Can money be saved in gambling sites? - page 9.

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Quote from: Kelvinid on September 14, 2023, 03:06:07 AM

Quote from: Strongkored on September 14, 2023, 03:01:51 AM

People probably already know that storing our assets in a casino or exchange is not recommended, there are many things that can make us lose these assets, the casino closes, our account is hacked or when the casino applies a fee for dormant accounts so it's better to save it in our personal wallet, but currently casinos also provide other ways for gamblers to earn income such as staking or investing, things like this that players may not be aware of can also give us the opportunity to lose, so apart from that, never put our money in a casino and if we want to following other features, we must understand the risks and only use money that you can afford to lose.

Very well said. There is a risk in storing our money in a casino, and it's not the right place for that purpose. It's better to save it in an exchange than in a casino because casinos might even close a dormant account. By 'dormant,' I mean an account where funds are deposited, but the owner is not actively gambling. In my opinion, this is not ethical.

Saving money in a casino is the same as saving our money on the same exchange which carries a very big risk if one day bankruptcy occurs or the site is hacked and of course we can't blame anyone after a problem like that happens because everyone knows, even online criminals also know. If gambling and the exchange are the biggest places for money and there is a risk of being hacked by hackers, it is very unsafe to save money in these two options.
When someone says it is better to keep money on an exchange rather than on an online gambling site that is a very wrong statement, even keeping money in a personal wallet still carries the risk of being hacked.
So nothing is truly safe in the online world unless you hold the money in fiat, which is much safer.

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Quote from: retreat on September 14, 2023, 01:20:14 AM

Actually, it's okay if you save money in your gambling account for whatever reason, but we don't know what the future holds for these gambling platforms. Are you sure that the money you put in your account will remain safe? or the platform will not go bankrupt? Or can you withdraw it whenever you want? no one can guarantee this. Therefore you need to think about these things before putting money in your account for a long period of time and in fact it is much better to put your money in a crypto wallet or bank if you plan to hold the money for a long period of time because of that. clearly more secure and guaranteed.

Gambling sites is just like exchange, it will be so risky to save money on gambling site because anything can happen which know one can predict the future of any gambling site. I every gambling site is just like every centralised exchange that money are not totally safe for people to make savings in it. I can't still figure out why one would prefer to make gambling site a place for savings. Let gambling site serve for it purpose and let the bank serve for the purpose of savings.

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Quote from: imamusma on September 13, 2023, 04:09:46 PM

There are many cases of losing money when someone entrusts their money to a third party regardless of whether it is online or offline. Casinos and exchanges are not reliable long-term storage wallets, but you can always use them for short-term needs. We have heard the wise advice that do not entrust your money to third parties, it is never safe because it is not your keys and not your coins.

Third parties are not good intermediaries for storing assets / money there is always a vulnerability where they will leave or close their platforms for various reasons so it is important to pay attention, even if for the short term it will not matter as long as there is still vigilance from us.
Not your keys, not your coins. This saying is very clear that if they don't keep the key then it's not your money.

There has been a lot of love crypto markets and gambling close? That will be a lesson for us.

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Quote from: rachael9385 on August 25, 2023, 02:50:51 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.

Why would you want to save money on a gambling site despite the fact that there are various types of investment and money saving mediums like bank deposits, gold, silver, real estate, bitcoins in the country? lol. Saving money on a gambling site is the same as putting meat in front of a tiger's mouth. So it would be one of the worst thoughts if one wants to save money on gambling sites. A gambler can never control himself when there is money on the gambling site and he will rush to gamble with that money. and lose that money

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Quote from: Strongkored on September 14, 2023, 03:01:51 AM

People probably already know that storing our assets in a casino or exchange is not recommended, there are many things that can make us lose these assets, the casino closes, our account is hacked or when the casino applies a fee for dormant accounts so it's better to save it in our personal wallet, but currently casinos also provide other ways for gamblers to earn income such as staking or investing, things like this that players may not be aware of can also give us the opportunity to lose, so apart from that, never put our money in a casino and if we want to following other features, we must understand the risks and only use money that you can afford to lose.

Some people might actually not know the risk of leaving there funds on gambling or trading platform as some think it safe using these platforms as a wallet especially with exchange sites. I personally experienced these on both platforms whereas account may get deactivated due to dormant status whereas you may not be able to retrieve funds as they've sent email notifications but luckily some platforms allowed me to withdraw these left funds. Also, multiple scenarios could put your funds at risk such as what you've said and scenarios like leaving certain altcoins on exchanges which they may removed on the future.
But yeah, to put it simply you put your funds at risk if funds are not on your own possession of wallet whether it'll be for a short time or long time.

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Quote from: retreat on September 14, 2023, 01:20:14 AM

Actually, it's okay if you save money in your gambling account for whatever reason, but we don't know what the future holds for these gambling platforms

Of course that's a bad idea, unless that's your gambling budget.
Saving money on gambling platforms for any reason including investment is not recommended, of course because of the risks. Gambling platforms may freeze your budget due to rule violations you are not aware of, casino bankruptcy, forced closure or other reasons. So don't take a big risk in choosing a casino as a place to store your money, it's not good advice.

For some reasons, you can still use gambling platforms. But I never think that you will be completely safe keeping your investment assets in the long term in a casino even though they have a good reputation over the years.

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Quote from: Sanitough on September 14, 2023, 08:34:04 AM

Quote from: ethereumhunter on September 14, 2023, 08:25:59 AM

We also don't know how long the casino will be able to operate. So instead of taking excessive risks because we don't know how long the casino will be able to operate, we should send the assets to another wallet so we won't worry about anything. Apart from that, we must be responsible for our assets and not keep them in the casino.

This is the risk with every online casino. There's a risk of them shutting down if they go bankrupt or face legal problems that force them to cease operations. It's unwise to treat online casinos as a place to save money because their primary purpose is for gambling and entertainment, not as a bank. I believe casinos also have rules on non-moving funds to protect their interests. What would happen if all gamblers chose to deposit their funds, assuming the casino will safeguard their money? It would defeat the purpose of a casino.

Yes, the risk of casinos closing if they go bankrupt or face legal problems is something we have to worry about, especially if we still have some assets in the casino. We will be confused about how to withdraw all our assets in the casino while the regulator investigates the casino. That will make us sad because we can't do anything and just wait for a decision from the casino, which will allow its members to withdraw all their assets until a certain time.

And that's why we don't need to keep our assets in casinos or on exchanges to avoid bad things. But if it is a small amount of money that we are prepared to gamble with, it doesn't seem like it will make us too sad because it is an amount we can afford. That's what we have to pay attention to so that we can choose to store all the assets we have in other wallets that we can fully monitor and control.

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Quote from: retreat on September 14, 2023, 01:20:14 AM

Actually, it's okay if you save money in your gambling account for whatever reason, but we don't know what the future holds for these gambling platforms. Are you sure that the money you put in your account will remain safe? or the platform will not go bankrupt? Or can you withdraw it whenever you want? no one can guarantee this. Therefore you need to think about these things before putting money in your account for a long period of time and in fact it is much better to put your money in a crypto wallet or bank if you plan to hold the money for a long period of time because of that. clearly more secure and guaranteed.

Saving by this method seems too risky, agree that many reputable casinos, they will still store our assets there until we use them again but the world's economy is getting more and more difficult than ever, many websites about crypto exchanges are also forced to close, when we do not closely follow and do not clearly understand this information, those will be unexpected losses. From another perspective, the intention when depositing money on gambling sites is to play, I'm not sure that many people can ignore the exciting and money-burning events here

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Not to encourage anyone to just store their coins in a casino that has been operating for a long time all because you constantly bet and don't wanna pay transaction fees from time to time, it's best that you don't put all your coins in the casino though.

There may be casinos that we can trust that won't just shutdown in a day and owners disappear. But it's the hackers that might be a threat to your funds. It can only be good if the casino owner will honor their words in their policy pages.

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Quote from: Sanitough on September 14, 2023, 08:34:04 AM

Quote from: ethereumhunter on September 14, 2023, 08:25:59 AM

We also don't know how long the casino will be able to operate. So instead of taking excessive risks because we don't know how long the casino will be able to operate, we should send the assets to another wallet so we won't worry about anything. Apart from that, we must be responsible for our assets and not keep them in the casino.

This is the risk with every online casino. There's a risk of them shutting down if they go bankrupt or face legal problems that force them to cease operations. It's unwise to treat online casinos as a place to save money because their primary purpose is for gambling and entertainment, not as a bank. I believe casinos also have rules on non-moving funds to protect their interests. What would happen if all gamblers chose to deposit their funds, assuming the casino will safeguard their money? It would defeat the purpose of a casino.

- It is not right to put money into any gambling platforms; it will be dangerous for the money we put in for sure. It's just that if we put money into crypto gambling here, you can't just take it out right away because you'll need to meet their wager requirements first, so your money will be reduced immediately because you can use it for gambling.

Although anyone can do that, it's a big mistake unless you really want to gamble. It's still very difficult to choose casinos today except for the ones here on the forum that have been operating for a long time. Here on the forum, it's okay to gamble, but it's still not good to save money on them either, of course.

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Quote from: ethereumhunter on September 14, 2023, 08:25:59 AM

We also don't know how long the casino will be able to operate. So instead of taking excessive risks because we don't know how long the casino will be able to operate, we should send the assets to another wallet so we won't worry about anything. Apart from that, we must be responsible for our assets and not keep them in the casino.

This is the risk with every online casino. There's a risk of them shutting down if they go bankrupt or face legal problems that force them to cease operations. It's unwise to treat online casinos as a place to save money because their primary purpose is for gambling and entertainment, not as a bank. I believe casinos also have rules on non-moving funds to protect their interests. What would happen if all gamblers chose to deposit their funds, assuming the casino will safeguard their money? It would defeat the purpose of a casino.

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Quote from: Fiatless on September 14, 2023, 05:05:16 AM

Quote from: retreat on September 14, 2023, 01:20:14 AM

Actually, it's okay if you save money in your gambling account for whatever reason, but we don't know what the future holds for these gambling platforms. Are you sure that the money you put in your account will remain safe? or the platform will not go bankrupt? Or can you withdraw it whenever you want? no one can guarantee this. Therefore you need to think about these things before putting money in your account for a long period of time and in fact it is much better to put your money in a crypto wallet or bank if you plan to hold the money for a long period of time because of that. clearly more secure and guaranteed.

Many well-known crypto casinos have been around for a long time. I can assume that most of them are trustworthy and reliable. But the question we have to answer is are these crypto casino banks or gambling firms? If they are designed just for betting it will be appropriate to use them for that purpose. Only money that is meant for staking should be kept in a casino to avoid unforeseen circumstances. When one gets a big win, the best option will be to withdraw from the platform and send it to a wallet or a bank account. We have had issues of casinos disappearing with people's funds because of issues like government regulations or bankruptcy.

Many casinos can be trusted, but it would be even better to keep these assets in our wallets to control them fully. We also won't always worry, especially if negative news is released, which could cause everything to change negatively. We only need to keep money in casinos to gamble instead of saving for the long term. We also don't know how long the casino will be able to operate. So instead of taking excessive risks because we don't know how long the casino will be able to operate, we should send the assets to another wallet so we won't worry about anything. Apart from that, we must be responsible for our assets and not keep them in the casino.

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Quote from: retreat on September 14, 2023, 01:20:14 AM

Actually, it's okay if you save money in your gambling account for whatever reason, but we don't know what the future holds for these gambling platforms. Are you sure that the money you put in your account will remain safe? or the platform will not go bankrupt? Or can you withdraw it whenever you want? no one can guarantee this. Therefore you need to think about these things before putting money in your account for a long period of time and in fact it is much better to put your money in a crypto wallet or bank if you plan to hold the money for a long period of time because of that. clearly more secure and guaranteed.

Many well-known crypto casinos have been around for a long time. I can assume that most of them are trustworthy and reliable. But the question we have to answer is are these crypto casino banks or gambling firms? If they are designed just for betting it will be appropriate to use them for that purpose. Only money that is meant for staking should be kept in a casino to avoid unforeseen circumstances. When one gets a big win, the best option will be to withdraw from the platform and send it to a wallet or a bank account. We have had issues of casinos disappearing with people's funds because of issues like government regulations or bankruptcy.

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Quote from: rachael9385 on August 25, 2023, 02:50:51 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.

Every person has the thought of spending the future happily in peace and comfortably. That's why people save money thinking about the future. But you said it is safe to deposit money on the casino platform? I want to tell you that depositing money in any third party account is not safe. I never say it's safe to deposit money, especially on casino platforms. You wonder what your situation will be when the casino platform can scam you. So you have to be careful in advance, even if you are thinking of saving money on the casino platform, shake off that thought from your head. You will never be fooled by it.

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Quote from: naira on September 14, 2023, 03:19:07 AM

I personally have never done this, because the balance in the casino will only continue to encourage us to bet, the casino is not a safe place to store it, especially over a long period of time. In my opinion, generally gamblers who have a balance in a casino aim to play only once, there are 2 possibilities to spend or withdraw if they make a profit. As long as I play at the casino, I will play whatever balance is in the casino until it runs out or until I reach the withdrawal target. A few days ago, after I got my winnings, I withdrew it to my wallet, and after a few hours I deposited the money again. But in smaller quantities. In essence, this activity is often carried out by many gamblers where they make withdrawals but their ambition to play is still not fulfilled which results in the money they have withdrawn being deposited back into the casino.

You are right, but on a general term, it is still better to deposit the money back into the casino when ever one is ready to play than leave the money in the casino, most especially if the money in question is tangible.

Except the gambler is someone who gambles very frequently and stepping out out of the casino is just taking a break for them, which means he or she will return back in few hours to continue gambling, then I will say that there is no need withdrawing the money, and then coming back a few hours later to deposit same money and continue gambling .

But for the occasional gamblers, it is much advisable to withdraw your money, for he or she knows not when he or she will come back again to gamble. I personally don't leave money on casinos because I am an occasional gambler, I can only leave the money on the casino if it's between $1 to $9, anything above that , I will withdraw it to my wallet.

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I personally have never done this, because the balance in the casino will only continue to encourage us to bet, the casino is not a safe place to store it, especially over a long period of time. In my opinion, generally gamblers who have a balance in a casino aim to play only once, there are 2 possibilities to spend or withdraw if they make a profit. As long as I play at the casino, I will play whatever balance is in the casino until it runs out or until I reach the withdrawal target. A few days ago, after I got my winnings, I withdrew it to my wallet, and after a few hours I deposited the money again. But in smaller quantities. In essence, this activity is often carried out by many gamblers where they make withdrawals but their ambition to play is still not fulfilled which results in the money they have withdrawn being deposited back into the casino.

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Quote from: Strongkored on September 14, 2023, 03:01:51 AM

People probably already know that storing our assets in a casino or exchange is not recommended, there are many things that can make us lose these assets, the casino closes, our account is hacked or when the casino applies a fee for dormant accounts so it's better to save it in our personal wallet, but currently casinos also provide other ways for gamblers to earn income such as staking or investing, things like this that players may not be aware of can also give us the opportunity to lose, so apart from that, never put our money in a casino and if we want to following other features, we must understand the risks and only use money that you can afford to lose.

Very well said. There is a risk in storing our money in a casino, and it's not the right place for that purpose. It's better to save it in an exchange than in a casino because casinos might even close a dormant account. By 'dormant,' I mean an account where funds are deposited, but the owner is not actively gambling. In my opinion, this is not ethical.

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People probably already know that storing our assets in a casino or exchange is not recommended, there are many things that can make us lose these assets, the casino closes, our account is hacked or when the casino applies a fee for dormant accounts so it's better to save it in our personal wallet, but currently casinos also provide other ways for gamblers to earn income such as staking or investing, things like this that players may not be aware of can also give us the opportunity to lose, so apart from that, never put our money in a casino and if we want to following other features, we must understand the risks and only use money that you can afford to lose.

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Quote from: Westinhome on September 13, 2023, 06:49:43 PM

We can’t say it blindly,if the gambling site is good by investigation.We no need to worry about holding the money in the gambling sites.If the gambling site you are using is huge trusted among the gamblers over the years,you can hold the money with the doubt.

What about FTX? this exchange was big and has no hack history before, but after once get hacked, the site went down and every customers right now praying to get back their money. Wasting time for hoping them to return the money because you need to follow complicated rules and long requirement, will you want to accept this?

If you were leave your coins in non custodial wallet, you will not face this kind issue.

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Quote from: rachael9385 on August 25, 2023, 02:50:51 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.

Since you say the reason for this topic is to keep us busy, I will not say much but whatever you are up to, just know that this idea is not a nice idea and should not be given a second thought before you discard it. Aside the fact that you might be tempted to bet with the money, gambling sites can seize to operate at any given time without notice to its users and if that eventually happen, your money is gone.

For a non gambler to interact with gambling sites is even more dangerous than when a gamblers does. Firstly, they might attempt to give it a try one day and consequently becomes a gambler who knows nothing about financial and risk management. You can imagine the damage saving money in gambling sites might cause to them. What happen to your banks and wallet address if I may ask?

Topic: Can money be saved in gambling sites? - page 9. (Read 2193 times)