Can money be saved in gambling sites? - page 17.

Fatunad

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

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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.

Who would really be on their right minds on doing so?
Normal people with normal thinking would definitely consider the ff;

1. Saving money from fiat
2. Investing the money and diversify to have another income source
3. Crypto form - Bitcoin
4. Cashbox

No one would really be considering on putting up their funds on a casino site. There's no point or no sense on doing so because we know that once these platforms
will be running away or already being a scam then say goodbye with those funds. I would rather better be putting up in banks which i could somewhat assure that you are really that safety.
The fact that majority of us do really still trust that shitty bank services even if we do hate it but we cant really deny that when it comes to assurance then we are really
actually rely on them. It is really just that being too centralized or having that full control and tracking do really sucks.

klidex

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For me, saving money on any online site will be very high risk of losing your money.
Especially if we save the money at a gambling site, which usually has regulations on several gambling sites. If the money is stored in a gambling wallet for several years or several months and is not active, the funds will be confiscated by the gambling party and if the gambling party has generosity, maybe when you start Your account access is likely to be returned but most casinos will refuse the refund because it has become the rules that have been set.
There are several other examples that are very clear, such as an investor saving so much money on one of the cryptocurrency market sites or platforms that in the end the market goes bankrupt and closes the site and the investor loses all his money because no one will guarantee this loss and it will be more it better to keep funds on a personal wallet than on an online site.

letteredhub

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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.

Wow! Forgive me but this idea sound crazy, like how did you came up with this thought?
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.

What if the gambling site folds and exit the market out of financial crisis encountered, did you thought about what would happen to your money? Considering that traditional banks ain't that completely satisfying for some group of people but it's saver saving my money in their custody (if I decide to be fairly stupid) stead of saving my money in a gambling casino wallet.

If you have being around long enough within the crypto gambling industry you would have witnessed many online gambling casinos come and go never returning back from their extinction. Nothing stops you from saving your money in a non-custodial wallet where you have full control and custody. All you do is keeping your seed phrase safe.

Bananington

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Supposing we were to include the span of duration for which you can save money in the gambling site; as likened to the normal duration a gambler would give before making another bet, two days to a week will be just fine. Gambling sites have limits too. How big is the funds to be saved is another issue.
It isn't a good idea to leave your funds long term on a gambling site. That's not what it's meant for. Use an open source or closed source wallet to save the money you don't want to save in the bank, but firstly exchange the money to crypto/BTC in this case and save up/HODL. The rest will come naturally.

A non gambler even getting to register on a gambling site with this idea to just save their money or hide the money for sometime, may soon find out that they love gambling all the while without knowing, after one or two first tryouts. Don't move in the direction you don't want to go. Use a crypto open source wallet.

Casdinyard

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I won't recommend it. There's no argument you can make about saving money on casinos that you couldn't use with other savings method like banks or private wallets. Cryptocurrencies are wide-encompassing, so you don't have to get it on exchanges and gambling sites for it to accumulate in value. You can just save it on your own wallet and watch the money pile up lol. Plus it's not safe either, people get their accounts hacked and their funds stolen all the time, if you don't want to be a part of this demographic might as well make sure that you don't put funds on your gambling account that you couldn't afford to lose.

Lastly, just use something else man. Gambling sites are meant for gambling, and unless they offer bonuses for holding cryptocurrencies (which I don't think they do) I say just keep it in a wallet.

Wiwo

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I bet to deviate a bit from the views of many others who have commented on this topic, well we have some casino that operate what we call bankroll features, This way, investors hold some balance on the gambling site in the form of locked liquidity and in returns he take share of the revenue returns of the gambling site on monthly basis, I don't know how popular that is recently but we have some old casinos like bustadice who have bankroll features in the casino.

But we should also take into account the many risks that are associated with leaving your balance on a third-party site when you can be more at peace leaving your coins in your custodial wallet where you have 100% control.

coolcoinz

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Quote from: madnessteat on August 25, 2023, 01:35:31 PM

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

~snip~

I think your idea is about as ridiculous as it gets. No matter how lucrative and famous a gambling site is, it is not designed to store money on it.

My advice to you is that if you are interested in saving money in cryptocurrency, buy one of the hardware wallets and store your money there without thinking that something might happen to it in the future.

I agree 100% with you.

The first rule of bitcoin is not to keep your money on exchanges because it's made for self-custody. Holding money on a third party site that isn't even an exchange, like those sites that offer staking services, or casinos, is an activity that comes with very high risk while offering completely no reward because you're not getting interest on your savings. It doesn't give you benefits, even if you hold over a million USD there.

Treating an exchange like a bank is a mistake. Doing the same with a casino is even bigger one.

Cling18

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Saving is necessary for the future because we all know how it could change our lives for the better but I don't think saving our money and funds in gambling sites would be wise. If there would be better options to save then why store your funds in gambling sites where temptation could always exist?
It is better to store your funds in a safer wallet and try not to touch them as a preparation for the future but if you store it in gambling sites and exchanges, there's a possibility that you might spend it for betting if you will be tempted. Also, you should keep your funds safe from hacking incidents that often occur in some exchanges. Better be safe than sorry so you have to be wise in keeping your money. Savings shouldn't be allocated for anything else especially gambling so better keep it out of gambling sites.

panjul07

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Are you taking this topic as serious discussion or just for a joke, I dont get it if you need to ask for opinions from others about this thing.
Saving your money in gambling sites or even in exchanges is not recommended at all.
You are a full member already and I believe you are experienced enough in this case, so it makes me confused how could you have such thought to save money in gambling sites.

rahmad2nd

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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?

You can just do what you want and say, but with a casino record that has a reputation and a credible license. it's just that if I refer to what you said keeping money for a long period of time in a casino account, wouldn't it be more ideal to keep it in the hardware wallets that we have. thus, you will avoid unwanted things. to prevent something we don't want, it would be wise to store it in the safest place. not that saving money in the casino is not safe, but for our own safety. except, if you are still active even if you are only doing a gambling session with a small bet.

I'm not going to say that this idea is wrong, but I'm not going to do it for my own safety and comfort. I do not recommend that you do this, unless you are active in terms of betting. if the money you keep in the casino account is just a small amount it doesn't matter, but if it's a large amount it will be very risky. simply put, if we want to gamble we can make a deposit and if we have won enough we can withdraw it. for me, it's that simple. after all, doing so will not spend in a long time.

Rockstarguy

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Quote from: Bureau on August 25, 2023, 03:59:03 AM

OP! You have chosen the wrong board. You should transfer your topic to the gambling discussion child board. Now coming back, why would anyone save their money in a gambling wallet? The purpose of the wallet is to instantly use the money for gambling purposes. In my opinion, unless you gamble daily there is no point in keeping crypto or fiat money in a casino's wallet.

This is like a saying that they do not pit a yam and a goat together, doing this the goat will end up eating all the yam. Going back to gambling, what could be the reason that will make one to choose to save money in a gambling account, it is either the money will be used to play gambling fir sure. Gambling account is not meant for savings but to play gambling instantly, so if one decides to make it a saving account I doubt if the person can save for sure as planned. Someone who plans to save with a gambling account must be a gambler and their is no way the person won't play gamble with money in the account.

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Quote from: cabron on August 25, 2023, 02:20:31 PM

Well if you are avoiding exchanges I guess storing your coins in the casino will be a good option if meant also to gamble some of them.

It's uncommon to store coins in a casino unless you meant to bet. The majority if not all will store their coins in an installed wallet if you meant to hold and save the coins for the bulllrun. I wanna see how it ends though for someone who keeps their coins in a casino.

Avoiding exchanges and looking for a way to hold cryptocurrency expecting bullish trend is really common thinking among the people. However when we hold cryptocurrency in gambling sites we'll have the intention to gamble. We should have control on gambling or we can use the vault feature which seems to be better than the regular wallet available on the casinos.

Westinhome

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Quote from: maydna on August 25, 2023, 01:16:04 PM

I don't think it's a good idea to keep your money in your betting account because I'm afraid you will use that money to gamble until there is nothing left. Is that what you did @OP? If so, you better immediately move the balance from your gambling account. Otherwise, you will regret using all the money to gamble, especially if you lack self-control.

It's better to save it in another wallet to be calm in saving the money. A gambler also realizes that saving money in a gambling site account will only make them feel they still have money so they can continue playing gambling. So quickly move your money from there @OP before you regret it.

Mostly the gamblers use to hold the money in the gambling website,because they know it will be used for the next game.The experienced gamblers will withdraw all the winnings money to separate account.They continue the same step till the capital was raised from the initial deposited money.After raised of full money,they get free from pressure of involving money.Then the gambler do the random bet on many games to learn the game with this money.

cabron

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Well if you are avoiding exchanges I guess storing your coins in the casino will be a good option if meant also to gamble some of them.

It's uncommon to store coins in a casino unless you meant to bet. The majority if not all will store their coins in an installed wallet if you meant to hold and save the coins for the bulllrun. I wanna see how it ends though for someone who keeps their coins in a casino.

Jossque

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Why would we need to save money on a gambling site?
You can set aside some of the money won from gambling after profit realization. There is not much point in keeping it on the site when we can use it for investment purposes in another way with this money you have profited. The balance left on the site is never ours. When you leave money on the site, when the site suddenly closes and goes away, you will be left without money and the money you have saved will have no meaning.

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Quote from: DaNNy001 on August 25, 2023, 01:49:40 PM

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Total madness, I would say this is just like putting your money into a sink hole knowing fully well the outcome of it and I won't even advice anyone to trying such thing except he or she is a well disciplined gambler and even at that it's not good to keep money on your gambling account because there are thousands of other preferable place where you can do that like lots of financial institutions.

There have been some gambling sites that offer interest on deposits.
I don't think it's total madness, actually there is some convenience for both sides (players and casino).

Excluding some exceptions that have an clear risk (interest on bitcoin offered by minor operators), probably the offers of mayor crypto gambling website are really trustable. Of course these are not options for saving money but It could be and option when chiose where to play.

uneng

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

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?

Of course it's not advisable, since you don't own your keys when your money is deposited at a casino account, however, ironically, casinos seem to be a much safer option when compared to so called investment platforms and exchanges in general. Investors had their money stolen when deposited at FTX, Mt. Gox, Celsius and many others, but they wouldn't if their money was deposited at freebitco.in or Stake, for an example, on that same period of time the scams happened back then.

After all, casinos play fairer in crypto universe than many businessmen promising security, passive income and reliability.

Stepstowealth

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

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?

It is very wrong to try to save money on a platform not meant for saving. You put yourself at risk and should not blame anyone should anything happen to the money you have kept on a gambling platform as savings. You are practicing the right habit at the wrong place, and it is very similar to keeping your cryptocurrency investment on exchanges. Also the normal behavior of people who want to save money is to try to ensure that the money is not easily accessible and at a position where they can easily spend it. A gambling platform is not the place to keep your savings.

DaNNy001

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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.

Total madness, I would say this is just like putting your money into a sink hole knowing fully well the outcome of it and I won't even advice anyone to trying such thing except he or she is a well disciplined gambler and even at that it's not good to keep money on your gambling account because there are thousands of other preferable place where you can do that like lots of financial institutions.

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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.

Do not try to do this, you are just asking for trouble if you do, and while something can be designed for an activity but be used in many other ways by people, at the same time there are limits for something like this, any money you deposit at the casino should be thought as money you are willing to lose in order to entertain yourself, besides I do not know why you want to do this when self-custody of your coins has been recommended over and over again, and if the casino happens to go bankrupt, become a scam or change its terms you may never recover that money.

Topic: Can money be saved in gambling sites? - page 17. (Read 2000 times)