Crypto casino gets hacked - are you still expecting a refund?

[MAAManda]

Only reputable gambling and casino websites will do refund, others might do but the chance is slim because some platforms will just frustrate its uses by requesting for some verifications and KYC that isn’t mandatory to share with the platform, they will request for it just to make give up on the money; while some will just pay and move on.

I think it shouldn't be about good reputation or not, because of course a platform with a good reputation will do a refund. That's why I said in my previous post about big name & small name platforms. Even a small name platform can become a platform with a good reputation if they solve all the problems from their side. Yes, let's say like the hacking case that we're discussing in this topic.

[adaseb]

That is one of the reasons why many avoid small casinos. Because even if they are legit, what happens if they get hacked?

They are smaller and newer and might have less robust security and can easily be hacked. And if they get hacked and were operating at a loss in the business sense then you have no way of getting your funds back.

With a larger casino, they can have tons of available cash from revenues and they can sometimes eat the cost and nobody will actually suffer a loss. In the past when an exchange got hacked, they sent everybody a haircut and most people were happy to get something out of it at least. But with a small casino which loses everything, you are not getting anything back.

[Ever-young]

I wouldn't expect a refund unless it was a big name, because even if they had good intentions to refund their users, if they don't have the money, how would they make a refund? with paper & leaf? that's impossible. Luckily, during my gambling sessions, I've never encountered any cases of hacking on the platforms I play on.

Whether it's a big name or a small name, not very many casinos would wanna refund their users after experiencing a hack because they've also lost their platform, except they've recovered it from the hackers and they've got the funds to refund everyone who's also lost their funds, they'll only do a refund to regain the trust of their customers and give them the impression that they're still 100% reliable even after a hack. But most casinos in this case would rather prefer to start a new brand and build a new customer base.

[Outhue]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

And waiting for a third party to help? Yeah, sure. I’ve seen that with exchanges, but with gamblers? Nope. Not once.

So if you’re betting on a refund, you might as well bet on winning the jackpot too -- same odds ^{(correct me if im wrong)}, I guess..

I agree, especially if they casino is a new one that's still finding it's way around and looking for customers, some hacks are also inside job and when it happens they will close down but mind you the money they have in hand is enough for them to quit running the casino anyway.

This is why I don't like advising beginners to use new online casinos, particularly those that are not on this forum, I fell for scam online casinos in the past and that's because I never knew that this forum existed, it can be weaken if you keep coming a victim of scam casinos. I did gave up one time like that but after I came on here I started trusting casinos on here more because of many users reviews on this forum unlike fake reviews available online.

[Questat]

Just like in an exchange account it's not advisable to leave substantial amount in your gambling account, it should just be your bankroll for gambling on the short term. If you must leave substantial amount in your casino account atleast let it be a reputable casino that most probably have reserved funds. Incase of a hack they can refund their gamblers funds and continue business as usual. It'll restore some gamblers confidence to continue with their site when they resolve their issues. This is something that cannot be guaranteed from a new casino and those that have not gained reputation.

We might say that reputable casinos will have assurance for a refund, but in the first place, we don't have to save money with them. It is a wrong practice, and I never did it, knowing the risk. Although we assume they could refund, the question is how long? In fact, some of us don't bother to ask for it because of the process.

Choosing the right platform matters a lot. So before we decide to gamble, we already think that whatever happens, we are held liable for our money. I think we don't ask for a refund if there is only $1 left in our wallet…lol.

[Dr.Bitcoin_Strange]

I wouldn't expect a refund unless it was a big name, because even if they had good intentions to refund their users, if they don't have the money, how would they make a refund? with paper & leaf? that's impossible. Luckily, during my gambling sessions, I've never encountered any cases of hacking on the platforms I play on.

Whether it's a big name or a small name, not very many casinos would wanna refund their users after experiencing a hack because they've also lost their platform, except they've recovered it from the hackers and they've got the funds to refund everyone who's also lost their funds, they'll only do a refund to regain the trust of their customers and give them the impression that they're still 100% reliable even after a hack. But most casinos in this case would rather prefer to start a new brand and build a new customer base.

By right, they are supposed to refund because customers are not the reason why they got hacked, although what I said before also resonates with what you said there because what can guarantee a refund to customers is if the casino didn't completely lose all their money and go bankrupt. If they go bankrupt, it will take time before they recover and start paying back customers but if they never recovered from the lose, it will be  very difficult to get a refund.

[bubilas]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

I think every casino should have a funds backed in case they experience some sort of hack or got compromised. Its not good to see a gambling casino platform to be breach like that. The company should focus on security too and not just for profit. Its important to see the all those flaws even before they open it up to avoid users getting hampered or affected with it.

Who knows, maybe online casinos even hire hackers to hack their competitors, because in this business, if a gambler leaves one casino, he will definitely come to another casino.

And I don't see any reason why casinos couldn't restore their status again, because they can continue to provide services to gamblers and from this, at the expense of the commission, they can restore their balances again, or take a loan from the state in advance and give gamblers their deposits. After which they can resume operations and gradually pay off the debt, because no one has canceled the commission.

[Wapfika]

Who knows, maybe online casinos even hire hackers to hack their competitors, because in this business, if a gambler leaves one casino, he will definitely come to another casino.

And I don't see any reason why casinos couldn't restore their status again, because they can continue to provide services to gamblers and from this, at the expense of the commission, they can restore their balances again, or take a loan from the state in advance and give gamblers their deposits. After which they can resume operations and gradually pay off the debt, because no one has canceled the commission.

It’s a weak reason to that since hacking is a crime which means their reputation might be dragged too once the hacker caught or blackmail them for being the master mind on the hack to other casino.

They will just focus on marketing to beat their competitors rather than resort to hacking that there’s no guarantee that they will successfully penetrate other casino security.

Besides, they just need to focus on their own business if they want to become successful since there’s a lot of competitors that is almost impossible to hack them all at one go.

[Butterfan]

It’s a weak reason to that since hacking is a crime which means their reputation might be dragged too once the hacker caught or blackmail them for being the master mind on the hack to other casino.

They will just focus on marketing to beat their competitors rather than resort to hacking that there’s no guarantee that they will successfully penetrate other casino security.

Besides, they just need to focus on their own business if they want to become successful since there’s a lot of competitors that is almost impossible to hack them all at one go.

I suppose that the concept of casinos recruiting hackers would make quite an unrealistic turn since the risk is far too exorbitant. Once they are busted, the reputation that they have built may suffer even more than the loss of a few customers to competition. Confidence is key in this industry and when it is lost, it will be near impossible to regain. In a bid to avoid such risky shortcuts, most successful casinos concentrate on enhancing their games, providing better promotions and ways on how to make players happy. It is a stiff competition, nevertheless it is only smarter to develop your own brand rather than attempt to ruin the others.

[freedomgo]

>>> or take a loan from the state in advance and give gamblers their deposits. After which they can resume operations and gradually pay off the debt, because no one has canceled the commission.

Do you think it’s easy for them to take a loan after a casino gets hacked? The reputation would probably take a big hit, so it’s a gamble to even try. There’s no guarantee a loan will be approved, especially since the state doesn’t have that kind of program. Maybe they could go to a bank, but that would require collateral, just like a normal loan.

Big casinos usually start with huge capital, but some have reported losses of $20 million or more from hacks, and not many casinos can survive that kind of hit.

[Fivestar4everMVP]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

And waiting for a third party to help? Yeah, sure. I’ve seen that with exchanges, but with gamblers? Nope. Not once.

So if you’re betting on a refund, you might as well bet on winning the jackpot too -- same odds ^{(correct me if im wrong)}, I guess..

And the person even have a higher chances of winning the jackpot than having their fund refunded after the casino they had the funds in was or has been hacked to bankruptcy 😁, safe and best thing to do here is accept reality, accept your loses, count it all joy and move on with life like nothing happened..

It's possible for exchanges to initiate and come up with a refund plan after an exchange is hacked even to bankruptcy because when it comes to running exchanges, faces are involved, we know the faces of those who own, run and manage this exchanges, but when it comes to gambling casinos, the story changed, many or most gamblers do not know the faces that are behind the casinos they are gambling on, and as such, if anything bad like a hack happens on such casino, it's very easy for the owners of that casino to move on and forget about anything like refunding users that were affected by the hack which also could have been out of their very own negligence.

[Maslate]

Do you think it’s easy for them to take a loan after a casino gets hacked? The reputation would probably take a big hit, so it’s a gamble to even try. There’s no guarantee a loan will be approved, especially since the state doesn’t have that kind of program. Maybe they could go to a bank, but that would require collateral, just like a normal loan.

It’s easier for casinos to declare bankruptcy than to take a loan. If they do take a loan, it would probably be to start a new business rather than refund gamblers, since there’s no guarantee their reputation would remain intact or that they’d still have loyal players. Once a casino gets hacked, the trust is destroyed, especially if refunds take a long time to process.

That’s how I see it. It might be unethical, but from a business standpoint, as long as it’s not illegal, I think they would choose that path.

[Joy_learns_crypto]

I wouldn't expect a refund unless it was a big name, because even if they had good intentions to refund their users, if they don't have the money, how would they make a refund? with paper & leaf? that's impossible. Luckily, during my gambling sessions, I've never encountered any cases of hacking on the platforms I play on.

I only gamble on deep pocket gambling sites because the will want to protect their reputation my any means if they get hacked, infact this financially capable gambling site can turn a hack on them into marketing publicity and like a magnet on metal they can draw people to themselves.

[freedomgo]

Do you think it’s easy for them to take a loan after a casino gets hacked? The reputation would probably take a big hit, so it’s a gamble to even try. There’s no guarantee a loan will be approved, especially since the state doesn’t have that kind of program. Maybe they could go to a bank, but that would require collateral, just like a normal loan.

It’s easier for casinos to declare bankruptcy than to take a loan. If they do take a loan, it would probably be to start a new business rather than refund gamblers, since there’s no guarantee their reputation would remain intact or that they’d still have loyal players. Once a casino gets hacked, the trust is destroyed, especially if refunds take a long time to process.

That’s how I see it. It might be unethical, but from a business standpoint, as long as it’s not illegal, I think they would choose that path.

I agree with you. Most of them will just rebrand their casinos if they have the capital for it. A hack is really a business stopper, and only a few are able to recover from it, usually the established ones whose owners hold a lot of Bitcoin and gained from its value when the price increased. They just want to diversify their investments through gambling.

A $20 million loss from hacking is painful, and for a bank or anyone who would approve that loan, it’s a big risk, even if there’s collateral. Sometimes, collateral is hard to dispose of, so it’s not as simple as it sounds.

[Lannakosa]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

And waiting for a third party to help? Yeah, sure. I’ve seen that with exchanges, but with gamblers? Nope. Not once.

So if you’re betting on a refund, you might as well bet on winning the jackpot too -- same odds ^{(correct me if im wrong)}, I guess..

If I understand correctly, you only see your deposit balance on your account, and the casino keeps the money in its wallets. Therefore, hacking the exchange is its business and users should not suffer from this, but it will also depend on how much was stolen when the exchange was hacked, and how much it values ​​its authority. When you mentioned hacking Stake, even though a large amount was stolen there, for them it is not such a large amount, because they earn much more. If some small casino had been hacked, then perhaps everything would have been different.

[LUCKMCFLY]

We as players have codes, for example I have learned to only play in casinos with a high reputation and that are old, I am not closing the doors to new casinos because they are relevant Businesses and it is all about taking risks, the level of risk that we have is proportional to what we can receive or lose, it is up to us to adjust, if we are in a new country and it is hacked, assume that those funds are at risk, and if they are lost then not much can be done.