Cryptocurrencies price and their effect on gambling industry

[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of depositors balance it will save them time and money, untill this balance got liquidated or if the owner request to withdrawn everything it's still the same form.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).