Should Bitcoin leverage gambling?

[boyptc]

I get it, Bitcoiners do not want gambling to become associated with Bitcoin. But people are going to gamble one way or another - why should Bitcoin not capitalize on this?

It's already a part of it, the huge contribution that gambling itself for bitcoin was noticeable for the past years. It's one of the first industries where bitcoin has been utilized.

Those who don't want it to be associated with gambling, they need to check the history and see what the gambling industry did and how it helped for the demand of it.

Until today, there's a big help that bitcoin gets from the gambling industry specifically to the casinos who accepts bitcoin and other cryptos.

[GeorgeJohn]

Since the beginning till now casinos is a place where people actually use bitcoin for the payment purpose and no one can deny the part of gambling with the adoption of bitcoin itself.

You should ask yourself this question " Before introduction of bitcoin, theirs gambling and alao theirs casino gambling and what was the currency people uses to deposit in casinos? So it's obvious that casinos has been in existence for awhile...Using bitcoin to deposit in casinos, is a choice of options given by casinos platforms, but that doesn't mean that bitcoin is what is been determined to use and deposit in casinos...

But we are drifting far from that, casinos choose to hold their reserves in stable coins over bitcoin and I even read some casinos don't have bitcoin deposits while having USDT and other altcoins.

Why casinos even uses bitcoin to deposit, it's because it's a fastest means of deposits, anything related to cryptocurrencies deposit is a fastest means to deposit and it will confirm within awhile....

[Findingnemo]

Since the beginning till now casinos is a place where people actually use bitcoin for the payment purpose and no one can deny the part of gambling with the adoption of bitcoin itself.

You should ask yourself this question " Before introduction of bitcoin, theirs gambling and alao theirs casino gambling and what was the currency people uses to deposit in casinos? So it's obvious that casinos has been in existence for awhile...Using bitcoin to deposit in casinos, is a choice of options given by casinos platforms, but that doesn't mean that bitcoin is what is been determined to use and deposit in casinos...

But we are drifting far from that, casinos choose to hold their reserves in stable coins over bitcoin and I even read some casinos don't have bitcoin deposits while having USDT and other altcoins.

Why casinos even uses bitcoin to deposit, it's because it's a fastest means of deposits, anything related to cryptocurrencies deposit is a fastest means to deposit and it will confirm within awhile....

I should ask that question if OP said bitcoin helped the evolution of gambling but we are discussing a different matter here and what I said is a fact and even bitcointalk is the proof that bitcoin used as currency in the early days of bitcoin.

Having bitcoin deposits is fine but keeping bitcoin in their cold storage as form of reserve is risk and casinos prefer stablecoins for a while over bitcoin.

[Floxynice]

Gambling is a huge business worldwide
-
IMF forecasts the market at roughly $807 billion in 2026 and $1.03 trillion by 2030. ¹

Instead of only a casino that accepts Bitcoin, an interesting innovation would be a casino whose economic surplus systematically becomes Bitcoin demand. Each bet lost would be a win for the Bitcoin economy.

And furthermore, most Bitcoiner gamblers would be more inclined towards a casino that hodls most of its reserves in Bitcoin. Bitcoiners would be encouraging this kind of adoption.

I get it, Bitcoiners do not want gambling to become associated with Bitcoin. But people are going to gamble one way or another - why should Bitcoin not capitalize on this?

sources:
1. https://www.h2gc.com/news/general/global-gambling-market-to-exceed-1-trillion-ggr-by-2030-driven-by-online-channel-growth

Crypto casinos are already doing well with allowing the use of bitcoin for deposits and Bitcoin is doing just fine as well. I just do not like the idea of Bitcoin being dependent on gambling. Whether gamblers use bitcoin or not, bitcoin will still be fine. Institutional investors are already playing their part in manipulating the bitcoin market, casino owners should not add to it. They can use bitcoin as much as they want, but i sense that, using bitcoin as a marketing/business strategy will have an influence on Bitcoin that I am not comfortable with.

[Cointxz]

Instead of only a casino that accepts Bitcoin, an interesting innovation would be a casino whose economic surplus systematically becomes Bitcoin demand. Each bet lost would be a win for the Bitcoin economy.

I don't know how each bet loss in cryptocurrency could lead to increase in Bitcoin economy and I don't also know what you may refer to as regards to the world economy on this context, is it for the market price to increase or for people to adopt more about Bitcoin than any other cryptocurrency, there are so many opportunities that we can get from using bitcoin to gamble and you can also discover that today, many crypto gamblers referred to gamble with bitcoin because of the ease of doing so.

Based on the logic that OP trying to share here. Each bet lost will help Bitcoin since it will go to the casino reserve which means players will purchase more Bitcoin again to play more in the casino unlike the current casino that supports multiple payment and mostly their reserves on stablecoin.

This idea is good for the overall Bitcoin ecosystem since it generates a huge demand considering how big the crypto casino industry.

However, as many member already pointed it out. The Bitcoin volatility may give a negative implication since casino reserves is huge which means their profitability will be affected heavily once the price suffer a huge dip. Ofc there’s an instances that they will be a profit during pump but business won’t gamble for that if there’s a viable solution using stablecoin which many gambler use nowadays.

[EluguHcman]

And furthermore, most Bitcoiner gamblers would be more inclined towards a casino that hodls most of its reserves in Bitcoin. Bitcoiners would be encouraging this kind of adoption.

Have the most concerns of gamblers on considering which platform they would play on been shifted from the reputation to the bankroll?

Of course even if the casino has the highest reserve in competition with Strategy, the measures that qualifies reputable casinos such as transparency and integrity will always be interests that gamblers will consider with some gamblers may also consider the graphics, market, odds and bonus offers while making the choice.

But I commend your good wills with this ideal because as Bitcoiners may loose their bets, they are indirectly supporting the Bitcoin market. So definitely a reputable one as that will drive Bitcoiners interest to bet on such gambling system that capitalizes on Bitcoin.

[Obari]

Since the beginning till now casinos is a place where people actually use bitcoin for the payment purpose and no one can deny the part of gambling with the adoption of bitcoin itself. But we are drifting far from that, casinos choose to hold their reserves in stable coins over bitcoin and I even read some casinos don't have bitcoin deposits while having USDT and other altcoins.

Based on this logic adoption of crypto gambling doesn't necessarily help to create the demand for Bitcoin anymore.

I agree with you and I don't think, people demand or choice of pick for a casino might even be bitcoin dependent and I don't think people are truly bothered about the mode of deposit if you ask me and yes I understand that some vast number of gamblers also prefer bitcoin but I believe the majority of people are not bothered about bitcoin being their mode of payment as long as the casino doesn't give them stress and I do understand the point op is driving at but I don't think because more people adopt crypto gambling, so the price of bitcoin on would be affected just as you already said.

[bhadz]

This idea is good for the overall Bitcoin ecosystem since it generates a huge demand considering how big the crypto casino industry.

However, as many member already pointed it out. The Bitcoin volatility may give a negative implication since casino reserves is huge which means their profitability will be affected heavily once the price suffer a huge dip. Ofc there’s an instances that they will be a profit during pump but business won’t gamble for that if there’s a viable solution using stablecoin which many gambler use nowadays.

With the cost of operation, due to volatility, we've seen services and websites that have closed down because of how brutal the market was for them and made their worth less, and it happened mostly to exchanges. Although some casinos have closed down without disclosing the reason but there's a possibility that what you've said is the main reason for their closure. Casinos holding BTC mostly in their reserve is increasing the demand no doubt but, there's no way in stopping them if they want also to do it with other option they have.

[Hispo]

Crypto casinos are already doing well with allowing the use of bitcoin for deposits and Bitcoin is doing just fine as well. I just do not like the idea of Bitcoin being dependent on gambling. Whether gamblers use bitcoin or not, bitcoin will still be fine. Institutional investors are already playing their part in manipulating the bitcoin market, casino owners should not add to it. They can use bitcoin as much as they want, but i sense that, using bitcoin as a marketing/business strategy will have an influence on Bitcoin that I am not comfortable with.

Bitcoin has grown so much during these years that it would be very inaccurate to tag it as dependant of gambling, in my opinion. Bitcoin was indeed kind of dependant on casinos and bookies during it's early years on the market, but we now have institutional investors, exchanges, more miners than ever and more general players within this ecosystem, so this project is safe from being dependant of a single sector.

[Davidvictorson]

It would be nice to see(at least for us Bitcoin enthusiasts), but for casino owners, not so much. From how I understand your post, wouldn't this make the casino vulnerable to Bitcoin's volatility? I mean, the Bitcoin they are holding, and their revenue, could be heavily affected if Bitcoin's price dropped significantly, and from what Findingnemo posted, it seems that casinos don't want to take those risks.

Same thing I was thinking.
But I know that there would always be a way around it. maybe they would not have to keep all of it in bitcoin they may do like a 80 -10 - 10 fiat, bitcoin, and other types of holding.

[laspol65]

sources:
1. https://www.h2gc.com/news/general/global-gambling-market-to-exceed-1-trillion-ggr-by-2030-driven-by-online-channel-growth

If you see that many people are saving Bitcoin as a reserve, i.e. for the future, and if that is gradually reducing their holdings by depositing it to the casino platform, then that person who has saved Bitcoin will not be able to profit from it. Again, there are many casino platforms that have not kept their deposits open through Bitcoin,
maybe they have kept stable coins and other cryptos in circulation. This Bitcoin is again accepted as payment by people, which we have seen from the beginning, so I think Bitcoin holding will be enough.

[danherbias07]

In the past, most crypto online gambling sites only accepted Bitcoin. Then came Litecoin, Ethereum, and so on. So why not?

I know that some will disagree because they want to keep their Bitcoin intact. But it's a choice. You can either gamble with Bitcoin or not play at all. Truly, it's good for the Bitcoin market, and it will probably increase demand and supply, which will help boost its value and also its claim as a currency.
Thankfully, a lot of gambling sites now have not removed the option to gamble using it, and it's probably because they also want to have Bitcoin in their hands. I get the risk of volatility. That's why the owner should also be ready for that kind of risk. I think that may also be the reason why we don't see a casino that is purely accepting Bitcoin only to gamble. It will be a tough fight.

[Darker45]

That's a decision that's up to casinos to make. But I doubt many crypto casinos are capable of establishing such kind of reserve.

Besides, I don't think they'd prefer the passive increase of fiat value of their Bitcoin over the active revenue flow they could get from a crypto-centered business. The former would mean money not rolled into another productive cycle.

Although there might be some crypto casinos that are making huge profits, I doubt if they're willing to convert their surplus into Bitcoin just to be hodled. Most likely, what they keep inactive are funds that could be needed anytime.

[avp2306]

That's a decision that's up to casinos to make. But I doubt many crypto casinos are capable of establishing such kind of reserve.

Besides, I don't think they'd prefer the passive increase of fiat value of their Bitcoin over the active revenue flow they could get from a crypto-centered business. The former would mean money not rolled into another productive cycle.

Although there might be some crypto casinos that are making huge profits, I doubt if they're willing to convert their surplus into Bitcoin just to be hodled. Most likely, what they keep inactive are funds that could be needed anytime.

Most of casino won't provably want to lock up their profit on Bitcoin reserves. Since usually what they want to do is to keep their excess funds liquid and they want to used it either for reinvestment or for their operations.

But imagine how big the exposure what those crypto casinos could get if they manage to have Bitcoin reserve. Since each action made like separating some funds then put it on their reserve will create lots of exposure to them. So this is win win for casinos planning to create a Bitcoin reserve for their company.

Also it can help them to build more trust especially if people saw that their reserve grows more bigger.

[Dogedegen]

Gambling is a huge business worldwide
-
IMF forecasts the market at roughly $807 billion in 2026 and $1.03 trillion by 2030. ¹

Instead of only a casino that accepts Bitcoin, an interesting innovation would be a casino whose economic surplus systematically becomes Bitcoin demand. Each bet lost would be a win for the Bitcoin economy.

And furthermore, most Bitcoiner gamblers would be more inclined towards a casino that hodls most of its reserves in Bitcoin. Bitcoiners would be encouraging this kind of adoption.

I get it, Bitcoiners do not want gambling to become associated with Bitcoin. But people are going to gamble one way or another - why should Bitcoin not capitalize on this?

sources:
1. https://www.h2gc.com/news/general/global-gambling-market-to-exceed-1-trillion-ggr-by-2030-driven-by-online-channel-growth

I was a bit confused by your title at first because for me it means that you are asking if Bitcoin should do something, but it can't do anything on its own as an independent system. The issue with something like this does not lie with Bitcoin or what Bitcoin owners want or maybe don't want, the issue primarily is with the casinos and their owners. If you look good enough, many casinos could be run by people that don't care that much about Bitcoin or crypto. They are just capitalizing on the utilities that are provided by accepting these kinds of payment methods. To be able to leverage gambling this way, there would need to be very forward thinking Bitcoin individuals who run these kinds of casinos. Another problem that may be an issue for them is that to prove that this is really happening they would have to expose their revenue and profit to the public at least the Bitcoin side.

If a casino says they will keep 50% of all their Bitcoin profit, I wouldn't believe them just because they said that. And because they specified it as a percentage of the total, the only way to be sure that it is a valid claim is if they expose the whole profit from that payment method. I would not be against this, but the problem is mostly only related to the current owners of these businesses.

[Free Market Capitalist]

Since the beginning till now casinos is a place where people actually use bitcoin for the payment purpose and no one can deny the part of gambling with the adoption of bitcoin itself. But we are drifting far from that, casinos choose to hold their reserves in stable coins over bitcoin and I even read some casinos don't have bitcoin deposits while having USDT and other altcoins.

It's already a part of it, the huge contribution that gambling itself for bitcoin was noticeable for the past years. It's one of the first industries where bitcoin has been utilized.

Yes, it seems like the OP posted this question in the wrong year. But if I'm not mistaken, they're referring to casinos—even just those that accept fiat—converting part of their reserves to Bitcoin, which isn't going to happen, unless we're talking about a very small portion.

That's a decision that's up to casinos to make. But I doubt many crypto casinos are capable of establishing such kind of reserve.

Besides, I don't think they'd prefer the passive increase of fiat value of their Bitcoin over the active revenue flow they could get from a crypto-centered business. The former would mean money not rolled into another productive cycle.

Although there might be some crypto casinos that are making huge profits, I doubt if they're willing to convert their surplus into Bitcoin just to be hodled. Most likely, what they keep inactive are funds that could be needed anytime.

Most of casino won't provably want to lock up their profit on Bitcoin reserves.

Typically, businesses that generate a lot of cash and profit don't bother investing in those things. The cash is used to pay shareholders and creditors, and if reinvestment is necessary, it's done within the business itself—such as in security or improving the website for online casinos, or renovating the premises for brick-and-mortar casinos.

[OsaiEmma]

Gambling is a huge business worldwide
-
IMF forecasts the market at roughly $807 billion in 2026 and $1.03 trillion by 2030. ¹

Instead of only a casino that accepts Bitcoin, an interesting innovation would be a casino whose economic surplus systematically becomes Bitcoin demand. Each bet lost would be a win for the Bitcoin economy.

And furthermore, most Bitcoiner gamblers would be more inclined towards a casino that hodls most of its reserves in Bitcoin. Bitcoiners would be encouraging this kind of adoption.

I get it, Bitcoiners do not want gambling to become associated with Bitcoin. But people are going to gamble one way or another - why should Bitcoin not capitalize on this?

sources:
1. https://www.h2gc.com/news/general/global-gambling-market-to-exceed-1-trillion-ggr-by-2030-driven-by-online-channel-growth

This looks nice on paper, but the reality is that casinos are in for the profit and not for investment. Accumulating Bitcoin in such a way is not an ideal design for a profit-oriented establishment.

This model is basically forcing away the dollar amount attached to each sat, unless you're talking about a different model in mind. One of the main reasons this type of design has not been implemented anywhere else is because of Bitcoin's volatility. If Bitcoin will one day be less volatile, then I think a lot of business won't mind it that much using Bitcoin as reserve.

[jcojci]

Using Bitcoin to gambling is an option.

Long term Bitcoin investors might not use Bitcoin to play gambling but saving on their wallet. They can use other crypto to gambling and not risk their Bitcoin. Maybe Bitcoin will be known and popular among crypto gamblers because they see Bitcoin name in the casinos
But those who know Bitcoin from other businesses will be many too so that helps Bitcoin growth the popularity.

[Grace333]

Personally I think this idea has little or no relevance to bitcoiner as per why they should be interested in gambling in such casino or betting platform except it's just a willing act. Though if this happens it might send a wave across to the world and other casinos how they could still make profit off their gains by having a bitcoin reserve. Again, casinos who would be implementing this will have make up their mind that such reserves are supposed to be kept for long term. Meaning, they will have to make part of loses a floating fund for quick payment should in case any gambler win rather than hitting the withdraw button on their reserve all the time.

[Saltysugar99]

In the past, most crypto online gambling sites only accepted Bitcoin. Then came Litecoin, Ethereum, and so on. So why not?

I know that some will disagree because they want to keep their Bitcoin intact. But it's a choice. You can either gamble with Bitcoin or not play at all. Truly, it's good for the Bitcoin market, and it will probably increase demand and supply, which will help boost its value and also its claim as a currency.
Thankfully, a lot of gambling sites now have not removed the option to gamble using it, and it's probably because they also want to have Bitcoin in their hands. I get the risk of volatility. That's why the owner should also be ready for that kind of risk. I think that may also be the reason why we don't see a casino that is purely accepting Bitcoin only to gamble. It will be a tough fight.

You are right that the volatility of Bitcoin price has made it challenging for casino companies to operate their casino operations entirely through Bitcoin. What I think is that if the casino deposits a variable Bitcoin today, then the price of Bitcoin decreases significantly and at the same time users have to withdraw their betting profits. At that time, the decrease in the price of Bitcoin will naturally have a negative impact. If casino companies can give users the opportunity to withdraw properly, they will be able to operate their entire casino operations through Bitcoin. If they want, casino companies can keep some amount of Bitcoin holdings that will not create problems for users in withdrawing. In this case, casino companies will increase Bitcoin adoption and a different acceptance of Bitcoin can be observed among those who are gamblers too.