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Bitcoin Casino publishes 500k profit in 6 months

Discussion in 'Online Casinos' started by Dipity, Jan 23, 2013.

    Jan 23, 2013
  1. Dipity

    Dipity Dormant account

    Occupation:
    Web Designer
    Location:
    UK
    Uh, not sure if this is the right place, but just stumbled across this article today.

    It appears one of the Bitcoin casinos has just announced profits of $500k in only 6 months since starting.

    You must register/login in order to see the link.

    Is this the way forward for casinos? Does this present a threat for actual 'real money' casinos?

    Interested in other peoples thoughts.
     
  2. Jan 23, 2013
  3. conker

    conker Super Moderator CAG MM webmeister

    Occupation:
    Marketer
    Location:
    UK
    Thanks for posting, this is an interesting article.

    With regards to whether casinos like this are a threat is hard to tell. If the figures are to be believed then they probably will have an effect on traditional online casinos. However, Bitcoin is not really mainstream yet and it is hard to tell if it ever will be.

    It is worth keeping an eye on though.
     
  4. Jan 23, 2013
  5. jstrike

    jstrike Dormant account

    Occupation:
    Programmer & Designer
    Location:
    Europe
    There's a another, more complete article on it here:
    You must register/login in order to see the link.

    The instant deposit / instant withdrawal / never keep money in your account and deposit 6 times a day business model of Bitcoin is definitely a threat to "real money" or "fiat" casinos. But it's also worth noting that acquiring Bitcoins is still hard enough that my site (a casino not mentioned in those articles) deal with dozens of people a day trying to grind out 0.1 BTC, or the equivalent of $1.70, just to possess a small amount of coin. Right now, while it's possible to do an end-run around US law this way, it's still just not a viable option for most non-technical players.

    The casino that netted over $500k also isn't a threat. It's not really what you could call a casino, it's more of a numbers game based on the long string of the transaction ID that's generated whenever you send Bitcoins to someone else. This is a random number, so the casino uses it to decide if you win or lose a bet. It's super-simple: Basically you send them a coin and based on that random number you either get back almost-double or you get back nothing.

    The other casino mentioned is an actual blackjack/roulette/craps/VP casino that is open to the US, all HTML5 and original software and provably fair in a way where you can type in your own scrambler code to randomize the RNG on each hand (which works well as long as the games aren't multiplayer). It's not bad, and I even play there a little. From the Forbes article, it sounds like they brought in $72k this year or so, which is well more than us since we're not open to the States, but still not what you'd consider a threat. They're pushing their max limits, hard, up to around $250 per hand in blackjack while our max has stayed at $25. Even considering the fact that their overhead is probably like ours -- only about $400 a month, it's still peanuts. But it may get somewhere in the next year or two if the federal government and the states don't shut it down hard between now and then.
     
    4 people like this.
  6. Jul 10, 2013
  7. Sophie

    Sophie Banned User - Exploiting forum for commercial purp

    Occupation:
    Financial consultant
    Location:
    Perth Australia
    Bitcoin Casinos

    Sine the market is filled with bitcoin casinos, and new ones are pumping every day, its hard to follow. So i have made a small research and i will post in on new thread about bitcoin casinos. Botoom line - looks like its the future.
     
  8. Jul 10, 2013
  9. JackTenOff

    JackTenOff Webmaster webmeister

    Occupation:
    nananananana
    Location:
    uk
    I don't see it being a threat to real money places in countries like the UK and others where it's much easier to just deposit to a trusted casino using your debit card.
    However for people in the US it a real alternative, deposits and withdrawls take a few mins and there are no checks ofcourse this just makes it even easier for the casino to ripoff players.
     

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