Should Crypto Casinos Be Required to Publish Proof of Reserves?

[DPHOR]

Should casino published how much money they have in the beginning? Sort of Proof-of-Reserves? So that gamblers knows that in a event of a big win, we know that they can cover it? Because I remember a case wherein a new casino what hit with a big win and they paid the winner in staggered and not in out get go.

I'm just thinking of this set-up as most of us says that licenses is no longer the standard for new casinos to have. They can easily apply for it and once they got roll the casino itself here but we don't know if they have enough bankroll in the beginning.

Does it make sense?

Of course this actually makes Sense if you ask me because there are some casino or gambling site that may want to start small without enough money in reserved and when there is a big win or several winning then they ran into shortage of money were they would start paying out the winning in a way they wouldn't make better use of their money.
I think, such address should be made public on their gambling site so that gamblers could know what they have in reserved should were there is a big win they could have It paid out in full.

[Onyeeze]

Should casino published how much money they have in the beginning? Sort of Proof-of-Reserves? So that gamblers knows that in a event of a big win, we know that they can cover it? Because I remember a case wherein a new casino what hit with a big win and they paid the winner in staggered and not in out get go.

if a casino should be asked to post what they have all the amount of money they have in their possession, before someone will Gamble with them, that can decide to fake the figure of amount they have, and many people will not question them because what ever they showed you is what you believe on and they come collaborate with a bank manager to give them a figure of amount to publish to their players in order to make them to be satisfied or to believe that there are capable of paying any amount of money someone win, so those method of they use to apply for us especially a trickish way method that can also apply such thing in order to deceive their client

[MAAManda]

Should casino published how much money they have in the beginning? Sort of Proof-of-Reserves? So that gamblers knows that in a event of a big win, we know that they can cover it? Because I remember a case wherein a new casino what hit with a big win and they paid the winner in staggered and not in out get go.

I have also heard of cases like that, but they didn't happen on crypto casino platforms, they occurred on casino platforms that only supported our local language. That sounds pitiful for a platform that actually lacks sufficient funds to pay its users.

Does it make sense?

In the crypto industry, we can't simply take a platform's word for it, instead of trusting blindly, we must verify the information ourselves. However, that isn't actually necessary. AFAIK, casino platform always wins, they simply take a small amount from the user (House Edge concept), while the user's money returns to the user (Return To Player concept). So, it's not an issue for a platform not to have PoR, if they can provide it, our level of trust in the platforms that do provide PoR information can be higher.

[Cantsay]

It makes sense for a lot of new sites to have it in place.

There are several ways in which this is going to help; the first is the fact that it would help people know the capability of the site and also for high rollers to know if it can handle them or not.

It would also help to build trust; they would need a way to also prove that the funds are actually real and not a doctored. i think I saw a  case where one company tried to forge the total funds that they have in reserve, but they were later discovered and that led to the ruin of their reputation.

[romero121]

This will be good for the users to verify the information and the trust over the platform will increase. By the same time scam platforms will suddenly use it as a way to promote the platforms with the reserve proof of fund. This will be an issue and people easily fall for it. From various posts it is clear that every casino need to submit the proof of reserve for licensing. So, it is always good to check the licensing which can be considered the trust factor of the platform.

[fullfitlarry]

Make sense but I don't think that this could be the norm in the future. They can argue that they don't want to show it publicly due to that they might be an attack vector from scammers. Lessons here for gamblers is that if the casino is new then maybe we should wait till it gain reputation and be a brand name here in the community if we have trust issues on new casinos.

And come to think of it, let's say that they have posted it, but behind we don't know if the casino itself has massive debts from behind. So we really don't know it's true financial standings.

[Darker45]

The reason why proof of reserves of crypto exchanges is somehow pointless is that it doesn't show the liability. It shows how much they have but doesn't show how much they owe to their users.

I'm afraid this is more or less similar with crypto casinos. If we know how much funds a casino has, what does it say about its ability to pay all the existing bets should they win? Does a proof of reserve of a casino tell us about how much funds users have in their wallets?

[$crypto$]

But making their whole bankroll for public can be dangerous to the casino, it will attract more hack attempts on the platform which will increase the cost of operating the casino.

The reason why casinos do not publish their bankrolls, can be a more important security reason especially now that hackers are smarter to infiltrate from anywhere, no matter how strong the casino's security system is afraid of gaps and it is being misused.

I've had casinos that display their bankrolls still it doesn't get the full trust of the community and lose to the same casinos that never display the bankrolls, the players sometimes don't care about this.