Cryptocurrencies price and their effect on gambling industry

[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.