Can money be saved in gambling sites? - page 16.

adzino

copper member

Activity: 2968

Merit: 574

www.Crypto.Games: Multiple coins, multiple games

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.

Saving money in a gambling site? That's very risky! Here's the thing, when you deposit money into a gambling platform, you're essentially giving them control of your funds. You no longer are considered the owner of the coins since you don't own the keys to the wallet. It's not like a regular bank where your money's protected by regulations and such. If that site gets hacked, goes down, or just decides to do something shady, you could lose everything. And yeah, even if you're not into gambling now, having funds in there might give you that "just one try" craving. Hambling sites aren't built for saving, they're built for playing. Use your own wallet where only you have access to the keys.

Raflesia

hero member

Activity: 2282

Merit: 560

_""""Duelbits""""_

Quote from: Rabata on August 26, 2023, 12:59:36 AM

Quote from: Raflesia on August 25, 2023, 05:56:06 PM

For what? Guarding against loss? I think only people who are really naive would do that.
It is important to realise that the temptation of gambling cannot be prevented if there is still a balance in the wallet or gambling site so thinking about this scenario it would be foolish to keep a large amount of money (savings) in a gambling wallet because this will only be one of the reasons you gamble and spend it.
Although there will certainly be excuses where it depends on our self-control but I can guarantee and will say with full certainty as long as there is money in your balance on one of the sites then you will continue to try to play it in the hope that it will increase Cheesy

We cannot deny that if in casino gamblers keep their money that money will not be re-spent on gambling. Those who wish to save money must divert money away from gambling otherwise they may lose that money. We often indorse limiting your bankroll when gambling. In that case, when planning to deposit money on the gambling platform, the bankroll will ultimately increase through the saving money. Gambling is often difficult to control for a gambler. The money can be used at any time without intending to and the chances of losing the saved money will increase.

The excuse of inadvertence is just a mask because in the end they realise when there is a balance in the gambling wallet then it is bound to run out sooner or later regardless of whether we are frugal or not the important point is that it will run out Cheesy

I know there may be some people who can even grow money in gambling but that is also not just anyone can do so seeing this condition then for us ordinary people who only gamble to make us happy and an ordinary gambler who only hopes for luck in it would be highly discouraged to do so.
Keeping savings in gambling would be the most ridiculous thing to do.

Mauser

hero member

Activity: 1694

Merit: 516

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?

Yes it's possible, but why would you so such a thing? Our accounts with the bookmaker are to place bets on sports and not save money longterm. To me it seems like too risky to start saving large sums of money in our betting account if we never plan on using it for bets in the future. What if the company goes into bankruptcy? Then all our money would be lost. Also we don't get any interest when saving our money there. In a traditional savings account we would at least get interest. And if we don't care about interest than we should focus on security and store the money in cryptos in our own wallets. Another issue with having large sums of money at the casino or the bookmaker is that it becomes harder to resist the urge to place larger bets. When we see the money at our account we could start placing huge bets in a weak moment.

danherbias07

legendary

Activity: 3108

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Quote from: kojektea on August 25, 2023, 05:45:16 PM

the risk is that we are tempted to gamble, well, some well-known gambling websites certainly have security that can be trusted, but that will still disappear, we can't control it to continue to be indiscriminate. but my suggestion is better to keep it somewhere like personal ethereum wallet or exchange (if it's not too big).

That's right. Well, if it ain't too big then he can definitely keep it in an exchange but there's still risk involved in that. If we are not going to use it for trading then it would still be better in a cold wallet. The only problem I see is that some projects don't really have a cold wallet made. They are still using third-party applications especially those under ERC20 and BSC. I don't trust the Android applications made by them, like Trust Wallet or even MEW which have its issues before.
But again, it's better there with a seed phrase in your hands than in a gambling site which we don't know when will get bankrupt or just close it down without any warning.

piebeyb

legendary

Activity: 2296

Merit: 1038

Leading Crypto Sports Betting & Casino Platform

Quote from: kojektea on August 25, 2023, 05:45:16 PM

the risk is that we are tempted to gamble, well, some well-known gambling websites certainly have security that can be trusted, but that will still disappear, we can't control it to continue to be indiscriminate. but my suggestion is better to keep it somewhere like personal ethereum wallet or exchange (if it's not too big).

Yes, this can also happen if we can't control it because at one time we might be tempted to gamble and spend the money in our account, after all why should we make a casino a bank, while keeping it in our own bank or wallet is better, for example gambling? when you win you can withdraw all the winning money so that not too much money is spent in the casino account.

I think that's a way to prevent us from losing our winnings and gambling results, don't save too much money at the casino because our accounts and funds can be frozen for example if something looks suspicious or the casino wants to steal your money, so ask you to complete KYC it's complicated and you can't do it, then you and your money will be frozen, it's best to put money in your wallet, it's the safest.

jrrsparkles

sr. member

Activity: 2436

Merit: 272

Eloncoin.org - Mars, here we come!

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.

You mean using crypto casino as your bank account then why the hell the crypto wallets are there?

Eevem casinos don't want that which is the reason why they have wagering requirements to withdraw your funds, it means you need to make bet for a certain amount then only you can able to go for withdrawal processing which varies depending on your deposit amount, and casino you are talking.

Don Pedro Dinero

legendary

Activity: 1344

Merit: 1547

The first decentralized crypto betting platform

Quote from: AbuBhakar on August 25, 2023, 04:03:35 AM

It’s utterly nonsense to use casino as bank savings for your money because it doesn’t have an interest to your deposit, casino will charge you fee for holding your assets if you didn’t place any bet for a certain period of time and most importantly is you will always be seduced to gamble when you have balance in the casino.

I think this sums it all up, and this post could have locked the thread. If you want to save on some kind of account, you have a lot of options and they are all better than a casino account for the reasons mentioned above.

Quote from: AbuBhakar on August 25, 2023, 04:03:35 AM

Blackjack.fun offer a staking to their bankroll that rewards user passive income. I think you are looking on this casino feature and not the regular deposit to your balance because casino doesn’t work like a bank.

The only thing to watch out for here is volatility, every now and then a lucky big whale comes through the casino and blows a big hole in your bankroll. That would be more like a mutual fund than a savings account.

Oasisman

hero member

Activity: 2590

Merit: 549

Rollbit

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.

It is possible, but the risks of putting your money in a casino is a lot more riskier than your money being in the bank which eventually gets bankrupt. When you put your money in a casino, there is no insurances that backs up your asset in case the casino go bankrupt. Ultimately, your money will go along with it when the casino decides to close, plus they can freeze your account for inactivity anytime they want. I don't understand why people would like to use a certain thing that was not designed to cater a specific purpose. Keeping your money in a casino is like keeping your bitcoin in an exchange, they are the too risky. Again, I don't understand the purpose of saving money in a casino, because gambling and savings are contradictory to each other.

Rabata

full member

Activity: 798

Merit: 211

Quote from: Raflesia on August 25, 2023, 05:56:06 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?
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.

For what? Guarding against loss? I think only people who are really naive would do that.
It is important to realise that the temptation of gambling cannot be prevented if there is still a balance in the wallet or gambling site so thinking about this scenario it would be foolish to keep a large amount of money (savings) in a gambling wallet because this will only be one of the reasons you gamble and spend it.
Although there will certainly be excuses where it depends on our self-control but I can guarantee and will say with full certainty as long as there is money in your balance on one of the sites then you will continue to try to play it in the hope that it will increase Cheesy

We cannot deny that if in casino gamblers keep their money that money will not be re-spent on gambling. Those who wish to save money must divert money away from gambling otherwise they may lose that money. We often indorse limiting your bankroll when gambling. In that case, when planning to deposit money on the gambling platform, the bankroll will ultimately increase through the saving money. Gambling is often difficult to control for a gambler. The money can be used at any time without intending to and the chances of losing the saved money will increase.

romero121

legendary

Activity: 3192

Merit: 1213

Enterapp Pre-Sale Live

Quote from: Fundamentals Of on August 25, 2023, 10:52:31 PM

How come you even asked this question? Please forgive me but this is kind of a stupid question. A gambling site is for gambling. It is not a savings account. If you don't have plans to gamble, then your money shouldn't be there.

Deposits in gambling accounts are seldom allowed to be withdrawn without ever making a bet. That's against many gambling sites' ToS. Another point to consider is that inactive accounts in gambling sites are usually locked and deposits frozen. Dormancy has a cost not just in the banks but also in gambling sites. Worse, it could be seized.

These days gambling sites are completely centralized. Holding/Saving bitcoin in gambling sites is really risk involved, because we're depending on third party to have our holdings is not fair. Gambling sites were dedicatedly developed for gambling, so if your plan is to gamble then having funds in the gambling site is good.

As said gambling sites always have their own terms and conditions. Some prefer to withdraw when required, but the same isn't possible as gambling sites have certain wagering requirements to be fulfilled. In between many gambling platforms have gone bankruptcy and some have stopped their services in between. These all things need to be considered when you make a deposit on gambling site for the purpose of saving.

Josefjix

sr. member

Activity: 1176

Merit: 279

yes

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?

Saving money on gaming websites? Do you really need to remember that, because the last time I attempted it, I used all of my money in my online gambling sites wager to play games? Fact is, that is one of the simplest ways to lose money, because there will undoubtedly be difficult times, and one would want to attempt something that will bring some more cash into the pockets. Saving money online, particularly in online gambling accounts, is absolutely not an appropriate pathway to pursue; most gamblers end up breaching the rules, which results in a frozen or banned account; why? The majority of these gamblers disregarded reading the terms and conditions of this specific site. That is exactly how these sites work; they do not accept visitors, so it do happens more frequently.

Fundamentals Of

sr. member

Activity: 2310

Merit: 366

How come you even asked this question? Please forgive me but this is kind of a stupid question. A gambling site is for gambling. It is not a savings account. If you don't have plans to gamble, then your money shouldn't be there.

Deposits in gambling accounts are seldom allowed to be withdrawn without ever making a bet. That's against many gambling sites' ToS. Another point to consider is that inactive accounts in gambling sites are usually locked and deposits frozen. Dormancy has a cost not just in the banks but also in gambling sites. Worse, it could be seized.

Chikito

legendary

Activity: 2366

Merit: 2054

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?

Everyone here believes that saving online is not good. there are many examples of the owner bringing your money and frozen your account. If I were you, I would avoid it, and be very careful with it. you don't have to save your money online if you can save it offline. So if you want to play, just deposit, and withdraw it if finished. it's even safer and simpler when compared to saving too long. but if you really believe and the website is enough trust, There is no harm, but still is not recommended by comparison to your own your key.

ralle14

legendary

Activity: 3206

Merit: 1885

Metawin.com

Quote from: TelolettOm on August 25, 2023, 07:37:47 PM

Since there is no advantage to keep it there, I don't know why OP has that idea. It seems a bit strange for me. Grin

The only advantage I see in saving through gambling sites is if they start offering interest, similar to what Freebitcoin offers to all their customers who still have a balance on their site.

I guess OP found the idea worth discussing because a few casinos offer these features and back then, you'll see a few gamblers create a second account to store some of their money.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: TelolettOm on August 25, 2023, 07:37:47 PM

There are many other ways to put saving money with more secure ways. It is strange you want to try keep your money in gambling sites. They are not proper places for saving money, gambling accounts are only the media to store money for entertainment purposes (playing gambling games). I can't imagine if you keep a big amount of money in an account that are intended for entertainment. I guess the money won't last a long time, because it will run out because it is used to play gambling games. Although we are trying to commit for saving money but the temptation will be heavy, especially if you start to love gambling games and are interested in chasing victory. I'm not sure even a non gambler will never try to gamble their money when they have a gambling account in casino sites.

Quote from: letteredhub on August 25, 2023, 04:43:11 PM

First, no non gambler will agree to have his money saved in a gambling wallet, secondly, it doesn't make sense doing so cause the risk is not worth it.

Agree, non gamblers must prefer saving their money in banks. It is the common place for saving money. Sure, keeping money in a gambling account will be too risky. Since there is no advantage to keep it there, I don't know why OP has that idea. It seems a bit strange for me. Grin

if you will put your money in a gambling site, it means, it is easy to spend it when you have the desire to. if you are serious with your goal of saving something, at least put it in your bank even if the interest is nothing.
besides, if you forgot your funds inside the casino the chance of losing it all is high because they can close down the site without informing their clients. whereas, when it is in your bank, it is regulated by your Central Bank and abandoning their clients is very low, even if they go bankrupt, your funds can be returned to you.

TelolettOm

hero member

Activity: 2086

Merit: 553

Leading Crypto Sports Betting & Casino Platform

There are many other ways to put saving money with more secure ways. It is strange you want to try keep your money in gambling sites. They are not proper places for saving money, gambling accounts are only the media to store money for entertainment purposes (playing gambling games). I can't imagine if you keep a big amount of money in an account that are intended for entertainment. I guess the money won't last a long time, because it will run out because it is used to play gambling games. Although we are trying to commit for saving money but the temptation will be heavy, especially if you start to love gambling games and are interested in chasing victory. I'm not sure even a non gambler will never try to gamble their money when they have a gambling account in casino sites.

Quote from: letteredhub on August 25, 2023, 04:43:11 PM

First, no non gambler will agree to have his money saved in a gambling wallet, secondly, it doesn't make sense doing so cause the risk is not worth it.

Agree, non gamblers must prefer saving their money in banks. It is the common place for saving money. Sure, keeping money in a gambling account will be too risky. Since there is no advantage to keep it there, I don't know why OP has that idea. It seems a bit strange for me. Grin

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Saving your money in a third-party wallet not directly controlled by you is like asking for someone to rob you off of your money. This is not advisable as the gambling platform can easily go under and you will have no way to claim or get your money back. At least in wallets that you control, you have the option to move it out from one place or another, or just spend it, and the blame's all on you. I'd rather have that thought and be comforted by the fact that I alone am to blame for the loss of funds I may incur rather than stress out on something that is completely uncontrollable.

Raflesia

hero member

Activity: 2282

Merit: 560

_""""Duelbits""""_

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.

For what? Guarding against loss? I think only people who are really naive would do that.
It is important to realise that the temptation of gambling cannot be prevented if there is still a balance in the wallet or gambling site so thinking about this scenario it would be foolish to keep a large amount of money (savings) in a gambling wallet because this will only be one of the reasons you gamble and spend it.
Although there will certainly be excuses where it depends on our self-control but I can guarantee and will say with full certainty as long as there is money in your balance on one of the sites then you will continue to try to play it in the hope that it will increase Cheesy

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: Bananington on August 25, 2023, 04:37:12 PM

~snip~
Use a crypto open source wallet.

^ This should be a must in the crypto world, if you don't gamble and use it there is no reason to store your coins on a gambling platform because that involves risk. The thing is you will probably face a problem in the future when you want to withdraw it because most commonly some gambling platforms might impose restrictions on the withdrawal of your funds, especially if you have been using bonuses or promotions. This could make it difficult for you to access your coins when you want to. It is always recommended to store your cryptocurrencies in secure wallets that you control, preferably hardware wallets or software wallets with strong security features. This way, you have more control over your assets.

kojektea

sr. member

Activity: 2268

Merit: 256

Vave.com - Crypto Casino

the risk is that we are tempted to gamble, well, some well-known gambling websites certainly have security that can be trusted, but that will still disappear, we can't control it to continue to be indiscriminate. but my suggestion is better to keep it somewhere like personal ethereum wallet or exchange (if it's not too big).

Topic: Can money be saved in gambling sites? - page 16. (Read 2000 times)