Will physical casinos accept crypto someday?

[Abiky]

There are plethora of online casinos (gambling sites) which accept popular cryptocurrencies like Bitcoin and Ethereum. This is good because you can place your bets anonymously without all of the hurdles involved with Fiat. No KYC, means freedom. The only downside is that you'll be missing the experience of gambling in a real world setting. Physical interaction is not the same as going virtual.

I've been wondering what's been holding back real world casinos from adopting crypto? It is because they fear a government crackdown? Or because of crypto's volatility? With how popular crypto/Blockchain tech is right now, there should be at least one physical casino you can go to and place your bets with crypto. Thoughts?

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[acroman08]

sadly there isn't. but for what it's worth at least there is some adoption going on. it may be slow but it is still progress.

for instance, resort world las vegas, a resort casino. in the article below it is said that they will accept cryptocurrency on select services when they opened again last June. sure the services may not be on gambling but at least they started adopting. who knows maybe in few years they start accepting cryptocurrency to their gambling too.

https://globetrender.com/2021/06/17/resorts-world-las-vegas-cryptocurrency-payments/

also, this
https://www.bloomberg.com/news/articles/2021-01-05/gamblers-could-use-bitcoin-at-slot-machines-with-this-new-patent

[Yogee]

...No KYC, means freedom.

Freedom until you win a significant amount that is. Online casinos have a clause to ask for KYC if they feel they need to. Most of them are moving towards compliance so they stay in business.

I've been wondering what's been holding back real world casinos from adopting crypto? It is because they fear a government crackdown? Or because of crypto's volatility?

They are already regulated so the likely answer is the price volatility. Another possible reason is they have to stay liquid all the time since there are customers who prefer payment in fiat over bitcoin.

With how popular crypto/Blockchain tech is right now, there should be at least one physical casino you can go to and place your bets with crypto.

I think they found a workaround to this. There are some casinos that allow installation of bitcoin ATMs in the vicinity. Gamblers can simply encash there and play.

[palle11]

It is still a process that is still opening up. The system is not totally free now as you still have restrictions even with online casinos that ask for KYC. Physically, you have some government making hate speech about cryptocurrency except the government that are adopting like El Salvador, it can commence from there but is a gradual process and casino is yet to be a popular physically gambling setting to start adoption of cryptocurrency. It could take more 5-10 years for that to start happening.

[Sterbens]

Gambling in the real world where I live is still strictly prohibited and of course its existence is still very difficult to visit. Usually it is often found in urban areas. nightclubs, and big bars that pay taxes to the government, so they are free to operate. While the rest is considered illegal and if identified by the authorities you will certainly be subject to sanctions and risk worse than that.

Therefore, online gambling is something that is still liked even though there are bars and gambling places near the house. Without the need for physical contact that often causes riots when you drink a glass of beer and a womanizer. Betting online is not only safe but you also don't have to worry about the time limit.

[goinmerry]

Why should they? Getting physical casino credits can be done online, fast, and quickly within just a few seconds. Online payment and everything is digital now in fiat. And for a common person visiting a casino, hard cash is still the most convenient way.

I don't know how it will become convenient. If we have crypto, then it's easier to use it on a crypto gambling website, of course.

Why cross-borders if the purpose is just to gamble?

[uneng]

It is still a process that is still opening up. The system is not totally free now as you still have restrictions even with online casinos that ask for KYC. Physically, you have some government making hate speech about cryptocurrency except the government that are adopting like El Salvador, it can commence from there but is a gradual process and casino is yet to be a popular physically gambling setting to start adoption of cryptocurrency. It could take more 5-10 years for that to start happening.

It's true. By now it's not possible due to restrictions imposed by local regulators, but International Game Technology, a big gambling company is already trying to introduce crypto currency to traditional casinos as deposit method. They just need the permission of the regulators to achieve this goal, what takes a long time and a lot of bureaucracy.
As far as I understood, gamblers could deposit crypto currency from their wallets directly to the casino's machines and receive an equivalent amount of fiat in the machines they are playing at the currently moment.

If that is really the case, I see no benefit at all, because gamblers would be still gambling with fiat. Regards this point online casinos platforms are much superior and it looks like they will remain like this for a long time.

https://bestbitcoincasino.net/are-land-based-casinos-accepting-bitcoin/

[ralle14]

I've been wondering what's been holding back real world casinos from adopting crypto? It is because they fear a government crackdown? Or because of crypto's volatility? With how popular crypto/Blockchain tech is right now, there should be at least one physical casino you can go to and place your bets with crypto. Thoughts?

Imo one of the reasons why physical casinos don't accept crypto is because of the confirmation times I know it usually takes 10 mins on average but I think most people prefer a faster process and that's where fiat shines. The volatility is probably another good reason because imagine if the casino's minimum is $20 and you brought the exact amount but because of the volatility you only have $19 in your wallet.

I was also going to mention the casinos in las vegas since there used to be a thread about physical casinos accepting bitcoin but acroman beat me to it.

[Furious 7]

Why should they? Getting physical casino credits can be done online, fast, and quickly within just a few seconds. Online payment and everything is digital now in fiat. And for a common person visiting a casino, hard cash is still the most convenient way.

I don't know how it will become convenient. If we have crypto, then it's easier to use it on a crypto gambling website, of course.

Why cross-borders if the purpose is just to gamble?

That's what I think how crypto money can be used in physical gambling or will it use a digital system too? Even though physical gambling still requires real money to do it, but what I have in mind can still happen in the near future and crypto will always be widely used on online casino sites that are currently still popular.

But there is still a lot of news about this, is it possible in the future it will be implemented into physical casinos according to demand?
Then what about convenience with physical money too?

[ryzaadit]

Really doubt it for right now.

If the online version of that casino should be can, but for physical hmm bit skeptical about that. The few reasons is confirmation transfer need a few minute on the chain and need to reach minimum confirmation to make sure the TX is safe. Also, the dealer or working on the casino is non-crypto user should be hard for them to accepted this as well.

[Fortify]

There are plethora of online casinos (gambling sites) which accept popular cryptocurrencies like Bitcoin and Ethereum. This is good because you can place your bets anonymously without all of the hurdles involved with Fiat. No KYC, means freedom. The only downside is that you'll be missing the experience of gambling in a real world setting. Physical interaction is not the same as going virtual.

I've been wondering what's been holding back real world casinos from adopting crypto? It is because they fear a government crackdown? Or because of crypto's volatility? With how popular crypto/Blockchain tech is right now, there should be at least one physical casino you can go to and place your bets with crypto. Thoughts?

It seems like the lag time on Bitcoin is actually one of it's biggest downfalls in an age where everyone wants things instantly (just look at Amazon Prime). Until Bitcoin can confirm instantly it will always be at a disadvantage over existing card networks and even cash. I feel like Bitcoin has a place in different fields, like currency exchange services - between Dollars and other currencies that can tolerate a bit of a delay and usually involve more sizable transaction amounts. As you point out, volatility is a big issue and Casinos already face enough of that with that on the floor - why would they want to integrate a payment system where they could lose a lot of money if somehow Bitcoin dropped in value substantially.

[tabas]

They are complying to the government's law and that's unlikely as of the moment. Maybe it's possible in the future but that would be a long time before we'll see that there will be one.
Right at the moment, they are good with fiat and having their own casino's money that will still be exchanged into fiat.

[dothebeats]

The lack of a clear legal framework for cryptocurrencies are probably what’s stopping physical casinos from accepting cryptocurrencies on their platforms. The gambling industry, while raking in a lot of tax money for the government, is still in a very delicate place due to a lot of concerns re: ethics and whatnot, and accepting currencies with no legal backing should be the least of their worries. In time, perhaps, this can happen. But for now it would be very improbable.

[carlfebz2]

These businesses are regulated which does simply means that they are following government rules and regulations on where if they do tend out to make some crypto payment integration then this would already

ring the bell and most likely it would really be rejected out due to legality issues which we know that crypto is totally opposed when it comes to centralization.This is why we do see that it wont really be that

probable on adopting this thing but as far as i remember there are already some casinos been doing this? Ill be right back and post up some links.

[Desmong]

I don't think physical casino will accept cryptocurrency in the future because of government policies and the nature of crypto market right away. This might make Fiat currency to lose value if all physical Casinos start accepting the use of Bitcoin for payment and transactions. It might not look that convenient and safe  for gamblers and Casinos to use their address to transact crypto, increasing the risk of one's wallet value. Due to the fluctuation of the crypto market, it's might affect rate of transactions increasing the tendency to scam.

[KTChampions]

I see no reason why a physical casino would not accept cryptocurrency. I think in the future most casinos will do this, but I am 100% sure they will accept payment through the 3rd party (some exchange) that will instantly convert the cryptocurrency into fiat for the casino. I don't think the casino would be interested in keeping its funds in cryptocurrency.

[DoublerHunter]

The lack of a clear legal framework for cryptocurrencies are probably what’s stopping physical casinos from accepting cryptocurrencies on their platforms. The gambling industry, while raking in a lot of tax money for the government, is still in a very delicate place due to a lot of concerns re: ethics and whatnot, and accepting currencies with no legal backing should be the least of their worries. In time, perhaps, this can happen. But for now it would be very improbable.

^ This is what exactly I am thinking of, the possible reason is that about the legal framework and since the physical casino was following jurisdiction under the country where they are. Probably this will depend on the country where the casino base, if this will come from El Salvador which is BTC has a legal tender, it could be BTC will use in that country in most gambling casinos, probably this is not a time yet or we are under on the process. BTC has a lot of opportunities that can do anonymously and this was what they are afraid of it. Nevertheless, in the future, this will be widely be adopted.

[Twinkledoe]

The lack of a clear legal framework for cryptocurrencies are probably what’s stopping physical casinos from accepting cryptocurrencies on their platforms. The gambling industry, while raking in a lot of tax money for the government, is still in a very delicate place due to a lot of concerns re: ethics and whatnot, and accepting currencies with no legal backing should be the least of their worries. In time, perhaps, this can happen. But for now it would be very improbable.

^ This is what exactly I am thinking of, the possible reason is that about the legal framework and since the physical casino was following jurisdiction under the country where they are. Probably this will depend on the country where the casino base, if this will come from El Salvador which is BTC has a legal tender, it could be BTC will use in that country in most gambling casinos, probably this is not a time yet or we are under on the process. BTC has a lot of opportunities that can do anonymously and this was what they are afraid of it. Nevertheless, in the future, this will be widely be adopted.

I think physical casinos will just have btc ATM in their premises like in some Vegas casinos.  People can withdraw their btc into fiat. But directly using btc or any other crypto, it is still far. But just like you said, like El Salvador, they may already try using btc in physical casinos as it is already voted to be a legal tender very soon. Let us see if indeed they will try accepting btc in their physical casinos and what would be the effect in their system.

[johhnyUA]

Thoughts?

Offline casinos is business with a lot of regulations. So they will accept crypto not before all other industries like financial, commercial and so on. Because of regulations they are very careful with anything can be considered as "grey"

So i think it will happen, but not very soon

[Joca97]

There are plethora of online casinos (gambling sites) which accept popular cryptocurrencies like Bitcoin and Ethereum. This is good because you can place your bets anonymously without all of the hurdles involved with Fiat. No KYC, means freedom. The only downside is that you'll be missing the experience of gambling in a real world setting. Physical interaction is not the same as going virtual.

I've been wondering what's been holding back real world casinos from adopting crypto? It is because they fear a government crackdown? Or because of crypto's volatility? With how popular crypto/Blockchain tech is right now, there should be at least one physical casino you can go to and place your bets with crypto. Thoughts?

Most of the online casinos accept currently cryptocurrency and that is why most of the people are currently betting online. For land casinos its like for stores and such thing. Crypto needs to find a way to be in local places. But i think this will happen in the next couple of years that we can see in both online and land casinos