Should Bitcoin leverage gambling?

[Oshosondy]

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.

Negative things like what? USDT, other stable coins and coins like monero have mostly taken that place from bitcoin. You can make little research about it and see that I am right.

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.

This is true and the reason I like bitcoin, but the main reason people like bitcoin is because it can be an investment and hedge against inflation.

[DPHOR]

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.

There are some people who so much cared about their privacies only these people I could say that would be using bitcoin to gamble.
But due to how bitcoin has been so valuable, some people now decides to be gambling with their altcoin instead of using bitcoin to gamble, with the recent increase of bitcoin and precious the asset could be right away, interest of using bitcoin is gradually declining instead people would use either stable coin or other altcoin out there to place their bet.

[Alex077]

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.

But will it be profitable for casino owner too? This is most important thing in this case. Casino owner will definitely not consider our benefit. They will give more priority to the matter from which they can gain more profit. This is main drawback for Bitcoin. We all know Bitcoin is not stable. Casino owner will suffer if the price of Bitcoin falls. Why are they going to take this risk?

Now we could make our deposit and withdrawal by using Bitcoin. I think this is enough for both side convalescence.

[Hazink]

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 think one of the times when crypto casinos changed mostly from bitcoin deposits to purely altogether casinos was during the last period where ordinals were flooding the network making fee to be extremely high. Even even gamblers have a rethink of that deposit method. Everyone adjusted to what was more suitable for them and new casinos adopted it, aside from the new casinos which comes here from time to time most of the old casinos I have used in the past still accept bitcoin deposit.

[Mia Chloe]

~snip

Well even if you have a point, most casinos make use of liquidity providers especially bigger ones. That aside they are a form of business too and the dynamic price nature of bitcoin is like a two sided coin and based on the side totally against them which is bitcoin dumping many will not afford to take the risk.

The more you Hodl in volume the more every single minute price shift becomes important and necessary and what then happens if there's a sudden huge win bracket from their players when bitcoin is dropping? You can't totally predict it especially because of the nature of sports books.

[red4slash]

It will be very good especially this will also be an advantage for the players in the end because in this case we can see transparency (in terms of audits) but on the one hand the initial decision of course goes back to the casino whether they want to change their business style with this innovation or just stick with the conventional concept that they always do today.

But it would be great if there are casinos that dare with this innovation because indirectly this will change the way of looking at the new business although still gambling will have a less good stigma in most circles but for those who already gamble or have done gambling I think they will try new things because this can be an attraction.

[AVE5]

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.

This invariably means that any form that bitcoin will be spent should be regarded that it'd add values to the bitcoin market.
How technical can you explain between the effects of lost bitcoin in gambling and when bitcoiners just sell their bitcoin? I'm literally thinking how this innovation will add value on the bitcoin market because I trust the gambling being a business industry will also require its investor's to sell the bitcoin and utilizes the profits.
This ideal of lost bitcoin adding values to the bitcoin economy should only be effective if the company is hodling the bitcoins which isn't going to be possible because the companies may need to pay employees and also maintains the platform.

[M47AK16]

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.

What's the point if they are converting it to a stable currency? The topic is about a casino that won't liquidate the received bitcoins but will keep it as reserves, which means they are not supposed to sell any of the bitcoins they have received, and I don't think that a casino's business model can allow this, to be honest. A casino is supposed to have a lot of reserved funds available at all times, because they could need them at any time in case a gambler wins a large amount and they have to pay them, and they also have a lot of miscellaneous expenses as well, such as paying their employees, doing marketing, maintaining their platform, etc.

Also, I wonder how such a platform would be of any use for the Bitcoin ecosystem or even the market, and how Bitcoin enthusiasts are going to benefit from it, because the idea is basically to hold bitcoins received as reserves, and that's simply just the same thing that other institutions and all the investors do, there is nothing new in that. If the primary purpose is to increase the usage of Bitcoin through gambling, then I believe a lot of people already use Bitcoin for their gambling activities. I have seen so many people playing with Bitcoin on platforms such as Stake where bets are publicly available.

[Haunebu]

Why though? BTC doesn't need the gambling industry as much as they need BTC which is why I don't really see the necessity for something like this and there are other issues like the volatility one that several posters above already pointed out.

It's adoption is rising slowly and steadily in better ways globally which is why this isn't a useful idea op though it is kinda unique for sure.

[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.

There are some people who so much cared about their privacies only these people I could say that would be using bitcoin to gamble.
But due to how bitcoin has been so valuable, some people now decides to be gambling with their altcoin instead of using bitcoin to gamble, with the recent increase of bitcoin and precious the asset could be right away, interest of using bitcoin is gradually declining instead people would use either stable coin or other altcoin out there to place their bet.

Bitcoin or USDT or even XMR if that is available in any casino that doesn't make any changes in our privacy level, maybe in the early days when casinos operates with no license and just by the names when they had privacy but now KYC is kind of mandatory on any casino so you can use any deposit mode that is convenient for you and everything will be just same.

[Crypto Library]

I wouldn't gonna fully disagree with your opinion because it is really true that even if you just look around this forum then we will aslo saw that most of the people who were connected to the bitcoin also connected with the gambling. Yes its another topic if all of them play with bitcoin or not, because in my cases most of the time when I went for the gambling I try to play with stable currencies which is easy for me when I do or calculate my bankroll management.

And also I can't remember, but I saw in an article that the from the on chain gambling volume most the transaction happened on the stable coin like USDT and USDC, I don't know what are percentage of bitcoin on it. But it is true  even they don't hold their bitcoin but still using bitcoin thats mean bitcoin networks is also benefiting from the each transaction.

[Charles-Tim]

There are some people who so much cared about their privacies only these people I could say that would be using bitcoin to gamble.

That is true but it is not more like I was in the past, not now that many of the gambling sites are KYC. Even a bitcoin user can win money on a gambling site and the gambling site can request KYC verification in a way that if the person do not get verified, his winnings will not be given to him as he will not be able to withdraw. But there still no-KYC gambling sites, but people should not be surprised if the gambling site requests for KYC at anytime.

[xenomorfo]

Why though? BTC doesn't need the gambling industry as much as they need BTC which is why I don't really see the necessity for something like this and there are other issues like the volatility one that several posters above already pointed out.

It's adoption is rising slowly and steadily in better ways globally which is why this isn't a useful idea op though it is kinda unique for sure.

bitcoin is not needed because bitcoin was created with a very noble purpose, to guarantee our privacy
guarantee our anonymity
make sure that no one is left behind as long as you believe in the bitcoin and blockchain project
and i believe it a lot.

[Sim_card]

We have a lot of gamblers that don't know how to use bitcoin or how to secure their bitcoin wallets which is the reason why some investors prefer to give out their coins in the custody of a third party. Casinos are after catching everyone both the ones using Fiat and any form of crypto in order for them to make more profit. This is one of the reasons why no casino will accept only bitcoin because others accepting Bitcoin, shitcoins and Fiat will have more traffic. Lastly, some casinos have internal exchange, it becomes very easy for them to turn their liquidity into bitcoin and vice versa.

[swogerino]

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

Well gambling is without a doubt the industry with the heaviest usage of Bitcoin and other cryptocurrencies so far and this is a fact everyone should accept, I am neutral at this, they say that also Bitcoin is used for laundering money but I know much more crimes being committed with real cash rather than Bitcoin so that does not mean anything to me. Now I know they get a lot of money but also most gamblers are getting smarter, I for example quit my last casino that I didn't ban myself until today and like me there are a lot of other people who don't like the pattern always losing over the long run. Unfortunately there will always be more stupid than intelligent persons who will continue gambling despite a clear pattern shown to them that they can't win over the long run so overall why not capitalize on this even with Bitcoin.

[Powerjumboo]

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 never hesitate to gamble using Bitcoin. I quite like and enjoy gambling using Bitcoin. I have gambled using Bitcoin many times. The Bitcoin that I am depositing for my investment is definitely a long-term plan and I will benefit from it. However, I do not know how happy the casino owners are to accept Bitcoin because the casino owners may not be satisfied with the volatility of Bitcoin but the Bitcoiners will never hesitate to gamble using Bitcoin.

[lombok]

We have a lot of gamblers that don't know how to use bitcoin or how to secure their bitcoin wallets which is the reason why some investors prefer to give out their coins in the custody of a third party. Casinos are after catching everyone both the ones using Fiat and any form of crypto in order for them to make more profit. This is one of the reasons why no casino will accept only bitcoin because others accepting Bitcoin, shitcoins and Fiat will have more traffic. Lastly, some casinos have internal exchange, it becomes very easy for them to turn their liquidity into bitcoin and vice versa.

It is true that low awareness of private key security leaves player dependent on third party custodians. In vein with them, the betting houses have been able to retaliate and provide an assortment of deposit notes, such as traditional currencies and copious speculative coins.

The exchange facilities within also enhance the casinos to reap profit margins per liquidity conversion. This is just another business tactic of increasing the amount of money that all gamblers can have.

[Cryptomultiplier]

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

Well gambling is without a doubt the industry with the heaviest usage of Bitcoin and other cryptocurrencies so far and this is a fact everyone should accept, I am neutral at this, they say that also Bitcoin is used for laundering money but I know much more crimes being committed with real cash rather than Bitcoin so that does not mean anything to me. Now I know they get a lot of money but also most gamblers are getting smarter, I for example quit my last casino that I didn't ban myself until today and like me there are a lot of other people who don't like the pattern always losing over the long run. Unfortunately there will always be more stupid than intelligent persons who will continue gambling despite a clear pattern shown to them that they can't win over the long run so overall why not capitalize on this even with Bitcoin.

I don't really think Bitcoin cares what and how it is used because it's open-source and neutral to any party using it.

True Bitcoiners would prefer to hold their Bitcoin than gamble it away and if gambling businesses choose to adopt the use of Bitcoin,
It's just a way for these businesses to capture more Bitcoin than others in their reserves which of course makes them absorb more of the global capital because gambling business is a huge one and enabling gambling in crypto currencies is one of the ways for these companies to own more Bitcoin than just trying to accumulate.

[Odogwu-Blockchain]

We have a lot of gamblers that don't know how to use bitcoin or how to secure their bitcoin wallets which is the reason why some investors prefer to give out their coins in the custody of a third party. Casinos are after catching everyone both the ones using Fiat and any form of crypto in order for them to make more profit. This is one of the reasons why no casino will accept only bitcoin because others accepting Bitcoin, shitcoins and Fiat will have more traffic. Lastly, some casinos have internal exchange, it becomes very easy for them to turn their liquidity into bitcoin and vice versa.

I don't think accepting only Bitcoin on gambling platforms attract traffic at all, or accept other shit coins causes traffic, what matters when concerning traffic is low transaction and withdrawal fees. If a gambling platform can integrate all crypto assets to having low fees then lots of customers will flow into the platform.

What drives traffic again is the market where the gambling products is advertised, more visibility through the market to the site makes more traffic.

[Mr Reporter]

We have a lot of gamblers that don't know how to use bitcoin or how to secure their bitcoin wallets which is the reason why some investors prefer to give out their coins in the custody of a third party. Casinos are after catching everyone both the ones using Fiat and any form of crypto in order for them to make more profit. This is one of the reasons why no casino will accept only bitcoin because others accepting Bitcoin, shitcoins and Fiat will have more traffic. Lastly, some casinos have internal exchange, it becomes very easy for them to turn their liquidity into bitcoin and vice versa.

Alot of gamblers just want to play, deposit, withdraw and go fastding fact they don'twant to hear the part where you made mention of seed phrase or anything hardware wallet or that part where it says don's "don't screenshot your 12 words” on a seconda second through that why they give custody to Binance, Bybit, stake, Casinos don’t care if it’s fiat or crypto. They care about volume and liquidity…