Running a casino during crypto crash

[triangularsquare]

 Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , 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 .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

[passwordnow]

Check the casino's tabs and pages and see if they're showing how much they've got in their bankroll. Some casinos and dice sites do this and if you're not satisfied with the current one that doesn't show it to you then leave them. They don't have the obligation to show how much they've got especially the reputable ones because we know how huge they are. I think it's not a matter to me as long as I know where I am gambling and I have an idea about the track record of the casino. Btw, this topic should be on Gambling Discussion.

[crzy]

Considering the sentiment of the market, many are still at panic and to avoid any trust issues with the gambling site, its good to show their financial status and strategy that can cover any future problem, its good for them to have this. The top sites though still have no statement with regards to this, maybe they are still working on that or they are not considering this option and still choose not to get involve.

[KennyR]

In all means the casinos have its edge. This brings them specific percentage to the house. Depending on the market the bankroll value varies. The market crash won't cause any downturn. Just an assumption, a gambler spends 0.1BTC when the market is at its peak. The same gambler spends 0.1BTC when the market is at its downturn. Will this hurt the house in any means.

[fortunecrypto]

Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , 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 .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

That would be a good idea but I don't think the majority of casinos would like to show their assets some casinos would like to have an edge in the market and will try to manipulate it, it will become a battle on who has the most reserve or assets when it should have been on reputation, you can easily check casinos capability to pay based on their winners' winning many casinos have this on their page, as long as they are paying their winners they are good to go, and as long as there are no pending complaints about nonpayment.
But I love to see a casino start this trend.

[rby]

Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , 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 .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

This should be more concerned with the new casinos and not so much concerned to old casinos that have been around for some years.
I also think casinos have their reserve rather in stable coins and not any random coins. If they have in btc, they could continue to source operational funds and when the bull comes they will rejoice in x3

[bitcampaign]

Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , 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 .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

in my view actually it is not mandatory because if they publish their finances the casino is very vulnerable to hacker attacks, after all for what the casino has to share proof of their finances, do you know during the crypto crash the casino has always been fine, for example there are casinos that has been established since 2013 while 2014 when crypto crashed too 2018, did the casino close and went bankrupt, not really

sorry, looks like you are new to crypto and from your words who only saw this year's crypto crash already looks panicked even we gamblers see crypto crash it's normal don't ask casinos to publish their casino money

[decodx]

I think all casinos convert cryptocurrencies into stablecoins or fiat immediately after deposit. At least those whose base currency is USD or EUR or some other fiat currency. Those whose primary currency is Bitcoin should keep their reserves also in Bitcoin so that the exchange rate change does not affect their business either. 1 BTC = 1 BTC.

[triangularsquare]

Check the casino's tabs and pages and see if they're showing how much they've got in their bankroll. Some casinos and dice sites do this and if you're not satisfied with the current one that doesn't show it to you then leave them. They don't have the obligation to show how much they've got especially the reputable ones because we know how huge they are. I think it's not a matter to me as long as I know where I am gambling and I have an idea about the track record of the casino. Btw, this topic should be on Gambling Discussion.

Passwordnow, no I disagree with you on this especially with the big gambling sites, I think they should do this . Imagine an exchange as big as FTX were just holding most of the users funds and they couldn't even afford 50% of them to withdraw causing a domino effect  . During this time millions of cryptonians withdrew their money from different exchanges causing them to halt or squeeze budgets , what makes a casino with a "Curaçao" licence  any special ?

[triangularsquare]

I think all casinos convert cryptocurrencies into stablecoins or fiat immediately after deposit. At least those whose base currency is USD or EUR or some other fiat currency. Those whose primary currency is Bitcoin should keep their reserves also in Bitcoin so that the exchange rate change does not affect their business either. 1 BTC = 1 BTC.

Hi KennyR, no it doesn't work like that. Casinos start with capital , and that capital whether in crypto or not has a fiat value at that time in their ledgers .

[Hispo]

I would not oppose casinos to give some proof of liquidity or reserves, specially those who are not so well established (those are more vulnerable to bear markets), one is never 100% sure the management of the casino decided to relocate part their reserves on other places to get passive income or something like it.

Anyways, I doubt most the casinos around here will suffer from this market. The World Cup is here and it is an excellent chance for them to attract more active users.

I think all casinos convert cryptocurrencies into stablecoins or fiat immediately after deposit. At least those whose base currency is USD or EUR or some other fiat currency. Those whose primary currency is Bitcoin should keep their reserves also in Bitcoin so that the exchange rate change does not affect their business either. 1 BTC = 1 BTC.

Judging the way some casinos offer fairly quick withdrawal in BTC, I would assume they keep a good percentage of money in BTC.

[coin-investor]

Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , 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 .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

I love the idea it will establish who are the leaders in the industry probably old and established casinos are the ones who will have more reserves to show unless some casinos will try to manipulate their reserves, Crypto crash cannot be connected to casinos, gamblers will gamble and with a lot of sporting events happening around the world like the World Cup the industry is very robust, the gambling industry will remain stable, it's not the reserve but the reputation of the casinos that should establish them.

[dothebeats]

They probably have a system in place that converts some of their crypto profits to a stablecoin and hold it as a reserve for this scenario. If that's the case then the same casino would have a lot of crypto during a downturn if they decided to convert that reserve stablecoin to something else.also during a crypto crash, more crypto per dollar is being spent, so I don't think casinos would have a problem any way; it's not everyday that a whale wins in these platforms, you have to keep that in mind.

[harizen]

I think its mandatory for gambling sites to show proof of money they are holding in reserves

Not unless specifying the hot wallets was part of the so-called "regulations", it can't just be mandatory be asked by the community. That idea is good though however since that wasn't the case for crypto-gambling sites today, nothing we can do about it.

Honestly, I never think of that but since then, I always trust the reputable ones. I understand the risks here that's why I'm totally fine without knowing the money reserve of a certain site as long as they are considered a big gambling sites in the crypto-world.

[robelneo]

The question is, is the industry suffering from the huge impact of the Cryptocrash, more new casinos are coming in there are many promotions and marketing campaigns, its the competition that beats the casinos, not the crash, there are a lot of big events in the sporting world so many people are betting, people can lose trust in the exchange industry but in the Crypto gambling you can only lose trust in one or two casinos but the rest still enjoy the trust of the community.

[Fivestar4everMVP]

Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , 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

Well, good thing that casinos don't make use of usd value of our deposit or winnings, but rather, they make use of the value of our deposit and winning with the same value of coins either deposited or won, like for example, a deposit of 1 bitcoin is equal to 1 bitcoin, and not the usdt value of it, and if the gambler luckily won 1.5 bitcoin, the casino pays the gambler 1.5 bitcoin in full, and not its usdt value, I this style is more appropriate and fair for gamblers and the casinos alike, because if casinos were to always convert every coin deposited to a stable coin and pay out winnings in the value of stable coin, then this will likely cus a lot of problems for them since it's possible that the conversion rate of the gambler might be different from the conversion rate of the casino.

[PX-Z]

Well, so far, never heard a casino get liquidated in every bear market.
Because everytime a user deposits it will remain as it is, 1BTC=1BTC. Besides their finance team always know how crypto works for casinos, so converting their crypto holdings to fiat like 40/60 will always be a safe move.

[triangularsquare]

I think some of the users here forget that a casino's expense is not only withdrawals . There is advertising cost, platform operation costs, providers and employees that needs to paid etc and many more. An employee that got an equivalent salary of 0.1 btc monthly few months ago  should be getting around 0.17 btc in equivalent by now. Previous deposited crypto should be converted to fiat equivalent to sustain expenses other than withdrawals from users.

[I794]

sound like bullshit, i dont known about other players, but if i deposit to casino - or i loose or i put instant cashout, if there is limit - i choose self-exl period for time to get full winnings. Sound little bit stupid for casino, no?

[goinmerry]

Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , 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 .

I really don't care if casinos won't show the proofs of their bankroll. After all, as long as they already established a good name, that's worth trying.

Reputation does matters to me and there are ways to prove that even not showing their bankroll.

After all, these sites won't run for long if they are not financially capable.