Inflation and crypto gambling

[alani123]

Inflation is an interesting phenomenon
The purchasing power of money is measured by basic goods usually though the CPI but the real value of money affects society in ways that are far reaching even beyond consumer goods.

On the one hand, gambling providers have higher costs due to inflation forcing them to pay more for certain goods and services they need.
On the other hand, with inflation causing more money to flow around, if would probably mean that more money than before ends up towards gambling companies.

Though my years I have on very rare occasions seen gambling companies take steps to act according to inflation because usually for them it's probably balanced out on its own.

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

[1714489780]

1714489780

[Quidat]

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

So far, it didnt changed up or simply it is really just that the same. Im much aware about the ticket cost 10 years ago which it is really just that sticking on $0.2 here in our country
and even up to now it is really just that the same. We dont know on the actual reason behind about those sudden increase of ticket prices but for sure there's a specific reason for that
which it might be leading out or in talks about taxation or something in related. Im not really that good when it comes to these aspects but speaking sensibly or common sense
then it is really that correlated into those possible things that we are thinking about.

[Wiwo]

Despite the very try that global inflation has affected the price of many things around the world,  some are very pronounced while others may be silent on this, but the general economic atmosphere has exhibited a lot of stress out from inflation in the price of basic goods,  and lottery tickets are not spared in the negative impact,  while some companies may not increase the price, there have also decrease values,  e.g some lottery companies in my country have not increased the price of the lottery tickets,  but they have reduced the total amount in rewards for winners compared to what those jackpot winners used to receive before.

But then casino operators have their term template for how they want to run their sites and for sure if there is any increase which is above %100 it then means that the lottery company is already going way above the current inflation ratio.

[bittraffic]

Isn't it a percentage of that 1€ going to the winner this is why the lottery price keeps increasing also. The decision to raise prices is discussed by a government department, they must have figured 1€ is fine and is still affordable to the people. Every country today suffers inflation though I'm guessing the government is steeping up the gas to get higher rewards through the tax from the national lottery and keep the economy rolling.

Since BTC keeps going up, I think its the opposite that is happening, less satoshis yet the value in USD is still the same.

[darkangel11]

Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

You can observe something similar with bitcoin, since many casinos have a minimum bet in satoshi, for instance 0.00001 BTC, which used to be only 18-20 cents last year, but if you bet the same amount today it will be twice that, so inflation doesn't only hit fiat money and crypto casinos don't really have to increase the minimum bet for that bet to increase on its own. I bet that we'll see at least $60k next year, so that's going to increase once again.

[swogerino]

Inflation in fees it will definitely impact anyone gambling with Bitcoin as their preferred cryptocurrency and this will make many people switch to other currencies to play.The same can be said to your country which is well known to be suffering since the crisis of 2011 Greece is not the same again.This have happened also to people buying power and they will play less in gambling,their purchasing power will slow down,as inflation goes up for example like 15-20% and I am talking about the real inflation not the bullshit the STAT institutions give,the pay increase will be like 3-5% so most people will have -10-15% less buying power as simple as that and that lottery is no exception to this.

[Saint-loup]

For BTC and some other cryptos the minimum stake has increased in fiat value since BTC has risen up in USD. So if the minimum bet for a game was 0.1 mbtc at the beginning of the year 2023 and is now still at 0.1mbtc, you can say the minimum bet has increased by +150%. But I didn't notice it in fiat bets, especially in USD and EUR. But afaik it's the same for JPY and pounds at least.

[Odohu]

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

You are right that inflation have altered a lot of things in society and probably the reason for the raise in minimum amount per ticket in your country. It also happened in my country across the local casinos where they raised their minimum amount per ticket.

Before now, we could place bet with as low as 10 cents but gone are those days. Even the Virtual Football League (VFL) has also been raised to over 20 cents as minimum per ticket. This can only be caused by inflation.  

[Hirose UK]

I wonder if this is something that is happening in other countries also.

Inflation is closely related to the market mechanism of human resources needed such as basic necessities and so on, while financial inflation is caused by an increase in the value of one of the largest currencies on the market such as the dollar.
And an increase of one or two, which is certainly not comprehensive, cannot be called inflation, especially for superpower countries which have economies and sources of income large enough for the lifestyle of each of their people.

Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

Do you mean gambling inflation?
The gambling industry is growing very rapidly and of course it is impossible for gambling inflation to increase the minimum bet slowly.
The explanation is that gamblers with low economic conditions can still continue to gamble and use some of their money to spend on gambling sites or casinos, so how can gambling inflation occur?
I think all of this makes no sense and of course with the development of the gambling industry which is always increasing rapidly over time it is impossible to influence happen inflation.

[blckhawk]

They can basically do anything because gambling business rake in a lot of cash so the government gives them a pass to do what they have to do as long as they're not crossing the line which is a pretty high standard and they still go to the limits even when they're at the edge of the line. And they pay the highest taxes I think so they can just do that kind of stuff plus the gamblers can't really do much about this price increase in the tickets, they're considered a part of the economy so it's justifiable that they're affected by the inflation.

[Belarge]

They can basically do anything because gambling business rake in a lot of cash so the government gives them a pass to do what they have to do as long as they're not crossing the line which is a pretty high standard and they still go to the limits even when they're at the edge of the line. And they pay the highest taxes I think so they can just do that kind of stuff plus the gamblers can't really do much about this price increase in the tickets, they're considered a part of the economy so it's justifiable that they're affected by the inflation.

The prices increased in over given period of time and gambling becomes risky for most of these gamblers, applying caution doesn't always make us smile at last, rather we just become remorseful for our actions and for a short while, we're done anticipating and profits.nThe government have no boundaries to set for gamblers when it involves the system of gambling. Everyone who takes active part into the space wants only one thing, that is enormous profits and most of them wouldn't dropped out until they finally achieved what they've been craving for. Crypto gambling and inflation are different and we gets significance projects.

[Jawhead999]

If the ticket price charged 2 times more, does the prize 2 times more too? but if the prize doesn't increase and the total tickets are decreased for 50%, it means there's no change since the lottery become easier as you have two times change to win than before.

I guess there's no change in online casino, maybe it only affect gamblers to not gamble as much as before because inflation make them to spend more money to fulfill their needs.

[slapper]

Inflation affects every industry, including gambling. Traditional gambling systems, like your Greek example, must modify pricing, right? Increasing ticket prices by 100% is a risky strategy that may represent inflation and business margins. Global phenomenon, not just Greek. Lottery and gambling operators are adapting to these uncertain economic times in many nations

Now that you're in the world of crypto casinos, things are very different, right? These platforms work in a dynamic, digital economy where economic laws are remixed. Crypto casinos subtly raising minimum bets is a good guess! With cryptocurrency volatility and inflation mounting, they may be changing minimum bets to hedge against these movements. It's a subtle tango between user engagement and profitability. We're curious because the crypto community is less clear about these changes

[livingfree]

It is normal to see the cost of things to rise up and this only means that even in gambling industry, they cant skip to the rule of the world through inflation.

They have operational costs including employees and more. And all of these are also affected by the inflation. If ever we see ticket prices goes up, it is understandable.

But what still going to matter is on how much we are willing to gamble and how our own economy can manage to cope with the inflation.

[TimeTeller]

Inflation affects every industry, including gambling. Traditional gambling systems, like your Greek example, must modify pricing, right? Increasing ticket prices by 100% is a risky strategy that may represent inflation and business margins. Global phenomenon, not just Greek. Lottery and gambling operators are adapting to these uncertain economic times in many nations

Now that you're in the world of crypto casinos, things are very different, right? These platforms work in a dynamic, digital economy where economic laws are remixed. Crypto casinos subtly raising minimum bets is a good guess! With cryptocurrency volatility and inflation mounting, they may be changing minimum bets to hedge against these movements. It's a subtle tango between user engagement and profitability. We're curious because the crypto community is less clear about these changes

The minimum bet is indeed one way to address the inflation problem.
Though I believe such change is not abrupt as they will inform their players on this.
I don't think they will just change their min bet without prior announcement.
The good thing in online casinos is that you can easily see their min bet because if you enter below their min, your bet won't go thru.

[Yogee]

I don't really play much casino games so raising minimum bets on certain games won't affect my gambling. I haven't noticed the effect of inflation on sports as far as betting goes. I've not seen notifications that my bet is lower than what is required or any update from the bookie. It affects the viewers who pay for tickets and PPV more than the people who gambles on these events.

[EarnOnVictor]

-snip-
I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

I have not noticed that despite the high inflation plaguing my country, nor have I even noticed it online where I use the USD or cryptocurrency to bet. Well, this might not be pronounced when it is a matter of USD and other assets used for the betting as they are not depreciating like how many local currencies do.

In my country, there are too many gambling competitions, so they can't afford to raise any standard or limit too much so that people will not be discouraged and go to their rival casinos for betting. As a matter, they are even lowering the amount you can bet so that it will be more convenient for their customers. Think of it, this cannot affect their sales whatsoever as there will be some customers that will like to wager big and there will be some that will wager small, and that doesn't still stop those who wagered small today to wager big tomorrow. That is how the casino business runs. So, I don't see any sense in increasing the value one can bet, that will only amount to inconveniencing their customers.

[Porfirii]

Inflation is an interesting phenomenon
The purchasing power of money is measured by basic goods usually though the CPI but the real value of money affects society in ways that are far reaching even beyond consumer goods.

On the one hand, gambling providers have higher costs due to inflation forcing them to pay more for certain goods and services they need.
On the other hand, with inflation causing more money to flow around, if would probably mean that more money than before ends up towards gambling companies.

Though my years I have on very rare occasions seen gambling companies take steps to act according to inflation because usually for them it's probably balanced out on its own.

But now I noticed something interesting. In my country Greece, the most popular and most participated lottery, which is also a legal monopoly, recently raised its ticket price to 1€, which is effectively a 100% increase from the previous minimum 1 ticket price of 0.5€.

I wonder if this is something that is happening in other countries also.
Perhaps crypto casinos have also slowly been raising their minimum bets without us noticing that much? What do you think?

In Spain the national, most participated lottery, still costs the same, but it always costed 1€, and Euromillions/Eurodreams keep costing 2.5€. Maybe what we are seeing in your country tells us that these prices might increase soon, or maybe not and it is just that the price of .5€ was very little and they decided to equate it to other European national lotteries.

BTW, you said that it increased a 100%, but what about the prizes? It would be reasonable, if you are right and the appreciation is due to inflation, that the prizes were bigger too now not only because of a greater collection, but of the lower value of money too.

[maydna]

You can check the minimum bet amount for each gambling game before you start gambling. That way, you will know whether it affects the gambling industry or is still fine. Maybe this impacts offline casinos with maintenance for gambling equipment, increased employee salaries, rent for the place, and other costs. But for online casinos, it doesn't seem to have much impact. There are employee salaries that the casino must meet, but there may not be an increase in employee salaries, and it has no effect.

If there is inflation, which means the number of people working is decreasing, it might make more people come to casinos because some of them still think casinos are a place to make money. And if they lose their job, maybe they will try to make money from gambling, which is the wrong decision.

[Slow death]

In my country the price of the lottery ticket has always increased every year, I argue that the cost of the paper is rising in my country and as the lottery ticket is a physical piece of paper on which the person's details and the number of the ticket appear. , so the company responsible for the lottery has increased the price of the lottery ticket, but the increase is not large, until a few years ago the price of the lottery ticket in my country was at 0.20$ and currently the maximum has reached 1$, So I consider it something normal since the prices of all things are not the same as they were 5 years ago, for example. Now in the case of online casinos, I don't see inflation being a big problem for them

This is because even if they increase the price of the online casino's hosting server, all the casino will need to continue doing is just getting more customers because the casino always makes money, the majority of people who are playing are losing money. So the casino business just needs to have a lot of customers who play a lot and the more customers who put in a lot of money the casino has, the better for the casino because they can get enough money to operate for many years, they just need to have good management. while in the case of physical casinos, inflation is a big problem

starting from the construction of the physical casino itself, if the construction of the physical casino is being budgeted at 100 million dollars for example, but during construction inflation increases and the prices of iron, blocks, water, electricity rise, then the cost of the work It will no longer be 100 million dollars, it will be more than 100 million dollars and also when the casino is ready and the machines and tables and many other things are purchased, the process will not be the same, this will mean that the casino will have to get many customers with high financial power so that they play a lot so that the casino can have money for operational costs