Can money be saved in gambling sites?

[Cryptmuster]

We've already had several reports of exchanges and other investment platforms that went bankrupt, defaulted and simply took all their users' money. And I could still cite several sites that until then were reliable and nobody suspected them.

Anyway, I am not saying that our favorite betting sites in this community can have the same purpose, but what I mean is that we already have enough risks involved if we are going to use it as a betting site, we should not exponentiate this risk using it also to save money.

And... obviously I couldn't resist the temptation to keep my money in a casino, and I believe that even the casino would create "incentives" for people to use that money in gambling.

Obviously, you should keep only a part of the gaming budget in the casino to avoid unnecessary risks. Anything can happen, even a simple blocking of the account until the circumstances are clarified, but this will not be a problem for you if the main part of the game deposit is with you and no one can block it, or do anything else with it. After winning, you can also withdraw part of the money and leave on your account only the amount that is enough for you.

[Outhue]

Your bank account is 100 times more safer than saving money on any online casino, and asking this question is not cool at all, it's the type of question that should come from a 6-year-old kid.

Online casinos can shut down their service any time and all they have is the only platform, there is no location or office anywhere, where you can visit and lay complains, it's a very bad idea, do not think about it.

Also, all online casinos are centralized, the only place that your money can be saved is in the bank, unless you want to invest the money, and banks won't favor you on the ROI side, better to invest the money into Bitcoin if it that's the case.

[MAAManda]

This is quite an interesting topic, I've missed a few days since this topic was published here, ok I'll share my views on this.

will the money deposited there not be tempered with from the gambling platform or removed automatically from the account after keeping it for a long period of time?

As far as I know, the money we deposit on a gambling platform will never be lost at any time, apart from the fact that there has never been a case of this that I know of, I also don't see any regulations in the ToS that say that money isn't used for a long time will disappear (at any site).

I know it might be very hard to save money in a gambling site because we  might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler

Intent to deposit it on a gambling site and have a desire to withdraw it at any time, this is in violation of the ToS against money laundering mate. Once I made a deposit to Stake.com and forgot to play it because I had other things to do, a few days later I had no desire to gamble and wanted to withdraw the balance I deposited, but what happened? they didn't process it for a long time, I asked CS why my withdrawal wasn't processed, they said that it was a prohibited activity, at least you have to play with the balance you have first.

[Bitinity]

As far as I know, the money we deposit on a gambling platform will never be lost at any time, apart from the fact that there has never been a case of this that I know of, I also don't see any regulations in the ToS that say that money isn't used for a long time will disappear (at any site).

True, but there is still a risk to lose the money in some serious cases such as the casino is hacked or the casino turn to a scam. So even if there is no terms that our money will not be removed from the casino but it is not recommended to save our money in online casinos for long time because online casino is not designed for this purpose.

Intent to deposit it on a gambling site and have a desire to withdraw it at any time, this is in violation of the ToS against money laundering mate. Once I made a deposit to Stake.com and forgot to play it because I had other things to do, a few days later I had no desire to gamble and wanted to withdraw the balance I deposited, but what happened? they didn't process it for a long time, I asked CS why my withdrawal wasn't processed, they said that it was a prohibited activity, at least you have to play with the balance you have first.

This is the most common thing because of the wagering requirement for our deposit before we are allowed to withdraw it. Depositing money into online casino with intention to withdraw it anytime is obviously a big mistake, no one should use gambling sites as a "wallet" or bank account to save money.

[lienfaye]

Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?

No one can stop you to deposit and save your money on a gambling site. But first, ask yourself if that idea is a wise thing to do concerning your money. There's a high chance you'll be tempted to use your funds to play games. In addition, if you deposit money on a casino, often they have wagering requirement before you can withdraw your money, different from what you think that you can leave it then withdraw if already needed. Moreover, you can't be certain that the gambling site will exist forever so it's another risk if worst case happened and they suddenly stop operating.

Thus, if you don't like the idea of saving your money in banks. Why not try to use it to buy valuable assets like real estate, gold or even Bitcoin? Well, it's your money anyway so you should know better.

[Fiatless]

Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?
We can decide not to save money in our fiat bank account or any other micro finance bank account for one reason or the other and save it in a licensed gambling sites can that idea be possible, will the money deposited there not be tempered with from the gambling platform or removed automatically from the account after keeping it for a long period of time?
I know it might be very hard to save money in a gambling site because we  might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler, I put in mind that everything start one day so even a non gambler can try at the first, I bring this discussion here so we can discuss it to keep our selfs busy.

Gambling sites should be the last option when it comes to saving money online. I would even prefer to keep my money in a local bank that is regulated by the Central Bank of my country. This is because local banks are regulated by the central banks and customers can receive back their deposit if they have any problem. But these casinos are registered in countries that are far from me and I might not be able to sue them if they infringe my rights.

Many casinos tend to change their terms or services regularly and this can affect you if you want to withdraw your funds. They might start asking for more complicated KYC which might be dangerous to expose. I don't think you should ever trust a centralized firm with your funds. The best decision is to keep little funds that you can afford to lose. Casino accounts are not designed to save funds but to keep projected bets. If you want to save money, the best option will always be to keep Bitcoin in a decentralized wallet.

[len01]

This is the most common thing because of the wagering requirement for our deposit before we are allowed to withdraw it. Depositing money into online casino with intention to withdraw it anytime is obviously a big mistake, no one should use gambling sites as a "wallet" or bank account to save money.

well, I agree with this. because sometimes a long time gambler suddenly ignores or forgets when registering at a casino, deposits money into it but forgets not to bet several times to withdraw the money and ends up being rejected by the casino.

but the most common thing that often happens is when new gamblers who do not know casino rules often have problems like this when someone first wants to gamble and registers at a casino depositing a certain amount of money but when betting does not meet the requirements to be able to withdraw the money, of course you will also experience rejection when withdrawing. and usually new gamblers will worry about this problem because they feel if they break a rule at the casino even though its all about conditions that have not been met.

and on the one hand saving money or funds to gamble on gambling sites is not the right choice but for people who do not know how it works will just ignore and carry out this activity.

[maydna]

~snip~

For small amounts then it would be that considerable but for bigger amounts? Its a big NO! I wont really be that confident on storing up a huge amount on gambling account. How much more if i do able to win big?

You would definitely be thinking on getting those funds and wont really be sitting idle on a gambling site for too long. You wont really be making yourself that too confident or really at ease if you do know that you
do have something big on your account which it isnt really actually yours since you dont possess the wallet keys which it would really be just that a normal reaction for those people who are really minding about that true control of your funds and not letting it sit on something centralized or you dont possess the keys. There's no point or having no sense on saving your money or letting those funds be stored on a gambling
site unless if you are really that planning on spending it all on gambling site or into your next gambling session then it should be fine but if not then its not ideal to be there.

If it were me, I wouldn't want to keep my money in a gambling account because it's vulnerable, and I can use it to gamble whenever I want. That is why I said that if it is small money, I think keeping it in our gambling account is okay because it will help us not to deposit a certain amount for gambling. But for large amounts of money, it's better for me to keep it in my personal wallet to monitor it directly. Moreover, we will not know what can happen on the casino site because if it is on the internet, nothing can be 100% safe, so we are responsible for our money.

Spending all the money in your gambling account is also not a good idea to do, especially if you have quite a large amount of money in your gambling account. It will only cause more problems once all the money is gone. It's better for us to gamble moderately and save enough money in a gambling account to keep ourselves out of trouble.

[GxSTxV]

For the love of all that's holy in this world..NEVER...use an online casino, or any casino for that matter to store funds for any sort of mid to long term holdings.  First off it's not the safest place to keep it, secondly you're not earning any interest, third it might entice ones self to gamble when they probably wouldn't have otherwise.

I keep as little cash on hand as possible so that it can remain invested, and keeping it in an online casino account is not investing.

It’s like going to a candy store with you little babies and not buy them anything, that’s the case with saving money in a casino hoping you won’t spend that money in gambling and also praying that the casino will pay you back your money knowing that most of casinos require a wagering amount at least x1 time the amount of money you deposited.
There are several places to save your money and if there’s a list of places to do, Casinos will be at the end of that list and most risky places to do. And as you said I prefer to keep my earnings in cash better than this shitty idea that doesn’t give you any interest and can exit in any moment as we have seen lately with some casinos that were so trusted or we thought they are.

[Crypt0Gore]

When you start storing money on a online casino what type of agreement you signed with the platform owners? Are you given the blank check book for withdrawal whenever you are ready to withdraw? Are you given an ATM card? MasterCard or other Debit card? Nothing I guess, is there any Bank related with the casino name?

It's like you are an alien or a newborn baby that came out of space, you can't tell it to my face that you know nothing about this, that you don't know this is impossible, casinos have nothing to do with payment solutions platforms where you can use to shop online or anything, they are far away from Banks and online payment solutions.

I feel like OP is intentionally just messing with us, he pretends to be a fool all because he is out of ideas on what to post on the forum.

[piebeyb]

I feel like OP is intentionally just messing with us, he pretends to be a fool all because he is out of ideas on what to post on the forum.

It's okay, friends, because maybe this thread is also read by beginners so we can't measure it for ourselves, because as gamblers who have been involved in this forum for a long time, of course we already understand very well the risks of saving money in online casinos. It definitely won't be safe because the casino could be a fraud and take away the user's money at any time or have inactive users' money frozen like what happened to me.

Maybe those of us who already understand will see this as playing games, but this thread might be needed for beginners who have just jumped in and gambled at crypto casinos on this forum, I don't mean to defend but we also have to look at the other side of the purpose of this thread, I hope course can be useful for readers and beginners as long as he does not commit violations and spam 

[RockBell]

Your bank account is 100 times more safer than saving money on any online casino, and asking this question is not cool at all, it's the type of question that should come from a 6-year-old kid.

Online casinos can shut down their service any time and all they have is the only platform, there is no location or office anywhere, where you can visit and lay complains, it's a very bad idea, do not think about it.

Also, all online casinos are centralized, the only place that your money can be saved is in the bank, unless you want to invest the money, and banks won't favor you on the ROI side, better to invest the money into Bitcoin if it that's the case.

I know banks have their own issues, but still wonder why people will just decide not to save their money in banks that are safer at least someone can be held responsible, it does not take us anything to fund our betting account anytime we want to bet, even if you want to bet 10 times a day you can always fund it, I don't think there is any limit on the funding of account, and am not saying the betting company will run with anybody's money but I just feel that is what is best for me and I know many others will definitely go with what am saying. You made a valid point already, and if online casinos should shut down then there is a big problem then, where do one start from, like I said before anytime you want to bet fund it and place your bet to avoid stories.

[darewaller]

the risk is that we are tempted to gamble, well, some well-known gambling websites certainly have security that can be trusted, but that will still disappear, we can't control it to continue to be indiscriminate. but my suggestion is better to keep it somewhere like personal ethereum wallet or exchange (if it's not too big).

I think he won't ask or think of it, if he knows that he can not control himself to gamble. Security won't just disappear just like that. Maybe a good hacker can access it but gambling sites will always try their best to fix and tighten it. You have no control about the security of a gambling site but you are free to pull out your funds if you feel that they are not secure anymore. For our safety we can do what you have said which is to keep our coins in our personal wallet.

It doesn't need to be an Ethereum wallet but indeed that most Ethereum wallets are non-custodial or we can have our own private keys. However, I don't recommend storing our money inside the exchange, as it is not different to storing our money inside a gambling site. But if the money isn't that huge, then I think it's fine or it's not a big deal at all, in case we lose it.

[Furious 7]

In the end with reference to some of the positives and negatives it is definitely not good to keep your savings in a gambling account as there is not even a benefit provided apart from the possibility that we will spend the money we saved in gambling.

I don't know if there are people who do this or not but if there are really people who do it without touching the money for gambling then I would applaud them because at the end of the day the condition remains the same when there is money in gambling then we will play with that money regardless of the amount.

In case you hold the many in the gambling sites,surely you will use the money again.But if you keep the money in the bank account,you can use the money on emergency.Then you can control the gambling playing time period with certain time period.

My friends had the habit of holding the money in the gambling site itself.When I had asked them,they told me holding the money in the gambling to save the money for deposit into the gambling.They also usually withdrew the money after they earn from the deposited money.But I keep the balance money in the bank account for my emergency.

That's the point because no one can resist the temptation of gambling, especially when there is a balance in their gambling account, so by looking at this situation I think the context used as a title by the OP will be very contradictory to the treatment that occurs when there is money in the balance of the gambling account that we have. .
Not to mention the other regulations that exist on gambling sites because it is impossible for us to keep money in an account for a long period of time but not use it because they prepare a wallet in the account to fill it so that we can play with the money we have deposited.
This is the final conclusion that I see for this discussion because the conclusion will all be the same because it is impossible to do something like that.

[MainIbem]

How on earth will you think of saving money in gambling site, what if there is an internal or external attack launched towards the gambling site, would you hold them responsible for losing your fund?
If you have a safe custodian wallet why are you being careless to leave money into gambling site for no reason and whatever that occurred a long the process do you think the gambling site would be held responsible for lost.
Know one thing that says Not your key not your funds. Please move all necessary asset to your wallet where you have control.

[Huppercase]

Gambling sites should be the last option when it comes to saving money online. I would even prefer to keep my money in a local bank that is regulated by the Central Bank of my country. This is because local banks are regulated by the central banks and customers can receive back their deposit if they have any problem. But these casinos are registered in countries that are far from me and I might not be able to sue them if they infringe my rights.

Many casinos tend to change their terms or services regularly and this can affect you if you want to withdraw your funds. They might start asking for more complicated KYC which might be dangerous to expose. I don't think you should ever trust a centralized firm with your funds. The best decision is to keep little funds that you can afford to lose. Casino accounts are not designed to save funds but to keep projected bets. If you want to save money, the best option will always be to keep Bitcoin in a decentralized wallet.

Central Banks protect the commercial banks like liquidity locking and making sure that other banks have part of their reserves under them so that when bankruptcy should happen, it will be easy to have back up for customers, this is what casinos don't have, they don't have centralized or decentralized body that protect th customers from future uncertainty, that's why casino isn't a better place to live your money, some of them aren't even license with some countries and when the company fold up, the government will not be able to help you recover anything because they didn't even have their company register.

Many customers also don't try to read those terms and agreement in there website, and when calamity befall any casino, they cry for justice but meanwhile, they are the ones who failed to read the terms and conditions of the casino, I will never support the idea of saving money in Casino or banks, withdraw them in crypto and move them to external wallet where you can see and protect them.

[LUCKMCFLY]

Bad idea!
We've already had several reports of exchanges and other investment platforms that went bankrupt, defaulted and simply took all their users' money. And I could still cite several sites that until then were reliable and nobody suspected them.

Anyway, I am not saying that our favorite betting sites in this community can have the same purpose, but what I mean is that we already have enough risks involved if we are going to use it as a betting site, we should not exponentiate this risk using it also to save money.

And... obviously I couldn't resist the temptation to keep my money in a casino, and I believe that even the casino would create "incentives" for people to use that money in gambling.

Not only with gambling account but also exchange market account are not secure placed for saving assets, regarding have several exchange bankrupt and they don't responsibility with member fund not recommended for saving assets in exchange. The same with gambling platform, we can't expected with how long that gambling platform available to access due many regulation of some countries banned with gambling platform.  Better for saving assets in the Bank or for cryptocurrency use hardware wallet will secure how many years later our assets keep safety without worry with platform website close like exchange or gambling platform.
But have difference ideas with politician, they use offline legal casino place for saving their fund, based on police investigation many politician put or save much money with casino.

Well, each player has their own way of thinking, personally I am not one to leave my assets in Exchanges, much less in casinos, because it does not make sense, I have seen some platforms that are in the forum and that later become scams and the Players keep their money there and cannot withdraw it, that is something quite sad, of course I am not saying that the platforms in their entirety are like this, there are very reliable casinos that you can leave the money, but they are not just any casino, For example, those in the top 5 are the best, like stake.com. bitcasino.io, among others, my selections of the casinos are always from the best casinos and the ones that give the most confidence, obviously there are many casinos where you have to comply with the KYC, but you have to know where to leave the KYC, because in these casinos if it is reliable that it is allowed, there is no problem, but looking at it from other points of view, more exceptions can be made as casinos come out that are at the level of these, obviously, it is not that they are at the level of these, because they are Older casinos have built their reputation little by little and that is not overnight, they have gone through many things, many acts where everything has to be taken into consideration.

For me, a casino that has other options where you have money placed in a high with or tokens and passive profits are generated, I really like the Betfury system, which, by having some of its BFG tokens, increases the income of the crypto otas that are the most important ones, such as ETH, BTC, among others, this is a great option where you have to take it into consideration and of course, the more BFG you have, the more passive income you have in those currencies, it is something that can attract a lot of attention, only that now it's not like since it started, now the amount of passive income that is obtained is much less, that's the bad thing about these systems, everything would be fine if this type of promotion is maintained in the casinos.

[Silberman]

Central Banks protect the commercial banks like liquidity locking and making sure that other banks have part of their reserves under them so that when bankruptcy should happen, it will be easy to have back up for customers, this is what casinos don't have, they don't have centralized or decentralized body that protect th customers from future uncertainty, that's why casino isn't a better place to live your money, some of them aren't even license with some countries and when the company fold up, the government will not be able to help you recover anything because they didn't even have their company register.

Many customers also don't try to read those terms and agreement in there website, and when calamity befall any casino, they cry for justice but meanwhile, they are the ones who failed to read the terms and conditions of the casino, I will never support the idea of saving money in Casino or banks, withdraw them in crypto and move them to external wallet where you can see and protect them.

Agreed, I like to gamble and I do not judge anyone for the hobby but there is no way that storing our coins in a casino can be a good idea, any money which is there is always at risk of being lost as one day you may decide to gamble, lose control and then lose everything you had there, besides doing such a thing runs contrary to the ideas that created bitcoin, in which being your own bank is encouraged and letting a third party to hold your coins is discouraged.

[Webetcoins]

Your bank account is 100 times more safer than saving money on any online casino, and asking this question is not cool at all, it's the type of question that should come from a 6-year-old kid.

Online casinos can shut down their service any time and all they have is the only platform, there is no location or office anywhere, where you can visit and lay complains, it's a very bad idea, do not think about it.

Also, all online casinos are centralized, the only place that your money can be saved is in the bank, unless you want to invest the money, and banks won't favor you on the ROI side, better to invest the money into Bitcoin if it that's the case.

Well, though you are right that all casino platforms are centralized, but aren't banks centralized as well? I also agree that casino platforms aren't a safe location for saving your money, but I would somehow think that banks aren't so safe as well since they can also go bankrupt and we have seen that happening a lot of times. Also, when a casino platform decides to shut down their services, they will always give their users some time to withdraw the funds.

However, that isn't enough reason for someone to keep their money in a gambling platform because that isn't the purpose of a casino and they won't be entertaining such things. They might even have some kind of rule or regulation about keeping your account idle for a certain amount of period, it might get locked or something.

[Silberman]

Your bank account is 100 times more safer than saving money on any online casino, and asking this question is not cool at all, it's the type of question that should come from a 6-year-old kid.

Online casinos can shut down their service any time and all they have is the only platform, there is no location or office anywhere, where you can visit and lay complains, it's a very bad idea, do not think about it.

Also, all online casinos are centralized, the only place that your money can be saved is in the bank, unless you want to invest the money, and banks won't favor you on the ROI side, better to invest the money into Bitcoin if it that's the case.

Well, though you are right that all casino platforms are centralized, but aren't banks centralized as well? I also agree that casino platforms aren't a safe location for saving your money, but I would somehow think that banks aren't so safe as well since they can also go bankrupt and we have seen that happening a lot of times. Also, when a casino platform decides to shut down their services, they will always give their users some time to withdraw the funds.

However, that isn't enough reason for someone to keep their money in a gambling platform because that isn't the purpose of a casino and they won't be entertaining such things. They might even have some kind of rule or regulation about keeping your account idle for a certain amount of period, it might get locked or something.

While I do in fact make an effort to keep as little money as possible in my bank account as well because of the points you are bringing forward, there is a difference between casinos and banks, and that is that banks are specialized institutions meant to keep your money there as that is the reason they were created on the first place, and as such banks have the protection of the government and governments guarantee your funds as well up to a certain amount, something that you do not find at casinos.