Running a casino during crypto crash

[Silberman]

What the casino can't do is to receive a deposit in BTC and convert it to Shiba Inu or any other cryptocurrency (and even fiat) right after.

maybe it would be more interesting if there was an exchange feature in the casino so gamblers who might be worried about the value I think it's a good idea although I've seen some casinos provide that feature to make it easier for gamblers to exchange BTC into fiat when the value of bitcoin drops or other crypto available in the casino

If possible, that proposal may work as there are many gamblers who feel fear when the market is crashing, if casino can give in-house exchange that helps those gamblers to exchange right away the fund that they have, either convert to fiat or to another crypto coin that
they think will be more solid.

Though not all are capable for that, casino are also trying to survive with the current market, they are trying to make sure that they
are ready to whatever happens that may trigger the business.

It seems to me that such a feature is never going to be as popular as gamblers may like it, after all if a casino was big enough and began to do this then they will expose themselves to all kind of risks and they will have to manage their casino more like an exchange than a casino, and as we have seen if there is a bad management then an exchange can collapse within days, so while this will be very convenient I doubt there are too many casinos that would like to take that risk.

[1714834668]

1714834668

[1714834668]

1714834668

[CryptoYar]

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 .

In what currency does the casino payouts you when you win?
It gives you the same currency in which you have placed the bet. So why do they need to worry about how much the price of bitcoin has decreased?

Casinos have very different money making model to any exchanges. They are not exchanges for a reason.

Exactly,
exchanges need traders and as we know the number of traders decreases in a bear market. Because of this, their revenue decreases and they have to stop providing services.

Casinos, however, have a different business model. It doesn't matter to them what the market conditions are because the gambler doesn't care because for many people it is an entertainment purpose.

And FTX used their own token as a collateral which was one of the reasons this happened to them.

Even if we put the FTX exchange aside for a second, there are many other exchanges that have died this year who didn't get much media attention as these were small exchangers.

[swogerino]

What the casino can't do is to receive a deposit in BTC and convert it to Shiba Inu or any other cryptocurrency (and even fiat) right after.

maybe it would be more interesting if there was an exchange feature in the casino so gamblers who might be worried about the value I think it's a good idea although I've seen some casinos provide that feature to make it easier for gamblers to exchange BTC into fiat when the value of bitcoin drops or other crypto available in the casino

If possible, that proposal may work as there are many gamblers who feel fear when the market is crashing, if casino can give in-house exchange that helps those gamblers to exchange right away the fund that they have, either convert to fiat or to another crypto coin that
they think will be more solid.

Though not all are capable for that, casino are also trying to survive with the current market, they are trying to make sure that they
are ready to whatever happens that may trigger the business.

It seems to me that such a feature is never going to be as popular as gamblers may like it, after all if a casino was big enough and began to do this then they will expose themselves to all kind of risks and they will have to manage their casino more like an exchange than a casino, and as we have seen if there is a bad management then an exchange can collapse within days, so while this will be very convenient I doubt there are too many casinos that would like to take that risk.

It is normal that any casino will not implement it.Nowadays cyberattacks are on the mood and this exposes the casino to more unnecessary risks which can bring a lot of loss if hacked or something bad happens.Even if this does not happen the casino will pay up more for people to keep it secure.

I think it is a user responsibility to withdraw the funds from the casino when he is seeing that the market is crashing and he does not want to use his crypto in the casino at that time because it is a lower value and while you keep the money in the casino the temptation to play is always high.

[traderethereum]

It seems to me that such a feature is never going to be as popular as gamblers may like it, after all if a casino was big enough and began to do this then they will expose themselves to all kind of risks and they will have to manage their casino more like an exchange than a casino, and as we have seen if there is a bad management then an exchange can collapse within days, so while this will be very convenient I doubt there are too many casinos that would like to take that risk.

So it will depend on how the casino can manage the business properly so that no problems occur later.
The existence of an exchange feature in the casino can provide comfort for gamblers who can exchange their coins for other coins.
This is also useful for lowering the transaction costs of certain coins so that gamblers can receive more amounts.
The exchange feature is just a facility provided by the casino and of course, if many members enjoy it, they will feel good in the casino playing gambling.

[Fredomago]

What the casino can't do is to receive a deposit in BTC and convert it to Shiba Inu or any other cryptocurrency (and even fiat) right after.

maybe it would be more interesting if there was an exchange feature in the casino so gamblers who might be worried about the value I think it's a good idea although I've seen some casinos provide that feature to make it easier for gamblers to exchange BTC into fiat when the value of bitcoin drops or other crypto available in the casino

If possible, that proposal may work as there are many gamblers who feel fear when the market is crashing, if casino can give in-house exchange that helps those gamblers to exchange right away the fund that they have, either convert to fiat or to another crypto coin that
they think will be more solid.

Though not all are capable for that, casino are also trying to survive with the current market, they are trying to make sure that they
are ready to whatever happens that may trigger the business.

It seems to me that such a feature is never going to be as popular as gamblers may like it, after all if a casino was big enough and began to do this then they will expose themselves to all kind of risks and they will have to manage their casino more like an exchange than a casino, and as we have seen if there is a bad management then an exchange can collapse within days, so while this will be very convenient I doubt there are too many casinos that would like to take that risk.

It is normal that any casino will not implement it.Nowadays cyberattacks are on the mood and this exposes the casino to more unnecessary risks which can bring a lot of loss if hacked or something bad happens.Even if this does not happen the casino will pay up more for people to keep it secure.

I think it is a user responsibility to withdraw the funds from the casino when he is seeing that the market is crashing and he does not want to use his crypto in the casino at that time because it is a lower value and while you keep the money in the casino the temptation to play is always high.

I agree with your last statement, while seeing that you still have a good amount of balance in your wallet you will be tempted to continue playing, it's better to move your money especially during the crashed as you can convert it to usdt or to any alternative coin that you like, it will be on the gambler side if they will move the money or if they will continue to try some luck and who knows if they can win more while the value of crypto is still down.

And to follow you with cyberattack, casino will not allow anyone to harm the business though there are crash that ongoing, but the business will continue, especially if they already have good numbers of active patrons.

[traderethereum]

It seems to me that such a feature is never going to be as popular as gamblers may like it, after all if a casino was big enough and began to do this then they will expose themselves to all kind of risks and they will have to manage their casino more like an exchange than a casino, and as we have seen if there is a bad management then an exchange can collapse within days, so while this will be very convenient I doubt there are too many casinos that would like to take that risk.

So it will depend on how the casino can manage the business properly so that no problems occur later.
The existence of an exchange feature in the casino can provide comfort for gamblers who can exchange their coins for other coins.
This is also useful for lowering the transaction costs of certain coins so that gamblers can receive more amounts.
The exchange feature is just a facility provided by the casino and of course, if many members enjoy it, they will feel good in the casino playing gambling.

Usually this do really involves 3rd party services which is integrated on the platform which it dont really see that you would really be able to avoid those high fees even if they would really be making their own.
We know that every conversion does really have that different prices on the time you do make out some exchange.Yes, it does really give out that kind of convenience but most of the time which
gamblers or people would really just simply withdraw on what coin available that they do have into their balances.Speaking about running a casino during a crypto crash then it would really be
depending their survival basing in community demand and would really be playing out into their platform on continous basis or something that could sustain on getting revenue.
It doesnt matter on what situation or condition as long they do have this then they could really survive on.

The difference is the fee that the casino will charge its users and every gambler who is in the casino and wants to use the conversion feature must agree to the rules.
And so far, if the casino has this feature, gamblers who want to use the feature have no problem with the difference in costs in that casino.
Gamblers who use this feature convert their coins to other coins and do not reduce the number of coins they will get too much.
This also provides convenience to gamblers as they can convert to any coin they want and reduce transaction costs.

[Betwrong]

Gambling site is not a bank, nor it is an exchange. Most gamblers, more than 90% of them, deposit on a gambling platform only what they can afford to lose. They are not like "The more money I invest in it, the more profit I will get." Only sick people think that way, only so called "problem gamblers" see gambling as some sort of a business, and, fortunately, there's less than 10% of them among gamblers. So, can it be mandatory for gambling sites to show proof of money to those people, to problem gamblers? I don't think so. Those people need professional medical treatment rather than "proof of money", something that will likely only worsen their condition.

That is true for some but I think there are some who bets more than what they can afford because this is gambling man and it is addicting or someone will get annoyed when they lose so they will try to deposit again in the hopes of recovery. Also there are gambling sites that can work like a bank or an exchange where they allow gamblers to invest money on them.

If you are a gambler whose aim is to make profit, you believe that the more capital you have the more your chances of winning because you can be able to spin more and there are cases where big multipliers came out the longer you play the game. This is why showing proof of money is necessary.

This is a horrible approach to gambling, and I would advise strongly against it. Although it is true that the higher your bets, the more you can win, we shouldn't forget that we are always a bit more likely to lose. That is why we should never risk more than we can afford to lose, no matter how big our imaginary potential rewards can be.

As for the "showing proof of money", I think only governmental regulators can say if that "proof" is really a proof. Regular folks like us can be easily fooled.

[Stedsm]

Casinos that are oldest may be facing, not a lot, but some sort of losses due to crypto crash and I'm saying this as casinos just don't keep the deposits as it is as they also need to pay for the withdrawals that take place on their platform. So it really doesn't make sense on suspecting casinos about whether they are on a loss or still making profits. What happened at FTX was a different story, but it'd be really stupid to ask a casino to show what do they hold, because except USDT and other stablecoins, any crypto that a casino holds does not have a fixed price and something that's variable in value will definitely make them look in deeper losses even though they are in profits. No casino would put out their balance sheet in front of you just because you are demanding it, you'll either need some serious accusation or strong evidence against the casino whether they're involved in any foul play or money laundering activities.

[Casdinyard]

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.

I doubt they'd have that much leeway for their customers, although I guess some of them may have features like that, but they really have no obligation of every showing us how much money they got in the reserve because it's not something that gamblers are actively looking for, especially for reputable gambling sites like you mentioned.

Casinos that are oldest may be facing, not a lot, but some sort of losses due to crypto crash and I'm saying this as casinos just don't keep the deposits as it is as they also need to pay for the withdrawals that take place on their platform. So it really doesn't make sense on suspecting casinos about whether they are on a loss or still making profits. What happened at FTX was a different story, but it'd be really stupid to ask a casino to show what do they hold, because except USDT and other stablecoins, any crypto that a casino holds does not have a fixed price and something that's variable in value will definitely make them look in deeper losses even though they are in profits. No casino would put out their balance sheet in front of you just because you are demanding it, you'll either need some serious accusation or strong evidence against the casino whether they're involved in any foul play or money laundering activities.

I don't think they'd have that much trouble over the market crashing. I mean apart from their cryptocurrency holdings they shouldn't lose money in the process because rain or shine gamblers will come in and bet on their site. And even if it were the case I don't see the point of ever digging into whether a gambling site you frequent is still making money, breaking even, or on the verge of bankruptcy.

[noormcs5]

I think it is a user responsibility to withdraw the funds from the casino when he is seeing that the market is crashing and he does not want to use his crypto in the casino at that time because it is a lower value and while you keep the money in the casino the temptation to play is always high.

I don't think that a crypto crash should have any effect on gambling 
People who gamble either gamble to have fun or they want to earn some quick money. So even if the bitcoin price is dumping, people will keep on gambling.

I think trading has a direct effect if the bitcoin price is pumping or dumping, as in the case of a bitcoin dump, people may refrain from trading but gambling should not have any link with the bitcoin price.

[Stedsm]

--snip--

I don't think they'd have that much trouble over the market crashing. I mean apart from their cryptocurrency holdings they shouldn't lose money in the process because rain or shine gamblers will come in and bet on their site. And even if it were the case I don't see the point of ever digging into whether a gambling site you frequent is still making money, breaking even, or on the verge of bankruptcy.

That's my point of view as well, that if someone is ought to gamble (or I should describe it as addicted towards gambling), he/she won't give a damn about whether the website is doing good in terms of making profits or not because we don't go there to lose our money and make them money and profits, but we go there to win something extra out of our money, or simply lose everything that we took there. It's not worth it to poke our nose inside a casino's financials because it won't be an easy task for them to show up almost each and everything to a gambler, after all it's a gambling website. We may ask a newer website to show such things to gain trust (just because people here are giving it too much importance), but it shouldn't be necessary for each and every gambling website out there. It seems the world has become official agents of FBI who are trying to scrutinize almost every single thing out there just because they lost money on the FTX dilemma.

[minime0105]

I think it is a user responsibility to withdraw the funds from the casino when he is seeing that the market is crashing and he does not want to use his crypto in the casino at that time because it is a lower value and while you keep the money in the casino the temptation to play is always high.

I don't think that a crypto crash should have any effect on gambling 
People who gamble either gamble to have fun or they want to earn some quick money. So even if the bitcoin price is dumping, people will keep on gambling.

I think trading has a direct effect if the bitcoin price is pumping or dumping, as in the case of a bitcoin dump, people may refrain from trading but gambling should not have any link with the bitcoin price.

I think that you are right, and secondly cryptocurrency is different from gambling, people who trade or invest in Bitcoin for long time is different from people who gamble. But in some extent i believe that why some people are contemplating in such way is because they taught that most of the gamblling platforms do make cryptocurrency and mostly Bitcoin necessary for investment, and another thing is that some of get the funds use in gambling for Bitcoin, and they reason that if bitcoin Fails or crashed it will affect gambling

[LUCKMCFLY]

It seems to me that today you will not find a single online casino that would provide financial reports to their users, and not every casino will agree to do it for security reasons. Of course you can demand it from the casino but not the fact that they will do it.

Most Casino does not reveal who their owner is, what more their financial statement.  I think we need a court order in order for a casino to show us their financial statement and proof of fund but I believe it will need a good reason for the court to grant our wishes.

As far as I know Vitalik Buterin proposed recently to develop mechanisms that would be able to confirm the financial component without the need to publish addresses where the funds are stored.  

This is quite interesting, somehow I am curious to see how this plan works and if the company will adopt this plan in order for the public to know their financial capability.  As much as I like the idea I believe only a few followers of Butering will adopt this plan.

Casinos will definitely have their own significant amount of bankroll value, otherwise they cannot stand alone and continue to operate because of lack of funds. But knowing the house will always win, then it’s impossible to see casinos losing their high amount of bankroll value. Even if the market is in a crash, I don’t think that will affect the casinos because as what I have noticed, gamblers never stop playing and they still bet with good amount.

That should be, Casino must have a reserved fund to support the withrawals of their players especially the big one, but sadly not all casino has the reserve to process high withdrawal.  If we look around the forum, we can encounter several cases where the casino failed to give the amount withdrawn by the player due to lack of funds.

Well, the case of Vitalik Buterin is quite controversial. I understand that everything he has done is to have a more centralized control, that is why my ETH and my casino do not like it.

Regarding the financial situation, I think that no casino is in a position to give it at the request of someone, I think that a user has to be clear about that, the only thing they can give them is the regulatory agents, including governments under which they have jurisdiction , that is something that they do have to account for.

I understand that the licenses are given more than anything by the regulatory agents.

[xSkylarx]

I think it is a user responsibility to withdraw the funds from the casino when he is seeing that the market is crashing and he does not want to use his crypto in the casino at that time because it is a lower value and while you keep the money in the casino the temptation to play is always high.

I don't think that a crypto crash should have any effect on gambling 
People who gamble either gamble to have fun or they want to earn some quick money. So even if the bitcoin price is dumping, people will keep on gambling.

I think trading has a direct effect if the bitcoin price is pumping or dumping, as in the case of a bitcoin dump, people may refrain from trading but gambling should not have any link with the bitcoin price.

I think that you are right, and secondly cryptocurrency is different from gambling, people who trade or invest in Bitcoin for long time is different from people who gamble. But in some extent i believe that why some people are contemplating in such way is because they taught that most of the gamblling platforms do make cryptocurrency and mostly Bitcoin necessary for investment, and another thing is that some of get the funds use in gambling for Bitcoin, and they reason that if bitcoin Fails or crashed it will affect gambling

Crypto is still related to gambling, as some online casinos use crypto payment methods. Still, gambling and investing are different because gambling is for fun and entertainment only, and there is always a high chance that you will lose; unlike investing, as long as you know of it, you can earn profit from it. Though you can also hear that others do gamble while trading, it was a huge mistake because you are just relying on luck and no strategy at all

[Slow death]

I don't think that a crypto crash should have any effect on gambling 
People who gamble either gamble to have fun or they want to earn some quick money. So even if the bitcoin price is dumping, people will keep on gambling.

I think trading has a direct effect if the bitcoin price is pumping or dumping, as in the case of a bitcoin dump, people may refrain from trading but gambling should not have any link with the bitcoin price.

OP is talking about owning a casino in times of falling cryptocurrency prices, if you look at the following situation: a person X decided to run a casino, he manages to have 10 workers that those 10 workers he needs to pay 2000$ each of salary at the end of the month, then a customer appears at the casino and deposits 1 BTC which for the price of BTC would be at $ 20,000, this customer loses 1 BTC at the casino, so the casino owner takes 1 BTC and converts it to be able to pay the salary of 10 casino employees, 1 BTC with a price of 20,000$ will be enough to pay 10 employees, but 1 month later the price of bitcoin drops to 15000$ and 1 customer appears and deposits 1 BTC and loses, the owner of the casino will not being able to pay salary with 1 BTC, you will have to spend more bitcoins to pay salary, and the casino also has operating costs

[arwin100]

I don't think that a crypto crash should have any effect on gambling 
People who gamble either gamble to have fun or they want to earn some quick money. So even if the bitcoin price is dumping, people will keep on gambling.

I think trading has a direct effect if the bitcoin price is pumping or dumping, as in the case of a bitcoin dump, people may refrain from trading but gambling should not have any link with the bitcoin price.

OP is talking about owning a casino in times of falling cryptocurrency prices, if you look at the following situation: a person X decided to run a casino, he manages to have 10 workers that those 10 workers he needs to pay 2000$ each of salary at the end of the month, then a customer appears at the casino and deposits 1 BTC which for the price of BTC would be at $ 20,000, this customer loses 1 BTC at the casino, so the casino owner takes 1 BTC and converts it to be able to pay the salary of 10 casino employees, 1 BTC with a price of 20,000$ will be enough to pay 10 employees, but 1 month later the price of bitcoin drops to 15000$ and 1 customer appears and deposits 1 BTC and loses, the owner of the casino will not being able to pay salary with 1 BTC, you will have to spend more bitcoins to pay salary, and the casino also has operating costs

Maybe that would be case both costumer and casino owner will lose a value of each holdings but for sure this will not create any huge damage to them as long as there are new deposit will come to their casino since they can still cover up all the cost of operation including the salary of their workers. Maybe this could hurt the small casino which is  slowly dying since this could hurt their operation especially if their  deposit output is so small for sure they cannot sustain their operations for that reasons.

[kotajikikox]

It seems to me that such a feature is never going to be as popular as gamblers may like it, after all if a casino was big enough and began to do this then they will expose themselves to all kind of risks and they will have to manage their casino more like an exchange than a casino, and as we have seen if there is a bad management then an exchange can collapse within days, so while this will be very convenient I doubt there are too many casinos that would like to take that risk.

So it will depend on how the casino can manage the business properly so that no problems occur later.

there are so much problem but the thing is how they will handle the event and the clients cases.

The existence of an exchange feature in the casino can provide comfort for gamblers who can exchange their coins for other coins.

but how can this be needed? to exchange coin from other coin when it is already available or accepted as bet?

This is also useful for lowering the transaction costs of certain coins so that gamblers can receive more amounts.
The exchange feature is just a facility provided by the casino and of course, if many members enjoy it, they will feel good in the casino playing gambling.

well that would be helpful about the transaction fees if there is a badly need.

[SquallLeonhart]

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 believe that nothing would really make you stand out just because we are in the crash and you provided something. If you are a good casino during the bull period you will be a good one during bear, if you like doing something during bear then you will like it during bull.

A good casino packed with people will be a good casino packed with people in any cases. Sure during bear there will be less, but if it was more than other casinos during bull, it will be more than other casinos during bear as well. I personally like the situation we are in right now, it means if we make any money from the promotions or anything, it will be bigger when bitcoin price grows.

[madnessteat]

I don't think that a crypto crash should have any effect on gambling 
People who gamble either gamble to have fun or they want to earn some quick money. So even if the bitcoin price is dumping, people will keep on gambling.

I think trading has a direct effect if the bitcoin price is pumping or dumping, as in the case of a bitcoin dump, people may refrain from trading but gambling should not have any link with the bitcoin price.

OP is talking about owning a casino in times of falling cryptocurrency prices, if you look at the following situation: a person X decided to run a casino, he manages to have 10 workers that those 10 workers he needs to pay 2000$ each of salary at the end of the month, then a customer appears at the casino and deposits 1 BTC which for the price of BTC would be at $ 20,000, this customer loses 1 BTC at the casino, so the casino owner takes 1 BTC and converts it to be able to pay the salary of 10 casino employees, 1 BTC with a price of 20,000$ will be enough to pay 10 employees, but 1 month later the price of bitcoin drops to 15000$ and 1 customer appears and deposits 1 BTC and loses, the owner of the casino will not being able to pay salary with 1 BTC, you will have to spend more bitcoins to pay salary, and the casino also has operating costs

As you can see in recent years, even large companies are cutting employees and it is quite normal practice, which helps companies not to go bankrupt.

Online casinos accept not only Bitcoin, so the casino owner can pay the workers from the income he gets from the players who use Stablecoins to play.

Definitely the volatility of cryptocurrencies and all sorts of market manipulation affect casino profitability, so I think the casino bank should diversify from time to time.   

[roslinpl]

Many people loss their job due to recession, this force the people to find the online games. This is only reason of people to get into crypto currency trading as their real time business. But crypto is not a good for the real time trading due to market crush. Parallel doing of crypto casino will help some benefits. Additional income is the extreme reason for this. But learning strategy also important one. Learning make you to win for the longer one as compared to short run without the experience. This only make you to win for the shorter period and that too by the luck. Luck based will not works all the time.