$4,000 Bitcoin Price ATH - What does this mean for Bitcoin Casinos?

**big fish** · 12 August 2017, 9:38 pm

Bitcoin's price has seen a massive run of over 40% in August 2017 alone, crossing over the $4,000 price for the first time ever today (8/12/2017). So what does this mean for the future of online casinos, and more specifically, bitcoin casinos? I think that we will continue to see more people playing at online gambling sites which use bitcoins for deposits both for their ease of use and their rapid price appreciation. Earlier this year I purchased the domain name bitcoin.casino which seemed like a big financial risk at the time. I'm now in the process of building out a new version of the website at https://bitcoin.casino/ where we will have a complete list of online casinos that accept bitcoins. Hopefully it will turn it to be a profitable investment. I'd like to hear from other casino marketing affiliates about your experiences providing marketing for online bitcoin casino sites. Have you had much success with marketing bitcoin casinos online? If so, what have been your top performers this year? I'm passionate about bitcoins, cryptocurrencies and blockchain technologies as I'm sure a number of you are as well and look forward to discussing this topic with the community. Thanks in advance for sharing your thoughts and experiences on marketing bitcoin gambling sites with the rest of us!

**TheGooner** · 12 August 2017, 9:44 pm

Originally Posted by big fish

Bitcoin's price has seen a massive run of over 40% in August 2017 alone, crossing over the $4,000 price for the first time ever today (8/12/2017).

So what does this mean for the future of online casinos, and more specifically, bitcoin casinos? I think that we will continue to see more people playing at online gambling sites which use bitcoins for deposits both for their ease of use and their rapid price appreciation.

Why do you think so?
Why do you think a high BTC price will drive people to spend BTC and not just HOLD them?

Why play at a casino when you can make money simply by holding? I don't think that cryptocurrency holders and casinos are a good mix.
Forex sites, and binary options sites (Ugh!) may have a viable crossover (even if I hate binary options).

But in my opinion BTC holders are more likely to be trading BTC and alt-coins at exchanges and getting their "gambling fix" that way - not playing at casinos.

**sweetbet** · 12 August 2017, 11:45 pm

Originally Posted by TheGooner

But in my opinion BTC holders are more likely to be trading BTC and alt-coins at exchanges and getting their "gambling fix" that way - not playing at casinos.

Exactly right

**big fish** · 13 August 2017, 7:28 am

Originally Posted by TheGooner

Why do you think so?
Why do you think a high BTC price will drive people to spend BTC and not just HODL them?

Why play at a casino when you can make money simply by holding? I don't think that cryptocurrency holders and casinos are a good mix.
Forex sites, and binary options sites (Ugh!) may have a viable crossover (even if I hate binary options).

But in my opinion BTC holders are more likely to be trading BTC and alt-coins at exchanges and getting their "gambling fix" that way - not playing at casinos.

Because I think as bitcoin price rises it gets more media coverage, becomes more mainstream and becomes accepted by more online casinos. That seems to be the case so far.

Also, investors have a HOLD mindset where as gamblers are looking for quick action. I like the fast action myself and thus have not received the same price appreciation that most holders have. Thanks for your reply Gooner!

**big fish** · 13 August 2017, 7:48 am

Originally Posted by TheGooner

Why do you think so?
Why do you think a high BTC price will drive people to spend BTC and not just HODL them?

Why play at a casino when you can make money simply by holding? I don't think that cryptocurrency holders and casinos are a good mix.
Forex sites, and binary options sites (Ugh!) may have a viable crossover (even if I hate binary options).

But in my opinion BTC holders are more likely to be trading BTC and alt-coins at exchanges and getting their "gambling fix" that way - not playing at casinos.

I'm curious, are you still holding with this fall from $4,200 back to $3,900 ?

**Sherlock** · 13 August 2017, 8:54 am

Originally Posted by TheGooner

Why do you think so?
Why do you think a high BTC price will drive people to spend BTC and not just HODL them?

Why play at a casino when you can make money simply by holding? I don't think that cryptocurrency holders and casinos are a good mix.
Forex sites, and binary options sites (Ugh!) may have a viable crossover (even if I hate binary options).

But in my opinion BTC holders are more likely to be trading BTC and alt-coins at exchanges and getting their "gambling fix" that way - not playing at casinos.

The price - very loosely - follows the adoption. So the OP statement is wrong I think too. Price is rising, because more people use btc, but high price for sure does not encourage people to use btc.

But btc gambling is going to flourish:
1. Bitcoin is the currency of the restricted markets, now I hope everyone sees that
2. BTC hodlers became very rich and everyone who got rich fast has the high risk of developing a gambling habit

**wonderpunter** · 13 August 2017, 2:13 pm

Originally Posted by Sherlock

The price - very loosely - follows the adoption. So the OP statement is wrong I think too. Price is rising, because more people use btc, but high price for sure does not encourage people to use btc.

But btc gambling is going to flourish:
1. Bitcoin is the currency of the restricted markets, now I hope everyone sees that
2. BTC hodlers became very rich and everyone who got rich fast has the high risk of developing a gambling habit

With this years AM Football season, i think we will see a big push.. all the books are psuhing this right now... and less hassle than money orders right now

**TheGooner** · 13 August 2017, 7:29 pm

Originally Posted by big fish

I'm curious, are you still holding with this fall from $4,200 back to $3,900 ?

Have been holding since mid-2016, approx 300-500 per BTC - and small accumulations on price drops.
So the drop from $3000 to $1900 didn't shake me out - and $4200 to $3900 isn't even a stumble.
Currently back at 4100.

The only annoying thing is that it was supposed to be just 2% of the investment portfolio ...
It's way outside that now due to such a rapid increase - not a bad problem to have.

------

To go back to your OP ...

I guess for markets like the US which have such major regulation / payment issues for gambling that BTC is an obvious solution.

If/ when there is acceptance by the investment mainstream (and mainstream media) of BTC as a viable commodity and money transfer has to be a good thing for more general adoption. But that's probably still 12-18 months away as much of the US financial community continue to plug stocks, bonds, bullion ... anything with a commission payable to them.

We also have a small section on BTC gambling on the GoonersGuide site - but I have not had much luck with sportsbooks using BTC over the last 12 months. One BTC sportsbook that makes signup very easy (zero KYC regs) had 4000 clicks, 2000 signups, just 6 depositors, who wagered about 5 BTC in total. So a lot of tyre-kicker interest ... but little value.

Other sportsbooks (and casinos), that require more stringent customer ID procedures report almost no BTC deposit activity at all. It's still a coming thing. And personally, not for one second have I thought ... "oh I should deposit some BTC" .. because it would be a waste.

**Muppet** · 13 August 2017, 9:00 pm

A high exchange rate leads to more media coverage, more interest, and more speculation which I suspect is at play now. So you could say that you would expect the market size of bitcoin gamblers to grow. But will it really? Will it attract new online gamblers or just old ones switching over from another payment method? Its hard to say without any hard data.

I think there will come a time when most gambling sites accept bitcoin and it will be as unremarkable as a casino accepting credit cards. So in the short term there is probably some value in covering bitcoin casinos as a topic but in the long term this will be similar to focusing on mobile casinos. That was a big fad a few years ago but now rapidly fading into irrelevance as a differentiating factor as almost every casino now works on a mobile phone.

I think there are a number of issues that complicates things with bitcoin. Does the casino allow people to gamble in bitcoin or does it convert back to USD or other currency in between depositing and withdrawing? This is a big factor IMO - you could have deposited bitcoin on Friday, won a bunch, then withdrawn today and have less bitcoin in your pocket than you started with if they were converting back and forth to USD in between. If the player is immediately converting back to USD then that may be acceptable but if they are bitcoin holders the "double gamble" is a huge turn off. Is the operator licensed or regulated anywhere? A lot of bitcoin casinos are not. If not you have the high risk of bitcoin "exit scams" where an anonymous operator builds up a customer base and the amount of deposited funds starts to look to good to resist and boom, they are gone overnight.

And yes I realise I am doing your job for you, so enough from me on this.

**zalozite** · 14 August 2017, 5:37 am

Imagine you buy 10 for 1.00$ each at the beginning, hmm now will has average 40.000$, but about to say 100 bitcoins.

**big fish** · 14 August 2017, 7:54 am

Originally Posted by TheGooner

Have been holding since mid-2016, approx 300-500 per BTC - and small accumulations on price drops.
So the drop from $3000 to $1900 didn't shake me out - and $4200 to $3900 isn't even a stumble.
Currently back at 4100.

The only annoying thing is that it was supposed to be just 2% of the investment portfolio ...
It's way outside that now due to such a rapid increase - not a bad problem to have.

That's pretty awesome! I wish I had that same discipline. I traded the stock market for years so I've approached bitcoin like a trader which has not been the best idea thus far. I'm actually short BTC right now. I didn't catch the top unfortunately but I think we should see mild a pull back in the short term with a 25-30% pull back in the mid term. I also change my mind frequently going long and short several times in the same day.

**big fish** · 14 August 2017, 8:55 am

Wow was I wrong, just got liquidated lol. At least I less than a thousand in the account. When will it stop??? Gonna try again, why not only a few hundred in there at this point...

**PROFRBcom** · 14 August 2017, 9:19 am

Originally Posted by TheGooner

We also have a small section on BTC gambling on the GoonersGuide site - but I have not had much luck with sportsbooks using BTC over the last 12 months. One BTC sportsbook that makes signup very easy (zero KYC regs) had 4000 clicks, 2000 signups, just 6 depositors, who wagered about 5 BTC in total. So a lot of tyre-kicker interest ... but little value.

Wow. Those numbers are horrendous! I can empathize though. We picked up a btc poker/sports/casino site and have seen a relatively large number of account creations for what we would consider a small room. However, the number of RMPs is far, far below average. We're talking about a 5% conversion rate at best. So roughly 1/6th to 1/10th of standard RMP conversions. Then, of those few who do deposit, they aren't earning much money. Again, roughly about 1/6th to 1/10th of what a normal customer would yield us. It's disappointing for sure

**TheGooner** · 14 August 2017, 5:20 pm

Originally Posted by PROFRBcom

Wow. Those numbers are horrendous!

Yes - we typically get 50-60% conversion from signup to depositor at most programs.
I can only put it down to tyre-kicker and lack of BTC holding at 99.9% of the population.

People are interested - but if they don't have BTC then they are not going to go through the extended process.

1/ Learning about BTC.
2/ Register at an exchange
3/ Download and install a wallet
4/ Deposit cash via bank to an exchange
5/ Convert cash to BTC
6/ Send BTC from exchange to wallet
7/ Send BTC from wallet to betting site.

The first six steps take weeks to complete for a newbie, with nervousness along the way.
I remember my first steps into this area - only 15 months ago. It is a huge barrier to entry.

The trick is to find people who have done the first six steps, and are now looking to do step 7.

**PROFRBcom** · 15 August 2017, 12:19 pm

Originally Posted by TheGooner

The trick is to find people who have done the first six steps, and are now looking to do step 7.

Well, that approach definitely works. Another approach is to educate them and/or spoon feed them the information. We created a step by step guide to help our American players out (see here).

Thread: $4,000 Bitcoin Price ATH - What does this mean for Bitcoin Casinos?

LinkBack

Thread Tools

Search Thread

Display

$4,000 Bitcoin Price ATH - What does this mean for Bitcoin Casinos?

The Following User Says Thank You to big fish For This Useful Post:

The Following 2 Users Say Thank You to TheGooner For This Useful Post:

The Following User Says Thank You to big fish For This Useful Post:

The Following 2 Users Say Thank You to TheGooner For This Useful Post:

The Following User Says Thank You to Muppet For This Useful Post:

The Following 2 Users Say Thank You to big fish For This Useful Post:

The Following User Says Thank You to big fish For This Useful Post:

The Following 2 Users Say Thank You to PROFRBcom For This Useful Post:

The Following 2 Users Say Thank You to TheGooner For This Useful Post:

The Following User Says Thank You to PROFRBcom For This Useful Post:

Tags for this Thread

Posting Permissions