Standard practice for online Casinos going under - how are cash outs handled?

[Darker45]

But, of course, casino users are protected by local regulations. The question, however, is whether these legal protections provided by the law are implemented. Surely, Curacao, from which the great majority of crypto casinos are getting their licenses, isn't that strict in seeing to it that casino users are sufficiently protected.

Casino users aren't really protected by local regulations if the country only allows regulated online casinos which have land based casinos operated in the country.

What's funny if gambling is prohibited in their country, but they get scammed from online casinos, they can't do anything. If they report they're being scammed and they can get the money, they will going to jail for broke the laws.

If you are gambling from a country where gambling is illegal, then you are violating the terms of many casinos. I haven't read the terms and conditions of all casinos but I know that many of them include in their ToS that the user is gambling from a jurisdiction where gambling is legal.

Anyway, what I meant is that gambling regulations must have provided provisions that protect consumers. Unfortunately, this may not be implemented at all. Since it is provided, however, if one is serious in pursuing legal claims against a casino, one may choose to file them in the country where the casino is registered. I guess this is also included in the terms of casinos.

[aioc]

There is no standard practice; it is a subject that is untouched by regulators. Unlike their offline versions, the regulations and guidelines for how casino operators will implement their players' withdrawals when they close out are left to the casino operators.

Of course, it always favors casinos. They are going to make it fair if they have a plan to return, but if they are closing for good, they will still try to milk their players. So do not stock your coin in a gambling platform unless you consider it something that you are okay losing in whatever situation.

[peter0425]

If you are gambling from a country where gambling is illegal, then you are violating the terms of many casinos. I haven't read the terms and conditions of all casinos but I know that many of them include in their ToS that the user is gambling from a jurisdiction where gambling is legal.

If gambling is not legal in the country, wouldn't the casino be banned from operating in that country or at least the person would not be able to access their website or anything like that?

Anyway, what I meant is that gambling regulations must have provided provisions that protect consumers. Unfortunately, this may not be implemented at all. Since it is provided, however, if one is serious in pursuing legal claims against a casino, one may choose to file them in the country where the casino is registered. I guess this is also included in the terms of casinos.

A casino is required to have clauses that protect their customers but they will always put their business first and foremost and if you are a customer who knows that you are breaking the law by gambling then you should have known better that if something were to happen you would have to suffer the consequences

[Lida93]

For a gambler to be too busy not to find not more than 20mins for days forgetting to making withdrawal of a bunch of winnings (not single win) in their gambling account, such scenario only explains one thing for me, which is that, the gambler has so much to his name already and that bunch in the account is some money they already can afford to lose.

Still not buying these

Not asking you buy into it, but it is what it is.

I have also find out that many forum members are quite more comfortable leaving their money stay as long as possible in their gambling account than they will do with CEX but they are forgetting one thing that these companies are both centralized and they share same risk nature.

From where did you get those claim?

The no such proof, people in the forum have more comfortable storing their money in casino. Even there has some things called vault, there always have 2 scenario. You withdraw the money you win or losing all of your deposit money.

You obvious saw what should be regarded as a proof from whence you quoted my reply in the first place.  What other proof do you want? Nonetheless, I found my statement of many to seem to be wrong but very a few persons does that.

 

Gambler, I believe 99% never leave money in casino. Even they're not withdraw the crypto they have, at least they will withdraw to personal wallet and just do (deposit-witdhraw-deposit withdraw) rather than leaving the money in casino.

You believe 99%! That's just an assumption still. Yeah, a lot of gamblers will want to withdraw their crypto to their personal wallet but definitely not 99%.

[Dr.Bitcoin_Strange]

It got me wondering , what is standard practice for closing an online casino and what laws (if any) must be followed when doing so? Is there a such thing as “international casino laws” ?  (Probably a ridiculous question but had to ask anyhow)

The only practice that I know of is that if the casino is not a shady one, they will publicly announce their closure or even send emails to their customers asking them to withdraw their money from the casino. For cases like this that I am aware of, the casino usually gives a limited period of time for their customers to cash out their balance, and when the period is over, those who failed to withdraw their money cannot access it again, and there's nothing they can do about it because the casino earlier made an announcement about it.

[EarnOnVictor]

-snip-
They announced here on btalk (assuming they did on their website as well ) that they were closing and a deadline of final date to withdraw funds. It got me wondering , what is standard practice for closing an online casino and what laws (if any) must be followed when doing so? Is there a such thing as “international casino laws” ?  (Probably a ridiculous question but had to ask anyhow)
-snip-

To be honest, I know nothing about LuckyBit, but of course, if they announced the closure on Bitcointalk, they would have also done that on their websites and even sent out emails. However, there is nothing like an international casino law, which is one of the reasons why casinos behave as they like. How I wish this existed with strict enforcement. But sadly, each country has its casino laws and most often, they are not strict with it but are particular about the tax they gain from it.

So if a casino went bankrupt and was fair to announce it and also fulfil the disbursement of people's funds to them as promptly as possible, then we should praise such a casino, and not the regulation in most cases. This is because, if better regulated and standard companies could take ages to pay back their customers while others will never pay them back again due to lack of liquidity to do so, is the regulation not weak and faulty? This is common, so we should appreciate the casinos that did so and also know that regulation is not the key here but the integrity of the people behind the company.

[ryzaadit]

-snip-

Since you asking the proof result, it's quite simple.

Just created a thread, with the pools between storing money in the casino (even with VAULT) or withdrawing the money. I believe people are more comfortable withdrawing their money but still the pools will be going to "withdraw the money". We are thinking from gambling fallacy and behavior (withdraw your winning or losing all the deposit). The reason why most of us do (deposit - withdraw - deposit - withdraw) rather than stored in vault even we all know (deposit-witdhraw-deposit-withdraw) make us complicated, is cause we scared to gambling the money we already won again to the casino.

If you want get a good result between these topic (with forum stats) creating pools thread will be great. More sense reason, why people storing money in casino either they want to participated in casino investment or there has some vault system (locked) to gain a portion allocation from profit revenue casino.

[Jawhead999]

If you are gambling from a country where gambling is illegal, then you are violating the terms of many casinos. I haven't read the terms and conditions of all casinos but I know that many of them include in their ToS that the user is gambling from a jurisdiction where gambling is legal.

I just checked one of popular casino in this forum, you're correct.

This is really tricky, blacklisted jurisdictions is still not enough, but they should check the listed countries that Curacao license forbid, and make sure if your country allow gambling.

If gambling is not legal in the country, wouldn't the casino be banned from operating in that country or at least the person would not be able to access their website or anything like that?

Nope, not all banned countries listed on the casino, and not all casinos blocked by local ISP.

[Zoomic]

After reading lots of replies on these post, I have come to a conclusion that gambling with regulated casinos will save us  the risk of losing everything if a casino eventually goes bankrupt or wind-up, at least to some extent the safety of the gamblers are guaranteed since these casinos are accountable to the regulatory bodies in their countries and are still subjected to periodic audits. If things go wrong in a regulated casino, the gamblers will definitely be informed on the next line of action to take, this cannot be compared to most casinos that are not regulated and are not accountable to anything.

I do not believe that the government of a country is only interested in gaining financially from casinos without really having the interest of the people at heart. If the gamblers sense that the government don't care, then they should avoid depositing with the casinos.

[darkangel11]

I have to think any of the US regulated ones would have to follow standard laws under US guidelines but most of them are in offshore mostly unregulated areas.  So I would think in those cases the money just "disappears".  Good faith on them to offer a deadline at all I guess.  Because in reality they could just vanish and then what's the reprocussions?

Even if casinos act like luckybit and give you 2 weeks to withdraw this isn't even close to what legit companies do. Just look what many exchanges had to to to lawfully shut down. ThHey would keep support team for months, allowing people to withdraw. They'd send multiple emails to customers to let them know what's going on and how much time they have left. It wouldn't be done like this - hey, I'll just write this message on the forum so you know you have 2 weeks and then it's gone

[stadus]

I have to think any of the US regulated ones would have to follow standard laws under US guidelines but most of them are in offshore mostly unregulated areas.  So I would think in those cases the money just "disappears".  Good faith on them to offer a deadline at all I guess.  Because in reality they could just vanish and then what's the reprocussions?

Even if casinos act like luckybit and give you 2 weeks to withdraw this isn't even close to what legit companies do. Just look what many exchanges had to to to lawfully shut down. ThHey would keep support team for months, allowing people to withdraw. They'd send multiple emails to customers to let them know what's going on and how much time they have left. It wouldn't be done like this - hey, I'll just write this message on the forum so you know you have 2 weeks and then it's gone

I think this depends on their license provider. Rules should be based on their regulators, and they have to follow them to give ample time for gamblers to withdraw their funds before they finally close shop. One month, in my opinion, is a short period of time, but they can give one month to withdraw while the casino is still online. They should also provide other ways to contact them once the website is offline.

In short, they should not forfeit any funds that aren't withdrawn. Instead, they should have another party handle it or follow what their regulator recommends to ensure the gambler will get their assets. A closing shop should also be audited by its regulator to ensure safe and proper accounting of the remaining funds.

[Davidvictorson]

It got me wondering , what is standard practice for closing an online casino and what laws (if any) must be followed when doing so? Is there a such thing as “international casino laws” ?  (Probably a ridiculous question but had to ask anyhow)

If the casino is well organized there should a commonsensical and organized process of closure even in the absence of a law. The casino should already have their process written while they were writing their business plan. I know that in each document for a business plan there is always a place where they will write what happens when there is a dissolution of the business. And aside informing their customers to withdraw their funds way ahead of the closing time, they are also to inform the licensing and regulatory body of their shut down. This body would now check to see if they have no outstanding debts before going ahead to approve it.

[ChiBitCTy]

It got me wondering , what is standard practice for closing an online casino and what laws (if any) must be followed when doing so? Is there a such thing as “international casino laws” ?  (Probably a ridiculous question but had to ask anyhow)

If the casino is well organized there should a commonsensical and organized process of closure even in the absence of a law. The casino should already have their process written while they were writing their business plan. I know that in each document for a business plan there is always a place where they will write what happens when there is a dissolution of the business. And aside informing their customers to withdraw their funds way ahead of the closing time, they are also to inform the licensing and regulatory body of their shut down. This body would now check to see if they have no outstanding debts before going ahead to approve it.

Well and said and above all, simply logical.

Seen enough repeat replies of nothingness at this point. Locking.