Should Bitcoin leverage gambling?

[goldkingcoiner]

Gambling is a huge business worldwide
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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

[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. 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.

[acroman08]

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.

[Dunamisx]

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.

[Hispo]

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?

I don't understand why though. Since the very beginning when Bitcoin was not even worth one thousand dollars, it was already been used as a way to gamble on the internet and in a rather anonymous way.

Instead of denying that part of Bitcoin history, Bitcoiners are supposed to embrace it, recognize it and learn from it. Casinos gave Bitcoin it's first chance as an asset in the internet, and to this day, casinos and bookies continue to help Bitcoin by creating a real cash flow and demand.

At least, that is the way I see it. I am not embarrassed of using an asset which stater his history as a casino chip on anonymous casinos. It has evolved to be much more than that.

[Dr.Bitcoin_Strange]

Well, you can't be so sure than some old time crypto casino have not been accumulating Bitcoin from the profit they are making in their casino. The way most players are losing, some of them are also winning and the casino needs to keep the cash they can always use to pay out wins instead of holding all their money in Bitcoin, they will also have fiat reserve since Bitcoin price is not stable and the price of Bitcoin could be down when they might need some fiat to cover their expenses but if it's about holding Bitcoin, I believe that some of those crypto casino has significant amount of Bitcoin that they also hold maybe not as much as those big institutions like Strategy but they could have a good amount.

[Hatchy]

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?

Looking back to when online casinos first started accepting cryptocurrency as a payment method, Bitcoin was the most common choice. Casinos adopted it quite early, and Bitcoin has been playing a role in the online gambling industry for many years. Back when Bitcoin was worth much less, people found it easier to spend their BTC on gambling rather than depositing their fiat. Its also interesting to see how casinos may have contributed to Bitcoin adoption, especially because depositing and withdrawing with Bitcoin was often much easier and faster. Now we have almost, if not all casinos offering crypto as a major currency for customers.. If casinos actually keeos a significant portion of their reserves in Bitcoin, it could be a win win situation for both communities the gambling community and the crypto community.

[Awaklara]

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?

Will there eventually be more gamblers betting with Bitcoin than with their stable assets or fiat when Bitcoin becomes increasingly expensive? Currently, we see people campaigning to invest in Bitcoin, which has a hedge value. There are more people wanting to invest in Bitcoin than to use Bitcoin.

Anyway, the gambling business will pay attention to the market. Even though we see crypto casinos, many of them also accept fiat deposits. They want to reach all types of players, not just focus on a specific community market.

[Findingnemo]

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.

I am not saying that is the case but most likely based on my perspective, because casino is just another business and their primary goal is to make profits just like any other business so they will choose the safest route to do that over the risky/ high volatile assets such as bitcoin but if the owner itself a bitcoin maximalist then they will do that.

[MisFoxie]

-snip-

The idea is very interesting, but I think if this idea is executed it could create a reputation problem for Bitcoin. If we connect Bitcoin closely with gambling it could make some users or investors Uneasy. If Bitcoin price drops holding all profit from casino in Bitcoin can create casino financially weak even the business run perfectly.
Although the concept is very interesting all problems that can be problematic should be solve first in order to execute the concept.

[Charles-Tim]

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 do not think so.

The crypto gambling sites do not show their reserves like how crypto exchanges are showing it.

I do not mind to gamble on any gambling sites, what I am after is the gambling site to support bitcoin and stable coins. I use stable coins to gamble most of the time. I prefer to hold bitcoin.

[Chinesebaby]

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.

I'm still finding it difficult how a bet lost will be a win for the Bitcoin economy, when their is someone out there who is also winning while you are losing, and the casino is using the money you lost to pay those who won. So it's actually hard for such to happen within the gambling industry. Because moreover, the gambling industry is an independent industry, whereby the primary aim of all its operators has always been to make profit with the available money they have, rather than invest just like Michael Saylor who owns several Bitcoin and don't mind if it's value falls or rise, simply because he doesn't have an immediate need for the money at the moment. However, its also no doubt that if Bitcoin is been made the primary crypto on gambling casino, and millions of transactions are been made daily, do will th fees from each transaction be of possible advantage to the Bitcoin miners.

[Fortify]

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?

I mean.. you've already stated this is almost a trillion dollar market already, so why do you think bitcoin isn't already being heavily used by gamblers? It's a ship that has already sailed. Your second sentence in is just meaningless gobbledegook. A casino will be taking any profits they earn and keeping some proportion in bitcoin to serve future demands, especially sportsbooks. The most avid enthusiast owners might try to keep as much spending in bitcoin as possible, but they're more likely going to need to convert it to fiat in order to pay for their expensive lifestyles along with paying bills like staff salaries, services and marketing. Not every business a crypto company needs to use will accept bitcoin yet so there will be some conversion necessary, but it will keep circulation flowing. In some ways the big funds trying to hoover up every spare coins as trophies for billionaires are adding danger to this whole ecosystem because there is less and less bitcoin in circulation. Players psychologically might find it less appealing to win 0.000001 of a Bitcoin, even if it is worth $100 at some future date.

[lodocus]

I think Bitcoin users advocate not so much for Bitcoin not being associated with gambling, but rather for an increase in the variety of things it is associated with. The painful part isn’t seeing Bitcoin alongside gambling, but seeing it “only” alongside gambling and relatively negative things.

After all, Bitcoin grants people freedom, and as long as it continues to do so, I believe every user will be happy with this situation.

[Antotena]

I am not saying that is the case but most likely based on my perspective, because casino is just another business and their primary goal is to make profits just like any other business so they will choose the safest route to do that over the risky/ high volatile assets such as bitcoin but if the owner itself a bitcoin maximalist then they will do that.

You've spoken like a true business person, there was a time I saw stake casino usdt wallet address and I was shock, their wallet reserved is so big and huge with balance in millions. I don't know how about their Bitcoin wallets since you can't check like etherscan where casino are labeled. From that balance, you can say that casino has more of their reserve in usdt, even if they have Bitcoin reserve I'm not sure they will allocate more than half of their revenue.

This is the problem with many business people, receiving Bitcoin as payments is not the problem, it's keeping it because of the volatility. If it's during bull run, it's understandable as I do see trend of many businesses receiving Bitcoin as payment but as soon as they enter bear market, the trend stop simply because they are avoiding volatility. If they take Bitcoin as payment and keep it, the where will be shortage when they need money to go back to the business.

If casino keep their reserve in Bitcoin and suddenly they have more people that win, they struggle to pay winners since most of the bets are settled in usd than coins.

[Texac]

Gambling is a huge business worldwide
-
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?

In my opinion idea is definitely interesting, but I’m not sure that most Bitcoiners would choose such a casino just because it keeps a significant part of its reserves in BTC.  On top of that, keeping most of its reserves in Bitcoin would add another risk for the casino because of BTC’s high volatility.
But the idea of using part of the casino’s profits to regularly buy Bitcoin looks much more interesting. Basically, it would be somewhat similar to Strategy’s model: the casino makes money from its main business and systematically converts part of its free cash flow into BTC.
I really think  a certain part of the net profit could actually be converted into Bitcoin.

[Odusko]

If entire gambling treasury accumulation will definitely leads to higher bitcoin demand, judging from the growing attention and revenue generated from gambling, the casinos making bitcoin it reserved funds and also mandatory players wallet balance in bitcoin and in the casino own wallet instead on an on chain wallet will make lot of crypto user's making use of gambling platforms to make bitcoin their major priority. and this idea will capitalize bitcoin on gambling demands, but this will cause the casino some important things like risk management and flexibility of usage for player's.

[purple_sparkles]

If entire gambling treasury accumulation will definitely leads to higher bitcoin demand, judging from the growing attention and revenue generated from gambling, the casinos making bitcoin it reserved funds and also mandatory players wallet balance in bitcoin and in the casino own wallet instead on an on chain wallet will make lot of crypto user's making use of gambling platforms to make bitcoin their major priority. and this idea will capitalize bitcoin on gambling demands, but this will cause the casino some important things like risk management and flexibility of usage for player's.

I think bitcoin is more about adding convenience for casino customers, and it’s great when people have different alternative options. Casinos attract more people this way, because for many, the opportunity to gamble using bitcoin seems even more interesting than using fiat currency. Bitcoin is entering different areas of services around the world, which increases its popularity and gives people more choice. It’s great that this is happening, because the greater bitcoin’s popularity becomes worldwide, the higher its price may rise during a bull market.

[Smartprofit]

It seems to me that online casinos aren't very interested in building Bitcoin reserves.🙋

Generally, I'm a supporter of individuals holding Bitcoin, not companies. Why would companies need to build Bitcoin reserves? Almost all of their operating expenses (electricity, rent, employee salaries) are denominated in US dollars, not Bitcoin.

A commercial company, in my opinion, should be engaged in entrepreneurial activity, not storing Bitcoin. Bitcoin treasuries are, in my opinion, the most ridiculous innovation of recent times.

That said, I often play at online casinos using Bitcoin. I prefer it to stablecoins.💁

[Yeesha]

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.

If the owner of the casino understand bitcoin very well, they can use bitcoin for transactions, but if they don't understand it very well, they may face financial loss, and the owners of casinos will not afford to take that risk, because they will be affected by the significant changes that occur, especially how dynamic it value could be. But the casinos that accept Bitcoin will know how usable it is, and they will adapt to any changes that occur including when it volatile, so even if the price drop significantly they wouldn't be surprise. If a casino accept Bitcoin as a means of payment it doesn't mean that the casino will suffer unnecessary financial loss just because the price changes, because they can easily convert it to a stable currency.