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

[piebeyb]

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.

as long as we never store much of our crypto money in casino sites i think it will be safe, just make a deposit play and withdraw
don't keep too much crypto on exchanges or on any online sites keep it in a wallet where you are in control keep the wallet key because it will make you feel more secure, when i win a game i often withdraw profits and leave my capital to play again that way it can be done apply by everyone

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[Yatsan]

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

Definitely not, people here are just escalating what happened and are generalizing in this industry. Well, it is indeed better to prevent than to cure it once things are late but if you'd be worried of everything, it qould be better for you to leave I guess? This industry in the first place is risky. The moment you've invested in any form, expect that there is a higher tendency for losses to occur. Problem with what happened is that there is negligence, on the part of the owners of the exchanger. So now, people are demanding for gambling sites to show their Balance to give players assurance. It would be fine if casinos would also do so, but if not we cannot blame them;it is a running business as well. So if you're that worried then wait for casinos who'd show theirs, for your peace of mind.

[traderethereum]

If something were to happen globally, then all industries would be affected, not just the gambling industry, because it would impact everyone.
The gambling industry will not lose the trust of gamblers even if one or two casinos cheat players because, of course, there are still many casinos that are trusted and will not cheat their players.
I would not keep my coins on a gambling site for long and I would also do that on an exchange because it is very risky.
The casino has the right not to show proof of money to its members because if the casino can pay them, there won't be a problem.
But it's different if, one day, the payment from the casino to the winner starts having problems. The members may need to ask the casino about it.

[Strongkored]

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

It only affects gamblers who use the exchange, namely FTX as a place to store their money but if there is an effect it is only temporary until trust returns from people to keep gambling and using cryptocurrency

- 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?

We've seen that happen, gambling websites that deceive players but don't affect them at all because the money that is taken away is not like in exchanges where the value is very high, so gambling websites that cheat will not reduce the trust or interest of gamblers, it's just that they will be more careful be careful when choosing which gambling website they will choose to play and entrust their money

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

No, I have never, and actually there is no reason for players to leave funds there, because on average gambling websites already have a payment option where the transaction fee is very cheap, so it will be safer to always withdraw unless the value is not too significant, for example, only a few tens of dollars

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

Maybe gamblers don't even think about it too much, because what is on their mind is how to find a gambling website that is truly trusted and happily play there without any doubts.

[coinerer]

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

Gambling is a major addiction.  And no problem can stop a gambler from gambling. Millions of gamblers are still gambling and profiting.  No one is hesitating to bet especially on the World Cup . So I don't think that FTX crush gamblers can have much effect on gamblers

- 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?

Reputable casino sites are not affected by any bad news.  Because their customers trust their platform enough that at least they won't scam.  This is their great strength to keep their casino fresh and active

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

It is never okay to use it as a wallet on gambling sites.  Because if you keep your coins there you will want to gamble again and again and you will lose everything by gambling.  On the other hand it is more risky.  Personally I wouldn't do it

[Mauser]

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

No hopefully the gambling industry is not going to be affected by the recent turmoils. We have already enough problems with the FTX bankruptcy and don't need another crisis on our hands. If all gamblers would withdraw their money at once and nobody keeps on gambling then of course the system would collapse. Do we really want to see all the casinos on their knees? I don't.

- 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?

Unfortunately yes, if a major company in the sector turns out to be a scam than this will affect all the other companies as well. This will probably only be short lived though. Once the gamblers see that the other casinos keep operating normally and are not closing down shop things should normalise again. These crisis in financial markets are soon forgotten when prices start rising again. There have been bankruptcies in the past and industry always recovered afterwards.

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

I have some money left at the casinos, but I wouldn't call it storing them there, rather this is my usual gambling bankroll I am using each month. Whenever I make a decent win than I am going to withdraw some of that money. This is not only about security reasons to not leave too much money at the casino, it's also a control for myself to not directly gamble again with the money I won. Leaving some money in the casino seems fine and you save up on the transaction fees to always deposit and withdraw every time you want to gamble.

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

Depends on how questionable the casino really is. If the casino has been around for several years and you never had any issues in the past of withdrawing your winnings than I don't see any problem here, if the casino is very new than I would be more cautious. It also depends on what kind of customer I am. In case of being a whale who wants to deposit thousands of Dollars than it might be worth to check the financial situation first. In my sitatuion with betting only small amounts I don't think the casino would respond.

[QueenVera]

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 don't really think it is really of a necessity asking a gambling site to show prove of their holdings because of what is already happening in the crypto Industry.
Casinos already have to acquire a license before operation and that alone shouldngain the trust of the gambling community, and the license issuer I'm sure would have asked for a prove of their holdings but wouldn't have to make that public fir the sake of the safety of the gambling business or site.
With regards to your questions,
All crypto based businesses with crypto  casinos isn't exempted, definitely should experience the heat from the bear market but since gamblers are still gambling,then it's still a win for them.

Gamblers over the years still gamble despite news of some casinos scamming their players, I think gamblers treat each casino as a sole and don't relate a casino to another

I basically don't leave any money in any gambling site because I personally have trust issues, so I make deposit whenever I want to okay and make a complete withdrawal when I'm done.

[Oasisman]

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

As far as I know crypto gambling industry does not really contribute much to the current market slump.
Scammers are everywhere, if one or two huge crypto casino run away with their users ' money, I don't think it would affect the other well established casinos, in fact, it could be a huge advantage for the other crypto casino, because these users will potentially jump on to their website.
Lastly, storing your cryptos on a gambling website is much worst than storing it on an exchange, though they both are not advisable.

[irhact]

  - 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 don't think this is advisable, there's an update on the forum that remind users to take their coins off online sites and casinos are online sites. Casino are also centralized platforms and liable to hack which will result to lost of fujds kept on the platform and since that area of the industry isn't regulated meaning casino owners can run away with customer funds and nothing will be done.
I notice most online casino don't have any face representing the casinos yet they're getting huge support which is unlikely for them to run away since they're profiting but if the casinos get affected with low turn out of players then we could see a case of scam very soon.

[aioc]

The gambling industry has proven time and again that they will still be good and still going to be better whatever happens in the market, just time last quarter of this year I cannot keep up with the number of casinos that are being launched almost every week there are new casino players and old casinos keeps launching giveaways and contest and now that we are in a World Cup season many sports betting sites are vying for the shares of the market from bettors.
The industry is one of the stables in the Cryptocurrency sphere it will continue to be so because gamblers will keep gambling whatever the market condition is.

[piebeyb]

because gamblers will keep gambling whatever the market condition is.

it is real because gamblers will not be affected by the current market price all they know is to play and win then withdraw their money in the casino, no matter if the crypto price goes down in their mind is doubling their crypto amount it is already part of the win too profit sometimes there are also some of them playing with fiat money to escape crypto values

[virasisog]

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

The market situation has a huge impact on the gambling industry yet firm casinos could still continue running and survive the market situation. They could stilk continue working because they have alternative ways to deal with three bearish seasons.
 

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?

This has been happening for a long time. There are scam casinos that run away after taking the gambler's money but it doesn't affect the reputation of other huge casinos. It could just spread more awareness to gamblers to be skeptical in choosing trusted casino sites.

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

As a gambler, I only store the funds that I will use to gamble again but as much as possible, I usually withdraw my profit because the risk of hacking and losing my funds on a certain site will always exist.

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

That has a huge impact on the trust rate of the site. I still prefer a casino that promotes transparency.

[Silberman]

The gambling industry has proven time and again that they will still be good and still going to be better whatever happens in the market, just time last quarter of this year I cannot keep up with the number of casinos that are being launched almost every week there are new casino players and old casinos keeps launching giveaways and contest and now that we are in a World Cup season many sports betting sites are vying for the shares of the market from bettors.
The industry is one of the stables in the Cryptocurrency sphere it will continue to be so because gamblers will keep gambling whatever the market condition is.

While there is not really any industry that is recession proof, the gambling industry is one of those industries that can face almost any market condition and still be profitable, they have a product which does not spoil, does not need to be transported all over the world, it is always on high demand, it is exciting and it could even make you money, so with a product with those characteristics then it is clear that even if the market is not doing well right now the gambling industry can easily resist it and wait until better times come.

[Cling18]

because gamblers will keep gambling whatever the market condition is.

it is real because gamblers will not be affected by the current market price all they know is to play and win then withdraw their money in the casino, no matter if the crypto price goes down in their mind is doubling their crypto amount it is already part of the win too profit sometimes there are also some of them playing with fiat money to escape crypto values

There are still other alternative ways so players can play safely during despite the market situation. They can use fiat and stablecoins so they won't get hit by the value of cryptocurrencies which I think is still a good escape from the market. Gamblers will still find ways to gamble and the market condition is not a reason enough to handle them. We have been through this kind of situation before and we have seen how the gambling industry survived.

[Yaunfitda]

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

No, I don't see the Gambling Industry as part of the problem, for sure we know that casino's have the edge, and that's why they will not risk running out of funds. And they are also capping the amount of money that you can gamble, so I doubt that it will just simply crash like FTX or whatever exchange it is.

No, I don't used gambling sites to store my coins, and besides, gambling sites also knows that we can used them to mixed coins so they are smart not to let anyone uses their platform for that purposes. So you have to used your coins and gamble there. And again, if you just store them, you can't simply withdraw those, it's like you have to bet x1 of the amount you deposit. So there is no used of storing it to these gambling platforms.

[seoincorporation]

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

I don't think so because the casinos doesn't have their money backed with tokens, they are holding coins like BTC, ETH, LTC...

- 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?

That already happen in the past, i can remember the name of the casino, but they walk away with 2000 bitcoins from the investors, and when users try to withdraw there was a pop up saying "See you in Mexico".

But that didn't affect the whole gambling industry, it was just 1 scam more for the list.

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

No, holding the coins or exchanges or casinos is a terrible mistake by the users. I follow the philosophy of "Not your keys, not your coins"

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

That sucks... the only option for the users is to trust the casinos and trust the licence.

[Hispo]

I do not think it is, because there is a key difference between exchanges, passive income wallets and crypto casinos.
In short, the business behind exchanges is to provide liquidity for pairs and also some tools for traders, also the passive income services like BLockfi and Celcius focused basically in the custody of other's money in exchange for money (high yields). Casinos are different, because their business does not goes around providing passive income or the custody of their clients money in the long term. Yes, they are supposed to have a strong security and have liquidity but the fact they do not promise passive income means they do not need to venture into risky businesses or trade recklessly (as Celcius did) in order to fulfill their promise to their clients. 

[Betwrong]

~ I do not think it should be public knowledge, because sensitive financial information like this... should be protected.

I agree with this. Once a big casino declares its funds, it becomes a target for criminals around the world. Info like this shouldn't be public.

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.  

Something like this is done all the time, no? I think online casinos are constantly audited by government authorities and/or other 3rd parties, but I'm not 100% sure of it.


In any case, there's no "Domino Effect" for online gambling industry caused by the current fud is happening now, nor will be happening in the near future, that's what I'm sure of.

[coolcoinz]

I don't agree that there's a visible domino effect at all. The bankruptcies are all linked to scams because that's how you call companies that take your money and tell you they're going to keep it safe but really buy yachts and apartments with it. This is textbook scam and there should be no leniency and no attempts to explain them or bail them out.

IMO a domino effect bankruptcy happens when a legit company exposed to a bankrupt one goes down because they realize their investment is lost or frozen in the bankruptcy proceedings.
When a scam company goes down and exposes a scam in another company, it's not a domino effect but a cleansing!

[maydna]

because gamblers will keep gambling whatever the market condition is.

it is real because gamblers will not be affected by the current market price all they know is to play and win then withdraw their money in the casino, no matter if the crypto price goes down in their mind is doubling their crypto amount it is already part of the win too profit sometimes there are also some of them playing with fiat money to escape crypto values

There are still other alternative ways so players can play safely during despite the market situation. They can use fiat and stablecoins so they won't get hit by the value of cryptocurrencies which I think is still a good escape from the market. Gamblers will still find ways to gamble and the market condition is not a reason enough to handle them. We have been through this kind of situation before and we have seen how the gambling industry survived.

Choosing fiat or stable coins can be a solution to avoid market fluctuations. The ever-moving value of cryptos hits those who still exercise those options. But a gambler will not think about market conditions and will always use their chosen coin. And some gamblers will not gamble if market conditions are declining and instead concentrate on increasing the number of coins. This is about how we can anticipate it; every gambler must have his own way.