Topic: Can money be saved in gambling sites? - page 4. (Read 2265 times)

That's not hard to do if you're a kind of gambler who is not easily tempted to use the money to play regardless of where it came from (either from deposit or winnings from the said platform). But usually, if we have funds on our account, we tend to use it to play our favorite gambling games. This is also the reason why it is not advisable to deposit money on your gambling account just for the purpose of saving.

In addition, casinos often have a wagering requirement before you can withdraw your initial deposit so it's not really a good idea to store your funds on gambling platform.

I quite understand your plight but no one should have any excuse due to this and keep a big sum in their casino site, this is too risky. I don't believe that anyone serious on BTT who has spent 6 months would ever make such a mistake as this is tantamount to a custodial arrangement which we always preach against. If the money is still worth about $250, I might risk it there, but a higher value can't be convenient for me as I know the amount I gamble with. And if I want to gamble with a big amount, that is a different case, I just move the money in and make my bet immediately. However, our affinity to risk varies in this regard but I try to be reasonable enough.

Also for the transferring, I don't think anyone should take the error in transferring as much big issue, I transfer regularly and there has not been a single crypto transfer issue to date, except that one might want to consider the fees charged depending on the crypto they use. In addition, the issue of transfer stress is no issue at all, if a simple task that could be performed in a few minutes is a big deal, then I don't know what won't be a big deal for the person.

We only need to set aside enough money in a gambling account, especially if the money is for gambling the next day, so we don't need to deposit any other money. For the most part, we can withdraw the money and send it to another personal wallet to prevent anything unexpected on the gambling platform so that we won't lose the money, especially if it is winning money we have previously received. That's to prevent bad things because we don't know what will happen later. We can only try to prevent everything and that is for our good too. And if we only leave enough money in our gambling account, it will reduce the risk of bad things that could happen.

This is one of the disadvantages of saving money on gambling sites namely that there will be greater temptation to keep betting even though we have used different sites and usually people who have money on gambling sites will never last long because they try to use small portion of it as capital but in the end the whole thing will also be used until there is nothing left.
Banks are clearly place to be able to store money safely and with full insurance coverage when undesirable things happen to the savings we have but to save with the aim of investing it seems like banks are not the right choice even though there are several deposit services with very small profits.

What do you mean by deposit bonus?.
Because deposit bonuses also have requirements that not everyone may be able to fulfill, such as the minimum amount that must be deposited and also the wagering requirements to be able to take or use the bonus.
But this is not for the purpose of saving money but to fulfill the bonus requirements.

I think it's possible but it's vulnerable if the site is not very familiar, if you save money on a big site like stake, fortune jack, ggpoker, I don't think it will be a problem, but I'm curious what your purpose is for saving money there?

We could save it but there are many temptations, so our desire to bet it is greater because the money is already available on the site.
different from banks which are places where money is generally stored.
but if one day a betting site offers something if its members deposit money on their betting site, I think people will consider it.

I think most people prefer not to keep their money on gambling sites or exchanges. However, it can be quite inconvenient to have to constantly transfer money in and out for gambling or trading. While no one can predict the future, in my view, continuous money transfers can increase the risk of making mistakes or experiencing transaction errors. Therefore, in addition to choosing reputable gambling sites or exchanges, I believe it's a good idea to establish a weekly or monthly withdrawal plan.

I never had thoughts like that, I thought it was too risky to save funds on gambling sites, especially for a long period of time. I prefer to keep my money in banks and assets like gold. In our country's banks there are deposit guarantee institutions so that if the bank goes bankrupt, all deposits will remain safe because they are guaranteed by the government institution (LPS). If the amount is large, maybe I will save it in the form of a deposit so that the annual interest is greater than savings

Even though I like bitcoin, until now I haven't dared to save all my money in bitcoin, I need fiat money for emergencies because it is more stable and can be used for sudden needs.

Risky and not recommended. You may be jeopardizing your hard-earned money in a platform that can go anytime. Keep it in a wallet as much as possible because there you can keep the seed and you can still open it in different types of wallets as long as you still have the seed phrase.
Gambling site wallets are meant for gambling only, you deposit what you can afford to lose just like how we do it in an exchange. There are so many free wallet applications now on the internet so might as well take advantage of them. If you want higher security because you will be keeping loads of number of cryptocurrencies then buy the good names, those with names that are popular in the market. i.e. Trezor, Ledger

It’s your choice actually to save your money in gambling sites but if you are not a keeper, you will be more tempted to spend more most especially if you have a gambling addiction. In less time, all of your funds will be totally used up. That is the reason why most gamblers never agree to save their funds in gambling sites. Gambling sites cannot guarantee that they will exist in the market forever, they can be very active today but we don’t know what await for them tomorrow. Furthermore, if your account also becomes suddenly restricted, then it’s hard for you to recover your funds anymore. So to make it safe, withdraw your funds and transfer it into your personal account.

"Saving" money in a gambling site is a rubbish idea for so many reasons. Firstly they are not intended for this purpose and it is highly dangerous to leave money in these sites because they will always be a high priority target , especially with Bitcoin being a naturally untraceable asset if they were to somehow lose control of their wallet. Secondly, they do not offer any sort of financial protection like you'd find in a bank in many countries who will cover losses of the company in the worst case scenarios. Thirdly, interest rates are actually starting to tick upwards right now which actually makes bank account saving rates much more juicy and worthwhile if you have the luxury of accessing these facilities.

Laziness or really just that confident or simply they had already just accepted their fate on losing all of those funds later on? No matter what we do then people does have that different kind of mindset when it comes to things but it is really that something that too absurd on leaving that significant amount of money in a place on which you dont really possess its keys on which it is really that imposing risks on which we should really be mindful and its true that terms and conditions or whatever changes that could happen along the way on which it might really be resulting for that fund lock and this is something that we dont really like to experience.
There's no sense on making it as your main wallet but if you are really that someone who do really actively plays on a certain platform and doesnt really like the hassle on making up some withdrawal and then deposit
afterwards then its your choice to take up this option but just as been said that it is really that imposing risks on which you might be ending up on facing those common problems.

If you dont like on facing those possibilities then spending a few cent or bucks would really be just making yourself that safe on possible trouble. It doesnt really cost you an arm and leg
for you to pull out those funds and you could really sleep that well.

We should not save large amounts of money on any gambling platform and I recommend withdrawing the balance to prevent something unexpected from happening on the gambling platform, if we have a high balance on gambling it will affect gambling on higher bets, because we think we have spare money to recover losses but actually bad choices that increase the risk of high losses on your balance. I rarely leave large balances on exchanges and gambling because I worry about making mistakes, so it's better to leave some money that I can afford to lose for gambling needs.

This is a gambling discussion but let me say some off-topic things about storing fiat money in cash. It is obviously not the best idea and any smart person won't do it. As you mentioned the risks, are accidents. But there are much more complicated stuff that happens but only those who know about them are the smart one. For example, money is highly affected by inflation. It happens but those who are not aware of it will always fall for it. The price of things gets higher but not from 10- 20. It rises slowly like 12-14-15-18-20. And as we buy those stuff we get used to it. The price is high but we need that product. So we ignore it and buy it. And the value of stored money gets lower.

The best way to save money and increase it's value is to put it in some investment. That way, you keep the real value while making profits out of it. I think every successful person does this and we should do it too. Putting money into casino wallets for safe keeping does not make sense.

It only takes a few minutes to secure your money, right? People should take their time. Yes, a tiny time investment pays you in security and comfort of mind. Priorities matter, right? We all make time for important things.

What if your Internet is slow and it takes more than a few minutes? But wait, is that really a bigger issue than securing your funds?

Gambling is fun, but keeping money on a site is like keeping eggs in a basket on a very loose hook. It may hold or fall and break them all. Terms and restrictions can change, leaving you and your funds out of luck. Pause, safeguard your money, and gamble what you can afford to lose. Is it worthwhile?

Dude, you're right there. The only thing I don't get, OP, is why you invest money into gambling. Isn't it preferable to invest in a renowned exchange like Binance than in gambling, even if the casino is trustworthy?

To be honest, gambling is not a good way to hide money unless you leave something behind to gamble with the next time you play, so using it as a storage wallet or bank is not a good idea in my opinion, and this is just my perspective.

Your level of sarcasm got me at first and I understand how you were quick to change tune, but it is  traditional that gamblers do all the time especially the ones that do this as their hobby every day, it might be a work load to be doing deposits and withdrawals all the time. However, nothing secure beat personal saving, gambling platforms are not like banks that commercial banks can be traced and fine, if a gambler decide not show up again, I'm not sure if there is going to be a compensation from anywhere even if the government licence the casino.


It is actually the keys and not the wallet. You can control a wallet without having the private key, like the centralized exchange and custodian wallets, you can control it but what you don't control is the private keys and who don't control private key controls nothing, and the day they disappear is the day you lose everything. FTX is a perfect example of how to picture the wallet and the private key differences; when the exchange turns out scammed, many have a wallet where money was kept but didn't control the private keys and till today, nothing is returned to the affected victims.

I wish there is a best way to treat the casino and way to handle funds but there aren't any, the best to do this is to play with the amount you want to wager, deposit the amount, try your luck and after the process and the fun, take it out and to the external wallet and if the next day, you feel like playing again, you can repeat the process again. It is safe this way to think that you have your money in your wallet.

We doesn’t have the control over the wallet in the gambling site,but the gambling site have a control over it.So they will take care of the gamblers wallet with some security,If the gambling site is good one.They never need money to scam the gambler wallet.Only the small gambling sites will do this cheap behaviours,So you can skip the small untrusted gambling sites to hold your money in such gambling sites.So almost your money in the safe gambling sites,which will save your time for multiple deposit.

Actually, from this word, we can also know that the title in the thread is all broken in this quote.
If indeed it is a gambling wallet even if you have control but still basically you do not have full control over the gambling wallet that you have so from this it is clear that keeping money in a gambling wallet will ultimately make you feel regret at the end.
We must realize that just storing bitcoin we need a wallet that really makes us sure that we are safe and avoid hacking and when it is stored in gambling it is actually against the rules even though it is not a standard rule.

There's a saying in crypto if it's not your wallet, then it's not your bitcoin. as simple as that because they all have the means to control the funds on their exchanges. As for gambling sites, I think they will simply use your money to pay for others because they don't have any problem making you see the amount you have in your account while they actually using it on their sites. But the problem is when they run into some serious problem they need to close their site temporarily and don't have any exact time to make it available for their users again. honestly, you won't be having any piece when that happens because most of those scenarios are not real because what is real is, that they are just running away with your money.