Can Casinos Go Bankrupt Because of Player Wins? - page 9.

len01

hero member

Activity: 1330

Merit: 585

Leading Crypto Sports Betting & Casino Platform

Quote from: komisariatku on June 23, 2023, 03:26:58 AM

Quote from: len01 on June 23, 2023, 12:44:39 AM

related to this problem, in fact how it works not only in casino bankrolls but other methods by paying gamblers who win big at the loss of other gamblers.

maybe it can happen in slot games, but if it's sports betting, all players can win. I don't think the casino can control the result of a sports game

have you forgotten that all favorite teams can lose?
if we say that all players can win but we should be able to see from the back side that there are also gamblers who bet on the favorite team with a large amount and lose like the case of someone who bets on the underdog team with a bet amount of $ 1 million but the result is the underdog team loses. from this incident we can calculate the number of people who lost with the lucky ones choosing the opposing team.
so from this we can see that not only casino games but sports betting can be used to pay players who win big so as not to drain the bankroll too much.

Chikito

legendary

Activity: 2366

Merit: 2054

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?

The casino is a company, and to build a company should have management and figuring assets by professionals. That is bad management if the Company goes bankrupt after a player won a big cash, what employer did? and is the operator sleeping?, Damn, I never hear that a new company/casino goes to bankrupt after a player won, I often hear about a new casino with bad management stealing customer money. So if you want to build a casino, you should have prepared 2 points; big capital and good human Resources management.

qwertyup23

hero member

Activity: 2268

Merit: 789

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?

Yes this is very possible and this kind of scenario typically happens in new established casinos.

I remember that there was a thread created where it provided a list of people who were intentionally kicked out of casinos for winning too much. Though these casinos did not go bankrupt, the fact that they recognized the winning spree of a person implies that their loss beginning to dominate over their profit. This explains on why some casinos ban other players for winning too much other than the reason of bad attitude, etc.

madnessteat

legendary

Activity: 2310

Merit: 2073

In the history of gambling there have been cases where a gambler won a large sum in one of the machines, but the casino owner proved that the machine at the time was in improper condition and the win was an error. The gambler was given a certain reward (of course, compared to the winnings is very small) and the case was closed. So I think that the probability of the casino going bankrupt because of a big win by a gambler is negligible.

Eternad

hero member

Activity: 1400

Merit: 623

Quote from: Finestream on June 23, 2023, 02:05:49 PM

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?

This scenario is very hard to happen and very hard to imagine that it would actually happen, I mean it's not totally impossible in a certain way but given the fact that the casino got a vast amount of money on their stash also mean that it's kind of almost impossible to do because that player/gambler will have to accumulate all the existing and remaining luck in the world in-order to get a very massive win and make a casino file for a bankruptcy.

Actually, It’s happening a lot on man smaller casino or new casino that’s why there’s a lot of confirmed scam accusation agains small or new casino. These casino is trying their luck to enter on casino industry using. small bankroll that’s why they are being dominated by whales with greater bankroll to them.

It’s really near impossible to make big casino bankrupt because because of the betting limit set by the casino. Casino already calculatd everything and use a bankroll that can withstand a multiple jackpot win because of this limitation.

Finestream

hero member

Activity: 3052

Merit: 606

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?

This scenario is very hard to happen and very hard to imagine that it would actually happen, I mean it's not totally impossible in a certain way but given the fact that the casino got a vast amount of money on their stash also mean that it's kind of almost impossible to do because that player/gambler will have to accumulate all the existing and remaining luck in the world in-order to get a very massive win and make a casino file for a bankruptcy.

Mame89

hero member

Activity: 1736

Merit: 501

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?

A casino site, whether it's a big one or a new one, can go bankrupt if the number of customers is reduced and it's not managed properly. If the number of gamblers decreases drastically, the income of a gambling site will also decrease, so they cannot afford employee salaries, building rent, marketing costs and so on. Because Every gambling site To remain profitable and not go bankrupt, the casino site must generate sufficient revenue from gambling activities to cover the above costs.

Of course the bankruptcy of a gambling site is not because the players always win big, we know that gambling is a ratio scale game, for example we are told to guess as many as ten times the side of a coin that is tossed (pictures or numbers).... in ten times toss the ratio we can guess it is very rare to be able to guess everything exactly (unless you are very lucky or you cheat the coin that was thrown). That's why the dealer's position is always superior to the players, because they are already capitalized with a winning ratio, because it's very rare for someone to be able to guess exactly ten times the coin toss.

Saint-loup

legendary

Activity: 2604

Merit: 2353

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?

Yes usually they closely monitor the PnL of each customer and if they detect anormal sustainable profits, they start to ask them endless additional KYC, they accuse them of breaching their ToS by using other accounts, being in a restricted location, using prohibited techniques and means, etc. So good players are generally discarded long time before putting the house bankroll at risk.
Besides that, all casinos set the maximum stake at a safe level for their bankroll, so a normal player can't bankrupt the casino with only one big win. It can only happen if several customers make big wins at the same time afaik.

klidex

hero member

Activity: 1498

Merit: 504

Quote from: QueenVera on June 23, 2023, 09:17:58 AM

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 don't know about the opinion of others but the truth is that, there is some form of algorithm that helps get the winning in check and there is no way a player should win more than what is in the casinos reserve.
And that is why you always get to see the odds of new casinos drop if compared with older casinos in competition.
It is very possible for a casino to go bankrupt and it has been reported a whole lot of times on how casinos go bankrupt but I couldn't remember them mentioning a gamblers winning as one reason while a casino ever went bankrupt.
And since the ratio of winners to lossers is very low, I also think that's an advantage for the casino against players.

What do you mean about the maximum bet amount limit?
If that's what you mean, I will answer yes, it's true that almost all casinos have systems and rules for maximum betting limits.
This is all done to limit the amount of winnings that exceed the casino bankroll limit.
Are you sure what you said about the casino going bankrupt?
I have never found out which casinos have gone bankrupt or give me an example.

slapper

legendary

Activity: 1946

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

Quote from: Synchronice on June 23, 2023, 05:27:03 AM

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 can't be a good in gambling. There is no way a certain group of people will make casino go bankrupt because casino games aren't purely dependent on luck. Absolutely every casino game is based on math. You probably have heard about House Edge and Return to Player. How can someone beat slots when there is a fixed RTP set on their games? For example, out of $1000, only $200 will be totally won by players in particular day. How can you get that $800? The only way is to hack casino or steal from safe.

And House Edge is a mathematical advantage too. It takes certain percentage of your profits and returns to the house. So, how do you think that someone or a group of gamblers is capable to ruin the party for casinos?

Your observations on the fundamental numerical concepts of casinos are, in fact, correct. Still, it's too sweeping a statement to say that the house always wins. Even though casinos have a statistically significant long-term advantage (the "house edge"), players nevertheless have a small chance of experiencing short-term success. Let's not forget that "variance" might occasionally work in a player's favour.

Long-term, the odds are in favour of the house, but any given game could prove otherwise. Also, we shouldn't discount the role that ability plays in games like poker and blackjack; it can change the outcome, disproving the idea that the house always wins.

QueenVera

hero member

Activity: 1106

Merit: 570

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 don't know about the opinion of others but the truth is that, there is some form of algorithm that helps get the winning in check and there is no way a player should win more than what is in the casinos reserve.
And that is why you always get to see the odds of new casinos drop if compared with older casinos in competition.
It is very possible for a casino to go bankrupt and it has been reported a whole lot of times on how casinos go bankrupt but I couldn't remember them mentioning a gamblers winning as one reason while a casino ever went bankrupt.
And since the ratio of winners to lossers is very low, I also think that's an advantage for the casino against players.

YOSHIE

legendary

Activity: 2128

Merit: 1775

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?

Yes, we often see news about casinos going bankrupt, of course there are various factors, maybe one of them is a win, as you mentioned, online and offline casinos in terms of funding methods are almost the same, fiat and crypto differ.
An example of a bankrupt casino case belonging to former US president Donald Trump.

Quote

Closed since 2014 due to bankruptcy, the casino is Trump's first property in a coastal US gambling city where he owns several properties.

The building belonging to the former president of the United States (US) Donald Trump was demolished after a long bankruptcy.

But the percentage of casino cases that go bankrupt is low, the comparison is probably 10/1, and even then it's rare, mostly we see users/players who often go bankrupt, for example: the case that happened to Terry, William Yan, Omar Siddiqui and many others.

Casinos actually have to have support, partners and spot funds a lot to deal with bankruptcy, business partners are important to raise funds, in the event of a big win by a gambler, before the brand can take it back from the player.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

Quote from: komisariatku on June 22, 2023, 06:31:11 AM

You know how casinos anticipate their players' wins? For slot games, the casino can make arrangements for the slot machine to give a loss, but for sports betting I don't think the casino can anticipate the wins of the players.

If I look at the answers of other members, that there is a possibility that the casino does not want to pay the player's winnings by accusing the player of cheating or violating the ToS. What do you think? is there any chance of the casino doing that?

I don't really know how the casino can anticipate the wins of many gamblers because it's a secret from the casino that people won't know. We might be able to guess how it works but we still won't know. And not many people can win a lot of money from the casino, while others will only lose a lot.

You will find casinos that don't want to pay their winners' winnings and these casinos are classified as scam casinos so you shouldn't be surprised when you find out. And we also know that there are casinos like that and these casinos will not change even though they have received many complaints.

panjul07

legendary

Activity: 3500

Merit: 1354

Quote from: komisariatku on June 23, 2023, 03:26:58 AM

Quote from: tusandii on June 22, 2023, 11:41:04 PM

~snip~ Actually playing in a small casino is very risky and cannot give us pleasure because the games offered are not too many, but from my experience playing in a small casino is easier to win than playing in a big casino.

Only professional gamblers are really lucky to be able to get really big wins.

Yes, I agree with you, I feel the same way, when playing on a new site or a small site, it's easier to get bigwin. Besides that, when we just register on the gambling site, it's also quite easy to get bigwin. If we have registered on a site for a long time, there will definitely be many lose, even in slot games when getting freespins it is always empty

This is actually one of what is called by gambler's fallacies, the result of your gambling is not because where do you gamble, not because how small/big the casino, or not because how long you have been a player in the casino.
If you think that you get more loses than wins when you have been registered in a site for a long time, it is like you are judging the casino do something bad for your result.
On the opposite side, if it is true that being a new player in casino give you more wins, then there will be many gamblers do create so many casino accounts and use it few times only.

Synchronice

hero member

Activity: 882

Merit: 792

Watch Bitcoin Documentary - https://t.ly/v0Nim

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 can't be a good in gambling. There is no way a certain group of people will make casino go bankrupt because casino games aren't purely dependent on luck. Absolutely every casino game is based on math. You probably have heard about House Edge and Return to Player. How can someone beat slots when there is a fixed RTP set on their games? For example, out of $1000, only $200 will be totally won by players in particular day. How can you get that $800? The only way is to hack casino or steal from safe.

And House Edge is a mathematical advantage too. It takes certain percentage of your profits and returns to the house. So, how do you think that someone or a group of gamblers is capable to ruin the party for casinos?

Mr. Magkaisa

sr. member

Activity: 938

Merit: 303

Quote from: komisariatku on June 23, 2023, 03:26:58 AM

Quote from: tusandii on June 22, 2023, 11:41:04 PM

~snip~ Actually playing in a small casino is very risky and cannot give us pleasure because the games offered are not too many, but from my experience playing in a small casino is easier to win than playing in a big casino.

Only professional gamblers are really lucky to be able to get really big wins.

Yes, I agree with you, I feel the same way, when playing on a new site or a small site, it's easier to get bigwin. Besides that, when we just register on the gambling site, it's also quite easy to get bigwin. If we have registered on a site for a long time, there will definitely be many lose, even in slot games when getting freespins it is always empty

Quote from: len01 on June 23, 2023, 12:44:39 AM

related to this problem, in fact how it works not only in casino bankrolls but other methods by paying gamblers who win big at the loss of other gamblers.

maybe it can happen in slot games, but if it's sports betting, all players can win. I don't think the casino can control the result of a sports game

- So sometimes it seems that it is difficult to play in a casino that is new to the industry here in the crypto space, of course if there are only a few players on their platform and you are one of the ones who entered there and you suddenly win a large amount, it is possible that the withdrawal will be delayed you if you release it immediately on their gambling platform.

Because usually at the casino, they will make it possible for gamblers who will also use their gambling platform to pay you the deposit, but if no one enters money, it will appear that your withdrawal transaction will be delayed with them in terms of withdrawing money, unless they donate that but for sure they will delay it or they will make a way that you will not be able to release what you won.

aioc

hero member

Activity: 2926

Merit: 567

Quote from: Doan9269 on June 22, 2023, 11:35:36 PM

Another important thing we can consider is the casinos themselves, who are the developers, are they the kind of fetchy guys on hit and run game whereby they will not be trusted to reward you your winnings because they are incapable of paying you and therefore subject the gambler into going through their KYC procedures and protocols in compliance with AML and the likes appearing as unfinished task.

I have a feeling that some casinos are intentionally doing this because they do not have enough money to pay a player who won a huge amount they subjected the poor guy to complicated KYC, and sometimes accuse them of cheating when the player has been playing for a long time in their platform but only withdraws a small amount of money.

They delay payment and wait for more money to come in to pay the guy or if the casino cannot come up with a huge amount, they just scam the player, so reputable and the status of the casino are very important, so if ever you win a big amount you will not face any issue.

It is seldom for a casino to go bankrupt they have the edge and they can delay payment to avoid paying big amounts of money.

komisariatku

sr. member

Activity: 882

Merit: 457

Quote from: tusandii on June 22, 2023, 11:41:04 PM

~snip~ Actually playing in a small casino is very risky and cannot give us pleasure because the games offered are not too many, but from my experience playing in a small casino is easier to win than playing in a big casino.

Only professional gamblers are really lucky to be able to get really big wins.

Yes, I agree with you, I feel the same way, when playing on a new site or a small site, it's easier to get bigwin. Besides that, when we just register on the gambling site, it's also quite easy to get bigwin. If we have registered on a site for a long time, there will definitely be many lose, even in slot games when getting freespins it is always empty

Quote from: len01 on June 23, 2023, 12:44:39 AM

related to this problem, in fact how it works not only in casino bankrolls but other methods by paying gamblers who win big at the loss of other gamblers.

maybe it can happen in slot games, but if it's sports betting, all players can win. I don't think the casino can control the result of a sports game

len01

hero member

Activity: 1330

Merit: 585

Leading Crypto Sports Betting & Casino Platform

Quote from: Joca97 on June 22, 2023, 08:06:57 PM

-snip

Well large bookies have a big amount of bankroll so its hard for them to go bankrupt. Big bookies such as stakes already have big millions behind them so they can cover the losses. But smaller ones if they go on a bad run and someone wins big can go bankrupt easily. Thats why it is smart to always bet on bigger casinos or bookies

related to this problem, in fact how it works not only in casino bankrolls but other methods by paying gamblers who win big at the loss of other gamblers.
maybe some of us here have heard that the casino pays gamblers who win big at the expense of other gamblers so that the casino doesn't have to spend a lot of money in the bankroll.

but still choosing an established casino will be better and avoid the risk of not being paid.

tusandii

hero member

Activity: 1652

Merit: 521

Leading Crypto Sports Betting & Casino Platform

Quote from: Joca97 on June 22, 2023, 08:06:57 PM

Quote from: Shinpako09 on June 22, 2023, 07:49:01 PM

Possible for casinos with a little bankroll, but almost impossible for large casinos with larger bankrolls, such as Stake. You can tell how much money they have by looking at their bonuses. They will not go bankrupt quickly since they can afford to pay and cover their losses. The same is true for traditional casinos, new or established. It's the bankroll that matters.

Well large bookies have a big amount of bankroll so its hard for them to go bankrupt. Big bookies such as stakes already have big millions behind them so they can cover the losses. But smaller ones if they go on a bad run and someone wins big can go bankrupt easily. Thats why it is smart to always bet on bigger casinos or bookies

Yes, but not all bookies can avoid bankruptcy because some lucky gamblers can win very large amounts so that the casino has to spend more than 50% of the money stored in the bankroll but this only happens in medium to low casinos or small casinos.
Actually playing in a small casino is very risky and cannot give us pleasure because the games offered are not too many, but from my experience playing in a small casino is easier to win than playing in a big casino.

Only professional gamblers are really lucky to be able to get really big wins.

Topic: Can Casinos Go Bankrupt Because of Player Wins? - page 9. (Read 1634 times)