Today I was browsing websites of old, inactive cryptocurrencies and noticed that some of the domains are now taken over by online casinos. Honestly, wherever you look in the crypto world, you stumble upon gambling businesses. It really feels like this is the most profitable niche right now.
I came to finance through forex brokers, and I still remember people telling me: “Forex is like a casino - except in a casino, at least you can win.”
To me, running a financial market always seemed more profitable than running a casino.
But in crypto, is it the other way around? Are casinos making more money than trading platforms?
It all depends on the person and not on what activity he is betting on. You can bet on sports, currency prices, stock prices, etc. It will be gambling no matter what you bet on. But does that make investing in the stock market (or individual stocks) gambling? No. My point is that if you are a "trader" (and in reality a gambler) then it doesn't matter what market you are in, you are gambling.
As for exchanges/casinos and their income, it is difficult to compare here, since it is necessary to know (for exchanges) what part of their clients are engaged in gambling, and what part uses the exchange as it should (invests).