Cryptocurrencies price and their effect on gambling industry

[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.