When an offshore casino shuts down, what happens to the players?

[Female King]

Not so risky for gamblers if we know how to manage the risk. I mean, this is a casino, not a wallet or exchange where your money needs to stay there for days.

We should develop a habit that once our bets are settled, we withdraw the money, then just deposit again if we want to play. I know sometimes it is a hassle, and there may also be transaction fees since some casinos charge for withdrawals, but if that is the only way to minimize the risk, then I think it is worth doing.

For safety purposes gambler don't need to save money in there casino account, you can either leave the amount you want to stake with in the casino not leaving your entire win amount in the account and intend to gradually use it anytime you want to bet.

Some gamblers have this confidence that they are using a reputable casino that no such bad thing will occur, as we don't pray for anything bad to happen we should also be conscious of what we do, knowing that there is still every possiblity that anything can happen, to avoid such unforseen circumstances is just to deposit when you want to gamble and withdraw when you win.

[Cityhunter34]

Not so risky for gamblers if we know how to manage the risk. I mean, this is a casino, not a wallet or exchange where your money needs to stay there for days.

We should develop a habit that once our bets are settled, we withdraw the money, then just deposit again if we want to play. I know sometimes it is a hassle, and there may also be transaction fees since some casinos charge for withdrawals, but if that is the only way to minimize the risk, then I think it is worth doing.

Instead of ending up losing everything at once, it will be better to only deposit when you want to gamble, regardless any amount they charge you as a deposit fee. It is absolutely important for us to always put this into consideration when gambling, because casinos are not a reliable place to save money.

No matter how reputable they are, you shouldn't get carried away by trying to keep all your funds with them, because anything is possible to happen at any time.

[YOSHIE]

There is also not much information yet if withdrawals there are being processed normally.

Regulation is currently a big challenge for hundreds of offshore gambling companies in the Philippines at the moment, closure is a serious action taken by the current government, usually when cases like what happened in the Philippines, gamblers will automatically switch to alternative gambling sites, such as going to land-based, physical or online casinos, it is clear that gamblers will not remain silent looking for alternative platforms that will keep them betting.

What I want to discuss here is the risk of trusting overseas casinos too much. When everything is working, there may be no problem, but once they go dark or shut down, they might not cooperate anymore and users could end up having their money stuck there.

For this reason, before they actually close offshore gambling, the money is the main goal of following up, so that problems do not occur in the future, it would be fatal if we left the money there, because it is clear that it will be closed.

[Asuspawer09]

There are some cases of scam casino back in the day where they were going to go full marketing to promote and gain users, after accumulating a huge funds in the casino or gambling website they were going to desappear and no trace since the website is not going to run anymore, if you are overseas there was no way you could do a thing even withdrawal is not going to happened anymore, if you do legal stuff it would cost a huge lot plus there was no guaranteed since you don't really have any idea where they were or if the information they put is accurate.

I guess this is the inevitable risk of putting money on some casinos, especially on the casino that doesn't really have a name yet, right? I mean on a popular casino you could maybe get some guarantee since they will be for sure have some legal stuff that could happen if they get shut down by something, so players could demand a withdrawal or a rebate at least, since there will be trial and these casinos are already operating on popular countries.

Personally, I would probably just go for the popular ones, since they might have credibility still, funds getting stuck is always a thing I guess since it was a centralized platform in the first place.

[YellowSwap]

What I want to discuss here is the risk of trusting overseas casinos too much.

For me, real issue is how much balance we are leaving in casino and how much control they have over withdrawals.

Speaking of Tether.bet, any casino can be shut down. Many casinos have been shut down with good reputations in our forum.But problem is that existing customer are being asked to make withdrawal requests on the one hand. On the other hand, they are being sent to a completely different platform like NNVIP88.

If I were you, I wouldn't just assume that my old balance is safe on the new platform just by looking at the redirect. I would first want to know if NNVIP88 has legally/contractually taken responsibility for Tether.bet's outstanding balances, or is it just marketing referral?

If the reason why they directed to NNVIP88 is to make them withdraw all their funds isn't it a good thing? I wouldn't continue to gamble  on the new platform if that's what they want, once I withdraw successfully i am never coming back.

Many online casinos with good reputation have closed down, it's not a big deal that this is happening right now, it won't be the first and it won't be the last either.

[Taskford]

I came across this news about a casino that has already shut down, and here’s the interesting part. There are users from different countries including the Philippines, and instead of just leaving everything there, the site is also forwarding visitors to another platform called NNVIP88, which is not really known here in the Philippines.

There is also not much information yet if withdrawals there are being processed normally.

What I want to discuss here is the risk of trusting overseas casinos too much. When everything is working, there may be no problem, but once they go dark or shut down, they might not cooperate anymore and users could end up having their money stuck there.

This is really strange behavior by a casino and actually there are lots of risk dealing with them. Because lots of chances that they might do a rug pull scheme, knowing that they are not regulated and hard to trace.

So better don't trust much the casinos we played, even if we know that they are doing good for many years. Because nobody knows on when they start to create an issue with their players, so better use only the minimal amount which they can afford to lose.

To many offshore casinos shutdown their operation for many reasons and as result there are also lots of people lose their money.

Also if I know there's same scenario happened about that transferring, I will not provably proceed to grab their recommendation and will just try to withdraw my funds then go play with other reputable casino.

[$crypto$]

Tether.bet is an unfamiliar casino name on the forums, it's like stealing the name of the USDT stablecoin site and it's a bit strange with the naming of the site.

I do not know how the mechanism of this casino closes, has there been a notice before? I see some crypto casinos closing their services immediately announcing on social media to withdraw funds immediately before a certain limit.

If there is something like this then the user may not lose their assets because they have been given the opportunity to withdraw, another play in offshore casinos certainly has a risk.

[Bitinity]

What I want to discuss here is the risk of trusting overseas casinos too much. When everything is working, there may be no problem, but once they go dark or shut down, they might not cooperate anymore and users could end up having their money stuck there.

Trusting casino is not the main problem especially if you have proven it yourself that the casino is reliable but it does not mean that you should put your money too much in the casino for too long time. It is part of our own responsibility because casino is not a place to keep our money as well as an exchange. Sudden close down may happen even to casino that has been operating for years so better to always cash out our money once we done with a single gambling session. I know it may cost some money for tx fee but it is better than if we have to risk the whole amount of money.
In general, reliable casinos will not do sudden shut down. If they have to do it, they will make prior announcement to players and let players to withdraw remaining balance or maybe the casino will give something like a month after the shut down to process the last withdrawal.

[Tetu100]

But ultimately, most average gamblers only leave the money they want to use to gamble; in other words, money that they can afford to lose, so when lost, it won't hurt them that much.

I think this is just the possible way forward as a gambler that understand safety and knows its important . If not why will an experienced player be keeping almost all his funds in a platform that is not sure of the next minute. That is absolutely risky, although there are still some casinos that normally gives signal before shutting down but even as that, safety measures is very important in every thing.

 Again, this will open the eyes of many other gamblers that are in fond of making same mistake. Nobody is expecting negative energy but sometimes preparing ahead isn't always a bad idea.

[liasbaa]

There are many cases of casino closures. I have seen several online casinos close and I have suffered financially. I was not previously cautious about adding money to my casino portfolio on online platforms, but now I am very careful.
Casinos can close locally or internationally under any circumstances. The situation can turn against you at any time. Do not hold additional funds in your casino portfolio beyond what is necessary to ensure the safety of your funds.

[EluguHcman]

What I want to discuss here is the risk of trusting overseas casinos too much. When everything is working, there may be no problem, but once they go dark or shut down, they might not cooperate anymore and users could end up having their money stuck there.

Whether it is an local, offshore or overseas casinos, the main characteristic of them that you should consider before using it is the licensed status.
Scammers has seem to adapt to being patient these days that they would pretend to be genuine for a long time all just to win the trust of the users.

So because you have been built with trust, you don't longer feel skeptical about the risk of the casino being unlicensed until there is a breakdown on the site.

Literally, no problem with an overseas casino that is licensed and T&C transparent.

[bakasabo]

If I understand it correct, casino got shut down, some users had left there funds, and instead of appropriate funds to itself, casino forwarded those funds to other casino (and most likely all user account information). On one hand that is good, because they cared about their customers, on the other hand protection of information from third parties does not work in this case at all. I think all that did not happen instantly and users were warned and had time to move funds out.

[Charles-Tim]

What I want to discuss here is the risk of trusting overseas casinos too much. When everything is working, there may be no problem, but once they go dark or shut down, they might not cooperate anymore and users could end up having their money stuck there.

This is not only about overseas, it can happen to some licensed sites. Let us not only discuss about the gambling sites but all sites. What if the company have been mismanaging customers money and let the company got liquidated and go bankrupt? This is the reason we should use a good site, but also not leaving high amount of money on your account on the site.

Stake.com is an offshore gambling site, but I am using the site not only because I wear the site signature and avatar on this forum, but because it is the largest crypto gambling site and I still trust the site than other gambling sites.

[lodocus]

If the casino has a legal basis, I think you’ll be able to get your money back eventually. This applies not just to casinos, but to anything where your money is involved. In my country, even some card services can be suspended, either permanently or temporarily. Although people may suffer for a while, they usually get their money back in the end. After all, if you can’t get your money back, that’s fraud, and that’s a completely different situation.

I don’t think casinos make the decision to close down on a whim. They’re required to notify their users of this. If they’re going to suspend operations, they’ll provide a specific date in advance so that people have the opportunity to withdraw any funds they have left in their accounts.

[Rruchi man]

I came across this news about a casino that has already shut down, and here’s the interesting part. There are users from different countries including the Philippines, and instead of just leaving everything there, the site is also forwarding visitors to another platform called NNVIP88, which is not really known here in the Philippines.

It is not normal news that a casino transfers stranded gamblers on their platform to another platform after closure. Some casinos will close up and then leave the customer stranded without caring what happens to the money they have in their gambling balance. I feel it is only possible for casinos to transfer it to another casino if the two casinos are affiliated or even owned by one person or group, but having one unknown casino transfer each entire customer to another unknown casino is very highly unlikely.

[bakasabo]

I came across this news about a casino that has already shut down, and here’s the interesting part. There are users from different countries including the Philippines, and instead of just leaving everything there, the site is also forwarding visitors to another platform called NNVIP88, which is not really known here in the Philippines.

It is not normal news that a casino transfers stranded gamblers on their platform to another platform after closure. Some casinos will close up and then leave the customer stranded without caring what happens to the money they have in their gambling balance. I feel it is only possible for casinos to transfer it to another casino if the two casinos are affiliated or even owned by one person or group, but having one unknown casino transfer each entire customer to another unknown casino is very highly unlikely.

Biggest thread here is that they might or will transfer private data as well. For example you might find it fine to verify your mobile number at offshore casino, but if they transfer your client data to casino that is registered in your country, that might cause you problem with local tax authorities later. Abroad mobile operator can not identify you, but local mobile operator will do that in no time. And if they transfer also all your gambling history (because they want you to have same account level, wagering numbers and etc), then it is a very tricky situation for you.

[Dr.Bitcoin_Strange]

Before a casino is allowed to operate in a jurisdiction, they obtain the permit to do so from the right authority in that country, so, even if the casino shuts down, they can not escape legal action that will be taken against them if they failed to return money that belongs to players in that country. The situation where you can not do anything is probably if the offshore casino was never legal in your country but you find your way to use VPN and access the casino but if they were granted permit of operation by your country's government, then the government can help victims to recover their money if the casino shutdown.

[YellowSwap]

In fact no matter how reputable casino seems, I would not keep my gambling balance as a saving account. If there are more fund than necessary, we are taking counterparty risk in the event of casino shutdown, license issue, payment problem or management decision.

So I don't think offshore will make it scam. But in the case of offshore operator, I would keep my withdrawal frequency high and not keep any large balance. In the end it's not how quickly casino process deposit of our money. But how reliably it processes withdrawal during problem, that's actual test for me.

Thank you, this is exactly what I had in my mind about this topic, offshore doesn't mean scam, most of the online casinos I use are so far away from me, most of them are not operating in Africa.

The warning is either offshore or local it's always a good practice to withdraw once you are done with any online casino, there is no reason to give up your trust to any platforms or websites that's been operated by humans.

This is not a hardware wallet where you can keep your assets and go back to bed, they can exist while you are asleep, something bad can happen while sleeping..

[Die_empty]

I came across this news about a casino that has already shut down, and here’s the interesting part. There are users from different countries including the Philippines, and instead of just leaving everything there, the site is also forwarding visitors to another platform called NNVIP88, which is not really known here in the Philippines.

There is also not much information yet if withdrawals there are being processed normally.

What I want to discuss here is the risk of trusting overseas casinos too much. When everything is working, there may be no problem, but once they go dark or shut down, they might not cooperate anymore and users could end up having their money stuck there.

Everything that has advantages also has disadvantages. These offshore-registered casinos are not too strict with KYC, but gamblers might easily lose their money in case of closure or bankruptcy. Using local gambling setups is good because they are insured.

I would not consider continuing with NNVIP88 if it were just a form of advertisement. If they would give me back my deposit on the closed platform, I might consider registering. Use only gambling platforms that are trusted, so research NNVIP88 and check how legitimate they are.

The moral lesson is never to use a casino account as a bank or wallet.  Never keep an amount you cannot afford to lose in a casino account.

[Iranus]

In fact no matter how reputable casino seems, I would not keep my gambling balance as a saving account. If there are more fund than necessary, we are taking counterparty risk in the event of casino shutdown, license issue, payment problem or management decision.
So I don't think offshore will make it scam. But in the case of offshore operator, I would keep my withdrawal frequency high and not keep any large balance. In the end it's not how quickly casino process deposit of our money. But how reliably it processes withdrawal during problem, that's actual test for me.

Thank you, this is exactly what I had in my mind about this topic, offshore doesn't mean scam, most of the online casinos I use are so far away from me, most of them are not operating in Africa.
The warning is either offshore or local it's always a good practice to withdraw once you are done with any online casino, there is no reason to give up your trust to any platforms or websites that's been operated by humans.
This is not a hardware wallet where you can keep your assets and go back to bed, they can exist while you are asleep, something bad can happen while sleeping..

But this NNVIP88 platform is promoting e-sabong, online cockfighting, @Balik, which has been banned by your Philippine parliament and law! isn't it? In other words, one illegal scam casino is closing down and pushing users into another illegal scam.

We, who have been raising our voices for so long that keeping excess fund in unlicensed or unregulated offshore platforms is suicidal, today Tether.bet users are feeling it to the bone. They thought they were getting no-KYC and high-limit betting benefit. but at the end of the day, when the website shut down and hung up a fake support email. Who will they go to for justice? To a shell company in Montenegro?