Cryptocurrencies price and their effect on gambling industry

[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

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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.