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?
As far as I remember, Forex in the CIS is a synonym for the word Fraud. These are small firms that did not release their users' transactions to the market and could change quotes at any time. They did not withdraw money to those who won a lot, but immediately closed the account. I myself was registered in this, and saw this fraud. Nevertheless, if Forex is understood as an honest company, then it is the same money intermediary as a casino. I believe that there is not much difference between them, except that in a physical casino the payment of winnings is guaranteed.