect my gambling because I keep making deposits with the money I can afford.

It doesn't help or cause problems in my opinion because you will most likely buy some coins from an exchange when you gamble and when you go back to selling the price will not change by much within that duration.

You buy coins and start gambling, within a few hours you will either lose or win which means you will cash the winnings if you win so it does not influence gambling at all.

In some cases though like you leave 5k doges on your balance and leave the casino and imagine you come back after 1-2 years and see the price, then it does benefit a lot but it is rare and happens once in a lifetime.

[ChrisPop]

Well, taking into account that most online casinos enables users to gamble with multiple cryptocurrencies then it is obvious that they need to hold a good part of the bankroll denominated in that currency to process the withdrawals. If it is a big casino they might even use other clients' funds to pay the withdrawals and then they replenish the funds so they don't keep the currency risk on clients' side. So following this thread of thoughts they could keep their bankroll in fiat and/or stablecoins and only replenish the crypto accounts when they need to. I might be missing some things though.

[Alisha-k]

Bitcoin price is limiting the number of crypto gamblers because depositing in an online casino will require at least 0.000001 and this amount cannot be withdrawn Incase one decides to forfiet gambling completely. The only beautiful part of bitcoin in gambling industry is when a game is won because the gain will be in bitcoin making the wins more reasonable

[jrrsparkles]

Well, taking into account that most online casinos enables users to gamble with multiple cryptocurrencies then it is obvious that they need to hold a good part of the bankroll denominated in that currency to process the withdrawals. If it is a big casino they might even use other clients' funds to pay the withdrawals and then they replenish the funds so they don't keep the currency risk on clients' side. So following this thread of thoughts they could keep their bankroll in fiat and/or stablecoins and only replenish the crypto accounts when they need to. I might be missing some things though.

There is no issue on the casino side unless they convert all the deposits into fiat value, but people tend to decrease their bet amount if they see the price of their coin is increasing because we mostly calculate the things based on the fiat value no matter what. We can see the drop on the total bet amount when the market is at its peak but casinos are still making profits so their hot wallets won't be dried up.

[Fredomago]

I prefer to HODL my Bitcoin and my other coins in the bull market, which means double the profit from the price I purchased, I only spend Bitcoin in my gambling activity in the bear trend, and so are other coins I deposited, but this is based on my decision only, some gamblers don't care whether it's bear or bull they will continue to play.

Most gamblers are not concern with how the market moves, the only important thing for them is to continue playing their favorite gambling games, maybe some experienced gamblers are conscious with how the market is moving, those are the kind of gamblers who can managed to win over the house, and capable to calculate the holding period of their coins to earn more with the increase due to the market strong run.

they'll enjoy maximizing all profits from both gambling earnings and trading opportunities while using this market venue.

[Fortify]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

It would make sense from a business point of view for cryptocasinos to cash out after substantial rises in the bitcoin price, but then again that is mostly going to be the profits that they have creamed off from losing players anyway. If they have too much cryptocurrency around they may be susceptible to lose a substantial amount after any big price drops and it always pays to be diversified. Naturally casinos will have volatility in the amount of winners and losers, combining that with the volatility of the underlying currency makes them very unstable - I bet the owners are more than happy to convert it into more stable formats but with a big enough "float" that they can survive a few weeks of bad losses (worst case scenario).

[jostorres]

The price change does not impact my gambling by much because while depositing I always check the amount in dollars than in Bitcoins or any tokens. When I am depositing money to a casino, I usually do that based on how many dollars I am depositing instead of how many bits or satoshi I am depositing. It might be because I actually buy Bitcoins regularly and hence have to be mindful of the price and everything.

For high rollers or early investors maybe they can still gamble based on how many satoshi they are gambling away without caring too much about the price. For someone who buys bitcoins to gamble, they have to be careful of the price because it directly influences our wallet in real life.

[carlfebz2]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

It would make sense from a business point of view for cryptocasinos to cash out after substantial rises in the bitcoin price, but then again that is mostly going to be the profits that they have creamed off from losing players anyway. If they have too much cryptocurrency around they may be susceptible to lose a substantial amount after any big price drops and it always pays to be diversified. Naturally casinos will have volatility in the amount of winners and losers, combining that with the volatility of the underlying currency makes them very unstable - I bet the owners are more than happy to convert it into more stable formats but with a big enough "float" that they can survive a few weeks of bad losses (worst case scenario).

If i would be the owner then i would definitely make out some conversion if there is some considerable price rise of bitcoin which it would really be converted out to stable coins or fiat directly which is an act on securing your profits on said period.

When it comes to those current players playing on the current bullish run then usd value would be the same even though the amount of coins had decreased out.So its up to the owner if he would make
out active conversions or would wait up for certain amount of time and since we dont know on where it is heading then it is really still a risky decision to make.

[Dread Pirate Roberts]

The price change does not impact my gambling by much because while depositing I always check the amount in dollars than in Bitcoins or any tokens. When I am depositing money to a casino, I usually do that based on how many dollars I am depositing instead of how many bits or satoshi I am depositing. It might be because I actually buy Bitcoins regularly and hence have to be mindful of the price and everything.

and also the casino now does not input the total coin deposited. but directly converted to usd. lets say you deposit 1k and leave your assets there for days while the price of crypto goes down or up your assets will stay the same. except for casino that offering dice only. maybe changes in crypto prices will definitely have an impact on our asset value.

[Tumanggor]

~

and also the casino now does not input the total coin deposited. but directly converted to usd. lets say you deposit 1k and leave your assets there for days while the price of crypto goes down or up your assets will stay the same. except for casino that offering dice only. maybe changes in crypto prices will definitely have an impact on our asset value.

very true that the amount of crypto we have is the same, only the value based on the USD is different
those who routinely do wd and also depo with crypto then there is definitely no problem with changes in crypto prices

maybe some people will immediately stop or reduce the amount they deposit when they see the changes that occur in crypto prices but I will not do that, I will do the deposit as usual

[RealMalatesta]

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.

Actually, more and more casinos are offering that USD conversion and it really helps. At times when I am betting on stake, I feel like I am only making a bet of 10k satoshi but when the balance is converted to USD, I quickly realize that it is 4-5 bucks which is a pretty decent bet size. I guess in the coming time every casino will offer the USD conversion to help players know how much they are betting.

I won't mind a feature that allows us to convert our deposited coins in USD and then play. Once we are done gambling we can then cashout our coins by converting them back to crypto. I guess sportsbet allow such feature as you can convert to fiat and play but need to convert back into cryptocurrency before you withdraw it.

[Lakai01]

I won't mind a feature that allows us to convert our deposited coins in USD and then play. Once we are done gambling we can then cashout our coins by converting them back to crypto. I guess sportsbet allow such feature as you can convert to fiat and play but need to convert back into cryptocurrency before you withdraw it.

This is what other casinos do by converting the coins that are deposited into internal coins, these are often "stablecoins" and linked 1:1 to the USD for example. If you wnat to withdraw, of course, you need "real" coins like BTC again, but the back and forth exchange is completely free.

Strictly speaking, this is how you actually play with BTC, but you can immediately see how much the amount is in USD and it is therefore much easier to imagine how high the set amounts for bets actually are.

[hahay]

Well, taking into account that most online casinos enables users to gamble with multiple cryptocurrencies then it is obvious that they need to hold a good part of the bankroll denominated in that currency to process the withdrawals. If it is a big casino they might even use other clients' funds to pay the withdrawals and then they replenish the funds so they don't keep the currency risk on clients' side. So following this thread of thoughts they could keep their bankroll in fiat and/or stablecoins and only replenish the crypto accounts when they need to. I might be missing some things though.

There is no issue on the casino side unless they convert all the deposits into fiat value, but people tend to decrease their bet amount if they see the price of their coin is increasing because we mostly calculate the things based on the fiat value no matter what. We can see the drop on the total bet amount when the market is at its peak but casinos are still making profits so their hot wallets won't be dried up.

Using other clients' funds to pay other clients, I don't think it's a good way because after all they certainly have big capital to solve the problem. I'm not sure they did that because of course it would harm their business, because basically with the capital they have and at the same time the price of crypto goes up then of course it is an investment that will increase its value.

[Kakmakr]

I want to say that it is almost the same as people giving their opinion on "How good specific slots are" ...   So, when it paid out a lot to that person..the person will say it is a excellent Slot.... but if he got a losing streak on the Slot... he will say it is awful. 

The same goes for this .... when you deposited when the price of Crypto was low... people will love Crypto, but when it drops... people will hate it. (The price are recovering slowly now, so most people who deposited when it was low... will be very happy..because their balance will increase) 

[uneng]

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

[Fesatmas]

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

Therefore do not store too many assets on too many gambling sites if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country. The most important thing is that you gamble in comfortable conditions without any interference against your own will. And usually Casinos provide certain limits for gamblers who have a fairly large balance.

[Fredomago]

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

I exactly see your point and I agree to that, if the house will keep the original form of depositors balance it will save them time and money, untill this balance got liquidated or if the owner request to withdrawn everything it's still the same form.

Though for sure every gambling house have their own strategy, better to stay where you feel the comfort and no issues about  both deposit and withdrawing your funds.

Do your research and sort every reputable gambling house before picking one or more that suits to your satisfactions.

[aioc]

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

You have a point and I agree with that, but there is a profit to be made if they trade their Bitcoin or other Cryptocurrencies to stable coins when the market is going down this is to make a profit in the market while making a profit also from their casino, I'm sure these casinos are also following the market, if they have a signal that the price will go up, then they can buy back, every casino has their own strategies, there are those who are willing to risk in the market and there are those who do not want and wants to play it safe.

[KTChampions]

Therefore do not store too many assets on too many gambling sites if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country. The most important thing is that you gamble in comfortable conditions without any interference against your own will. And usually Casinos provide certain limits for gamblers who have a fairly large balance.

If you are not engaged in betting arbitrage, then I do not see any reason at all to keep any assets in a casino. If you want to gamble, just put your money in there and do it, what's the point of risking your money and keeping it in the casino? Problems can arise unexpectedly and at any time - for example, claims from regulators can significantly increase the withdrawal period and spoil your nerves.

[Fatunad]

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

You have a point and I agree with that, but there is a profit to be made if they trade their Bitcoin or other Cryptocurrencies to stable coins when the market is going down this is to make a profit in the market while making a profit also from their casino, I'm sure these casinos are also following the market, if they have a signal that the price will go up, then they can buy back, every casino has their own strategies, there are those who are willing to risk in the market and there are those who do not want and wants to play it safe.

Investment funds and entertainment funds should really be separated because if you do think off about investment when you do gamble then it would just simply mixed up.
You would be forcing to play more to make your earnings or accumulated coins will be more in quantity and we know that gambling isnt really just suited to be
coincide but its your choice though if you do really push up that thing but we should at least considerable on more efficient way.

[AmoreJaz]

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

Therefore do not store too many assets on too many gambling sites if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country. The most important thing is that you gamble in comfortable conditions without any interference against your own will. And usually Casinos provide certain limits for gamblers who have a fairly large balance.

it is not really advisable to store your funds long time in a casino.you can do that if you are a regular player in their site. but if not, better withdraw it and just deposit once you want to play again. and sometimes, ToS of the site changes, so you will only be surprised when it is time for your withdrawal and they suddenly block your withdrawal for reasons you are violating their ToS. so it is not really good to store your coins as there will be circumstances that you are not prepared of.
but when it comes to the effect of crypto price on gambling, i guess, there's nothing much difference to see. gamblers will always be gamblers. and they will gamble no matter what the price of crypto in the market.

[Fesatmas]

If you are not engaged in betting arbitrage, then I do not see any reason at all to keep any assets in a casino. If you want to gamble, just put your money in there and do it, what's the point of risking your money and keeping it in the casino? Problems can arise unexpectedly and at any time - for example, claims from regulators can significantly increase the withdrawal period and spoil your nerves.

is not really advisable to store your funds long time in a casino.you can do that if you are a regular player in their site. but if not, better withdraw it and just deposit once you want to play again. and sometimes, ToS of the site changes, so you will only be surprised when it is time for your withdrawal and they suddenly block your withdrawal for reasons you are violating their ToS. so it is not really good to store your coins as there will be circumstances that you are not prepared of.
but when it comes to the effect of crypto price on gambling, i guess, there's nothing much difference to see. gamblers will always be gamblers. and they will gamble no matter what the price of crypto in the market.

What I mean is to keep it short, not long term, and then leave it unscrambled at all. Therefore, I strengthen the next sentence with

if you are not sure about their safety. Simply save, and withdraw assets in the fiat form of each country.

 which means: I advise users to withdraw the balance to a wallet or account in the form of fiat in their respective countries (or in crypto options to exchange addresses for sale, etc.) and spend the results. bottle of Beer while watching other gamblers betting.

I think you missed some of the sentences that I included, you can read this again, meaning I do not recommend gamblers to keep their assets in the casino just like that for a long time. Indeed, who is not tempted to have a balance in the casino but not at stake.

[Rruchi man]

Bitcoin staggering volatility is a double-edged sword. That’s why I believe that online casinos see it both as a payment system for electronic transactions as well as a cryptocurrency that enables investing. They understand that it is an incredibly fluctuating market therefore, they have no other option than trading in it. They'd always keep an eye on the forex trading market to watch out for any change in its value.

[maju69]

For casinos I think it's somehow dangerous to keep their funds in stablecoins or dollars, because if crypto market skyrockets suddenly, they will lose a lot of money by converting their funds into bitcoin in order to let their customers withdraw their balances, what happens really frequently when bitcoin is rising.
It looks safer to just keep every deposited amount by players in its original currency, and only exchange liquid profit to another currencies such as stablecoins. So if a gambler deposits 1 BTC, that 1 BTC will remain held by the casino until the gambler orders a withdrawl or until the gambler loses that money playing. This way Bitcoin can hit 1000$ or 1,000,000$ that the casino won't have any issues in paying the gambler back, if needed.

I exactly see your point and I agree to that, if the house will keep the original form of depositors balance it will save them time and money, untill this balance got liquidated or if the owner request to withdrawn everything it's still the same form.

Though for sure every gambling house have their own strategy, better to stay where you feel the comfort and no issues about  both deposit and withdrawing your funds.

Do your research and sort every reputable gambling house before picking one or more that suits to your satisfactions.

You are right, satisfaction at the gambling house is our priority. Although sometimes according to other people in the gambling house, playing is not fun, but it's different with us. So it will be very important if before continuing to gamble, we must be able to find a place and betting situation that makes us comfortable to continue to be there until we become winners.

[Fesatmas]

Bitcoin staggering volatility is a double-edged sword. That’s why I believe that online casinos see it both as a payment system for electronic transactions as well as a cryptocurrency that enables investing. They understand that it is an incredibly fluctuating market therefore, they have no other option than trading in it. They'd always keep an eye on the forex trading market to watch out for any change in its value.

It is for this reason that casinos still continue to be part of driving the growth of crypto prices. At least they will be more busy facing many obstacles when the gamblers will issue their assets. Because the problem is of course getting casinos to pay in nominal as crypto prices go up.
Double-edged, which will occasionally continue to be sharp and make casino more careful to look at market prices. Otherwise, the Casino suffers a huge loss.

[ReiMomo]

I feel its like investing fiats and buying crypto currencies. What so ever the crypto coin value it might be, we are going to bet based on the amount we wish to bet with fiats. Crytpo digits might differ but the value of fiat and crypto is going to be same. Accumulate the amount won and hold it until the price goes up and sell them off. Get double treat when price goes up. Playing gambling with crypto is like payment is made to purchase anything with crypto currencies.  Gambling industry when accepting crypto currencies, in turn its supporting crypto currencies grow by its circulation.

[mv1986]

Bitcoin staggering volatility is a double-edged sword. That’s why I believe that online casinos see it both as a payment system for electronic transactions as well as a cryptocurrency that enables investing. They understand that it is an incredibly fluctuating market therefore, they have no other option than trading in it. They'd always keep an eye on the forex trading market to watch out for any change in its value.

But the casinos don't really care, do they? If you have casinos that deal purely with crypto, they aren't really exposed to volatility risk I would say. If it's sports betting website their gain is calculated within the odds anyway, so what they pay out usually doesn't hurt their bottom line.

[just_Alice]

If there was such an option, I’d pick “none”. Neither negative nor positive effect.

Think about it, the gambling industry has existed for centuries, gradually evolving to what we have now - online casinos. But when it comes to online casinos, I don’t think that many people are attracted to crypto.

To some, yes, it is a desirable, but yet not determinant feature. People come for the game, so why would they care if they bet USD or BTC? Sometimes it can even be a disadvantage to store crypto on a casino wallet, due to volatility and high fees.

Generally, to retain anonymity and don’t risk losing anything, stable coins might be the best solution, but, for now, that core audience isn’t big enough to have an impact on the whole industry.

[passwordnow]

Bitcoin staggering volatility is a double-edged sword. That’s why I believe that online casinos see it both as a payment system for electronic transactions as well as a cryptocurrency that enables investing. They understand that it is an incredibly fluctuating market therefore, they have no other option than trading in it. They'd always keep an eye on the forex trading market to watch out for any change in its value.

They all have assumed the volatility and that's why for sure they have plans whenever they're receiving deposits or they're withdrawing if their players are withdrawing with bitcoin.
But most of these casinos, they've stacked a lot when bitcoin's price was too low and that's the genius of them that have bought and used it for their hot wallets. Some probably have other means like they're also miners so they produce more bitcoin.

[Kyraishi]

I think that when coins rise in value, casinos will also make more revenue (in fiat terms).

Most people price their bets in BTC, not fiat. And with the minimums, a 100 satoshi bet a few years ago was completely inconsequential, but now it is actually worth a decent amount in fiat currencies.

Especially for whales who were early bitcoin adopters, they likely will play a LOT more volume on these sites because of their familiarity of their bets in BTC. Although faucets would likely have to be adjusted as well by the casinos on the flip side.

[ethereumhunter]

Bitcoin staggering volatility is a double-edged sword. That’s why I believe that online casinos see it both as a payment system for electronic transactions as well as a cryptocurrency that enables investing. They understand that it is an incredibly fluctuating market therefore, they have no other option than trading in it. They'd always keep an eye on the forex trading market to watch out for any change in its value.

But the casinos don't really care, do they? If you have casinos that deal purely with crypto, they aren't really exposed to volatility risk I would say. If it's sports betting website their gain is calculated within the odds anyway, so what they pay out usually doesn't hurt their bottom line.

Yes, the casino does not care about that because they want to profit from their business. The casino will still profit from the volatility of crypto price and they have much profit because they collect the coin that will be varied and the casino can sell it anytime when the price increases. Their profit will increase if the coin price increases because they collect it from the gamblers' loss, which makes their business bigger.

[Fredomago]

Yes, the casino does not care about that because they want to profit from their business. The casino will still profit from the volatility of crypto price and they have much profit because they collect the coin that will be varied and the casino can sell it anytime when the price increases. Their profit will increase if the coin price increases because they collect it from the gamblers' loss, which makes their business bigger.

Casino owners have all the rights regarding to their funds, they can do whatever they think will bring them good benefits.  The price change is not a problem with them perhaps it will gives them more potential earnings.

Each losses and HE that gamblers will bring them already converted to thier bank checks, that's the very reason we keep seeing more and more casinos that keeps coming inside this industry.

The more gamblers to bring crypto the more chance for those owners to win decent amount of money.

[mv1986]

Yes, the casino does not care about that because they want to profit from their business. The casino will still profit from the volatility of crypto price and they have much profit because they collect the coin that will be varied and the casino can sell it anytime when the price increases. Their profit will increase if the coin price increases because they collect it from the gamblers' loss, which makes their business bigger.

Casino owners have all the rights regarding to their funds, they can do whatever they think will bring them good benefits.  The price change is not a problem with them perhaps it will gives them more potential earnings.

Each losses and HE that gamblers will bring them already converted to thier bank checks, that's the very reason we keep seeing more and more casinos that keeps coming inside this industry.

The more gamblers to bring crypto the more chance for those owners to win decent amount of money.

This is not what the discussion is about. Of course they can do whatever they want to do with their money, that's fine. OP was referring to general effects on the gambling industry, probably referring to price volatility as well. I was asking whether casinos, for example in sports betting, always win as they only match players against each other such that they keep the house edge in the end, which is guaranteed. Isn't this how casinos work?

[Yaunfitda]

I think that when coins rise in value, casinos will also make more revenue (in fiat terms).

Of course, that's very obvious.

Most people price their bets in BTC, not fiat. And with the minimums, a 100 satoshi bet a few years ago was completely inconsequential, but now it is actually worth a decent amount in fiat currencies.

It could be, but majority are average gamblers, so they might be hesitant to pull the trigger because the price of bitcoin is going up, just saying.

Especially for whales who were early bitcoin adopters, they likely will play a LOT more volume on these sites because of their familiarity of their bets in BTC. Although faucets would likely have to be adjusted as well by the casinos on the flip side.

Whales are different though, even if they are not early adopters, they will still play the usual because of their deep pockets regardless if the price of bitcoin is all time high or not.

[worldofcoins]

I think that when coins rise in value, casinos will also make more revenue (in fiat terms).

That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.

[Fortify]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

It might eventually get to the point that Bitcoin will no longer be used or accepted at certain betting sites. For their own interest they will probably keep the option open for the high rollers, but it seems like low level bets might eventually find a more favorable fee structure with other altcoins. People like the illusion of winning large amounts of money in whatever form, once it gets to the point where a big bitcoin win is something like 0.00001 for $1,000 (long in the future will the value and loss rate push it this way) then they might prefer to use Dogecoin which might result in 1,000,000 sat inside their virtual currency account (if it were to fluctuate to this equivalent price).

[mv1986]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

It might eventually get to the point that Bitcoin will no longer be used or accepted at certain betting sites. For their own interest they will probably keep the option open for the high rollers, but it seems like low level bets might eventually find a more favorable fee structure with other altcoins. People like the illusion of winning large amounts of money in whatever form, once it gets to the point where a big bitcoin win is something like 0.00001 for $1,000 (long in the future will the value and loss rate push it this way) then they might prefer to use Dogecoin which might result in 1,000,000 sat inside their virtual currency account (if it were to fluctuate to this equivalent price).

That is far in the future I think. The betting sites, when they are centralized at least, do of course have no transaction costs and neither does the user as the balance management is just a backend process. For now a Satoshi still isn't worth much and hence will work fine for centralized games like Dice. With centralized I mean that there is no sending back and forth between the Dice provider and the user such that transaction costs occur.
Doge is an option but fee-wise it ultimately always depends on the fee the provider wants to charge. I saw a provider charging double digit fees for withdrawals, which was also quite a high fee for a Doge transaction given its recent prices.

[agustina2]

That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino. It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.

If the casino mainly accepts bitcoin and the majority cost of operation is pay thru bitcoin, then I think bull or bear, it won't have an impact on casinos since the spending is 1:1. But we shouldn't care about that because whatever the trend, casinos can adjust and their bankroll is really huge.

They are profiting even in the bad days of crypto since gamblers don't actually care about that. The profit of the casinos is continuous as gamblers are everywhere.

[Desmong]

I think that when coins rise in value, casinos will also make more revenue (in fiat terms).

That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.

I believe casinos and gambling sites always have an hedge over the storing and disposal of Bitcoin. The Cryptocurrency market is versatile and I know they have a way of regulating and controlling their asset when the price of cryptocurrency falls and rise. They are also in much favour when the price of cryptocurrency rises giving them more value to their store coins. Gambling platforms have different ways of benefitting from both bearish and bullish markets which is an hedge over common investors or gamblers.

[ethereumhunter]

I think that when coins rise in value, casinos will also make more revenue (in fiat terms).

That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.

I believe casinos and gambling sites always have an hedge over the storing and disposal of Bitcoin. The Cryptocurrency market is versatile and I know they have a way of regulating and controlling their asset when the price of cryptocurrency falls and rise. They are also in much favour when the price of cryptocurrency rises giving them more value to their store coins. Gambling platforms have different ways of benefitting from both bearish and bullish markets which is an hedge over common investors or gamblers.

Yes, so no matter if the crypto market is down, the casino will always take benefits from the gambler because the gamblers can use more satoshi to gamble while the price is down so if the casino win from the gambler, the casino can hold it for a while until the crypto price can get bullish again. They will have time to save more and more satoshi from the gamblers and if the crypto can back increase, they can sell it and make a lot of money. That can cover all of their costs and still give their members the best services while they always make a big profit from the gambling business.

[harizen]

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.

Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.

We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.

[Mahanton]

I think that when coins rise in value, casinos will also make more revenue (in fiat terms).

That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase. While when the price is lower we are looking for other ways to get income from our coins.

Dont mind about accumulating bitcoin through gambling because instead on tagging up investment with gambling you might really get the opposite result instead.You should really separate investment to gambling.
Cryptocurrency or coin price wont really be that affecting much because it would be always pegged to fiat value and no matter whats the price is then conversions would really be normal.
People would simply pass or deposit on the amount of coins which are equally that they do make use while they  do play.Therefore,  there are no really price effects towards
gambling industry and the fact talking about revenue of  the house then they are the ones who would benefit out when it do rises and experience losses when it dumps.

[xSkylarx]

I think that when coins rise in value, casinos will also make more revenue (in fiat terms).

That can happen in reverse also, bitcoin dropping in value will lead the casinos to make reduced money and they also have to pay their staff plus other expenses of the casino.
It can work only if casinos sell the crypto they made immediately to some exchange but that is time-consuming if the casino is big and deposits and withdrawals are happening fast.

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase. While when the price is lower we are looking for other ways to get income from our coins.

Yes, it is because it is cheap, but I believe they will adjust it if the price goes down or up, as most online gambling sites do, but it is very nice to us and also to the owner if the price is low because if it goes up, the owner will profit from it, and we will pay less because the price is low. However, regardless of the price, it is still significant right now because the price of bitcoin is extremely high.

[Zilon]

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.

Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.

We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.

I think the price of any coin shouldn't affect the gambler from making his decision, what I will suggest instead is staking what you can afford to lose. Going by the price some gamblers can afford to stake 1btc and feel very comfortable about it even if the lose the coin but others who can't even afford 0.0000032btc going to stake above their capability will only invite unnecessary emotional trauma. Maintaining your limit remains the best

[BuNga_cute]

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.

Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.

We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.

Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.

[tippytoes]

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.

Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.

We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.

Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.

As said above, I noticed also that one of the platforms that thrive throughout the journey of crypto is gambling. Remember when there was price crash last 2018, some of the casinos are still up today like freebitco or primedice. They already surpassed a lot of up and down movements in the market, and yet they managed to survive.

[shield132]

I seem to remember the gambling minimum on anonibet being 1 bitcoin around 2011/2012 for sports gambling. Later the gambling minimum was adjusted to 0.01 BTC. Then 0.001. Finally the industry average rests around 0.0001 today for sports betting. Throughout that time, I think the crypto gambling industry targeted a minimum bet of around $5. Which is more or less what established casinos in vegas offer for minimum wagers.

The thing that stands out the most to me, is bitcoin's rapid ascension into the stratosphere. Marked by its exponentially declining minimum bet sum.

Bitcoin appreciating in value value wiped out some of my gambling losses. It also stacked a massive cherry on top of my winnings.

Gambling with bitcoin during its run from $5 to $50k should go down in history as one of the all time golden eras.

I think that a lot of (and major) crypto casinos remain the same minimum bet, i.e. - you can still bet 0.00000001 BTC on Dice games, on bustabit like games and on some other provably fair games. The difference here is that 1 satoshi is 0.00047 USD right now while it was 0.000047 when price was 3K USD and 0.0000047 when price was $300. There is a 100x increasement in the price of the minimum bet.

Also, as I remember, the minimum bet on Roobet games is 0.01$

[ipanks]

Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.

The crypto price will not stop gamblers from continuing to gamble because they like playing gambling and as long as they can use the other coins that are not too high as bitcoin, that will not be a problem for them. But we as gamblers should realize that playing gambling does not need to be too often because we are only searching for pleasure inside gambling games. The gambling industries itself will still grow, whether it used crypto or fiat money and many new people will trying to playing gambling to fills their curiosity.

[adzino]

It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.

[LUCKMCFLY]

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.

Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.

We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.

Currently there are many bettors who are not betting with BTC, ETH, and the main currencies, players and bettors are preferring to play with tokens, with coins that do not consume much fee, among these many enter and play with TRX, ADA, BNB, because they usually have friendly fees, also some can take it to USDT, and within some platforms they are incorporating currencies such as UNI, LINK, DOT, and the restrictions of introducing new currencies in casinos are not like before, now the casinos that more They are looking for the ones who have the highest.

[Sithara007]

I have to disagree with most of the posters here. From what I have seen, the inflow of funds to online casinos and sportsbooks decline when the exchange rate goes up. Because the users are more careful with their funds in such occasions and they may be converting a part of the holdings to fiat to benefit from the higher prices. Even those who had deposited cryptocurrencies with these sites may use the opportunity to withdraw some of the funds and convert to fiat. I am witnessing this pattern ever since I first purchased by coins in 2014.

[BuNga_cute]

Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.

The crypto price will not stop gamblers from continuing to gamble because they like playing gambling and as long as they can use the other coins that are not too high as bitcoin, that will not be a problem for them. But we as gamblers should realize that playing gambling does not need to be too often because we are only searching for pleasure inside gambling games. The gambling industries itself will still grow, whether it used crypto or fiat money and many new people will trying to playing gambling to fills their curiosity.

We can indeed use other coins to gamble, we don't have to use Bitcoin which is very expensive. Moreover, some gambling sites continue to add
a choice of coins that can be used to play gambling, this makes it easier for gamblers to make a deposit. Then as you said playing gambling does not
have to be every day, I even only play once a week. So the price of cryptocurrency does not affect the development of the gambling industry,
whether crypto prices fall or rise, there are always new people joining gambling sites and making deposits. Therefore the gambling industry continues
to grow until now.

[Silberman]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

We must understand that most of the costs that casinos must pay come in the form of fiat so they do not really have any option to keep holding their coins for long and they have to sell them probably as soon as they get them, it would have required a visionary that believed in cryptocurrencies and specifically in bitcoin above all to keep most of their profits in bitcoin and keep holding their coins, and for the few casinos that did something like that and have been around for a long time then the profits that they have obtained by just holding their coins are massive, and many times bigger than any profits that they could have gotten from the casino itself.

[Fatunad]

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

We must understand that most of the costs that casinos must pay come in the form of fiat so they do not really have any option to keep holding their coins for long and they have to sell them probably as soon as they get them, it would have required a visionary that believed in cryptocurrencies and specifically in bitcoin above all to keep most of their profits in bitcoin and keep holding their coins, and for the few casinos that did something like that and have been around for a long time then the profits that they have obtained by just holding their coins are massive, and many times bigger than any profits that they could have gotten from the casino itself.

Depends on the owner but you do actually have the point because it would really be needing for it to be converted considering that there are lots which you do consider on paying up from maintenance upto staff salaries and other expenses which would really be needing for the owner on paying it up. Maybe they do allocate some percentage overall conversion on their net worth  and the rest would be served as a bankroll or hotwallet.
No matter what decision they would make then it wouldnt matter because its their business then its just right that they would really be making their own decision in regards to finances or all other aspects.

[Sithara007]

We can indeed use other coins to gamble, we don't have to use Bitcoin which is very expensive. Moreover, some gambling sites continue to add
a choice of coins that can be used to play gambling, this makes it easier for gamblers to make a deposit. Then as you said playing gambling does not
have to be every day, I even only play once a week. So the price of cryptocurrency does not affect the development of the gambling industry,
whether crypto prices fall or rise, there are always new people joining gambling sites and making deposits. Therefore the gambling industry continues
to grow until now.

How do you define Bitcoin as "expensive"? I understand that the deposit fee and withdrawal fee may be slightly higher than the other cryptocurrencies, but eventually the coins will be converted to fiat currency once they are deposited. So there is no point in being expensive. For $100 deposit, you can either deposit BTC0.002 or 0.03 ETH. In both cases, it represent the same amount when converted to fiat currency. There are only a few online casinos, where you can play games where the amount is denominated in cryptocurrency.

[BuNga_cute]

We can indeed use other coins to gamble, we don't have to use Bitcoin which is very expensive. Moreover, some gambling sites continue to add
a choice of coins that can be used to play gambling, this makes it easier for gamblers to make a deposit. Then as you said playing gambling does not
have to be every day, I even only play once a week. So the price of cryptocurrency does not affect the development of the gambling industry,
whether crypto prices fall or rise, there are always new people joining gambling sites and making deposits. Therefore the gambling industry continues
to grow until now.

How do you define Bitcoin as "expensive"? I understand that the deposit fee and withdrawal fee may be slightly higher than the other cryptocurrencies, but eventually the coins will be converted to fiat currency once they are deposited. So there is no point in being expensive. For $100 deposit, you can either deposit BTC0.002 or 0.03 ETH. In both cases, it represent the same amount when converted to fiat currency. There are only a few online casinos, where you can play games where the amount is denominated in cryptocurrency.

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

[Sithara007]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Doesn't surprises me much. Many of the investors have this thinking that altcoins are more like a lottery. So for them, it doesn't matter if they divert some of it to gambling. Bitcoin is not like that. We are guaranteed of a return in the future. Regarding altcoins, we can't say with 100% guarantee that all of them will survive in the distant future. Even for the top altcoins such as Ethereum, Binance Coin and Cardano, there is a strong change of getting replaced by some new project in the future.

[Silberman]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Doesn't surprises me much. Many of the investors have this thinking that altcoins are more like a lottery. So for them, it doesn't matter if they divert some of it to gambling. Bitcoin is not like that. We are guaranteed of a return in the future. Regarding altcoins, we can't say with 100% guarantee that all of them will survive in the distant future. Even for the top altcoins such as Ethereum, Binance Coin and Cardano, there is a strong change of getting replaced by some new project in the future.

This is an interesting take and one that makes sense, after all we have absolute certainty that bitcoin will eventually become more valuable in the future, so losing a high amount of bitcoin for us is always painful, but when it comes to altcoins that we know can crash in price at any moment and then disappear they not generate this kind of worry as people were willing to lose money the moment they invested in those altcoins and their loss is not that of a big deal to a significant number of people.

[just_Alice]

It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.

I think for the sake of safety most casinos convert a cryptocurrencies to fiat right away. Same happens with online deposits on casino wallets, as I noticed numerous times, it is fixated in $ price, so that the customer won’t lose money while it is on the account.

In addition, the increase in Bitcoin price is often accompanied by increased fees, which is not beneficial for both customers and casinos.

[sunsilk]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Not just you. There are gamblers that do prefer to gamble with altcoins because they feel that they're lesser guilty losing those altcoins while losing bitcoin makes them feel bad and regretful.

It is because of the fact that bitcoin is becoming more expensive lately and being used as a store of value which is common to most of us.

[mv1986]

It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.

I think for the sake of safety most casinos convert a cryptocurrencies to fiat right away. Same happens with online deposits on casino wallets, as I noticed numerous times, it is fixated in $ price, so that the customer won’t lose money while it is on the account.

In addition, the increase in Bitcoin price is often accompanied by increased fees, which is not beneficial for both customers and casinos.

You never know what they are doing with their crypto. To play it safe they certainly have strong reserves, but when you look at a well doing gambling site like Cloudbet, I can imagine they are sitting on a good bunch of Bitcoin. The thing is if they only offer cryptocurrencies, it doesn't matter for them whether the price falls or increases, they only owe you the Bitcoin you have on your balance. Running a successful casino must be a lot of fun in particular with cryptocurrencies.

[michellee]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Not just you. There are gamblers that do prefer to gamble with altcoins because they feel that they're lesser guilty losing those altcoins while losing bitcoin makes them feel bad and regretful.

It is because of the fact that bitcoin is becoming more expensive lately and being used as a store of value which is common to most of us.

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

[Sithara007]

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

If this is the reason for using altcoins in gambling, then I have to say that the strategy is wrong. Because if the user is so sure about the altcoin prices going up, then he should be converting his altcoins as well to Bitcoin. On the other hand, if the users are preferring altcoins because of the low transaction fee, then it is understandable. The transaction fee for many of the alts (not talking about Ethereum here) can be very low, especially if we use Bitcoin Cash, USDT, Ethereum Classic or Litecoin for the payment.

[mv1986]

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

If this is the reason for using altcoins in gambling, then I have to say that the strategy is wrong. Because if the user is so sure about the altcoin prices going up, then he should be converting his altcoins as well to Bitcoin. On the other hand, if the users are preferring altcoins because of the low transaction fee, then it is understandable. The transaction fee for many of the alts (not talking about Ethereum here) can be very low, especially if we use Bitcoin Cash, USDT, Ethereum Classic or Litecoin for the payment.

I do actually understand the thought process that Bitcoin feels a bit more unique, but the end result would be the same. Most likely are you buying the alt coins with your Bitcoin in the first place and if you then lose it, it is the same.

Regarding the fees, I haven't been using Bitcoin for gambling exactly because of the fees. We have had the topic here over and over again. Unless you are playing very, very high stakes Bitcoin is just not suited for gambling anymore.

[Woodie]

Basically what this means is if a casino has set a minimum players can wager with say for example 0.0001 btc, this 0.1mbtc 10 years ago would be worth a few cents but with the rise of bitcoins value this is worth a couple of dollars today which means casinos are banking more money and players will be wagering more than they are used to .
And for people new to crypto they might look at these zeros to be nothing but in reality you are wagering more if you try to get to the nearest whole number which is a win win for the casino.

[bryant.coleman]

Regarding the fees, I haven't been using Bitcoin for gambling exactly because of the fees. We have had the topic here over and over again. Unless you are playing very, very high stakes Bitcoin is just not suited for gambling anymore.

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

[coin-investor]

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

I never imagine that the situation will change where Bitcoin is much cheaper than Ethereum, I also transacted just last week, and my transaction was confirmed within minutes and I only spend 70 cents, I did not even use a transaction accelerator which I also do every time I transacted with Bitcoin, I am avoiding Ethereum especially when trading on DEX because the transaction is quite high.

[Vaskiy]

Whenever there is some bullish trend on the market, we can see the price to be high. When the price is high, people believe to hold it rather than risking to multiply through gambling. This way there is more of a negative effect on the gambling industry. When the price increases people tend to spend in terms of USD, whereas the same people will use it in terms of bitcoin when the market is at the low bottom.

[Dread Pirate Roberts]

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

I didn't notice the fee from bitcoin network that low, I almost rarely do bitcoin asset transfers because of high exchange fees  . maybe some people has their assets in some exchanges that have a fixed fee. we know the fix fee on the exchange for bitcoin and eth is high thats why most people who use exchange wallets choose coins that have low fees from the exchange.