What Are Your Thoughts on Online Crypto Casinos with Their Own Cryptocurrencies

[Davidvictorson]

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

[Oshosondy]

We have some casinos on this forum that has their own tokens. You can see some on this thread: What are your expectations for Casino coins in this coming bull run?. I think the replies on this thread would be similar to the replies on thread also.

I do not go for gambling site tokens. Some increased in value in the past though but I prefer to be careful of many altcoins.

[mrust_mobile]

I don’t like them. It looks fishy. These are not even crypto currencies. They are casino tokens and they don’t have any other use case. If a casino doesn’t like the high transaction fees of btc, it should implement a solid altcoin like litecoin or/and dogecoin. I can respect a casino that uses alts because that’s the right way to fix this problem. If a casino is coming up with its own token, I can only think they want to rip their customers off. I don’t see any other explanation.

[Solosanz]

Native token is one way to give incentive, reward, and promotion for the gamblers, at the same time the casino also making money if the gamblers buy the native token. The bad thing of native token is the value completely depend on the site, if the site turns scam, the token will become worthless.

I'd say native token is good for short-mid term especially if you bought/claimed the token when the casino was really new, then sell it when the casino has a good reputation.

[alani123]

If they use their free cryptocurrency for incentives and bonuses then I think it's fine. However if there's heavy pressure on users to buy their tokens then it's very suspicious. Many casinos that used the token scheme went bust in the past, it's nothing new. So I wouldn't put serious money into such scheme.

So especially if a casino's finances depend on their token it's not going to be a healthy place to deposit any money at. See Celsius and FTX to have some forethought on how this could end. So in my opinion, unless a casino is put together with a token scheme carefully from experts in tokenomics, accounting etc. it's something to not invest/buy/deposit anything serious in.

[Pandorak]

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

After being part of Rollbit's signature campaign, i learned a lot of things from there to be a good representative on this forum. One thing i learned was about their tokens, of course their native tokens have their own advantages, it is impossible for them not to provide benefits to the native ecosystem. From what i read, their token offers features like a lottery which can only be participated in if we stake the token, isn't this an advantage in itself?

[Wapfika]

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

Casino own token is way of casino to share profit with token holders. Casino usually do buy back feature and other bonus given to token holders in exchange for being a loyal token holders.

So far, Most of the casino tokens is just performing fine but doesn’t give insane profit since it usually serve as reward token as main utility. This tokens is beneficial for the community but never bring good returns for late token holders since there’s a consistent inflow of new token on the circulating supply coming from the token vesting.

[AbuBhakar]

From what i read, their token offers features like a lottery which can only be participated in if we stake the token, isn't this an advantage in itself?

It’s just a benefits but you should weigh in the token price performance because your holding value might decreased a lot compares to the amount you can gain by holding this token through it’s benefits such as the lottery reward that you mention and other feature.

Most of the casino utility token performs very poorly after few months of release because the relevance in the market is already vanishing. I would say holding it long term is not really profitable because it’s utility was mainly designed for rewards.

[Text]

I have come across some online casinos with their own cryptocurrencies before, but I have no involvement with them, so for me, it's not a new concept. From what I’ve observed, there are potential benefits to using these casino-specific coins, such as faster transactions, lower fees, and exclusive perks. However, some of them seem like just marketing gimmicks. I still prefer to play at casinos where Bitcoin is widely used.

[Moreno233]

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

I have more confidence in reputable casino token than memecoins and some other cryptocurrencies created by random guys without any product backing them other than worded fantasies that often vanishes the moment they have raised funds. Even though their have been reports of altcoins failing at an alarming rate, there is little record of the failure of reputable casino token failing. This is because the casino will support their token and protect the price because if the token fails, it will affect their reputation. Besides, there are many ways the casinos make the token useful that will create the demand for them.

[Pandorak]

[...]

It’s just a benefits but you should weigh in the token price performance because your holding value might decreased a lot compares to the amount you can gain by holding this token through it’s benefits such as the lottery reward that you mention and other feature.

Most of the casino utility token performs very poorly after few months of release because the relevance in the market is already vanishing. I would say holding it long term is not really profitable because it’s utility was mainly designed for rewards.

I don't agree with you, because i don't see that happening with Rollbit's token, this token has experienced good improvements since it was first deployed. Relevance also cannot be used as a benchmark, because we know the crypto market moves according to the current narrative. As long as there is a good product, it will be difficult for the token to lose its value. Or maybe i lack references for gambling platform tokens, can you provide other references that you say are not good if held in the long term?

[Hirose UK]

Actually, this has been around for some time, in one of the gambling sites that I use also has it, even at the beginning of its mass adoption they distributed some number of coins to each account.
If we talk about the benefits, maybe for us as gamblers we can't get it that significantly but for the gambling site itself can get more benefits, but that the real goal.
Gambling sites want to be able to introduce their names to crypto users more widely and of course this is form of promotion that is quite promising, if it runs in the long term then it can be one of the truly successful developments.
It just that for gambling and deposits or withdrawals I don't really like the original tokens that gambling sites have because it might cost more and take longer, stable coins are the main choice.

[traderethereum]

No problem with that because they are free to use their own cryptocurrencies. But it is better if they have the default coins like other crypto casino because people will familiar with Bitcoin or ethereum or other coins.
Usually, they will use their own crypto for staking and offers their members to stake their coins on that casino so they can get some return. Worth it or not, that will depends on each members because if they thinks they only wants to playing gambling, they will not care with staking or other programs.
That feature can be offers on the casino and gives more values to their members to have some return by staking their coins. But casino can asks about this to their members so they know what their members answer.

[coin-investor]

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

I have a profitable experience on two of them. I was a bounty participant of Betfury when they launched their bounty campaign, and I received my rewards with their native token, my biggest regret was selling it too early; I should have staked them all and earned residual income. BFG token was doing great in the market, and it's still doing great now; another was Owl Token, which had same experience; I dumped it all when they were losing their reputation.

Token-based casinos are good if the casino is doing well and maintaining its reputation in the gambling industry; you can usually stake your token for profit, and it's like hitting one bird with one stone if the token is doing well in the market.

I just wonder why other top casinos do not have their token when there is a market for this token because it is attached to a working platform.

[Slow death]

In my opinion, I don't see any advantage when a casino creates its own token, because the price of the token doesn't go up much, and then there's the problem of the casino not being able to list the token on the big exchanges. I've been saying this for many months that these casino tokens should be seen as stablecoins by people. I say this because the price of these tokens only gives profit to those first people who bought early, then the price of the token stagnates as if it were a stablecoin. The saddest thing about this is seeing so many people creating high expectations about the price of a token that hasn't seen any significant increase for months, even when all the altcoins are rising.

One day I asked a thread about a casino that has a token, and I asked the following question:

When will the token be listed on Binance, since the token has been around for over 3 years and is not listed on the big exchanges?

I was ignored, I waited months and asked the same question again and again I was ignored and I don't even see the casino representative talking about the possibility of listing the token on the big exchanges, the creators of casino tokens will not put the tokens listed on big exchanges because the price would probably fall and the real price would be seen.

[Marvelockg]

I have come across some online casinos with their own cryptocurrencies before, but I have no involvement with them, so for me, it's not a new concept. From what I’ve observed, there are potential benefits to using these casino-specific coins, such as faster transactions, lower fees, and exclusive perks. However, some of them seem like just marketing gimmicks. I still prefer to play at casinos where Bitcoin is widely used.

it's primarily a marketing strategy that also comes with added advantages like lesser transaction fees and creating ease of use for most users. Casino platforms like rollbit , betfury and roobot casino has it and depending on your preference, you can choose to gamble with thier token. In some way, it mostly appears as though they are being over dominating and wants you to not only bet with them but to also make use of thier token which might not go well with some people. Others would just prefer to stick with the regular and popular coins like Bitcoin and the other altcoins they probably already have in Thier wallet.

[FatFork]

I'm not really into those gambling site coins.  I get that they might give you some special deals or whatever if you own their tokens, but honestly, it makes me skeptical.  What if that place goes under someday? Then your tokens become totally useless.  No thanks - I'll stick to the bigger, more established cryptos.  Bitcoin's been around for some time already and everyone knows what it is.  Ethereum too and  at least I know those arent going to just disappear because some online casino went bust.  More boring maybe but also safer.  I'm all about playing the long game with my investments, not taking big risks.

[Frankolala]

The first signature campaign that I participated in the forum in 2022 was Betfury signature campaign. Campaign participants as of then was paid 50% in bitcoin and 50% in BFG token which was own by Betfury. You gamble with BFG in the casino.

BFG token is not only used by Betfury but it is also in the market and exchanges have them in their coin list. The value of BFG token is 0.020918usd and with time this token might increase in value because the price was not as high as this in 2022.

I didn't bother to hodli my own token because I never believed that it will increase in value so what I did was to convert them to bitcoin because I don't gamble in their casino.

[Wexnident]

~

The only one I was ever interested in was Rollbits token, afaik it was only used for something similar to VIP benefits? E.g. using that coin could bring more bonuses or has more bonuses, not sure about it specifically but it was something along those lines. That, or I'm thinking of their NFTs but even if it was, honestly don't think it's that far off, pretty sure they'd be bringing in similar types of value.

Honestly, I don't think they're that good nor worth buying and/or holding, the coin itself usually falls off during the start, not sure how it stabilizes itself, if it actually could, but anyway, if you're trying to fish for bonuses and the like, then I guess it's okay to use them? Value might drop if you hold them in our account though so I guess that'd be one thing I'd watch out for.

[Nwada001]

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

The two casinos that I have used that have their own tokens are Betfury and Rollbit, and these two tokens are not only being used in the casino but can also be bought and held just like any other token in the market. 
 
Even as I make use of this casino, I have not tried using their native token; it's either I deposit with my USDT or any other crypto of my choice that I have available at the moment.
 
But for the token use, I believe there are some advantages that will be given to those who make use of the token in the casino, maybe some bonus points for them or anything that can just contribute to increasing the high demand for the token.