Gambling Site Cold Storage and Bankroll

[angeloanggam]

Hey guys!

I just want to ask how  should a bank roll on a gambling site and is it advisable to have a cold storage for the funds for your gambling site?

I want some gambling site owners to answer this one.

[oldmate]

It is advisable for any business holding a large number of Bitcoins to keep the vast majority of BTC reserves in cold storage and only a small percentage in the hot wallet. Casinos are definitely no exception.

It's common sense.

[Frank.SD]

Here at https://safedice.com we're storing most of the coins in storage, also providing a signed message from the cold wallet.

[noma]

Hey guys!

I just want to ask how  should a bank roll on a gambling site and is it advisable to have a cold storage for the funds for your gambling site?

I want some gambling site owners to answer this one.

A lot of casinos in the past had their bitcoins and money hacked, so yes a cold storage is Definitely a necessity specially when the funds belong to the players.
The only exception would be the casinos own bankroll(if they can take the risk). But again, that should be in cold storage as well.

[adaseb]

Yes you need cold storage. Many sites in the past were hacked and everything was stolen.

Most users won't deposit money unless cold storage is used.

[bitbaby]

All BTC Gambling sites have cold-storage. There's no point in keeping all the funds in the Hot wallet, it keeps the btc upto a specific amount, set by the site owner and then when it goes over, the funds are transferred to the cold wallet.

[Minnlo]

The more they keep in their hot wallet, the more they could lose in case of a exploit or an attack.
The more they keep in their cold wallet, the more likely their customers will need to wait for a manual processing for the withdrawals.

They should definitely keeping the majority of their bitcoin in cold wallet, but it is their job to strike a balance between the pros and cons and decide the % themselves.

[noma]

Yes you need cold storage. Many sites in the past were hacked and everything was stolen.

Most users won't deposit money unless cold storage is used.

Its hard to say they were hacked, but they get an excuse if they run away with the money.

[Snail2]

Cold-wallets are essential even if you just want to hold some BTC. You can even hide your hot-wallet if you storing it on the backend network

[bitcoinmining]

It's the only way to secure huge amount of BTCs, cold wallet is a necessity for gambling sites. I experienced a kind of theft. not much but I hope it was not an inside job 

[goose20]

Hey guys!

I just want to ask how  should a bank roll on a gambling site and is it advisable to have a cold storage for the funds for your gambling site?

I want some gambling site owners to answer this one.

Cold storage is a no brainer. See all the comments above.

But bankroll management is just as important if you want to stay in business.  Dont think just because you have a house edge that you won't/can't get wiped out by a whale etc.

Looking after the sites bankroll, setting limits, adjusting as necessary play a big part for any site owner.

[fox19891989]

cold storage is necessary for gambling&exchange sites, it prevents hackers stealing large amount of money

[alequo]

Hey guys!

I just want to ask how  should a bank roll on a gambling site and is it advisable to have a cold storage for the funds for your gambling site?

I want some gambling site owners to answer this one.

Hi I'm the owner of https://houseofchance.net - we use cold storage for securing the bankroll. The good thing about this is that you rarely need to send funds from cold storage to the hot wallet if you keep e.g., 80% of the bankroll in cold storage. I would also advise encrypting the hotwallet. The server where the game is being played will be the primary target for hackers, so hardening it too is a good idea. E.g., use fail2ban, a firewall, disable the root user and don't run ssh on port 22. These are some basic security precautions all btc sites should be using.

[CrackedLogic]

Majority of the funds should be held in cold storage and only a very small amount in your active hot wallet.
I'm sure this is what majority of businesses do.