Can money be saved in gambling sites? - page 13.

MAAManda

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This is quite an interesting topic, I've missed a few days since this topic was published here, ok I'll share my views on this.

Quote from: rachael9385 on August 25, 2023, 03:50:51 AM

will the money deposited there not be tempered with from the gambling platform or removed automatically from the account after keeping it for a long period of time?

As far as I know, the money we deposit on a gambling platform will never be lost at any time, apart from the fact that there has never been a case of this that I know of, I also don't see any regulations in the ToS that say that money isn't used for a long time will disappear (at any site).

Quote from: rachael9385 on August 25, 2023, 03:50:51 AM

I know it might be very hard to save money in a gambling site because we might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler

Intent to deposit it on a gambling site and have a desire to withdraw it at any time, this is in violation of the ToS against money laundering mate. Once I made a deposit to Stake.com and forgot to play it because I had other things to do, a few days later I had no desire to gamble and wanted to withdraw the balance I deposited, but what happened? they didn't process it for a long time, I asked CS why my withdrawal wasn't processed, they said that it was a prohibited activity, at least you have to play with the balance you have first.

Outhue

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Your bank account is 100 times more safer than saving money on any online casino, and asking this question is not cool at all, it's the type of question that should come from a 6-year-old kid.

Online casinos can shut down their service any time and all they have is the only platform, there is no location or office anywhere, where you can visit and lay complains, it's a very bad idea, do not think about it.

Also, all online casinos are centralized, the only place that your money can be saved is in the bank, unless you want to invest the money, and banks won't favor you on the ROI side, better to invest the money into Bitcoin if it that's the case.

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Quote from: alegotardo on August 29, 2023, 07:48:24 PM

We've already had several reports of exchanges and other investment platforms that went bankrupt, defaulted and simply took all their users' money. And I could still cite several sites that until then were reliable and nobody suspected them.

Anyway, I am not saying that our favorite betting sites in this community can have the same purpose, but what I mean is that we already have enough risks involved if we are going to use it as a betting site, we should not exponentiate this risk using it also to save money.

And... obviously I couldn't resist the temptation to keep my money in a casino, and I believe that even the casino would create "incentives" for people to use that money in gambling.

Obviously, you should keep only a part of the gaming budget in the casino to avoid unnecessary risks. Anything can happen, even a simple blocking of the account until the circumstances are clarified, but this will not be a problem for you if the main part of the game deposit is with you and no one can block it, or do anything else with it. After winning, you can also withdraw part of the money and leave on your account only the amount that is enough for you.

Xxmodded

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Quote from: alegotardo on August 29, 2023, 07:48:24 PM

Bad idea!
We've already had several reports of exchanges and other investment platforms that went bankrupt, defaulted and simply took all their users' money. And I could still cite several sites that until then were reliable and nobody suspected them.

Anyway, I am not saying that our favorite betting sites in this community can have the same purpose, but what I mean is that we already have enough risks involved if we are going to use it as a betting site, we should not exponentiate this risk using it also to save money.

And... obviously I couldn't resist the temptation to keep my money in a casino, and I believe that even the casino would create "incentives" for people to use that money in gambling.

Not only with gambling account but also exchange market account are not secure placed for saving assets, regarding have several exchange bankrupt and they don't responsibility with member fund not recommended for saving assets in exchange. The same with gambling platform, we can't expected with how long that gambling platform available to access due many regulation of some countries banned with gambling platform. Better for saving assets in the Bank or for cryptocurrency use hardware wallet will secure how many years later our assets keep safety without worry with platform website close like exchange or gambling platform.
But have difference ideas with politician, they use offline legal casino place for saving their fund, based on police investigation many politician put or save much money with casino.

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Quote from: rachael9385 on August 25, 2023, 03:50:51 AM

Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?
We can decide not to save money in our fiat bank account or any other micro finance bank account for one reason or the other and save it in a licensed gambling sites can that idea be possible, will the money deposited there not be tempered with from the gambling platform or removed automatically from the account after keeping it for a long period of time?
I know it might be very hard to save money in a gambling site because we might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler, I put in mind that everything start one day so even a non gambler can try at the first, I bring this discussion here so we can discuss about it to keep our selfs busy.

Bad idea!
We've already had several reports of exchanges and other investment platforms that went bankrupt, defaulted and simply took all their users' money. And I could still cite several sites that until then were reliable and nobody suspected them.

Anyway, I am not saying that our favorite betting sites in this community can have the same purpose, but what I mean is that we already have enough risks involved if we are going to use it as a betting site, we should not exponentiate this risk using it also to save money.

And... obviously I couldn't resist the temptation to keep my money in a casino, and I believe that even the casino would create "incentives" for people to use that money in gambling.

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Quote from: maydna on August 29, 2023, 07:02:48 PM

Quote from: madnessteat on August 29, 2023, 03:42:42 PM

Quote from: Fivestar4everMVP on August 29, 2023, 03:30:56 PM

^

I absolutely agree with you.

In the crypto world there is one very important rule that should not be forgotten - it is recommended to store cryptocurrencies only on a wallet whose keys are known only to you. Keys to casino addresses are known only to the owner of the casino, so all funds stored there belong to him. If you are constantly gambling in the same casino, there is nothing wrong if you keep there a little money for the game, but large sums are better to keep either on a cold wallet or on the hardware wallet.

Saving a small amount of money we can use in the casino to play gambling the next day or a few days later is okay because that is the amount we have prepared to play gambling again. But saving large amounts of money, especially if it is for future preparation, is not recommended. The risk will be bigger, and we can get into more trouble later because we can accidentally use the money for gambling, and even we can use all the money at once.

Therefore, it is better to immediately send it to a hardware wallet or whatever you think is safe, and no one will know where you keep your coins. Never store your coins in places like exchanges or casinos. We have to think about the risk that could happen later, and we don't want to regret it because of our negligence.

For small amounts then it would be that considerable but for bigger amounts? Its a big NO! I wont really be that confident on storing up a huge amount on gambling account. How much more if i do able to win big?

You would definitely be thinking on getting those funds and wont really be sitting idle on a gambling site for too long. You wont really be making yourself that too confident or really at ease if you do know that you
do have something big on your account which it isnt really actually yours since you dont possess the wallet keys which it would really be just that a normal reaction for those people who are really minding about that true control of your funds and not letting it sit on something centralized or you dont possess the keys. There's no point or having no sense on saving your money or letting those funds be stored on a gambling
site unless if you are really that planning on spending it all on gambling site or into your next gambling session then it should be fine but if not then its not ideal to be there.

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Quote from: madnessteat on August 29, 2023, 03:42:42 PM

Quote from: Fivestar4everMVP on August 29, 2023, 03:30:56 PM

^

I absolutely agree with you.

In the crypto world there is one very important rule that should not be forgotten - it is recommended to store cryptocurrencies only on a wallet whose keys are known only to you. Keys to casino addresses are known only to the owner of the casino, so all funds stored there belong to him. If you are constantly gambling in the same casino, there is nothing wrong if you keep there a little money for the game, but large sums are better to keep either on a cold wallet or on the hardware wallet.

Saving a small amount of money we can use in the casino to play gambling the next day or a few days later is okay because that is the amount we have prepared to play gambling again. But saving large amounts of money, especially if it is for future preparation, is not recommended. The risk will be bigger, and we can get into more trouble later because we can accidentally use the money for gambling, and even we can use all the money at once.

Therefore, it is better to immediately send it to a hardware wallet or whatever you think is safe, and no one will know where you keep your coins. Never store your coins in places like exchanges or casinos. We have to think about the risk that could happen later, and we don't want to regret it because of our negligence.

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Quote from: bittraffic on August 29, 2023, 02:32:10 PM

If the withdrawal fee is too high or the threshold amount to withdraw is too high, the gambler might actually just think of storing the coins inside the casino. Especially if he still plans to play over and over.

I think there’s a huge difference between saving your funds on your account in a gambling site and having some funds left on your account to play later on.
I’m yet to see any gambler, no matter how much he plays on a site actually save funds on same site. I think It’s only natural for someone who plays a lot to have some funds left in his account to be able to quickly and comfortably play later.
Someone noted earlier on this thread about saving on gambling sites is similar to saving on exchanges but only more dangerous and I agree. Your money saved under your mattress is safer than in a gambling site.

OgNasty

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I think that saving money on any site is a bad idea, but on a gambling site may be particularly bad, as it introduces other concerns like if the casino can stay afloat, not be hacked, and not expose you to regulatory hurdles. Crypto is great because it allows you to self custody your coins. It is advised you take advantage of that.

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Gambling and trading platforms are not a recommended repository if you plan to make investments. However wallets that give you full custody are the most recommended for long term safety of your assets. Anything centralized is never safe for asset storage, so each of you should have sufficient knowledge of how and where to store assets.

If you are an active gambler, then it may be good for you to have some balance in the casino, but if you intend to keep it long term as an investment then I would never approve for security reasons. Be wise, but the decision is in each of you.

madnessteat

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Quote from: Fivestar4everMVP on August 29, 2023, 03:30:56 PM

^

I absolutely agree with you.

In the crypto world there is one very important rule that should not be forgotten - it is recommended to store cryptocurrencies only on a wallet whose keys are known only to you. Keys to casino addresses are known only to the owner of the casino, so all funds stored there belong to him. If you are constantly gambling in the same casino, there is nothing wrong if you keep there a little money for the game, but large sums are better to keep either on a cold wallet or on the hardware wallet.

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Quote from: bittraffic on August 29, 2023, 02:32:10 PM

Quote from: ChiBitCTy on August 29, 2023, 02:13:26 PM

For the love of all that's holy in this world..NEVER...use an online casino, or any casino for that matter to store funds for any sort of mid to long term holdings. First off it's not the safest place to keep it, secondly you're not earning any interest, third it might entice ones self to gamble when they probably wouldn't have otherwise.

I keep as little cash on hand as possible so that it can remain invested, and keeping it in an online casino account is not investing.

If the withdrawal fee is too high or the threshold amount to withdraw is too high, the gambler might actually just think of storing the coins inside the casino. Especially if he still plans to play over and over.

I have this dilemma as well when the casino tokens I have invested are to remain in a casino for staking which I also earn some revenues shared to users who stake casino tokens. Somehow few of my coins are in the casino. This is not a different circumstance I think.

I think what you are saying is different from what ChBitCty is saying, owning and keeping casino tokens in the casino is completely different from keeping random tokens or coins on the same casino, this is because just as you have said, keep the casino tokens on the casino is seen as staking by the casino and they are paying you some kind of interest for that, but holding other coins like Bitcoin and the rest on the casino earns you nothing , so it make no sense to leave those coins there when you know you are not ready to gamble with it , though I hardly hear or read about casinos being hacked or something similar, but not withstanding, gambling casino are the worst place for store your coins , then followed by cryptocurrency exchanges and every other centralized platform, then before we can down to some non custodial wallets that are really not also safe for use.

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Quote from: bittraffic on August 29, 2023, 02:32:10 PM

Quote from: ChiBitCTy on August 29, 2023, 02:13:26 PM

For the love of all that's holy in this world..NEVER...use an online casino, or any casino for that matter to store funds for any sort of mid to long term holdings. First off it's not the safest place to keep it, secondly you're not earning any interest, third it might entice ones self to gamble when they probably wouldn't have otherwise.

I keep as little cash on hand as possible so that it can remain invested, and keeping it in an online casino account is not investing.

If the withdrawal fee is too high or the threshold amount to withdraw is too high, the gambler might actually just think of storing the coins inside the casino. Especially if he still plans to play over and over.

I have this dilemma as well when the casino tokens I have invested are to remain in a casino for staking which I also earn some revenues shared to users who stake casino tokens. Somehow few of my coins are in the casino. This is not a different circumstance I think.

Totally different since we are talking about casino tokens comparing when Bitcoin is on your balance on which you would really be definitely be thinking that you should really be needing to pull out those funds rather

than on making it parking on there which we know that any platforms no matter how reputable they are, they would be still having the chance on getting away with your funds and this is why its never been that
ideal on making these places as piggybank but just the same on the thing you had said is that you cant really be thinking on pulling those funds if you do have that kind of behavior or having the hobby on playing gambling because you would eventually be losing and spending those money back in the house without that kind of savings or storing it out on your gambling account.

Even myself wont really be having that kind of consideration on which making it as a wallet. There's no point on doing so and we arent that dumb on not to be able to identify or able to know
about the risks behind on making them as a wallet. Its totally incomparable if we do speak about those dedicated wallet for specific sole purposes.

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Quote from: ChiBitCTy on August 29, 2023, 02:13:26 PM

For the love of all that's holy in this world..NEVER...use an online casino, or any casino for that matter to store funds for any sort of mid to long term holdings. First off it's not the safest place to keep it, secondly you're not earning any interest, third it might entice ones self to gamble when they probably wouldn't have otherwise.

I keep as little cash on hand as possible so that it can remain invested, and keeping it in an online casino account is not investing.

If the withdrawal fee is too high or the threshold amount to withdraw is too high, the gambler might actually just think of storing the coins inside the casino. Especially if he still plans to play over and over.

I have this dilemma as well when the casino tokens I have invested are to remain in a casino for staking which I also earn some revenues shared to users who stake casino tokens. Somehow few of my coins are in the casino. This is not a different circumstance I think.

ChiBitCTy

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For the love of all that's holy in this world..NEVER...use an online casino, or any casino for that matter to store funds for any sort of mid to long term holdings. First off it's not the safest place to keep it, secondly you're not earning any interest, third it might entice ones self to gamble when they probably wouldn't have otherwise.

I keep as little cash on hand as possible so that it can remain invested, and keeping it in an online casino account is not investing.

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Quote from: lalabotax on August 27, 2023, 05:48:46 PM

Quote from: rachael9385 on August 25, 2023, 03:50:51 AM

Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?

If I were you, I would never trust online sites 100%, especially to svae the money right there. Online sites, especially those that are gambling platforms, definitely have risks that might harm and harm us. Not only about hackers, but also scammers or fake gambling sites that might take your money. It would be better if we have won, we can make withdrawals on these assets, and leave only the necessary money on the gambling site to do gambling activities again, say as initial capital again for gambling. With this, we will not only increase security but also be able to manage and control our capital in gambling.

This is what should everyone do, 2 better things at the same time for a better security.
Other thing to remember is that there are some casinos that charge a fee their inactive players, it means that someone use this casino to save money only without playing for long time then there will be a possibillity that the players lose their money due to the fee.
Anyway where is OP? He created this thread and ask about something but he gave no reply at all so far, does he already notice that his idea is bad?

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Quote from: Westinhome on August 27, 2023, 06:17:32 PM

Quote from: Furious 7 on August 27, 2023, 06:01:02 PM

In the end with reference to some of the positives and negatives it is definitely not good to keep your savings in a gambling account as there is not even a benefit provided apart from the possibility that we will spend the money we saved in gambling.

I don't know if there are people who do this or not but if there are really people who do it without touching the money for gambling then I would applaud them because at the end of the day the condition remains the same when there is money in gambling then we will play with that money regardless of the amount.

In case you hold the many in the gambling sites,surely you will use the money again.But if you keep the money in the bank account,you can use the money on emergency.Then you can control the gambling playing time period with certain time period.

My friends had the habit of holding the money in the gambling site itself.When I had asked them,they told me holding the money in the gambling to save the money for deposit into the gambling.They also usually withdrew the money after they earn from the deposited money.But I keep the balance money in the bank account for my emergency.

And it is precisely that attitude that gets people into trouble on the first place, with the idea of saving themselves a few dollars they devise this strategy of keeping their money at different casinos thinking they are outsmarting the system, then comes the day in which they need to make a withdrawal and then they get surprised they face a KYC verification which takes them some time to pass and that they were completely unprepared to confront at the moment.

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Quote from: Furious 7 on August 27, 2023, 06:01:02 PM

In the end with reference to some of the positives and negatives it is definitely not good to keep your savings in a gambling account as there is not even a benefit provided apart from the possibility that we will spend the money we saved in gambling.

I don't know if there are people who do this or not but if there are really people who do it without touching the money for gambling then I would applaud them because at the end of the day the condition remains the same when there is money in gambling then we will play with that money regardless of the amount.

In case you hold the many in the gambling sites,surely you will use the money again.But if you keep the money in the bank account,you can use the money on emergency.Then you can control the gambling playing time period with certain time period.

My friends had the habit of holding the money in the gambling site itself.When I had asked them,they told me holding the money in the gambling to save the money for deposit into the gambling.They also usually withdrew the money after they earn from the deposited money.But I keep the balance money in the bank account for my emergency.

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Quote from: BenCodie on August 27, 2023, 05:44:00 PM

Upsides of keeping your savings in a betting account:
- None

Downsides of keeping your savings in a betting account:
- You will probably never save.
- Your savings will be subject to the terms of a gambling platform instead of a bank account/bitcoin wallet (reduce sovereignty, higher risk)
- Temptation will be easier to succumb to due to the convenience of having the balance available in a better account.

If you are coming from the view that you can grow faster in a betting account than a savings account, that is completely untrue, factually and statistically speaking.

The major problem is the temptation to gamble. When you don't have balance in the wallet one won't think of gambling. Myself used to play without bet amount, which means used to keep on rolling to reach a specific result. This used to be kill lots of time, and this used to be fun. When we have balance surely we'll get tempted to spend and multiply it. This is real risk when our choice is to save. Better choice is to save in a non custodial wallet.

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Quote from: BenCodie on August 27, 2023, 05:44:00 PM

Upsides of keeping your savings in a betting account:
- None

Downsides of keeping your savings in a betting account:
- You will probably never save.
- Your savings will be subject to the terms of a gambling platform instead of a bank account/bitcoin wallet (reduce sovereignty, higher risk)
- Temptation will be easier to succumb to due to the convenience of having the balance available in a better account.

If you are coming from the view that you can grow faster in a betting account than a savings account, that is completely untrue, factually and statistically speaking.

In the end with reference to some of the positives and negatives it is definitely not good to keep your savings in a gambling account as there is not even a benefit provided apart from the possibility that we will spend the money we saved in gambling.

I don't know if there are people who do this or not but if there are really people who do it without touching the money for gambling then I would applaud them because at the end of the day the condition remains the same when there is money in gambling then we will play with that money regardless of the amount.

Topic: Can money be saved in gambling sites? - page 13. (Read 2000 times)