Topic: Can money be saved in gambling sites? - page 11. (Read 2000 times)

True, I wouldn't want to keep my own money on a gambling site or even in a crypto exchange because it's not safe, especially if you plan to save a huge amount over an extended period in a casino or a CEX.

As the famous statement goes, 'Not your keys, not your bitcoins,' or something similar to that. So, I'd prefer to immediately transfer my winnings to my own personal wallet instead of leaving my money on someone else's website.

While those gamblers are confident in saving their money on the casino they use, there really are those people who are doing this for their own particular reasons that some may not understand. And despite you give them a warning, they know what they are doing.

It's just like the exchanges that we're using, they're also licensed but we don't want to keep most of our money there. If you like to do that and has full confidence on them, you're free to do that and no one can stop you. The only reason why we're telling not to keep that much is because we don't have the custody over our deposits here and whenever an attack happens and the attackers are able to touch all funds including yours, it's possible that you wont get any refund so there is no assurance with that.

Saving money on gambling sites is not a good idea, even for well-known sites, I don't think it is advisable to save money there. If you understand crypto storage security, you actually agree that it is not safe for us to store money on centralized exchanges. Moreover, saving money on gambling sites, this is a fatal mistake.

Apart from that, saving on gambling sites also makes us wasteful because we will always decide to gamble again. In the end, we cannot control our emotions when gambling, especially if we save a lot of money there. It's a good idea, if you want to save on a gambling site, just for gambling purposes.

Assuming you are not fan of Bitcoin, saving your money in the bank still the best option than saving your money anywhere. The bank is insured so if there is a mismanagement of funds that leads to a shutdown of the bank you get your money back and in full. And you can even sue them if they refused to give you your money. A casino can shut down today and disappear without a trace. You can't take them to court. No one will be held responsible aside from you.

If they have $1000 dollars for example in a gambling account it's not a problem because it will be used for the bets they often make, but if there is an intention to keep the money in the casino then that is reckless IMO.

Are there no other options than at the casino? It's clear exchanges are better for depositing than in casinos "even exchanges are still risky" But there are still other options with non-custodial wallets.

Can't believe there are people with behavior like that, I entered the casino just for entertainment with a few dollars to play with.

If you are a company like stake and was compromised of such amount of money, will you say that the customers money was compromised? Of course no. They will not announce any damage control so as not to make people panic, they will make it look like as if nothing happened and find a means to cover up. This kind of loss can take years of revenue before they recover and if they successfully caught the culprits, they will recover fast but right now, the guys have not spend the money from the wallet and nothing has been found so far from the lead.

To gamble, you have to keep your money on the exchange but I'm not sure if those money on users balance are reall, they could be dummy text t represent the equivalent amount they have under the betting platforms and when it's time to withdraw, they pay the owner to their destination address. But if that's their real money on the platform, many betting platforms that do that will by now learn lesson from stake and find alternative that is better.

On one hand, I would disagree with you but on the other hand you might actually have quite the valid point, there.

I believe that saving is the worst thing you can do with your money, because the fiat system is expected to intrinsically have faults in it such as inflation (or in other words, the government infinitely printing money). But then again, this has to do with the worth of the money fluctuating in value itself, rather than gambling prices changing. Since there are no prices in gambling, you can gamble any amounts of money that you wish to gamble, as long as you bet the minimum amount.

So ironically, for gambling nothing changes, whether you save or do not save your money. The only thing that changes is how much your money is worth.

The good thing that I see here is that you have developed a plan and that you are separating your gambling funds from your personal funds. This shows a good level of discipline, which is sorely needed in the gambling world. Furthermore, if you bet with Bitcoin, it is always a good idea not to spend Bitcoin too soon. Save that for later when its worth more.

Totally stupid move and decision that would be made and most likely those amounts or funds would really be spend on doing gambling in that said platform knowing that you do have the funds on their which you could easily make some gameplay ro bets all you want since you do have the balance which it would really be putting up that money of yours at risks on spending it all which would be leaving out that kind of regret.Next problem would be is about that safety of funds, we do always know the basic principles that not your keys then its not your wallet and holding up those coins on a centralized wallets on which you dont have the possession
of those keys on which means that on the time that they would really be deciding on running away their users funds then there's nothing you can do about retrieval or getting those funds back but you would really be just simply weeping your tears in the corner. Lastly, who would really be on their right minds on storing up their money on an online casino if they could really be able to do so with their own crypto wallets or simply
if this in fiat form then you would really be trusting up banks for sure, no matter how much we do hate it but cant really be denied that these institutions is more trusted and capable on saving up your fiat.

I am sure, for those who are not familiar with gambling then of course, they will not save their money on online gambling platform. But for those who are used to gambling because at the same time, they are also used to making deposits in online gambling. So at least, this factor will make them feel comfortable saving their money on the platform they usually use. But still, saving money on an online gambling platform will not be right or good if you use it for the long term. But it's also possible, if the gambling platform has a license which of course, will make its users feel safe. So yes, it is possible that there are many users who save their money there for a possibly longer period of time. But one thing we must remain aware of is that we must also have awareness and calculations about the money we should to save and the money we will use for gambling.

It is possible but it's never been a good idea to begin with and if you will do that, I don't know what will happen to you next as there are lots of risks entailed with it. I mean it doesn't really make sense at all; we are already avoiding banks because their interests cannot match up the growing inflation and then now you are trusting your money with in an online casino just because they are reputable? Remember, it's not your money if you are not really holding it yourself.

This is where it is important for us to pay attention to the security of the gambling platform we use. Don't be easily tempted by attractive offers provided by gambling platforms whose licenses and security are unclear. and I think that quite a few people have been fooled by gambling platforms whose licenses are unclear. And they can be fooled by fake gambling platforms, due to laziness in looking for clear information about the site and also carelessness because they don't pay attention to the security in it by simply registering and directly agreeing to the terms without reading carefully the terms and conditions therein first.

Keep your fund in a casino is not even the best because anything can happen to the casino and if the casino is not ready to refund the victim maybe after an hack, that will be a eye opening to everyone who think a casino can be use as a saving account like a bank or saving box. I can't even imagine why we are going to think of leaving our funds in a casino for too long whether it has a good reputation or not. It is better we are wise and take decisions that will not affect us in a long time making us to lose money even when it does not meant to happen.

Stake's hacked case was not affecting its users as explained by eddie if stake stored most of its fund on its cold storage. That's probably only a few percents of funds stored in the hot wallet of stake. The hacker was so crazy right now.



The hacker is now attacking exchange site. The amounts stolen from coinex goes to the same wallet used by the same hacker.
Probably, bankrupt?

Since that casino has no funds to recover its service and reimburse its users. People's money will be gone forever. Storing money in casino for long time is bad thing.

Saving $100 may not matter much as it is only used to play and make some bets. But if it is in the amount of thousands of dollars and is being deposited in a casino account, that is indeed a stupid move. Never mind saving in a casino account, even saving on a centralized exchange is a risk. It's best to keep it in a personal wallet and have full control. Nothing will be safe if the money depositor does not have full control. Personal wallet security is the responsibility of the user himself

I do hate banks as well but without a doubt banks is still better than casino account if the main purpose is to save our money.
But of course there are still some other better options to save our crypto, one of them is obviously using our own wallet.
Every option has its own risk so we should be prepared for everything and set the best security for our own assets to minimize the possible risk of losing.
Still, saving our asset in online casinos can be said as the dumbest thing

No it is never a good idea to save your money in casino accounts. First of all, you'll never know when these casinos leave the business. It could be anything. Site-wide hacks, account hacks, going bankrupt... They may decide to enforce KYC on you randomly... Let's say you are keeping your life savings (could be $50 or $500k or $5 million) in a casino account. Do think that's a wise idea? What will you do if something bad happens to that account? I hate banks like most people here but I haven't lost my mind that much yet. Don't keep big money on your casino account. Plain and simple.

Just because we know that the company lost millions in this hack doesn't automatically make them "Rich" especially that these companies do get external financing to look financially healthy we shouldn't get everything at face value...but if their liabilities and investors can all be accounted for and still have $$$ left in their bank account I guess we can call them rich! 

If the website was good after you analysis by the data from the announcement details of the casino site,you can hold the money in the casin site.But for the safety,you can withdrew the funds after the winning in the gambling sites.In some sites,many people was report of not able to withdrew the funds after the big win.In order to avoid such things,you can do the withdrew immediately after the winning.If the money needed on the game,you can do deposit of money which you needed for specific game.The gambler can save their money in the wallet if the website had no trust issue to save the deposit time for the next game.The gambler can withdrew the big money after the big winnings from the multiple game.

But be careful if you want to stake or invest in a casino and always make sure that the casino is a reputable and trusted casino so that you don't experience problems later. The risk we face when storing coins in a casino is indeed fraud or the casino changing its rules so that we have to withdraw the coins and move them to another wallet.

But the best place to store your coins is in a private wallet that you can always monitor and control. That would be the best place to avoid fraud that often occurs. And it's best not to use your personal wallet to connect to any site other than just to store your coins while waiting for the market to increase again or get a bull run.

Providing bankroll for gambling site could be a good way to increase your crypto holdings. Specially the coins you believe in would rise high in the future and doesn't have any better way of getting a reward by staking. For example no staking service would provide you more than 1% on bitcoin interest while its about 12% per year on bankroll investment. The only risk is about the gambling site going scam or changing its bankroll rules. Another risk surely is of you betting all your money out.
For people who religiously refrain themselves from betting and interest bearing wallets, bankroll investment could be a halal thing as here you share the profit. Though you should ignore that it's coming from people losing on gambling.