Can Casinos Go Bankrupt Because of Player Wins? - page 11.

piebeyb

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Quote from: Helena Yu on June 22, 2023, 03:47:52 AM

Casino can bankrupt if they don't have a good preparation and calculation, they must not allow the gamblers to bet higher than the maximum payout of the games they listed. Usually a small casino don't care about it and they just allow the gambler to place high amount money in order to hope the gambler will lose and the casino will make money. But there's always a lucky gambler can beat the house, this is the problem.

Yes it also makes sense that the casino must also have large capital and have the right calculation preparation, if you say a gambler who beats the house is impossible because of the fact that it is rare to find gamblers beat the house, because the house will always win and get the gambler's money in full, I think it's also rare for a casino to go bankrupt because gamblers win bets, usually casinos will go bankrupt if fewer and fewer gamblers are actively playing, so no money comes in to cover casino maintenance costs and others.

I think that is the main factor, most casinos always succeed and become big if they have a great marketing team, because a great marketing team can make a casino richer, I also rarely do small casinos last long if they don't have the money to fund their marketing then they will never be big, abandoned casinos will go bankrupt because there are no active gamblers, that's all

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Maybe for new casino yes if they are not well prepared for calculating the winning amount of their players. They should think about the percentage to be won versus the overall money they have so that they will not experience this huge loss then might turn a fast scam because their casino cannot afford to pay their costumers anymore.

Its just proper planning is needed to avoid getting trouble regarding on this situation.

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Quote from: demonica on June 21, 2023, 06:01:23 PM

Even for a new casino, I doubt that they would easily get bankrupt just because of a gambler who will win a huge prize. For a start up casino, of course they could just put a certain amount or a prize pool that they can afford to give to the gamblers if they win.

Any potential winning rate placed by the casinos is base on what they can afford to give, that's why if you win a huge amount, they may request for your physical presence to be able to keep a track record of your winnings on their archive and celebrate your victory as well, you could imagine seing over hundred gamblers betting and hardly you find one winning out of them all, the more the casinos easily generate momey the fast they also give it out on winnings and maintenance.

Quote from: demonica on June 21, 2023, 06:01:23 PM

But it won't be easy to win over the casino where they could end up getting bankrupt since you need to continuously win huge amounts.

There this common believe that tou can't expect everyday to be a Christmas day, we may be trying on several occasions but if the luck gives you the chance needed, you may have an occasional winning experience from using a casino, remember that this is not something byoubsee constantly.

Quote from: demonica on June 21, 2023, 06:01:23 PM

Aside from algorithm, they can limit the amount a person can win for a day, to prevent losing too much.
If there are instances where a gambler keeps winning that casinos cannot pay him anymore, it's a rare case.

I think some casinos already have this, they have developed a system that monitors your highest winning limit pegged to a particular amount they can afford to give base on their own standings as well.

Helena Yu

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Casino can bankrupt if they don't have a good preparation and calculation, they must not allow the gamblers to bet higher than the maximum payout of the games they listed. Usually a small casino don't care about it and they just allow the gambler to place high amount money in order to hope the gambler will lose and the casino will make money. But there's always a lucky gambler can beat the house, this is the problem.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

If the casino is very new and they don't have a certain amount of money to pay the winner, they can come to an agreement of paying the money monthly into the. Winners' accounts on the casino platform, that is if the online casino is a genuine business running by good people that want to progress with their business.

Most new online casinos will pay some amount and avoid paying the rest, if you make too much noise they will ban you from their platform and that's it, no coming back from that, some new online casinos have no mercy at all towards gamblers, that's why I don't like using a brand new casino.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

Can a casino go bankrupt? Maybe yes. If the casino is brand new and the casino owner is dumb enough. Grin

Jokes aside, gambling is supposed to be a zero sum game, where the profits for the winners come from the lost bets of the losers. The casino is simply a platform and it collects it's own fee. I don't think that all casinos are like that, but this is the model, that should be followed by every legit online(or offline) casino.
There are myths and legends about all casino games being rigged, so that nobody could win a ridiculously high amount of money. I don't know if this is true or false. You know the saying "The casino always wins". Maybe there's a reason why the casino always wins. Grin

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

I think it is very hard for a well reputable casino to go bankrupt because of a single huge win,in fact these very casinos if you check in the slot machines as many of them have the big winners listed there in order to motivate people and if you see some people have won the max payout of a casino that maybe x60000 their bet with a bet of 10 dollars for example and that would be enough to make a casino not having enough funds to go bankrupt but not these ones.

Of course most slot machines are programmed to take our money little by little and if a casino has a huge initial bankroll the house edge of these games will keep them running no matter how big a win may be.

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It is nearly impossible to happen to old established casinos because they already have huge player base. They probably set house edge right according to their income. Also they work with professional businessmen and lawyers so literally no chance unless players stop playing. For new casinos, this can happen to amateur businesses, they don't know what measures to be taken to stop draining of their income so. They can have issues.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

you already got the answer to your own question.
and one question from me, have you ever seen a casino go bankrupt? i think never.

old casinos or new casinos they all have a way of limiting the maximum withdrawal and deposit amount or even the maximum bet amount that the casino has offset. so that the casino will never go bankrupt even though its customers win many times.
you can check or try from some new casinos or old casinos and see they have max bet limits.
this is all i know and let me know if im wrong.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

Don't casinos usually have a limit for wins? If regardless of that, the user somehow manages to keep on winning then they'd either try to push a nonexistent "bug" and only award a part of their funds, or just straight out ban him for "illegal" activity.

In most cases, casinos go bankrupt because of some dumb business decision making, and not due to the player. There's safety nets with regards to the limits that a player can set with each bet after all.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

The big wins achieved by players really depend on the amount of bets they use, with only the smallest bets it is impossible for players to get wins of up to tens of thousands of dollars or even up to hundreds of thousands of dollars, and whether there are high rollers who are willing to entrust their money to small casinos because Of course, Whale realized it wasn't going to get them their money back because the casino's bankroll wasn't enough for a high roller.
The most likely casino to go bankrupt is because of mismanagement and also starting a casino with a limited bankroll thinking it will increase with the number of players, they don't take into account that many things can happen, the casino business is not a business that will provide certainty of profits there are many things that need to be taken into account, but it seems because they think the house always wins so those who start a casino think it will always happen but in reality, it doesn't always.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

I highly doubt that. I've been monitoring high rollers and I can see them losing more than winning. Well, if that ever one big winner comes out, they can just get it back by putting all the damage on other players. Control the damn RTP.
Plus, these gambling sites are supposed to have a deep pocket for them to run their business so they can pay up and probably have some more to pay for other guys who can win the same thing.

But I've seen one game that went bankrupt because of one player. It's a local game though, we call it here a "color game" where players put their bets in their favorite color, and then 3 dice will be rolled with colors in it. Any color facing up will be the winner.
If I remember it right, the bet was 5000 pesos = $100. The dealer was forced to borrow money from his friend to pay up and then tried to continue. The same bet was delivered and then it won again, he paid and then closed his business in the mean time. Grin

Big businesses like Sportsbet.io and Stake.com though have higher amounts in their vaults and I don't think anyone can put them down in one single expensive bet.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

With the house edge I'm sure this is a very unlikely scenario to occur.

Moreover, even new casinos have a lot of money saved for investments, and an eventual unexpected victory of some player, could at most make the casino have to postpone new investments for some time.

Remembering that, no matter how much a casino suffers a big drop in the beginning, it will always do its best to honor its payments, especially in the beginning when it needs to gain the trust of the players and build its reputation, because it knows that the game is always at its disposal favor and your favor and that profit will come in time.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

Quite an interesting topic.
I myself believe that casinos that are still new and tend to be small can go bankrupt if their customers get big wins of more than 70% of the total balance in the casino's bankroll and if the casino doesn't want to pay winnings for fear of going bankrupt there is only one possibility, namely they don't pay winnings and froze the account of the winning gambler.
We can see that there are many cases where casinos do not pay out gamblers' winnings because their bankroll is insufficient.
This is a concern for all of us that you have to be really careful in choosing a casino, especially those that are new.

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When bitcoin casinos 1st appeared it would have been impossible for them to go bankrupt. Most only offered what we refer to as dice and the max win was usually 1% of the sites bankroll. Keeping with only the original games such as dice, crash, roulette, etc I still think that would hold true, but adding in slots that have a unknown factor in them it might be possible for a casino to go bankrupt.

I think there are some precautions in place at some of these new casinos such as only paying a certain max amount per week to a player who wins big. Anyone playing at any casino should always make sure to read the ToS.

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Quote from: piebeyb on June 21, 2023, 10:38:55 AM

Casinos will be rich if more and more addicts continue to gamble in that casino, so don't ask casinos to do anything to help stop addicts in their casinos, the more active gamblers the greater the profit, but if there are not many gamblers and addicts playing in casinos then therein begins the casino will go bankrupt. it doesn't matter the casino is big or small.

So what makes a casino bankrupt is when there are no gambling players? yes, it is very logical. I agree with your statement. Maybe today the casino is not profitable because of the players' wins, but as long as they keep playing, the next day they will make a profit. Casinos will go bankrupt if players stop gambling

Quote from: makishart on June 21, 2023, 10:31:36 AM

See the case below
https://www.desmoinesregister.com/story/news/crime-and-courts/2015/04/25/supreme-court-casino-jackpot-denied/26356437/

Majority of casinos will be refusing to pay the big win that achieved by its users. In my opinion, if the casino has no enough liquidity to cover the max win achieved by its user. Mostly casinos will call it as a glitch or whatever the reason is to avoid paying money to the winner of jackpot.

That is a very bad thing, if the casino gives reasons that the player committed a violation/cheating so that the casino does not have to pay the player's winnings. In this case the casino can do that, I don't know whether the casino will provide evidence of the violation or they just talk about the player's mistakes without providing evidence of the violati

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

Is it possible for a casino to go bankrupt because a player gets a very big win?

I think maybe that's hard to happen if we look at casinos that are already big and well known. But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

Some algorithms are set for casino games that make it impossible for a person to win at regular gambling. so in this case there is no chance of the gambling site to go bankrupt but since no algorithm of the site works in sportsbet so in this case a gambler has a chance to win constantly if able to predict correctly. In this case, if a site has only sportsbet options and no other casino games, there is a possibility of bankruptcy.

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Quote from: komisariatku on June 21, 2023, 10:05:38 AM

But suppose there is a new casino, and there are some players who are very good at playing, so they can win continuously, can the casino go bankrupt? or do they already have an algorithm or a way so players can't keep winning?

As long as the new gambling site is somehow licensed and regulated, these casinos passed the standards and criteria of establishing a well-built casino, and that includes how large their bankroll is. Although it's really possible that more players are good at playing, on the other hand, there are also lots of players that lose even if we are talking about new casinos.

I doubt there's an algorithm that keeps players from not winning. It's just that bad luck mostly happened that's why users have that mindset.

Aside from that, if we talk about new casinos, expect lots of attractive bonuses and promotions there that are mostly associated, obviously with a turnover. Most players are stuck at that bonuses and unable to withdraw once they already have big winnings. As a result, in the end, they will chase it aggressively until it reached, or worst, won't even reached it.

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Quote from: demonica on June 21, 2023, 06:01:23 PM

Even for a new casino, I doubt that they would easily get bankrupt just because of a gambler who will win a huge prize. For a start up casino, of course they could just put a certain amount or a prize pool that they can afford to give to the gamblers if they win. But it won't be easy to win over the casino where they could end up getting bankrupt since you need to continuously win huge amounts. Aside from algorithm, they can limit the amount a person can win for a day, to prevent losing too much.
If there are instances where a gambler keeps winning that casinos cannot pay him anymore, it's a rare case.

The casino would have so many tools for them to avoid going bankrupt that, if ever happens it could be classified as a huge mistake by the casino managers, which did not use or did not know how to use those options or tools for them to secure their bankroll.

I would be very dumb if some casino offered a huge jackpot price over 100 BTC knowing that the totality of their reserves is less than 100 BTC, just for the sake of trying to catch the attention of gamblers. Roll Eyes

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Even for a new casino, I doubt that they would easily get bankrupt just because of a gambler who will win a huge prize. For a start up casino, of course they could just put a certain amount or a prize pool that they can afford to give to the gamblers if they win. But it won't be easy to win over the casino where they could end up getting bankrupt since you need to continuously win huge amounts. Aside from algorithm, they can limit the amount a person can win for a day, to prevent losing too much.
If there are instances where a gambler keeps winning that casinos cannot pay him anymore, it's a rare case.

Topic: Can Casinos Go Bankrupt Because of Player Wins? - page 11. (Read 1639 times)