Not your keys, not your coins — does this not apply to crypto casinos?

[Awaklara]

Just like those who trade on centralized exchanges, they sometimes leave their money there. But not for the long term. I’m sure traders will also make withdrawals once their profits are sufficient and will not use the exchange as a personal wallet. 
Gamblers also shouldn’t leave large sums of money in a casino. A casino is not a wallet for storing money. No gambler keeps large amounts of money in a casino. 
But what makes the difference is that many gamblers spend their money in a single gaming session. When they win, they will withdraw everything and enjoy their winnings. Some may leave a small portion for the next betting session.

[Somto9Light]

Do you keep a lot of crypto in casinos? in the long term for example a year or two or more? if yes this is really for you, but if not then you don't need to talk about it, in general exchanges are sometimes used to hold coins in the long term for those who don't understand securing their assets, I like to use it as a personal safe even though the exchange is just a market not a place to store, so the word is useful for people who don't understand the security of their bitcoin, while casinos, different he is not a market he is a place to play, most gamblers will spend their money there, no one dares to keep money in the long term in casinos.

When a gambler leaves a huge amount of crypto in their casino account, it’s usually a cue that the money is most likely going to be gambled. Casinos ain’t for leaving or storing funds, on the contrary it was designed to circulate funds. All the services and products that casinos offer, like the bonuses, the instant easy access and the layout all shows how much even the casinos requires you to spend the money and not store it.

[gunhell16]

My personal assumption - maybe many gamblers don't keep money in casinos hence the phrase “Not your key, not your coin” is rarely heard because they know casinos are places to play not to keep money, unlike exchanges because still most of the majority keep money on centralized platforms.

Aren't there also other casinos where you don't need to create an account using an email, but instead, you just connect any wallet like MetaMask and other non-custodial wallets to play on the casino's platform? So, in this setup, can we say that we are the ones who truly have control over our funds?

Because, of course, it seems like a 'DEX casino' to me, although I'm not sure if my term for it is correct. But from my literal perspective, with regulated casinos, it can indeed be considered
'not your keys, not your coins' because we submit our KYC.

[letteredhub]

I mean sure, it should. Why should it not? But, I don't see this line, "not your keys, not your coins" frequented in this sub (I haven't seen this line a single time here in my visits tbh but I might have missed, so I went with the possibility that it might have been mentioned) as much as the line is paraded when crypto exchanges are in question.

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

You are correct, you say not your keys, not your coins, it applies equally to crypto casinos as it does to exchanges. The majority of the citizens do not talk about it, as they believe that the casino deposits are not long-term and are not concerned about the possibility of losing custody. However, the reality remains the same: with a centralized casino, the withdrawals can be frozen, the payments slowed down or even disappear with your money in the same way unregulated exchange does. When you do not have possession of the keys, it is not really your coin, be it in an exchange or a casino.

The OP does he leave his coins saved in casinos? No, he doesn't and I don't think any body would want to do that when there are exchanges they can use and self custodian wallets. For the fact that people don't use casinos to save their coins makes the phrase "not your keys, not your coins" unpopular with casinos because for every coin we send into our casino account it doesn't take days we spend it to gamble.

[red4slash]

Only people have a specific purpose when they keep their coins in a gambling wallet.
It should be remembered that when in gambling, the function of gambling wallets is only temporary to store the deposits that we make and that we will certainly take after we get a win because this is always the case if the intention is to gamble. But maybe there are still those who do it with certain goals that can make some conditions such as money laundering or so can occur.

But in this case we cannot be naive because we have to do according to the function and until now the function of the gambling wallet is only to accommodate the deposit money and the money that we will play in gambling only no more than that and it is certainly not recommended to do storage outside of that purpose.

[libert19]

...Just remember this: once something requires KYC, you can’t apply the phrase “not your keys, not your coins.”

I don't get it, explain?

...Because, of course, it seems like a 'DEX casino' to me, although I'm not sure if my term for it is correct.

DEX stands for Decentralized Exchange, as for what you are referring to, Decentralized Casino is proper term, and I don't think any abbreviated version of it is available yet, but we could make one like DeCas, lol.

[She shining]

The reason is because you are not holding or investing in a casino or are they wallet or an exchange. Keeping your funds there is secondary the primary is to play a game with the funds. Not your keys not your coin applies only when you holding. Using a casino is like playing poker IRL. Cash for chips.

[Su-asa]

Many people are using centralized exchanges for bitcoin and cryptocurrencies in general just as banks are used for fiat. But people are not using their crypto gambling accounts to save their coins just as banks are used for fiat. That is the difference.

You can read what most people posted here: Do you guys hold funds on Casino?.

You are very correct mate, exactly the point. A crypto casino is not like the bank that holds people's funds or a crypto exchange that hold people's coins but a platform whereby gamblers are only registered to gamble for entertainment or other purposes which is not the main reason for the casino such as gambling to make money. When bitcoin is on your betting account you dint have full control over it, only when you have full control over is is when is on your bitcoin wallet.

[moneystery]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

The reason "not your keys, not your coins" isn't widely used in crypto casinos is because few people keep large sums of money in casinos, some may, but they're not very numerous, most only keep small amounts for playing sessions. Most don't choose their casino accounts as long-term wallets, they prefer to withdraw their money and then store it in their preferred wallet. Therefore, the phrase "not your keys, not your coins" doesn't need to be emphasized as much for crypto casinos, as few users keep their money in their casino accounts long-term.

[Wakate]

The reason is because you are not holding or investing in a casino or are they wallet or an exchange. Keeping your funds there is secondary the primary is to play a game with the funds. Not your keys not your coin applies only when you holding. Using a casino is like playing poker IRL. Cash for chips.

Playing games on casinos have nothing to do with not your coin, not your seed and people should understand that gambling is not a regular investment where you will buy coin and hold to make money from it when the price starts going up. You are only gambling to make money with your little deposit and when you are able to make profits, all you will do is to remove the money and continue with the balance available on the casino.

[LDL]

It could be that users don't store funds here like they do on centralized exchanges or hold them for the long term. Many people hold cryptocurrency on a central exchange, and we all know that if we keep money on a central exchange, we don't have control over it. That's why many people post warnings and say that if you don't have your key, then the property is not yours.

But people do not store huge amounts of cryptocurrency in casinos or keep the amount of budget allocated for betting in the casino account, which is why people do not pay attention. Both casinos and central exchanges work in the same way and their control system is in the hands of a third party, so the funds are not safe. But users do not keep much funds in casino accounts, which is why there are very few warning posts here.

[Richbased]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

Even centralized exchanges do not need any keys for you to get access to your account because you can either use your password or a passkey like your biometrics to log in same goes with centralized casinos. The difference between centralized exchanges and centralized casinos is just that one holds funds for gamblers/gambling activities while the other holds funds for users who might want to trade with it or convert to other cryptocurrency. Not your keys is a personal term which used to show ownership of your cryptos so the moment you send your coins to a casino account, it is no longer in your custody so it's not your keys anymore.

[Churchillvv]

I don’t know if anyone gets to leave their coins in a casino but I’m sure people do that with an exchange however, exchange or centralized exchanges are very different from crypto casino so whoever losses his or her coins to a casino has reasons why he save coins in a casino because basically people don’t save in a casino wallet or account instead they do such with CEXs.

But additionally not your keys can actually apply to anything as long as you don’t have total control over it.

[Hyphen(-)]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

When you talk about casino or gambling, he who participated in any of their games simply means is also a gambler, and no one cared about that since you are going there to make money so anything that happens to your funds in the casino wallet, it is related to the casino platform, and for you to bet there, you have gone through their terms and conditions and you accepted, therefore no one should be held responsible.

Not your keys not your coin is not applicable to casino platforms because they are centralized completely that’s why people do win games and the casino’s gambling platform and the casino will hold the money claiming that the user violated some rules  of the casino which is complete centralization.

[ScamViruS]

Exchanges and casinos are completely different. People use crypto exchanges to buy crypto and hold the coins they have purchased. Many people use crypto exchanges like banks to hold their coins, as they keep the funds on the exchange for trading. And people use casinos to gamble, so they deposit whatever funds they need to gamble at the casino. So there is no point in keeping extra funds in a casino, and that is why no one uses a casino to hold crypto. And no crypto investor might even think of a casino as a means to hold crypto.

[Cryptomultiplier]

Once you transfer funds from your non custodial wallet to a Crypto casino that uses a custodial wallet, the funds is open to risks that can come in form of third party risks like hacks, the casino could be implicated or involved in a fraud case and have every funds seized or they could simply become or declare bankruptcy and that is a problem on its own because your funds would be lost.

Knowing this would make you who claims to be a smart gambler apply risk management practices that involves you depositing only the amount you intend to gamble with, withdrawing winnings as soon as possible, not later and also using cold storage when you consider leaving your funds on a hot wallet like a casino wallet.

That's the only way to stay safe and actually see the 'not your keys , not your coins' as just an adage that shouldn't be applied to you, but just a myth.

[o48o]

I mean sure, it should. Why should it not? But, I don't see this line, "not your keys, not your coins" frequented in this sub (I haven't seen this line a single time here in my visits tbh but I might have missed, so I went with the possibility that it might have been mentioned) as much as the line is paraded when crypto exchanges are in question.

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

Every time when exchanges and casinos get hacked and robbed, it keeps coming up. Personally i see these kind of advices going better to Beginners & Help section.

But during my time in here i have seen exchanges and smaller casinos doing exit scams and disappearing. Still, i would say that it's way more plausible that i lose my keys, then any of those casinos getting hacked to point of no recovery. The amount of money they make in a year is so huge that $70m hack doesn't even make a scratch. So i am fairly confident that my money is safer there. Even if it's against the very core of why cryptocurrencies exist.

[dimonstration]

I don’t know if anyone gets to leave their coins in a casino but I’m sure people do that with an exchange however, exchange or centralized exchanges are very different from crypto casino so whoever losses his or her coins to a casino has reasons why he save coins in a casino because basically people don’t save in a casino wallet or account instead they do such with CEXs.

But additionally not your keys can actually apply to anything as long as you don’t have total control over it.

Some gambler are just too lazy to withdraw because they want to play again after they end their gambling session for the day but this is dangerous thing to do since some casino close without further notice like what happened to Freebitco.in right now that offers investment opportunities that’s why players usually leave their funds there for investment and at the same time for casino bankroll.

There’s betnomi too that disappear out of nowhere despite being popular already and have a lot of active promotion in the forum. I believe on withdrawing funds right after you gamble is always the best practice.

[Fiatless]

I don’t know if anyone gets to leave their coins in a casino but I’m sure people do that with an exchange however, exchange or centralized exchanges are very different from crypto casino so whoever losses his or her coins to a casino has reasons why he save coins in a casino because basically people don’t save in a casino wallet or account instead they do such with CEXs.

But additionally not your keys can actually apply to anything as long as you don’t have total control over it.

You have options to keep your crypto in a custodian or non custodian wallet. Not your keys, not your coins slogan targets at encouraging people to control their funds by using non-custodian wallets. The crypto casinos industry is filled with centralized platforms. Non-custodian casinos are non-existent. Gamblers don't have any option but to keep money in these centralized platforms. Just like others have said, casinos are not banks, wallets, or exchanges. You should only keep money budgeted for gambling inside your account. 

[Myleschetty]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

I believe that most gamblers only deposit the money they wish to use to play the game and don't use the gambling platform as a cryptocurrency storage, which is why not your keys, not your coin, doesn't apply to a centralized gambling platform. However, if we look at how people use CEX, it is completely different from how gamblers use/treat the gambling platform, as they mainly use it for gaming activity. I think this is the main reason why the majority of cryptocurrency enthusiasts didn't see any use for the phrase "not your keys, not your coin".