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

[panganib999]

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

Gambling as an industry will not be affected by the recent news, although the same argument couldn't be said for cryptocurrency gambling that is already receiving a lot of backlash even before issues with FTX and SBF broke out. There's also an individualist ideology in the gambling industry due to how tight competition is, so if a gambling site comes out as a sham, the others wouldn't be affected that much, you could even argue that some gamblers may switch to theirs, furthering their profits in the process. I also saw a thread last week about a guy using his gambling account in a casino as a means to store his coins, I just think it is irresponsible and could cost him his fortune in the future.

[FanEagle]

Gambling as an industry will not be affected by the recent news, although the same argument couldn't be said for cryptocurrency gambling that is already receiving a lot of backlash even before issues with FTX and SBF broke out. There's also an individualist ideology in the gambling industry due to how tight competition is, so if a gambling site comes out as a sham, the others wouldn't be affected that much, you could even argue that some gamblers may switch to theirs, furthering their profits in the process. I also saw a thread last week about a guy using his gambling account in a casino as a means to store his coins, I just think it is irresponsible and could cost him his fortune in the future.

I would guess that the main reason why crypto gambling world is getting so much attention these days is the lack of security compared to exchanges on most casinos and if hackers can get their hands on exchanges and their funds, then it is damn sure that they can do the same thing with the casinos as well and it is quite important to make sure that would go higher I am not saying that it is paramount to all of our efforts in the gambling world, but it is a big part of it and should be considered heavily.

I know a few places that deals with amazing security, but all of the rest of casinos have the usual cold wallet shit and nothing more, that's not acceptable.

[CryptoHeadlineNews]

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

For security reasons, I don't think it's wise enough for a casino to come public to publish how much it owns In its reserve, because doing that doesn't still guarantee users' safety, as a casino who which to scam will still do that even after showing how much own in its reserve. But on the contrary, the FTX crash is a lesson which investors now need to learn from, and henceforth ensure to do due diligence before investing a penny into any new casino token.

[lionheart78]

Gambling as an industry will not be affected by the recent news, although the same argument couldn't be said for cryptocurrency gambling that is already receiving a lot of backlash even before issues with FTX and SBF broke out.

Gambling as an industry may not be directly affected by the recent news but the players who are victims of the said recent news will be greatly affected.  From that, since the fund of these players are affected, their bankroll in playing in gambling establishments or platforms will be also affected.  Thus, the supposed to be 100% budget of gambling players may reduce, and that affects the income of casinos.  As a domino effect, the global revenue of the gambling industry might be affected.

[Silberman]

Gambling as an industry will not be affected by the recent news, although the same argument couldn't be said for cryptocurrency gambling that is already receiving a lot of backlash even before issues with FTX and SBF broke out.

Gambling as an industry may not be directly affected by the recent news but the players who are victims of the said recent news will be greatly affected.  From that, since the fund of these players are affected, their bankroll in playing in gambling establishments or platforms will be also affected.  Thus, the supposed to be 100% budget of gambling players may reduce, and that affects the income of casinos.  As a domino effect, the global revenue of the gambling industry might be affected.

The drop caused by the FTX exchange affected a great deal of traders in the market which were not ready for such an event and they lost a lot of money, so if some of them liked to gamble then it makes sense they will reduce the budget they dedicated to it as now they need to save every single cent in order to cover the losses they have suffered recently, however as long as the casino is managed in a professional way they can resist such a crash and wait until their clients recover and can begin to gamble normally once again.

[harizen]

however as long as the casino is managed in a professional way they can resist such a crash and wait until their clients recover and can begin to gamble normally once again.

Regardless if there's a market crash or not, I don't see a long-time operating casino will really receive some impact in a negative way.

Not all gamblers are traders, and there is no doubt that gamblers will just gamble for their own reason and I'm sure that's not a market-related concern.

The gambling industry, whether fiat or crypto-gambling, will be bigger and bigger whatever the market situation is. Good examples are: when the pandemic hit the world and in crypto, during the long-term bearish market, and the FTX related-issues.

[boyptc]

Let's say there's a demand for the certain number of gamblers that are looking for proof of funds and they have the rights to ask for it. This is good to ask whether the casino is good or not. But most likely, this is going to be asked to the newest casinos.

But it won't change the thing in those casinos because if they've got too many loyal players and have a mutual understanding and trust has been built already.

[Don Pedro Dinero]

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.

I believe that as time goes on, proof of reservations will be imposed by default for anyone opening a casino, just as KYC regulations will become stricter and stricter.

Here on the forum we have a recent case of someone who a rubbish casino let him win money he couldn't afford to pay.

I won $128,000 and it's been a week waiting for game provider verification

Update: DG7 has since offered me $5,000 USDT on the $131,000 USDT owed to me after they received the results of the provider reviews. At first they tried to say that the providers told them that there are too few players on the site for them to verify the wins, but after I pressed they essentially admitted that I won more than they bring in.

In the end, it is not so surprising that what has happened in some exchanges is also happening in some casinos, so in the long run I think that reserve testing should be imposed.

For the time being and for us, with gambling in reputable casinos, I think we can rest assured.

[Betwrong]

I believe that as time goes on, proof of reservations will be imposed by default for anyone opening a casino, just as KYC regulations will become stricter and stricter.

Here on the forum we have a recent case of someone who a rubbish casino let him win money he couldn't afford to pay.

I won $128,000 and it's been a week waiting for game provider verification ~

I think the thing is that in places where regulators are not corrupted they wouldn't allow a casino to open without proof of funds. I mean, even today. But in places where there's no order, where everything is done through bribes, in those places, even if there were a law about proof of reservations, inspectors would turn a blind eye on the absence of those funds after receiving a bribe.

[danherbias07]

Let's say there's a demand for the certain number of gamblers that are looking for proof of funds and they have the rights to ask for it. This is good to ask whether the casino is good or not. But most likely, this is going to be asked to the newest casinos.

But it won't change the thing in those casinos because if they've got too many loyal players and have a mutual understanding and trust has been built already.

And, let's consider the one truth, gamblers don't really care about this kind of thing.
As long as they can play and gamble their money in a reputable casino then it's a go. We (yes including me) don't really bother about the money they have (transparency of their total reserve), sometimes it just relies on proof by players that the gambling site is legitimately paying up then gamblers will gather in it.
It just takes like a hundred 5-star ratings to be flooded by customers not looking at TOS, the owners' names, or other specific information about them.

[Casdinyard]

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

Casinos have their reserves for when huge downturns in the economy happens. They are not going to be affected by the economy's collapse, if they would be it would be so minuscule. Of course some of them could go bankrupt given the fact that more and more people will spend money on more important goods than give half a mind to gamble but I expect them to recover and reopen soon as the economy jumps back. We can't get rid of gambling houses no matter how hard we try, and in fact we shouldn't because apart from banks they are good ventures for the circulation of money. As for the issues that concern FTX and their shenanigans I think a number of us have already stated that storing money on casino wallets are the dumbest thing you could do next to storing them in exchanges. Not your keys not your coins as they say.

[Stedsm]

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

TBH I have never heard of any gambling site (wherever I've played till date) that they ran away with anyone's funds. No doubt that there are scammers everywhere and even we have some serious allegations against major names, still it didn't erase them out of the markets like FTX (though it's an exchange).

- 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?

Well, you go to gambling sites with the money you can afford to lose, don't you? Does this question make sense at any cost? As said, I don't remember any big name that ran away with gamblers' money by shutting down their business all of a sudden. You have a huge available catalog of gambling casinos, choose wisely and diversify your coins on different casinos if you think that a casino may commit some foul play in future.

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

Anyone who would do such thing is stupid IMHO because all you have is your money, and it's yours only when you have it in your non-custodial wallet.

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

What binds them to show this to gamblers?

[LUCKMCFLY]

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

If there is a crypto gambling company that kept their funds in whatever platform that filed bankruptcy recently or those that froze withdrawals and went insolvent or bankrupt because of it, then the crypto gambling industry is part of the domino effect. Otherwise, I don't think they are; business runs as usual.

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?

A good amount of trust must be lost. But I'm sure crypto casinos would come up with a way to assure their players that their funds are kept safe. They might also show proof of reserves.

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

Yeah, but only small amounts, those that are for betting only. I don't store coins for long-term saving outside non-custodial wallets.

Well clearly this arises because the effect of FTX made a big hole in the way of thinking of many people, some of the investors who had their BTC there lost, and that is something that is not good for anyone, because of centralism and power is not something that I see very well, I think everyone can survive by playing fair, I think we all know here who did not play fair to get FTX out of the way, however this taught many that having money in an Exchange that The money does not belong to that person but to the exchange, the only thing that belongs to each person is what they own and keep with their private keys, that is where the trick of all this is.

[Reatim]

Let's say there's a demand for the certain number of gamblers that are looking for proof of funds and they have the rights to ask for it. This is good to ask whether the casino is good or not. But most likely, this is going to be asked to the newest casinos.

yes some site does not provide this proof as we gamblers wanted to see this going because this is our money that will be at risk.

and with new site this is important to learn , we don't know their capacity to pay if we won at least.

But it won't change the thing in those casinos because if they've got too many loyal players and have a mutual understanding and trust has been built already.

even long time site here has problem about the funding , there are several casino that faces this issue when the hot wallet wasn't fill for a week or more.

[BigBos]

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 far as I know, gambling sites will not be affected by the collapse of FTX, crypto coins are an alternative means of betting from Dollars, Euros and other currencies. so as far as any crypto on the market will be the same.
I saw some time ago that the value of gambling money on online sites reached $ 1.8 billion on November 19 last. it will always increase and continue to increase until the final of the Qatar world cup comes, and for those who use crypto as a gambling tool, I notice there is no setback.

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

I don't deposit coins like them on gambling sites unless I'm going to gamble with the site.

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

I understand and understand why there has to be a financial reserve on gambling sites because there are indeed not a few who commit fraud, and when they refuse to show their reserves I think you just have to be careful.

[Betwrong]

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

TBH I have never heard of any gambling site (wherever I've played till date) that they ran away with anyone's funds. No doubt that there are scammers everywhere and even we have some serious allegations against major names, still it didn't erase them out of the markets like FTX (though it's an exchange). ~

That's because you are playing on reputable sites, which never intend to do something as disgusting as running away with players money. But overall in the gambling world such things happen quite often. Scammers create copycats of known sites and lure gamblers there with promises of unreal bonuses on deposits, unrealistically good odds on sportsbetting and stuff. Hanging out here on bitcointalk we rarely encounter dishonest behaviour of gambling platforms towards their users(of course I mean the platforms presented here), but we shouldn't forget that in reality there are a lot of scammers in the world of gambling.

[Stedsm]

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

TBH I have never heard of any gambling site (wherever I've played till date) that they ran away with anyone's funds. No doubt that there are scammers everywhere and even we have some serious allegations against major names, still it didn't erase them out of the markets like FTX (though it's an exchange). ~

That's because you are playing on reputable sites, which never intend to do something as disgusting as running away with players money. But overall in the gambling world such things happen quite often. Scammers create copycats of known sites and lure gamblers there with promises of unreal bonuses on deposits, unrealistically good odds on sportsbetting and stuff. Hanging out here on bitcointalk we rarely encounter dishonest behaviour of gambling platforms towards their users(of course I mean the platforms presented here), but we shouldn't forget that in reality there are a lot of scammers in the world of gambling.

I completely agree with you on your argument that there are some copycat sites, but such names either go hidden because nobody comes up with their complaints or simply ignores them just because he/she believes it was his fault to send his/her money over there and gamble.
However, I'm known of 1xBit here which has created lots of its own clone sites with different names starting with 1, so whenever I see any website popping up whose name begins with 1, I simply stay away and choose some other reputed names to play at.

[BITCOIN4X]

That's because you are playing on reputable sites, which never intend to do something as disgusting as running away with players money. But overall in the gambling world such things happen quite often. Scammers create copycats of known sites and lure gamblers there with promises of unreal bonuses on deposits, unrealistically good odds on sportsbetting and stuff. Hanging out here on bitcointalk we rarely encounter dishonest behaviour of gambling platforms towards their users(of course I mean the platforms presented here), but we shouldn't forget that in reality there are a lot of scammers in the world of gambling.

Even well-known sites are not spared from accusation or problems from gamblers. Regardless it is proven or not but there is always a risk about any online casino.

Therefore we must remain wise in using casinos and may not make this casino a place to store assets. Casinos are generally centralized, and the biggest fear is that they will cheat the gamblers in the end especially when the casino does not have a good reputation.

[ethereumhunter]

That's because you are playing on reputable sites, which never intend to do something as disgusting as running away with players money. But overall in the gambling world such things happen quite often. Scammers create copycats of known sites and lure gamblers there with promises of unreal bonuses on deposits, unrealistically good odds on sportsbetting and stuff. Hanging out here on bitcointalk we rarely encounter dishonest behaviour of gambling platforms towards their users(of course I mean the platforms presented here), but we shouldn't forget that in reality there are a lot of scammers in the world of gambling.

Even well-known sites are not spared from accusation or problems from gamblers. Regardless it is proven or not but there is always a risk about any online casino.

Therefore we must remain wise in using casinos and may not make this casino a place to store assets. Casinos are generally centralized, and the biggest fear is that they will cheat the gamblers in the end especially when the casino does not have a good reputation.

But that won't work if the reputable casino tries its best to solve those problems because the reputable casino knows that it is related to the reputation they have earned in this forum. But of course, there will be concerns for gamblers, especially those who keep their coins in the casino, because they don't know whether the casino will remain a well-known casino or turn into a casino that deceives gamblers. We must be wise in this matter and not underestimate the little things that might not happen because everything can change in an instant over time.

[justdimin]

Even well-known sites are not spared from accusation or problems from gamblers. Regardless it is proven or not but there is always a risk about any online casino.

Therefore we must remain wise in using casinos and may not make this casino a place to store assets. Casinos are generally centralized, and the biggest fear is that they will cheat the gamblers in the end especially when the casino does not have a good reputation.

It is definitely something that every casino will be hit with, how they respond is the important part. I mean if they respond with proof that there was something wrong for sure, or they respond with fixing, then that is a good casino and there is no problem with that.

However, if they respond with something terrible like not caring about what they are doing, that would be a bad deal and I doubt that it would be solved anytime soon, they will be known as a bad casino, or a scammer. This is why what happens is not the issue, how they respond to it is the clear indicator of a casino being good or not and that matters a lot more than people think.