Cryptocurrencies price and their effect on gambling industry

[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.