At the end of a casino the chips can always be redeemed.

There is very little liquidity in crypto. And when one of the whales breaks rank and heads for the exit every other holder will be sitting on chips with some nominal value but absolutely no buyers.

Casinos are not just games where chips are exchanged between players and what is regulated is not how you play (casinos per se may do that, I don’t know) but that the game is fair and you can make informed decisions, ie in card games that all players have the same information which means the decks are not marked, contain a known distribution of cards,… That does not happen in inefficient markets.

> Casinos go through regulated scrutiny to test the games probabilities are accurate so you play against math

That's only for physical games/machines, right?

I had in mind physical casinos so I would say yes but testing also depends on each country regulations. If I recall properly (I worked in the testing industry long time ago and with slot machines) the problem with online games for my country at that time was that there was some confusion on which regulation to apply for them as games where not played where they were hosted.

no