Small balance in casino wallet

[Patikno]

Like we know, currently active casinos may become inactive (no longer operating) at some point. When that happens, there is a chance that funds in users' wallets will disappear, especially if the casino can't refund users. However, I'm sure reputable casinos will maintain their reputations, and they will be responsible by allowing users to withdraw funds within a reasonable timeframe.

So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

What I am referring to here is small balances that can still be withdrawn. Whether it is from weekly, monthly, reload, and others.

[Mr_Brilliant$]

It is called a casino for a reason and not a bank. Just because it's convenient to do doesn't mean you should do it. That's were people make that mistake and even doing it with their crypto on centralised platforms. Come on.

Just because the casino has a good reputation doesn't mean you do things without looking at the risk. Even though you decide to do it after all the advice, best to leave in there money you can afford to loose. That's the whole point of gambling in the first place.

It's best not to attribute the duty of another to another. You get? A casino is not a bank. Don't give it the duty of a bank and expect that they won't flop. Keep your money in the bank because that's it their primary duty.

[eternalgloom]

First of all, Not your keys, not your coins, phrase we are all familiar with in crypto world.
But most people forget this when making deposit at casino and exchange.

No matter how reputable or top tier any casino is, it is not your personal wallet. It is third party platform.
My straightforward opinion is that you should never treat any third party platform as your wallet by leaving fund there.

Session over, game over.
Withdraw your funds and immediately transfer them to your personal cold wallet or non custodial wallet.

[NeuroticFish]

do you think it should be better to avoid using casinos as a place to store your money ?

It always depends. If you know that you will go back in less than a month and the amount is small, why not?
But if gambling is not your thing, it's most probably better to get the money to your wallet. As said, it's a casino, not a bank (and for crypto the only proper "bank" is your wallet)

[Smartprofit]

Every time you transfer your cryptocurrency to a cryptocurrency exchange address or an online casino address, you cease to own that cryptocurrency. After all, you no longer have your private keys! 🙋

When you transfer your cryptocurrency to a centralized platform address, you lose control over your money (effectively, you lose ownership). The cryptocurrency is now owned and managed by others. In exchange, you receive a receivable (the right to demand a certain amount of money from the centralized platform).

If the online casino runs into problems (risk of bankruptcy, etc.), you can certainly demand a refund (you have that right). However, this right to demand a refund is completely different from the Bitcoin in your wallet (seed phrase). It's quite possible you will never see your money again.

Therefore, in my opinion, storing significant amounts of money in online casinos is strictly prohibited.

[bitbollo]

...
So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

-After every session of gambling I would make always a withdraw - never leave coin in any service online - it's not matter if you trust it because if you don't trust them you will never sent a single satoshi
-Yes. New session, new deposit. It's expensive, it requires time but I have for the rest of the time full control of my coins and also would avoid any "quick" bet.

You had always to take in account that a small amount can't be withdraw. It could be also designed on purpose since you will play more or just make a new deposit!
As anyone would say, you had never use a casino as wallet. In the past there was a promotion with an impressive return of 15% for deposits pay hourly.
I would not mention the website since they are not maybe offering again this promo but other veterans could confirm.
Another interesting mention was a website able to "merge" small amounts from affiliated casino...

[Alphakilo]

So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

What I am referring to here is small balances that can still be withdrawn. Whether it is from weekly, monthly, reload, and others.

Am actually not in support of using a casino as a place to store funds because for one, it might be flagged and kyc would be demanded if such funds is only stored and not utilized to gamble.
I also prefer to transfer a large bulk of my wins out of the casino platform to avoid falling into the temptation of increasing future bet size or betting on leverage that could wipe out my whole capital. Afterall, capital preservation is one of the core skills of risk management practices and should not be ignored in total so as to stay profitable enough.

A casino account isn't a bank account and shouldn't be used as such unless deemed necessary where there is hope of future betting.

[r_victory]

If we shouldn't use exchanges to store money, why use casinos? Yes, I know many gamblers leave their funds there, but that's negligence. Deposit what you're going to bet and, when possible, withdraw it – simple as that. As mentioned, a serious and responsible casino/company will allow its clients to withdraw their funds if something goes wrong; others won't. The problem is knowing which casino fits those descriptions.

[Yorubek]

I like to gamble with a small amount of money within my means, so that if I lose, I don't have to face a big financial and emotional disaster.
 
I think it is wise to withdraw most of the money I win by gambling, there are a few advantages to this, first of all, we don't know when emotions or greed will arise, so if we withdraw most of the profit, it will be easier to control emotions, which will reduce the amount of loss.

Normally, casinos that are reputable and have been operating for a long time and have a valid license do not scam gamblers because their goal is to do business for a long time, their reputation is involved here, they do not scam gamblers, but I will never choose a casino to keep money, I will withdraw most of my profit quickly.

[Aanuoluwatofunmi]

Like we know, currently active casinos may become inactive (no longer operating) at some point. When that happens, there is a chance that funds in users' wallets will disappear, especially if the casino can't refund users.

If I will also go by my own advice, we should only deposited as little as we can afford to lose on a casino platform because they are custodial storage and this centralized platform cannot give us the private keys to our coins they are platform and we don't know when or how soon they might be attacked, better to play safe.

However, I'm sure reputable casinos will maintain their reputations, and they will be responsible by allowing users to withdraw funds within a reasonable timeframe.

How many gambling casinos are able to make refund to their users that God affected by either scam or hack, once they went bankrupt and that is all we hear and nothing more than stories for the gods, most users affected don't really get refund except on a rear cases and only a fewer casino will make announcement prior to the shutdown they intend to go through.

[Charles-Tim]

First of all, know that gambling site is not a noncustodial wallet. After you finish gambling, it is best to just withdraw your money.

So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

But there is small amount not money that I sometimes leave on Stake gambling site. It may not be more than $10 that I am having there right now, but which I can afford to to lose.

[Donk1]

Like we know, currently active casinos may become inactive (no longer operating) at some point. When that happens, there is a chance that funds in users' wallets will disappear, especially if the casino can't refund users. However, I'm sure reputable casinos will maintain their reputations, and they will be responsible by allowing users to withdraw funds within a reasonable timeframe.

So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

What I am referring to here is small balances that can still be withdrawn. Whether it is from weekly, monthly, reload, and others.

Well while the ideal of gambling is risking what you can afford to lose, to me no balance is too small or big. As long as you aren't playing at the moment or you don't know when you are going to place a bet, then it's easy to just withdraw the funds.
But still I believe most folks might have this idea of if they withdrew both the payout they won and their initial capital, they might end up making use of it. Still that's no excuse to leave your funds in a casino wallet.Though everyone has their own reasons still it's better to withdraw it than to lose it even without staking it. So yeah that's all......

[Frankolala]

If it's an amount that you can afford to lose there's nothing bad to leave it in your casino account after your session but if it's not what you can afford to lose, it's better that you withdraw it to your self custody wallet. The reason why I don't like leaving much in my casino account is because I will be tempted to gamble frequently.

[Findingnemo]

Like we know, currently active casinos may become inactive (no longer operating) at some point. When that happens, there is a chance that funds in users' wallets will disappear, especially if the casino can't refund users. However, I'm sure reputable casinos will maintain their reputations, and they will be responsible by allowing users to withdraw funds within a reasonable timeframe.

So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

What I am referring to here is small balances that can still be withdrawn. Whether it is from weekly, monthly, reload, and others.

Casino/exchange or any custodial wallet is not meant to hold your crypto, if your session ends and you don't have the plan to gamble again for a while then just withdraw it and nowadays casinos are offering cheaper withdrawals on different chains and ideally a stablecoin on BEP chain is suitable for withdrawing small amount and also pick a casino with minimum withdrawal limit like in stake it is $2.5 but I also ready in some casinos the numbers can be lot higher.

[Agbe]

So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

Aha! This is a rhetorical question, you have been in the forum for some times now and from various discussions about casinos, you supposed understand the behavior of casinos. Casino is not where to keep, store or a place of investment buy it is a place to make a prediction or try your luck I'm slot or spin games to win extra money add it to your deposit. And in my own understanding, any funds that has been deposited to a casino is mo longer yours unless the ones you withdraw back toi your wallet again because you can lose everything back to the casino.

Well in a simple way. You have to withdraw immediately after every good wins and if you will like to continue playing, you can o ly keep some percentage to continue but if you know that you are not gambling at that period, it is good you withdraw everything.

[DanWalker]

Given how stringent global regulations and AML compliance requirement are becoming, any casino might suddenly be forced to stop offering its service to player from particular country.
Hassle you’ll face, getting caught up in cycle of support ticket just to withdraw that small balance, will cause you more mental stress than value of balance.

I could see many people think, what's the harm in keeping small balance, like $10-$20?
However, if you look at casino's T&C, you will find provision regarding Inactivity Fee or terms for Dormant Account. If you remain inactive for few weeks, they start deducting from your balance under guise of service charge.

[promise444c5]

Why would you use a Casino as a wallet to store your assets? Did Casino advertised custody of your entire assets to you  apart from custody of your deposit for gambling and your gambling winning? I guess the answer is no, so why should you store your money there.

Deposit the amount you want to gamble and withdraw your profits when necessary if there’s any..

[Swordsoffreedom]

However, if you look at casino's T&C, you will find provision regarding Inactivity Fee or terms for Dormant Account. If you remain inactive for few weeks, they start deducting from your balance under guise of service charge.

While Sportsbet.io has policy for deducting balances in this manner, not all casino have such rule.

Talking about Stake.com there is no inactivity fee even if you leave your account idle for long time.

So, I am curious: do you think it should be better to avoid using casinos as a place to store your money ? is it better to transfer it immediately after each session ? or, do you have any other reasons ?

Even though on chain casino is secure but if your account credential, session cookie or 2FA are compromised in any way then funds in your casino wallet could be drained in a second.

However, if your fund are held in your own crypto wallet such as Trezor or Electrum then you have 100% control over your security.

[Obim34]

What I am referring to here is small balances that can still be withdrawn. Whether it is from weekly, monthly, reload, and others.

Now casinos are charging about 10% per month if you have a balance that has remained over 1 year on their site. If you have a balance in there for a long time, according to their terms, a certain percentage will be deducted as service charge.

If you have money in a casino, withdraw it once you stop playing, casinos are not banks or wallets where you store your funds.

[Miles2006]

I sometimes leave my funds in my casino account, nothing so serious though. One of the common reason includes depositing funds into the casino from a centralized exchange sometimes takes much time so why not leave the funds there to bet some other time. This is normal for me no doubt but, I do have a limit like an amount range and once the funds is much bigger I always withdraw out obviously I don’t want to re-bet using a huge amount of my wins. I still have my funds in a casino although I have not visited the casino for some time now, aside the fact the casino is reputable I know it’s not safe storing funds in a casino account.