As the stock market and crypto market is continuing downwards, its not necessarily a bad thing, as this leads to a more lucrative time for new crypto buyers as they don’t have to buy at the ATH (All time high). And while many might think that this is the death of crypto in general, take a look at Terra(LUNA) coin going from $100, to $1 in a matter of days.
We see many algorithmic stablecoins crashing down and we believe its just the start, and even though Bitcoin and Ethereum has taken a big hit, it may even be safer than some stablecoins.
Entering various forums, or particularly reddit, its insane to watch the current threads being posted, with people losing their life savings, and ending up as pretty suicidal. That’s how much of an impact we see the crash having on many peoples lives.
If you’d like to explore these crazy reddit threads, take a look at the LUNA reddit here.
But to the important part, what impact does this have on casinos? Well in general people have the same amount of coins but they are just less worth, which means high rollers with a large amount of coins suddenly couldn’t play the same stakes and bet level, and as most crypto casinos hold their assets in crypto for not only float player balances, casinos has lost a crazy amount too if we think of the dollar value.
Lets say one of the casinos pay a livestreamer a big amount every month, like Trainwrecks. If he has a contract stating the casino is locked on paying him $200,000 per month in crypto, this just means the company would have to dig more into the actual crypto they are holding, and for new casinos, it may be difficult times as they might have bought crypto at a high price to start the project, but then with the prices going down, they were pushed to buy more.
In general we might see some crypto casinos close, but we don’t think it will have any impact really for you as a player, you will always have an option to play, hopefully not with LUNA coins though.
#notfinancialadvise
