Running a casino during crypto crash

[serjent05]

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  If we look around the forum, we can encounter several cases where the casino failed to give the amount withdrawn by the player due to lack of funds.

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[bitvalak]

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!!

It is tantamount to forcing regulation for the casino. Casino is basically a game, it's up to us to take it or leave it.
After all, they don't need to show how much total funds they hold just for proof. Just give confidence to users that they can be trusted by being able to pay if the user wins.

[Mate2237]

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 always a calculated risk in any business,  in business, it is not always one makes profit,  just that when the business is bankrupt, it would be very difficult for them to pay workers so in that period many business owners sack workers to reduce the payout.

And allso showing proof of money (probably their profit) is an individual business (affair), not mandatory. The bear market affect all bitcoin so converting to stablecoin does not change anything, but only reduce the fear of losing further.

[gunhell16]

^

I think that cryptocurrency casinos don't keep all funds in volatile cryptocurrencies like Bitcoin or Ethereum. They keep some of the funds in Stablecoins, because some users only use them.

So what happens when one or several users who play only with stabelcoins win big money? The possibility still exists that the casino will be left without stabelcoins, so it might be necessary to convert the Bitcoin or Ethereum into stabelcoins.

Therefore, the ups and downs of the cryptocurrency market affect cryptocurrency casinos.

You seem to have a point here in what you said dude, because of my understanding I think to make the funds of the casinos safe due to the high volatility the casino owners replace the majority of their crypto assets with stablecoin, but it seems wrong. the one that became an assessment because of what you said.

What you said is quite realistic. Since the crypto gamblers here may know that we are in a bear market, most people prefer to gamble with stablecoin, you are right on this point. Maybe even if someone gambles with cryptocurrency, they are very unlikely.

[michellee]

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!!

It is tantamount to forcing regulation for the casino. Casino is basically a game, it's up to us to take it or leave it.
After all, they don't need to show how much total funds they hold just for proof. Just give confidence to users that they can be trusted by being able to pay if the user wins.

There may be casinos that are kind enough to show the total funds they have so that it won't cause concern for the players playing on their site. But it will be up to the casino as they have their own policies on this. I think as long as the casino can be trusted and is one of the recommended casinos and can provide the best service for its users, the users will not ask for the total funds they have because they can find comfort in playing gambling and withdrawing the winnings. This may be related to the trust and comfort factor that users can obtain so it is optional to ask.

[panganib999]

I understand your fear especially with the news of a relatively unrelated firm going under the river after not being able to pay their consumers. I believe most reputable casinos offer such a feature that allows the consumers and players to see their reserve liquid cash to give a sense of relief. I believe it is paramount that people are given proper expectations in matters like this as this is one of if not the prime factor that could make or break a casino. Whether they keep it in crypto or in fiat for a much stable market condition, it is important that they give the consumers the liberty to produce a way where these could easily be reflected.

[danherbias07]

I always just use reputable ones, especially those who can afford to advertise their names in big games like UFC, Boxing, and basketball.
That means they really have the money.
I know this is about FTX's sudden bankruptcy, although they can do what I said above, they still cannot handle the market and the security.
But that's an exchange and it's their fault for not being careful.
IMO, it's way different in a gambling site. Even if there's a large competition now, there will always be gamblers and the house always have the upper hand which means they have tons of money in reserves.

[molsewid]

I think that cryptocurrency casinos don't keep all funds in volatile cryptocurrencies like Bitcoin or Ethereum. They keep some of the funds in Stablecoins, because some users only use them.

So what happens when one or several users who play only with stabelcoins win big money? The possibility still exists that the casino will be left without stabelcoins, so it might be necessary to convert the Bitcoin or Ethereum into stabelcoins.

Therefore, the ups and downs of the cryptocurrency market affect cryptocurrency casinos.

I agree, for an instance I keep some of my belongings in usdt/usdc because of the bear market we are having, just like in gambling I think most people uses usdt/busd/usdc nowadays in some gambling site because i think they more prefer to use these coins and save bitcoin or eth and wait for the pump. They can lose more money if they will use btc/eth in gambling wherein it is better to hoard more .So i think casinos alreay converted some money into stable coins.

[348Judah]

I think that cryptocurrency casinos don't keep all funds in volatile cryptocurrencies like Bitcoin or Ethereum. They keep some of the funds in Stablecoins, because some users only use them.

I may agree to this to a certain level because bitcoin is volatile of which they know that but also that same reason may be why they may use the bitcoin as their major currency they store their asset with because when we talk about volatile, it can rise and fall, meanwhile casinos are in for business while they they generate their income from many source aside their holdings with bitcoin, the casino itself is another means they generate from, but they will consider the profitability in it to invest on a long term on bitcoin than stablecoin which they may not earn anything from their holdings at the end, they are gambling casino so they should be able to take upto that risk with a reliable coin like bitcoin.

So what happens when one or several users who play only with stabelcoins win big money?

Most casinos pay in USD worth amount of bitcoin then you hqve the option to covert it to any coin right from their site when making withdrawal, as a matter of fact i don't see USDT common in one of the available options to have your crypto casino coins in but you can actually do that conversion by yourself atimes off their site.

[Woodie]

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  .

No its not mandatory! And why should they have to show proof when they always payout, besides these guys always put a max payout to ensure they have the funds to give the player if a big win is recorded.

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 .

Regardless of market crash or not, the house never loses, it might lose on fiat value but I think most convert these coins into fiat value to reduce the impact of a bearish market.

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

It's been over 10 years already and these casinos and sportsbooks are paying out thousands of dollars week in week out and such accusations haven't presented themselves, no need to fear, win that money and if they dont pay let the world know... Good luck.

[ajochems]

When the market was in dump, only the new people will start to hold in exchange and the gambling sites. But the experienced gamblers will start to hold their funds in the exchanges and use the gambling crypto currency to increase by their experience. But it was big risk in it. If they don’t feel themselves as the experienced person, as then they don’t take this risk. The good was to earning is gambling and Crypto currency trading. Nearly 70 percentage of the people will not use their money in the gambling sites. Running casino is crash will increase the users in to the casino sites.

[madnessteat]

^

Storing cryptocurrencies on a centralized exchange is very dangerous. There are already several examples when people lost all their money stored on exchanges and by the way they still can't get it back. A smart person keeps their money in a hardware or cold wallet.

The very first thing a beginner should learn before investing in cryptocurrencies or gambling in a cryptocurrency casino is " not your keys, not your money. "

[Silberman]

^

Storing cryptocurrencies on a centralized exchange is very dangerous. There are already several examples when people lost all their money stored on exchanges and by the way they still can't get it back. A smart person keeps their money in a hardware or cold wallet.

The very first thing a beginner should learn before investing in cryptocurrencies or gambling in a cryptocurrency casino is " not your keys, not your money. "

I agree that this should be one of the very first things that people should learn, as what could be more important than to learn to secure our coins? And yet we see over and over again that most people do not really care about something so simple, as they believe they can leave their coins at exchanges thinking they will do a better job at protecting their coins, only for this belief to be proven false again and again as we have seen many exchanges disappear over the years.

[Crypt0Gore]

Online casinos don't have the right to show users how much they have in reserves, the only red flag about online casinos is not paying after winning, this is why you have to use a well-rated gambling platform.

Gambling platforms are not like crypto exchanges where users store their funds for trading, they are very different from the one another.

[virasog]

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!!

Well do you think that gambling casino's will agree to this and be willing to show their bank balance? I guess most of them won't agree to this but as an gambler, you can still keep yourself safe by not depositing extra money in the casino. Also, after every win or a major win, withdraw your profits out of the casino and keep on the minimum amount in the gambling casino.

Many people do not withdraw money from casinos on a regular basis because they think that it will cost them a withdrawal fee. So it's basically a trade off, you either safe your withdrawal fee or save your whole fund at expense of a little withdrawal fee. The choice is yours.

[piebeyb]

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

[traderethereum]

Online casinos don't have the right to show users how much they have in reserves, the only red flag about online casinos is not paying after winning, this is why you have to use a well-rated gambling platform.

Gambling platforms are not like crypto exchanges where users store their funds for trading, they are very different from the one another.

If the casino doesn't pay the players after they get the winnings, we must complain to the support service so they can settle their obligations.
And if they don't pay us either, we can complain to the authorities and spread the news on social media so that more people will know about it and can prevent them from playing in that casino.
But I think the gambling platform will also have a reserve fund that will be used to pay the winners and if their balance is low, they can use that reserve fund.
So the operation of a casino will not always be related to the state of the market because casinos and exchanges are different.

[STT]

Fixed costs vs a lower value crypto would be the main issue I imagine being a problem for primarily the smaller newer sites because some costs will be in FIAT currencies and not an adjustable cost.   Otherwise the main burden of a lower value to BTC or most crypto used is borne by the players themselves but also the gain in any recovery to value of deposits held.   I never took stable coins as working out long term personally, thats another risk to add on I dont really prefer.  Just dont store more then you need near term is my preferred stance.

[ethereumhunter]

When the market was in dump, only the new people will start to hold in exchange and the gambling sites. But the experienced gamblers will start to hold their funds in the exchanges and use the gambling crypto currency to increase by their experience. But it was big risk in it. If they don’t feel themselves as the experienced person, as then they don’t take this risk. The good was to earning is gambling and Crypto currency trading. Nearly 70 percentage of the people will not use their money in the gambling sites.

Holding coins in exchanges and gambling sites is not recommended, especially in the long term because we don't know the risks. It would be better if they could hold it in another wallet to control themselves. Experienced gamblers will choose to store their coins in other wallets instead of using an exchange or gambling site, even if it is a popular exchange and gambling site because once it is there, they will not be able to control it unless they log into their account. When the market crashes, people will give up gambling and focus on recovering losses or just walk away from it all.

[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.