Do you think Polymarket will kill crypto casinos?

[Hispo]

...

I can see this overtaking most of the casinos being advertised here, eventually.

Do you use Polymarket for betting?

Even though Polymarket has indeed gained traction during the USA presidential elections and has accumulated an important volume of money on their markets, It is still pretty far from replacing crypto casinos as the main providers for bettors. Besides, it seems Polymarket does not go straight forward on taking a slice of the pie from casinos, the latter ones seem to be quite focused on sports while Polymarket offers their bettors to wager their money on completely different events which are detached to sports.
Also, one must point out how Polymarket is based in the United States and recently they got in trouble for not having proper licensing to offer their services to residents of that country, so I don't know to what extent those legal problems are going to affect the future of the KYC policies of Polymarket, they will have to implement them sooner or later, if they are based in American soil, I believe.

[Fiatless]

Polymarket was popularized during the past US election since Elon Musk kept tweeting about it, but now is the first time I've actually taken a serious look at the site.

It appears to be kyc-free.

You can only deposit USDC on Polygon, or you can buy it with credit cards and Paypal. But so far I haven't been able to make the wallet integration actually work. That's not important right now though, but there seem to be a ton of markets to bet on!

I can see this overtaking most of the casinos being advertised here, eventually.

Do you use Polymarket for betting?

Polymaket is unique because it offers games that other casinos don't have. Individual gamblers have the chance to bet on different events that one cannot see in other casinos. The issue of non-KYC will not last long because regulators will soon come after them and mandate them to abide by Anti-money laundering rules. I don't think Polymaket will make other casinos obsolete. If other casinos observe that Polymaket is taking over the market, they will have no other options but to offer the same services like Polymaket.

[Churchillvv]

I doubt it's ever possible for a betting site that is specifically focused on events and few other settings to ever compete with casinos that are vast, even though there might be some sort of high interest in it for the kyc-free feature its still not capable of replacing this casinos especially the prominent ones.

[alani123]

Nah polymarket is just a wash trading station.

Really it ain't worth much. Think about it, people trying chances among themselves and then these people also decide if the outcome is right?

If it gets big they will just decide whatever fits them best was the good outcome. It has this huge fundamental weakness. 

[Cantsay]

Despite the varieties of predictions that are being made available on the site I still haven’t used it once. - personally I prefer just gambling in the old fashioned casino rather than going to polymarket to gamble there.

As for the question if polymarket will kill crypto casino - I think the answer is obvious and it’s “NO” no matter how they come take note that people don’t just turn once and leave something they have been using for a long time - they will still remain in crypto casinos; the only thing that will entice them is the fact that there are more bets option but for a sport bettor polymarket will have little to no effect on them (slight on casinos, but not massive enough to kill the industry).

[stadus]

Don’t worry about the future because they’ll handle it for sure. They’re operating and popular, which means their system is working just fine. Sure, governments dislike decentralized betting platforms, often assuming they could be used for money laundering. But Polymarket has survived this long, which shows that if the government has plans to shut them down, they haven’t succeeded yet. 

i mean it’s also possible that they just haven’t tried until now i do not think a platform is that difficult to be shut down i am pretty sure that they would be able to crack down on them if they wanted to but maybe there just wasn’t enough reason to do so before but maybe in the future there could be so maybe they can get start being careful

There was already a sign of violations in the past, and they paid a huge amount of penalty.

https://www.cftc.gov/PressRoom/PressReleases/8478-22

January 03, 2022

Washington, D.C. — The Commodity Futures Trading Commission today entered an order filing and simultaneously settling charges against Delaware-registered Blockratize, Inc. d/b/a Polymarket, based in New York City, for offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF).

This was the latest.
FBI raided home of Polymarket CEO over alleged illegal bets by US users: sources

Based on that news, you should already have some doubts and take extra precautions when sending your coins for betting. It means the government is keeping an eye on them.

[ethereumhunter]

Don’t worry about the future because they’ll handle it for sure. They’re operating and popular, which means their system is working just fine. Sure, governments dislike decentralized betting platforms, often assuming they could be used for money laundering. But Polymarket has survived this long, which shows that if the government has plans to shut them down, they haven’t succeeded yet. 

I am not worry about the gambling industries in the future because that business will still exist. The government dislike decentralized betting platforms and they will try to control the casino using their regulation so the government can monitor all of the casinos members that comes from their country. So I don't think that Polymarket will kill crypto casino but they can run in their line although the competition in the gambling industries will be more tight.

[Darker45]

I think it's not in competition against crypto casinos. It isn't a casino, in the first place. It's a prediction platform. There is no dice, plinko, roulette, slots, blackjack, poker, and other casino games there. So, it won't and can't kill crypto casinos.

It is competing against sports betting platforms, though. But in a different way. It has a wide array of markets, from science to politics to sports and others. But it is still limited as far as sports betting is concerned. If one is fond of taking advantage of handicaps, for example, or multi-bets, they won't find Polymarket a better alternative.

The prediction market may be appealing to some bettors but not to others.

[Haunebu]

Polymarket killing crypto casinos? Lol! This is just silly. They did gain a lot of popularity recently thanks to the elections, but they are still leagues away from sites like Stake, Roobet etc basically.

They only focus on popular sports markets and don't really provide many popular crypto casino games. Furthermore, their liquidities are only great in some popular markets.

[davis196]

Polymarket was popularized during the past US election since Elon Musk kept tweeting about it, but now is the first time I've actually taken a serious look at the site.

It appears to be kyc-free.

You can only deposit USDC on Polygon, or you can buy it with credit cards and Paypal. But so far I haven't been able to make the wallet integration actually work. That's not important right now though, but there seem to be a ton of markets to bet on!

I can see this overtaking most of the casinos being advertised here, eventually.

Do you use Polymarket for betting?

Crypto casinos won't be "killed" by Polymarket or any other prediction platform. Maybe sports betting platforms could lose market share against Polymarket, but I expect Polymarket clone websites to appear and start competing against Polymarket. I don't remember Paypal being a gambling friendly payment processor. I've heard many people writing horror stories about Paypal blocking their accounts, because they have deposited or received money from casinos/bookmakers. AFAIK, Paypal is a pretty anti-gambling platform. It would be weird, if Polymarket accepts Paypal as a payment method.

[EarnOnVictor]

It appears to be kyc-free.

I don't have an account with them but it can't be long for regulators to change the narrative as it's becoming increasingly popular since it's an American-cryptocurrency company.

I can see this overtaking most of the casinos being advertised here, eventually.

I don't see that coming. I know a few about polymarket even before the US election but enough of its trouble has kept me off. Too many negative reviews, I don't entertain that. The negative review is a big discouragement that won't make it compete as you think with the existing casinos, even as many people would like to stay off the US gambling market. If you doubt that, research it. The better sophistication of other casinos can't also be taken lightly.

Review on Trustpilot:

[_act_]

I doubt it's ever possible for a betting site that is specifically focused on events and few other settings to ever compete with casinos that are vast, even though there might be some sort of high interest in it for the kyc-free feature its still not capable of replacing this casinos especially the prominent ones.

There is even no competition between Polymarket and casinos just like some of us have posted before. Polymarket is not a casino. So why should what is not a casino but providing another service be competing with a casino? That is not possible. Casinos will be the ones that will compete with other casinos. Also it is good to know that no matter how the competition is, reputed casinos will have huge number of customers.

[Sithara007]

I am not sure whether Polymarket will stay alive for long (apart from the United States, they are facing legal action in other countries such as France). But one thing is sure. The future of gambling lies with peer-to-peer or decentralized form of gambling, that Polymarket invented (?). And since it is peer-to-peer betting, just using the platform as a medium (similar to decentralized crypto exchanges), I am not sure about the extent to which authorities can enforce KYC upon the users. 

[Fortify]

Polymarket was popularized during the past US election since Elon Musk kept tweeting about it, but now is the first time I've actually taken a serious look at the site.

It appears to be kyc-free.

You can only deposit USDC on Polygon, or you can buy it with credit cards and Paypal. But so far I haven't been able to make the wallet integration actually work. That's not important right now though, but there seem to be a ton of markets to bet on!

I can see this overtaking most of the casinos being advertised here, eventually.

Do you use Polymarket for betting?

People like what they know and frankly the way that you've described Polymarket does not make it sound special at all. Anyone using credit cards or Paypal are already identifying themselves because those systems require KYC to have an account, so that is redundant. This website will have owners, those owners can be targeted by different regulators who might not like their lack of KYC processes - especially if they advertise this as a selling point to customers. They can try to hide but eventually they are discovered and all the historical charges will have been accruing, the US government has a long memory. I don't see Polymarket being anything special at all quite frankly, but it may be able to secure some market share.

[Churchillvv]

I doubt it's ever possible for a betting site that is specifically focused on events and few other settings to ever compete with casinos that are vast, even though there might be some sort of high interest in it for the kyc-free feature its still not capable of replacing this casinos especially the prominent ones.

There is even no competition between Polymarket and casinos just like some of us have posted before. Polymarket is not a casino. So why should what is not a casino but providing another service be competing with a casino? That is not possible. Casinos will be the ones that will compete with other casinos. Also it is good to know that no matter how the competition is, reputed casinos will have huge number of customers.

Of course I agree that there is no competition between polymarket and casinos each came in to serve different purposes however polymarket is doing absolutely best in its category which is never to be put into the same category with casinos. Considering every thing that casinos offer polymarket isn't fit to be compared rather it's in another category IMO.

[Adbitco]

Polymaket is unique because it offers games that other casinos don't have. Individual gamblers have the chance to bet on different events that one cannot see in other casinos. The issue of non-KYC will not last long because regulators will soon come after them and mandate them to abide by Anti-money laundering rules. I don't think Polymaket will make other casinos obsolete. If other casinos observe that Polymaket is taking over the market, they will have no other options but to offer the same services like Polymaket.

You are right and have al's thought about this as well, what's I know is that the crypto casinos would be more competitive seeing that others are making waves more than them, after which they would go for a board meeting to re-strategized on modalities to excel more than the top leading casino or gambling sites, after which they would similarly wants to offend the same services as others just to remain relevant as the other who were actually making waves above them.

[mv1986]

Polymarket was popularized during the past US election since Elon Musk kept tweeting about it, but now is the first time I've actually taken a serious look at the site.

It appears to be kyc-free.

You can only deposit USDC on Polygon, or you can buy it with credit cards and Paypal. But so far I haven't been able to make the wallet integration actually work. That's not important right now though, but there seem to be a ton of markets to bet on!

I can see this overtaking most of the casinos being advertised here, eventually.

Do you use Polymarket for betting?

Haven't had a closer look yet, but I assume that Polymarket is more like Augur? Though if any markets can be set up by anyone, I think it is a question of time until it will indeed take over market share from casinos because scaling in terms of the types of different markets and the people attending the site literally doesn't know any limits. KYC-free is of course a plus, but I wonder whether regulations could become an issue.

[shield132]

Polymarket was popularized during the past US election since Elon Musk kept tweeting about it, but now is the first time I've actually taken a serious look at the site.

It appears to be kyc-free.

You can only deposit USDC on Polygon, or you can buy it with credit cards and Paypal. But so far I haven't been able to make the wallet integration actually work. That's not important right now though, but there seem to be a ton of markets to bet on!

I can see this overtaking most of the casinos being advertised here, eventually.

Do you use Polymarket for betting?

There is no way for Polymarket to kill crypto casinos because casinos unite casino games and sportsbooks in one place. Polymarket's advantage over crypto casinos is that they accept web3 wallet but that's not an advantage against casinos like Metawin which is both, casino + sportsbook and has integrated Web3 wallet support while also offering up to 10 ETH withdrawal per day within seconds without a human interaction.
Polymarket will take casinos like Freebitco.in and also sportsbooks that do not have Web3 wallet support but it's not that simple, Polymarket has its pros and cons, I belive that they'll take their unique place in crypto world, which will not be in competition against casinos.

[AmoreJaz]

Polymaket is unique because it offers games that other casinos don't have. Individual gamblers have the chance to bet on different events that one cannot see in other casinos. The issue of non-KYC will not last long because regulators will soon come after them and mandate them to abide by Anti-money laundering rules. I don't think Polymaket will make other casinos obsolete. If other casinos observe that Polymaket is taking over the market, they will have no other options but to offer the same services like Polymaket.

You are right and have al's thought about this as well, what's I know is that the crypto casinos would be more competitive seeing that others are making waves more than them, after which they would go for a board meeting to re-strategized on modalities to excel more than the top leading casino or gambling sites, after which they would similarly wants to offend the same services as others just to remain relevant as the other who were actually making waves above them.

They will always find a way how to compete in this market and find the demand from the consumers. And for sure, there will be competitors in the area where Polymarket is doing their business. So as early as now, they should think of other features that can possibly sustain the interest of their bettors.

Crypto casinos have their own audience among gamblers. Polymarket is now a popular prediction market. But casinos have their own games to offer and gamblers will have their preference depending on their mood. Also, casinos now have sports betting section, so for me, that's another feature that sportsbettors are interested with as well. But for other bettors who are interested with current events and other topics, sure, they can really head to polymarket.

[lovesmayfamilis]

Does using PayPal or credit cards exempt people from showing their IDs? This is also equivalent to passing KYC. Besides, I think that not requiring KYC can't last long. As soon as this prediction site gets another good bit of news about bets made, as it did with Trump bets, it will soon be forced to ask people about KYC. Likewise, those casinos that have regular customers are unlikely to lose their audience, but yes, for every casino that feels competition and success, Polymarket will be a motivation for even better improvement.