from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .
In what currency does the casino payouts you when you win?
It gives you the same currency in which you have placed the bet. So why do they need to worry about how much the price of bitcoin has decreased?
Casinos have very different money making model to any exchanges. They are not exchanges for a reason.
Exactly,
exchanges need traders and as we know the number of traders decreases in a bear market. Because of this, their revenue decreases and they have to stop providing services.
Casinos, however, have a different business model. It doesn't matter to them what the market conditions are because the gambler doesn't care because for many people it is an entertainment purpose.
And FTX used their own token as a collateral which was one of the reasons this happened to them.
Even if we put the FTX exchange aside for a second, there are many other exchanges that have died this year who didn't get much media attention as these were small exchangers.