Topic: Can money be saved in gambling sites? - page 2. (Read 2265 times)

If putting your bitcoins in a custodial wallet is already a risky thing to do, imagine doing that in your betting account, it's actually much more riskier since you might be tempted to spend that money in bets or games in your account compared to the custodial wallets where there's really no risk besides that it's not your coins since you don't have the key to the wallet. You're going to get far more when you consider using non-custodial wallets or cold wallets to store your money if it's in bitcoin because that way you know where your money is and you know that you are the one responsible for it and it's probably safer since you have all the access to it. Nothing wrong with leaving some money here and there but storing everything on that account is ridiculous because what's going to happen to you if that casino or betting site suddenly closed? You're going to be left with no money and you are the sucker in that deal.

Haha I honestly laughed when I read this statement of yours, keeping money on gambling sites is the same as "putting carrots in the rabbit hole" it makes perfect sense buddy. as you said and the logic is that it's the same as you doing something that indirectly tells you yourself to gamble by putting money on gambling sites. you are a gambler whether you are addicted or not, but I think even if you are not too addicted there will still eventually be a sense of attraction that arises in you when you see money stored on one of the gambling sites. You're a gambler whether you're addicted to it or not, but I think even if you're not addicted to it there's still eventually going to be a sense of attraction that comes over you when you see money deposited on one of your gambling sites, so I'm not sure if you can really resist all the temptation that comes over you when you see that there's money deposited on a gambling site.

I think only a few people can resist all the temptations that are there, maybe only 20% of 100% of people can resist all the temptations in such conditions. For myself honestly I also would not do that or mean saving funds there even though I have pretty good control, because there are always times when I forget my limits a little, so by saving funds on gambling sites it is the same as telling myself to gamble. Basically there are many other ways for you to put money in a safe place, don't trap yourself by putting money on gambling sites.

Isn’t OP’s childishness and tomfoolery obvious to you? No one with a clear mind would suggest this method of storing money. Even carrots in the rabbit hole look safer than storing savings on gambling sites. On the one hand, these are completely unjustified risks and a temptation for site owners to steal your money, and on the other hand, they are a temptation for you to gamble and lose these savings. This is a doubly stupid idea. Moreover, no one has ever heard that gambling sites are reliable and safe places and deposits of money. From the point of view of external attacks. And I won’t even mention the fact that the main threat comes from within the site itself (the owners).

OP’s post is a good opportunity to joke about this topic, but certainly not for a serious discussion, and certainly not for bringing this stupid idea to life.

OP this is equivalent to asking if you can save your carrots in a rabbit hole. What were you even thinking before coming up with this kinda crazy Idea  . Logically it's possible to keep your funds in a reputable gambling site, but the question is, as a gambler can you resist the temptations of seeing your betting account heavily funded, because you'll definitely want to give it a try. If you've accumulated that level of self control then you can do that without the fear of loosing your fund. But for me, I'll never consider such an idea and I believe that majority of the people here would agree with me that it's a very risky method of saving up your funds. If you don't want to save your funds in fiat( which I'm highly against) and wish to save it using crypto, then their are so many better options to consider, there are several decentralized and centralized wallets and exchanges you can save up your money and still don't have to worry about your safety of the funds rather than considering this ridiculous id3a as an option. Lol

You are right, but to actually make this a bit straight for better understanding, I did add that, nothing is wrong if a gambler has some funds left on his gambling casino account, which is funds he or she is prepared to play gambling with in a couple of days comings, maybe he or she waiting for a particular game, for those who are mainly into sports betting. So instead of moving the funds back and forth, paying transactions fees on both sides, it's better to just leave the funds on the casino and wait for the coming game to play it wit the funds.

But on the other hand, like you have said, if the only purpose the gambler is leaving the funds on the casino account is as to allow it appreciate in value for profit sake, it's far much safer to just withdraw the funds to one's personal wallet and hold it there.

No one should ever keep funds considered as an investment on their gambling casino account, for the same way it is very bad to leave funds on centralized exchanges account, same way also it is very bad to leave funds on casino accounts, funds one does not plan to use to gamble.

You are right, because no matter the high level of reputation that the casino has, it is not a wise practice to save money in a gambling platform. The reason is that as a gambler, you might be tempted to gamble with such funds, even though not at once. At the same time, you might just decide to amble with little amount from the money and before you know it, you will keep on gambling because you have enough money in your gambling wallet and you will forget that you never wanted to use the money to fund your gambling activities. I will say that it is a risky practice because for you to withdraw this money you must wager a certain amount based on the casino rules, which will mot make the funds complete anymore.

Temptations will be there, I am sure of that.
Stake.com has a feature called vault and sometimes I do keep some money there just so I will only use the amount that I see on my screen and try to forget about that. But it doesn't work. My brain keeps on thinking about the amount that is in the vault and just recently I depleted them all.
Don't keep your money on gambling sites. It's not just about temptation too but we will never know when these applications will end. It could be tomorrow or the next day and our funds will be dragged with it once it closes down unless they will tell their customers about it first before closing the website down. It's just like the way we view trading websites, not your keys, not your coin.
We already saw the news about one trading site going down with funds of investors towed with it and up until now they are trying to get it back from the popular exchange. The same could happen with gambling sites but we ain't sure when it could be.

You could wake up one morning and see all your money in the betting platform is gone and you cannot do anything about it. There is no difference between the betting platform and the local bank account. However, a chronic gambler cannot withstand seeing an amount in his betting platform without being tempted. One faithful day he will choose to use it for gambling with the mindset of doubling the amount. And in the process he might succeed or loose everything.

There are other better options for saving your fiat. Some apps lets you set targets and goals and that will be helpful. This is because you will not be allowed to withdraw your funs until the targeted date is reached.

For me no. Why? Because gambling sites and trading sites are the most risky thing a gambler or a trader has done. It is always not be advisable to store money on those platforms as they are not safe and prone to security breach. It is not the proper way of storing your funds on a gambling site if you are talking about future investments IMO.

Yes, it is better to keep the money in a non-custodial wallet than to keep the money in the casino. We can be tempted to use that money because there is a desire to win from gambling like other people have obtained. We would not think that gambling can cause a lot of losses even until our money runs out but we are tempted to increase the amount of money so that we can save more money in the casino. If we could think about other things, such as hacking or suspicious things that could happen to our account, we might think more about moving all the money in our gambling account to another place where it is safer and where we can control it.

Maybe if they only kept a small amount of money in their gambling account, there would be no problem because that is money that we can afford to keep on the casino site and also that money we will use for gambling. So it won't be a problem, but we won't save big money in our gambling account because we don't know what will happen to our gambling account.

Even if a gambler doesn't get tempted by sure bets or anything and knows they won't touch the money, it's still not a good idea to keep them idle in a gambling platform because a gambling platform is a place for you to gamble and not to keep your money. There are all sorts of things that can happen, platforms and accounts often get compromised and casinos don't give you that much security from hacks and exploits apart from a Two-factor authentication which you might not have enabled.

If someone wants to save their money, they can simply use a non-custodial wallet for that so that they can keep their private keys and seed phrases somewhere very safe and they don't have the fear of the wallet getting hacked or exploited and their money getting stolen which are possibilities when your money is kept in a centralized platform.

Well if you can manage your keys and money and you are sure you won't lose them, get robbed or something like that, then sure. As that's the essential part of the whole cryptocurrency ethos.

But imho keeping your money in trusted casino is as good safe as any. First of all you immediately get security you couldn't afford in a million years. You can gamble with it instantly if you want. And if you happen to die, it's way easier for your relatives to get your money. Unlike messing with the hidden privatekey, wallet, usb they know nothing about.

This old funny video summarizes the problem: https://www.youtube.com/watch?v=dktBrlikweo

Only thing that makes it problematic is that you can't just deposit and keep it safe. Because of AML laws you need to gamble it before withdrawing.

$100 to $200 is not safety, it's still in jeopardy but in a different way. The urge to gamble will be the next problem. Knowing that you have money stashed in your account vault in one gambling site means the idea of testing your luck. Now, that's not investment anymore, it means you are risking the saved money and not just stashing it away to avoid being seen by your wife or the government.
I think it will be better if there's really no way we could spend it. There are gambling sites that offer services to invest our cryptocurrencies, especially Bitcoin, and in exchange, you will get an interest every month. If I am not mistaken, freebitco.in has this kind of feature and I do believe that's a better option than just keeping it in a gambling site.
There will always be that urge if you see numbers in your balance, it's better if it's zero so we won't have the desire to do so.

Yes, this is what im doing now on which i do have some parked coins or literally speaking about Bitcoin into my gambling account due to high fees and since platforms does have dynamic fees
then you do expect that they would really be always getting in line with network fees on which it did goes up almost $20 as far as i remember which i could say that this is the highest
so far basing up with my experience here on this crypto space specially with Bitcoin fees.

with the rising fees these days, maybe one can store some funds inside the casino if he is frequently playing on the site. but if he is looking to play after a week or so, should consider transferring his funds to his own wallet where he has full control of his keys. i believe a lot of gamblers are actually leaving their funds on casinos, but should consider the security and reputation of the site before anything else.
so many unexpected incidents that we have seen and encountered throughout the years, so i guess, you have so many reasons to secure your own funds from potential fraud.

Storing money or even a crypto currency asset on a gambling platform will never be recommended. Well, it depends on the person if he will take the risk of storing it there, but gambling platforms tend to have issues in terms of money being lost and are prone to being targeted by hackers as they know they could get something from the platform. But mostly, this method of storing money on a gambling platform is used to hide confidential money—money laundering, for example—as some gambling platforms are illegal. That's why it is not appropriate to store money in such a way. Anyway, it's up to a gambler or a person if he or she wants to use this method. Just make sure that the amount is not too big and that the platform you put it on is one you can trust, its hard to trust in such platform now a days tl handle our money.

Yeah, hiding it in a casino is also the same as not holding our funds because we're not holding our keys. Well for some reason that your government and your wife is aware of Bitcoin, they might just interrogate you and get you to that point of showing them what you have. At least that's with force and you won't allow that to happen.

It make sense when you're going to hide it with that kind of amount, there's no problem with those amount because they're affordable to lose for the majority. But I know that for some people this is a huge amount already but if you think that's enough and we're the type of person that keeps money almost everywhere with small to medium amounts, this is ideal strategy.

That depends on how much you can scatter from place to place and wallets to wallets. You can hide it through your own bitcoin wallet and depends if you like to do more with your casino wallets/accounts.

OP, this behaviour will amount high level of risk, how will someone g this lane, gambling is gambling whether we like it or not, to me is never an option to save money in gambling site wallet because there are several distracted attached to it, if you just register with them newly, this may turn you into a chronic gambler, most time you open the site and see your fund their, you may be tempted to try a sure odd as they normally say and you might end up losing such trial, your money will keep decreasing, once the name saving is mentioned, the first that come to mind is keeping money safe for future use, when such funds keep depreciating where you kept it, don't you think the purpose of such plan has been defeated, to me, I think that is a bad idea to save money in gambling sites.

There is no problem with depositing money on a gambling site if it is a reputable ‍and secure site. But when the amount of money is more, it is better to transfer it to personal wallet. If I keep my money with others site, I have to put extra stress on it that I don't need if I keep it with myself.

Another disadvantage of depositing money on gambling sites is that there is a possibility of gambling with the deposited money at any time. Which is a major cause of damage. So it is best if you keep your money in your own wallet and transfer it to gambling when needed. There are many free wallets for saving money which are safe and you can save as per your wish in any one of them.

To me it does not make much sense to try to hide money on a gambling site, not only because the reasons you have already mentioned, but there is also the fact that anyone depositing money in form of crypto on a casino is basically providing liquidity to that casino for free. It is like a loan without asking for interests, what kind of good business would that be ?  
It would be better just to exchange all that crypto to dollars and stuff them into one's mattress or even move all of it to a non custodial wallet, one wont end up earning any interests in neither of those options, but at least one won't worry about getting the money lost because the casino goes out of business or some hacking taking place.