Is The Gambling Industry Part Of The Domino Effect That Happens In The Market

[uneng]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

No. Gambling industry is a sustainable sector of crypto universe, if not the most profitable one. Casino owners don't have to get involved in pump and dump schemes to make profit. Most casinos don't even have native tokens, they simply make use of the alternatives the market disposes.

All the casino needs is a large bankroll to cover expenses and gamblers' winnings on short run. That is what is going to guarantee them profit along the time and they know it. It wouldn't make any sense if they sacrificed this money for any futile reason, compromising their future earnings and reputation.

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[Jemzx00]

Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

Yes, they'll also be affected by how the current market is as they are also a business. However, I doubt that there'll be any major effects on most trusted casinos, especially old ones as what price bitcoin is it will still be 1BTC = 1BTC

Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what money they have that belongs to the gamblers?

Yes and no. Yes, as people will tend to be more anxious if more and more casinos will go down. No, as those casinos are not related to other casinos.

As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?

No for most of my coins and only those that I'll gamble with. Just as what theymos noted on the forum, "Reminder: do not keep your money in online accounts"

What would gamblers think if a casino does not agree to show proof of money from new and old casinos

For me, I don't mind if they won't be able to disclose their funds for their casino. They have the right to not disclose this information to the public not until they needed to such as if there will be accusations made on the platform.

[gantez]

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

There is nothing wrong with this if casinos will do this. This will show sincerity on their part and will give trust to them. This can become a way to know your casinos like they do with customers called kyc. This is good to do but it may still not be a solution for it. Some casinos can declare money they have but all lies just for gamblers to follow them and when the winning happen the lies will be exposed. If this declare will happen they should have money bigger than potential of wager money. This will help in stable the casino from scamming people and government should regulate it and have insurance cover

[electronicash]

Casinos are still earning unlike the spot traders since the bear market. None of the casinos so far come out saying they have invested to FTX.

The casinos that cheated or have scammed still exist even when its reputation is also tainted, 1xbit still managing campaigns in bitcointalk. No signs of them part of the falling domino.

[bitcampaign]

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

Running a casino during crypto crash

 - Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

I'm interested in the discussion in this thread, actually this problem is easy to understand, the problem mentioned by the OP is FTX while FTX is an exchange site and the OP talks about casinos, actually from here it's already a different exchange with casinos, I think also from the way it works they are already different and why ask a casino to do the same with an exchange site to publish their finances, obviously this is weird and sounds like a joke

[Yogee]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

Somehow.

Responsible gamblers who lost money from their crypto trades or investments because of the bear market will likely spend less on gambling.

It just so happen that crypto casinos are also  centralized platforms that handles user deposit and winnings so it's not surprising proof of liquidity is now being asked.

[savetheFORUM]

Casinos actually don't need to show proof of their finances at casinos except for big trading sites, because most people save their money on trading sites to trade all the time looking for profits while in gambling sometimes people just look for fun, make deposits playing and withdrawing money, that's is an easy step to play in a casino so you don't need to put a lot of money in it, I'm just a small part of gamblers who play with small money don't know those gamblers who play with big money, just my thoughts I always play in old casinos that have gone through a lot of crypto moments crash and they still survive today, so I just play there comfortably and safely  

We think it's not necessary because we never saw that thing before but it's also hard for the people to trust a gambling site not until this site remains for a long time and prove that they are not a scam although scams can still occur even after they show how much money they hold.

I guess it's really unavoidable. For the small gamblers, we are not threatened of what happened with the exchanges lately because like you said we don't store money and deposit large amounts but for those who gamble heavy, I think they are now going to have a doubt so the answer to the op's question would be yes, it really can cause a domino effect.

[Silberman]

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

Running a casino during crypto crash

 - Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

It would not surprise me if we saw some casinos facing economic problems during the next months, however as long as they do not scam their customers then there is no reason to panic, we have seen in the past casinos closing their doors and giving their gamblers months to get their coins out while not accepting new deposits, so as long as their bankruptcy was managed in this way I think no one will panic, but if they simply disappear and run with the funds of their clients this could have a negative effect in the market if the casino was a famous one.

[TimeTeller]

Casinos are still earning unlike the spot traders since the bear market. None of the casinos so far come out saying they have invested to FTX.

The casinos that cheated or have scammed still exist even when its reputation is also tainted, 1xbit still managing campaigns in bitcointalk. No signs of them part of the falling domino.

That is true, there has been no rumor that a certain casino is part of the FTX failure or lost their funds from this exchange.
If there's any, they may be handling it very well or not very significant in amount that can cause their bankruptcy.
Right now, let us be grateful that even with bear market, this gambling business seems to be earning good.
For now, it is advisable to play on top and reputable casinos, so in case of big winnings, they can always provide it to the user.
Especially these days, because everyone has their own contests during this World Cup, and some are offering high rewards and everybody wants to get a share of it.

[Fortify]

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

 - Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

Not at all. Only legitimate gambling operation that has head offices in a country where the rule of law is operating to a reasonable standard and courts enforce action. While asking for KYC documentation is a good indicator that they live in a more sturdy jurisdiction, it can in fact be used by scammers to obtain access to very sensitive private documentation, so you really need to be wary of who you are handing such important information. In the earlier years of crypto it was definitely more expected and even desirable to be a totally anonymous setup, but banking regulators all over the world have definitely taken it seriously recently. You'll often see American authorities pressuring and being able to extradite gambling owners who fall foul of US laws (a huge overreach in some circumstances)

[blockman]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

I don't think so, too many bear markets have to the market, and the gambling industry still stands a firm stance despite of those.

- Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?

Definitely, a casino that's dishonest isn't going to be trusted by many players. If they runaway with the money, they're bound for closure because they're going to hide from the public.

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

Running a casino during crypto crash
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

No, definitely not. Like in exchanges, only deposit what you will gamble.

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

Running a casino during crypto crash
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

Personally, I don't mind looking at that. But those with trust issues, don't gamble from mostly new casinos.

[crzy]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

Gambling industry might be affected as well.
Gamblers still trust the site they are playing with, so far no issues with the top site being closed or scammed their players.
I don’t store any money at any gambling site, I always withdraw it after playing especially if I have my winnings.
Show of proof is not necessary but its good if the site can release just to give peace of mind for their players.

[agustina2]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

The gambling industry is one of the big industries that still survives whatever the worst situation we have.

It's because lots of people really want to gamble whatever their purpose is. We all know that the interest in gambling continues to grow amid the long-year pandemic that even though most physical casinos are not operating, that's not even a problem. Also during that time, most stocks are falling but still gambling just continues to grow. And lastly, during the red days or bearish status in crypto, nothing changed in the gambling industry.

I can't think of a situation where the gambling industry will fall.

[serjent05]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

No. Gambling industry is a sustainable sector of crypto universe, if not the most profitable one. Casino owners don't have to get involved in pump and dump schemes to make profit. Most casinos don't even have native tokens, they simply make use of the alternatives the market disposes.

They are sustainable until their player runs out of money and stop playing.  So basically a market crash can make a player broke.  Being broke, player won't be able to play in gambling sites.  A casino without a player means bankruptcy for them.  So gambling industry is still at the receiving end of the Domino effect that hapens in the market.

All the casino needs is a large bankroll to cover expenses and gamblers' winnings on short run. That is what is going to guarantee them profit along the time and they know it. It wouldn't make any sense if they sacrificed this money for any futile reason, compromising their future earnings and reputation.

How can they get profit if the incoming profit is lower than the maintenance expenses?  Even with a huge bankroll, it will be depleted once their income doesn't suffice to fund their maintenance.

[Lanatsa]

 - Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

- They might be affected but only into their revenue considering that market is bearish which it had affected their usd or fiat value with their current bankroll or revenue.
- Anything that talks about scamming and running away their users funds would really be having significant impact if we do talk about emotional and trust aspect.
- Never ever on my mind on considering such step.Its always been risky, same goes for exchange platform too.
-There's nothing we can do, if you dont like to play on a site then you could always be having lots of option.

[X-ray]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

Gambling was getting affected by that would not so big like another field. Gambling site was not so shady as those scam centralized exchange site who have been stealing multi millions USD from the users.

- Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?

There have been so many scam gambling sites already discoreved and did you see the trust by gamblers were decreasing before?

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?

I personally will always send my money back to my personal wallet. I will not do the same thing like those stupid traders. Those traders are stupid enough being fooled by centralized exchange site to store their money in the site. The feature like staking was a way by cex to fool them.

  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

You have dozens of sites available. Was not moving to another site?

[Poker Player]

Well, with a casino the house always wins (sooner or later, more or less, not with everybody, those are details)
So a casino that's old enough and the owners were not so reckless and greedy to look for alternative sources of income (DeFi, FTT, name it) should be pretty solid still.

Keep in mind that after their initial investment got ROI, the costs are pretty much only the running and advertising costs, not that big compared with the income.
And for the rest of income and also the user funds the 1BTC=1BTC (or whatever coin was deposited) stands, hence I expect the crypto crash is not a huge problem.

The same argument could be applied to bankrupt exchanges. If instead of making a fool of themselves they had dedicated themselves to attracting clients and charging commissions they would have done better, because they are sure profits, but many are tempted by leverage and pump shitcoins/tokens so that their wealth, at least on paper, rises faster.

In principle I am not worried about casinos operating a ponzi scheme like some exchanges but it is not out of the question. I am sure that for example 1xCrap does it.

[lienfaye]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

I believe yes. Aside from the decreasing value of crypto where their assets are reserves, it also affect their gamblers to spend less in gambling during this time hence less revenue for the casino. But established casinos are able to survive this recession, because they're prepared. Moreover many gamblers are still playing and doesn't let the market situation affect their gambling activity.

- Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?

Not really. Many scam casinos are still existing today but it doesn't affect the reputation of the gambling platforms as a whole. It's not a reason to lose the trust of the gamblers.

 - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?

No. I only store the money meant for gambling.

 - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

If you have doubt to a certain casino then don't play as there are many options out there where you can gamble with assurance you'll get paid if ever you win.

[Kakmakr]

There are some known "Cold wallets" for some of the Crypto casinos, so it is not a big secret on what kind of reserves some of these casinos might have. I do not know how accurate the information is on this, but it might serve some purpose in this discussion.

I do not think it should be public knowledge, because sensitive financial information like this... should be protected. I would want to see a trusted and independent financial audit be done on the casinos, to validate their holdings... even if this was only done to establish trust that the deposits are safe.  

The auditors should not reveal the actual financial reports.... but they can just confirm that the money in the casino, reflect the money that are held in people's wallets.

[Pierre 2]

I think its obvious gambling will be affected negatively under bear markets although its very hard to claim that gambling businesses themselves are damaging market. People use crypto in online casinos because its easy to do. It is just cheap option. Actually betting and winning through crypto, and getting paid through crypto means you are activating markets. I see opposite - gambling businesses are beneficial in crypto space.