Running a casino during crypto crash

[swogerino]

It is no different than running a casino during the bull run,in fact it is much better to run it at such times when the price of Bitcoin and cryptocurrencies are down so people are not that afraid to spend their cryptocurrencies while in the bull run we have seen less people playing less money because of the value these cryptocurrencies which was great at a bull run.

I don't think verification is something we should be worried regarding their wallet/s as long as they keep paying customers and even huge amounts,also have their ANN thread here full of positive feedback there is nothing to worry about.

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[ethereumhunter]

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!!

There is not way they will be running on loses because they have a system that covers tokens and coin into stable coins with little holdings in case there are some customers that will to make some withdrawal either in Bitcoin or in other stable coins. Converting helps casinos not to run into loses because the market can be very volatile without not signal.

The casino did suffer a loss because many gamblers could win so much money that the casino couldn't pay them. But that will not happen if the casino has or can manage its finances properly, so even though market conditions are volatile, the casino will not be affected by anything. It is important that if there are still many gamblers coming to their casino, the casino will surely benefit wherever the market moves. But if gamblers used to playing in their casinos have started to wane, the casinos may slowly lose their profits and start experiencing losses.

[iv4n]

It is no different than running a casino during the bull run,in fact it is much better to run it at such times when the price of Bitcoin and cryptocurrencies are down so people are not that afraid to spend their cryptocurrencies while in the bull run we have seen less people playing less money because of the value these cryptocurrencies which was great at a bull run.
...

And I think that for a casino it's the same, it doesn't matter what period it is, people will always gamble pretty much the same. Take me for example, I deposit $100 and it can be more or fewer coins, and always know my bet in dollars.

Maybe people spend more when prices are low, but every bullish period brings some hype that creates many new millionaires, from new and old projects... and again, in my experience, I like to spend some profit on gambling.

[Cookdata]

You are underestimating how much profit the online Crypto casinos are making. Most of the deposits and the bet amounts are also adjusted with the current Crypto price, so they are not even feeling the impact of the crash.

Also, remember that most of the coin balances are only an entry on their internal database... so they can basically hold USDT or some other stable coin... and just convert some of that to their hot wallet, when needed for withdrawals.

They can even convert some of the coins into Fiat currencies... deposit it into a Bank and receive interest on that money. We will never know, what they do with their whole Bankroll.  

Yet, you also underestimate the amount exchanges make from insider trading! There is nothing a trader can do to outsmart the exchanges because before an announcement is made, they know it before the traders do, they are always market makers ahead of many traders and where did FTX lead us today, they were behind doors using people funds to cover up their tracks and shady background investment they were doing, Alameda was even at a point of been liquidated and FTX helped out with some the funds, hence the reason why they owed big amounts of debts.

What exactly am I saying? Gambling companies can go bankrupt if they risk with players' money, and if they don't have another option, bankruptcy will be declared, leaving players with nothing. It is wiser to cash out your money when the earnings have piled up.

[Peanutswar]

Most the gambling casino nowadays show the current pool they have which gives you an idea of how much money do they hold to prevent getting backup and also that's the reason why don't store your money to the casino if you are not actively playing so you are kept safe with those doubts with your self. Also, it is not mandatory or just optional to them if they want to show up the current funds they have, if you're going to you can check the addresses they have. I guess you come up with the idea because of the exchange ftx.

[Coin_trader]

Casino like Duelbits do convert all crypto currency into fiat value once you deposit any crypto on it. I think they are the type of casino who’s efficiently operating on market crash without any worries for there own holdings since they automatically converts crypto into fiat once it enters on there casino balance.

But some casino is operating since the price of Bitcoin is much lower on the current price which means they are still in profit in case they didn’t convert to to stablecoins last bullrun when the price goes to peak. I think casino  that in total loss on this market crash are those who have less customer to generate profit while there bankroll is losing money because a good casino with huge stable income can neglect the loss on market crash since there holdings keeps increasing due to there profit.

[rendravolt]

So far, I have never heard of casinos having financial problems, correct me if I'm wrong. But the OP seems to want to equate the financial problems of post-market crash exchanges from FTX with casinos. So far I have bet on various casino sites, withdrew the results of the bet and had no problems with it. But the opinions of people here are very diverse and all are free to have an opinion. So transparency of backup evidence from the casino is needed or not, I'm not really worried.

I think even if there is transparency, if the casino gets to experience financial breakdown or bankruptcy, then it will eventually be forced to close. But this is just rare to happen as most of the casinos have huge financial bankroll reserve, enough to cater even the jackpot winnings of their customers. So even if there is crypto crash, casinos will be able to maintain their high bankroll, without controlling the finances of their gamblers.

I'm sure each casino's financial bankroll is very large, so it can still be recovered if there is a problem with their finances. Apart from the polemic that is happening right now, maybe some people are just curious about the questions that bother their minds and end up feeling anxious when there is a crypto crash and are afraid that this incident will happen to the casino too.

[Yaunfitda]

So far, I have never heard of casinos having financial problems, correct me if I'm wrong. But the OP seems to want to equate the financial problems of post-market crash exchanges from FTX with casinos. So far I have bet on various casino sites, withdrew the results of the bet and had no problems with it. But the opinions of people here are very diverse and all are free to have an opinion. So transparency of backup evidence from the casino is needed or not, I'm not really worried.

I think even if there is transparency, if the casino gets to experience financial breakdown or bankruptcy, then it will eventually be forced to close. But this is just rare to happen as most of the casinos have huge financial bankroll reserve, enough to cater even the jackpot winnings of their customers. So even if there is crypto crash, casinos will be able to maintain their high bankroll, without controlling the finances of their gamblers.

I'm sure each casino's financial bankroll is very large, so it can still be recovered if there is a problem with their finances. Apart from the polemic that is happening right now, maybe some people are just curious about the questions that bother their minds and end up feeling anxious when there is a crypto crash and are afraid that this incident will happen to the casino too.

And another advantage of online casinos as compare to traditional based is that they don't need to have a big bankroll, like those big land base casinos which has billions on funds. And they lost so much money during the pandemic and probably in this financial crises.

As with online casino, not that deep pocket, and yet they keep themselves afloat in crypto crashes, and obviously, volatile might work against or for them in the long run. If the price goes up in the near future and they have a lot of crypto because of the crash then definitely a good profit for them as well. Not just the profit from the gamblers, but from the bull run that will happen to crypto in the future.

[Hamphser]

Do you think the casino who show their bankroll to public are real? it's just a number and the developer can change it whenever they want. Since there's nothing we can able to verify if the casino has such bankroll, it's useless. Except the casino show their hot wallet address and sign a message, we can verify it, but there's no casino will do it since this just wasting their time.

Casino is different with centralized exchange, casino will get more profit since the house edge is big at least 5% and they also charge withdrawal fees.

I have also doubts with those numbers been provided which it could really be that fake or something lesser on what they do actually hold.No one really knows eventually this is why im not really that someone who

do really believe for some transparency that they do really have those amounts or not.This is why i dont really bother myself on believing on such things considering that it could really be denied out.
This is why the key for this is to stick out into those popular ones, it might not give out that 100% guarantee but at least you are making yourself at least stick on where people been trusting into.
But always put up into your mind that risks is everywhere no matter what platforms or services you are really that been using.This is why you should always watch out
and be sensible on what you are doing.

[Zlantann]

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 might be more interested about new casinos showing their proof of money because they have no reputation. Old and well known casino companies have a name and reputation to protect, therefore they would not want to tarnish their image by withholding or delaying payments. I think most of these renown gambling companies have enough funds and financial backup to carryout their financial obligations effectively.

I would suggest gamblers stick to gambling companies that have built a good reputation in this forum. You can also ensure that you carryout a proper financial checks by all available means before you deal with any casino. But more importantly, don't deposit or keep large amount of money in your casino account/wallet.     

[Lanatsa]

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 might be more interested about new casinos showing their proof of money because they have no reputation. Old and well known casino companies have a name and reputation to protect, therefore they would not want to tarnish their image by withholding or delaying payments. I think most of these renown gambling companies have enough funds and financial backup to carryout their financial obligations effectively.

I would suggest gamblers stick to gambling companies that have built a good reputation in this forum. You can also ensure that you carryout a proper financial checks by all available means before you deal with any casino. But more importantly, don't deposit or keep large amount of money in your casino account/wallet.     

Should be a standard?
It would be that considerable for making such step specially into those who are launching their business in todays year where they should really be showing on how much bankroll they do have which it
could really be that a sufficient proof that they could pay up winners if ever they do make out some big hits.
Its understandable though that these companies would really be setting out max bet limit which it would really be that a standard thing so that they wont really be having problems.
Running a casino on bear market isnt really that much of a difference.You could run if you can, the thing you should mind off is on how to make your site
is better compared to the rest so that you could really hook up players.

[Fortify]

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!!

If you have been paying attention to crypto casinos in recent years, you'll have noticed a steady trend towards offering both crypto and fiat, as many are now based in perfectly legitimate jurisdictions around places like Europe. In that sense, they have branched and are somewhat shielded from any adverse consequences of crypto falling down. While it is their specialty and some that are less diversified in the payment methods accepted will falter, many of the biggest name casinos and sportbooks in this sector will barely feel a blip. Another factor is that there may still be a wave of people buying in at lower levels who will simply be using crypto as a very short term holding.

[danadc]

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!!

If you have been paying attention to crypto casinos in recent years, you'll have noticed a steady trend towards offering both crypto and fiat, as many are now based in perfectly legitimate jurisdictions around places like Europe. In that sense, they have branched and are somewhat shielded from any adverse consequences of crypto falling down. While it is their specialty and some that are less diversified in the payment methods accepted will falter, many of the biggest name casinos and sportbooks in this sector will barely feel a blip. Another factor is that there may still be a wave of people buying in at lower levels who will simply be using crypto as a very short term holding.

On every occasion we always review the effect that a crypto casino has on people, and I realize that many investors prefer to put money in crypto casinos and altcoins that fall in price, because they prefer to risk them playing than waiting for them to rise in price and It also opens the possibility that they can multiply them, here in the forum there are people who bet big and win big, it is a possibility that if they decide to take it, nothing will go wrong if they have a good strategy, when talking about the The authenticity of a casino is when regulations are skipped and that is where countries create their own laws, perhaps that is why fiat and crypto money resonate so much.

[khaled0111]

There is not way they will be running on loses because they have a system that covers tokens and coin into stable coins with little holdings in case there are some customers that will to make some withdrawal either in Bitcoin or in other stable coins. Converting helps casinos not to run into loses because the market can be very volatile without not signal.

I don't think converting deposited coins to stable coins is a good idea unless users balance is going to be in stable coins (if you deposit $100 worth of BTC or any other coin your balance will be $100).
What you suggested may work when the price of the coin fall but what about when it starts increasing! If you deposit $100 worth of bitcoin, the casino convert it into usdt then the next day bitcoin price surges by 10%. I hope you got the point.
However, converting the net profit into stable coins or fiat may be a good idea.

[Silberman]

I might be more interested about new casinos showing their proof of money because they have no reputation. Old and well known casino companies have a name and reputation to protect, therefore they would not want to tarnish their image by withholding or delaying payments. I think most of these renown gambling companies have enough funds and financial backup to carryout their financial obligations effectively.

I would suggest gamblers stick to gambling companies that have built a good reputation in this forum. You can also ensure that you carryout a proper financial checks by all available means before you deal with any casino. But more importantly, don't deposit or keep large amount of money in your casino account/wallet.     

While it is true that new casinos will be more at risk of facing some financial difficulties and as such it is more important for them to do something like this, we must not forget that the reason we are even thinking about asking for information like this is because exchanges which had good reputations are showing with their actions they are not worthy of their reputations, so if at some point casinos begin to do this it would be nice to know that information from casinos with good reputations as well.

[Kemarit]

I might be more interested about new casinos showing their proof of money because they have no reputation. Old and well known casino companies have a name and reputation to protect, therefore they would not want to tarnish their image by withholding or delaying payments. I think most of these renown gambling companies have enough funds and financial backup to carryout their financial obligations effectively.

I would suggest gamblers stick to gambling companies that have built a good reputation in this forum. You can also ensure that you carryout a proper financial checks by all available means before you deal with any casino. But more importantly, don't deposit or keep large amount of money in your casino account/wallet.     

While it is true that new casinos will be more at risk of facing some financial difficulties and as such it is more important for them to do something like this, we must not forget that the reason we are even thinking about asking for information like this is because exchanges which had good reputations are showing with their actions they are not worthy of their reputations, so if at some point casinos begin to do this it would be nice to know that information from casinos with good reputations as well.

It could be a trick that these exchanges have been running, even top tier exchanges might have problems in the future. Binance started a movement, proof of reserves, but I haven't follow if they have proved that they have the money to back it up 1:1 or if other exchanges have follow their lead.

For gambling casinos, if might be different though, we've seen how they know how to protect their investment and their bankroll. So I doubt that they will go bankrupt and that they can't pay their regular or average gambler to whales.

[rodskee]

Most the gambling casino nowadays show the current pool they have which gives you an idea of how much money do they hold to prevent getting backup and also that's the reason why don't store your money to the casino if you are not actively playing so you are kept safe with those doubts with your self. Also, it is not mandatory or just optional to them if they want to show up the current funds they have, if you're going to you can check the addresses they have. I guess you come up with the idea because of the exchange ftx.

I have managed to Hold some coins in casino for years but the site is established and one of the most popular in this forum so I have no doubt that my funds will not be secure for long.
but that is a perfect advice mate that we should not put our funds inside casino houses for long time because there are also some that will take funds if not being played or deposited for long.

[Fredomago]

Do you think the casino who show their bankroll to public are real? it's just a number and the developer can change it whenever they want. Since there's nothing we can able to verify if the casino has such bankroll, it's useless. Except the casino show their hot wallet address and sign a message, we can verify it, but there's no casino will do it since this just wasting their time.

Casino is different with centralized exchange, casino will get more profit since the house edge is big at least 5% and they also charge withdrawal fees.

Exactly, they can use it to allure gamblers but I agree with your statement unless they will provide their hot wallets with sign messages, then it won't be change a thing. There are many reasons and we can't force those owners to give their point of views in regard to these matter, the only thing now that you can do is to pick the best place for your gambling.

If you do trust the house, there's nothing that you need to do but to keep that instinct and enjoy.

The casino will collapse along the way if they are not for good business, but those who are aiming to be more successful businesses
they will keep their players satisfied and established a good relationship with the players.

[Peanutswar]

Most the gambling casino nowadays show the current pool they have which gives you an idea of how much money do they hold to prevent getting backup and also that's the reason why don't store your money to the casino if you are not actively playing so you are kept safe with those doubts with your self. Also, it is not mandatory or just optional to them if they want to show up the current funds they have, if you're going to you can check the addresses they have. I guess you come up with the idea because of the exchange ftx.

I have managed to Hold some coins in casino for years but the site is established and one of the most popular in this forum so I have no doubt that my funds will not be secure for long.
but that is a perfect advice mate that we should not put our funds inside casino houses for long time because there are also some that will take funds if not being played or deposited for long.

If the casino is already trusted and build a reputation already here in the community there's no.might problem with that but still at the end of the day this is not an ideal practice these kind of habit is only ideal to those players are actively playing so they don't need to commit a deposit and withdraw vice verse but if you use the gambling casino as holding your funds is not recommended and advise.

[Team_MegaPari]

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 hardly can imagine that  casinos show their actual balance. I think the post was inspired by FTX collapse, is it?