Topic: Casinos Withdrawal Fees Rise (!?)|| October 2020 - page 9. (Read 6122 times)

Same here withdrawn in one popular Site and the equivalent of Fee is almost 10% of 100$ that i take out  and it's weird because according to their platform it is supposedly 0.0002 bitcoin but seems different with the result.
This is what i also think that they are using differently 20 sat per byte is far lower than the fee they are taking.

When the network asked for high fees, the gambling site needs to follow and adjust their fees based on the network fees. A gambler can select the other coin if they don't like the high fees, and if the gambling site has many coins to gamble, that can help the gamblers convert the coin to the coin they want. I also want to convert my bitcoin to other coins that don't need to pay high fees, and I think many gambling sites have that feature, so their members don't have to worry about the fees.

Recently ive been playing on stake and i can say that they had huge withdrawal fee in BTC. I tried to make some withdrawal and the fee was about 0.0002 which is totally out of this world

where you do try to check the entire mempool situation which the lowest priority does have only 20 sats per byte.So i did make some conversion to ETH.. Arent they making their fee on dynamic ones?

Please, I don't understand your ideas or comments, but can you provide some additional information or an example of a last withdrawal, what is your last withdrawal fee charged and in which casino?


 

which sites?

Actually it is our prerogative what to choose,because some sites requires no Fee in certain amount while oters has very High requirements so its either we choose one or another depend on our mood and desire,because if we are not in a Hurry then its ok even if this takes time.
Actually they don't need to own exchange because they can accept which currency they want in each sites,and many of them are offering various crypto for us to use in gaming.

Yeah and sometimes network asked for high fees so idont think gambling website need to shoulder that fees just for the sake of players ,and more of them also want faster transaction if gambling sites shoulder it I am sure they will always choose the lower fees to pay .where sometimes takes time before you recieve it in the wallet and not all have that patience of waiting.

I am more favorable in own exchange convertion to other currency in gambling sites, so if other want to use low fees they can choose other altcoin instead of BTC .

Only a few of them using that and just only those people who are doing illegal but I'd never think that normal/professional gamblers will do that. But I don't see this as a reason that it makes the price increase, this is just a normal scenario since before and when the price of bitcoin surge high, fees also moving high.
If we could find gambling sites that never ask for fees, that much better but just be sure that your funds are safe otherwise, it all be gone out of your control or at worse if they are asking KYC then because of suspicious transactions.

There are some who do shoulder out the withdrawal fees but not all of them but doesnt mean that they arent good ones.Its just they cant really afford to add up into their expense on shouldering the fee into those withdrawal transcations and for those who does then thats one shows about generosity of the site because not all would be offering the same thing.For those places who do have static ones then it wont really be that appealing but for those dynamic which is understandable because of the market condition.It do all varies but i do much prefer on having an option neither you do want to have that
low to high priority type of fees for you to choose on which is a great thing or option for a gambler to have.

Good casinos do not charge any withdrawal fee. I have never gambled on a site long term if they charge any fees for payout. I mean, it is well known that online casinos are highly lucrative and if they also ask for money for the payout (admittedly, the fewest users pay out because the fewest win), then that is already an arrogance towards their customers. But it's also up to the users. Avoid such gambling providers and sooner or later they will change your fee policy.

Nahh! noT really ... no "serious" casino does this to increase the fees to make a profit, they just want a high fee to avoid queues of waiting Txs and consequently annoying users, but they forget the correct fee.

In reality neither players nor casinos are interested in this volatility, we all want stable fees despite the sudden increases price bitcoin, that is why the good intentions of some casinos in implementing alternatives are appreciated.

Anyway; In the long run, a fee affects each player differently and in that circumstantial sense has a weight on their bankroll in terms of the frequency of withdrawals, e.g. $ 5 may not be a large amount to consider for certain players or in the frequency either, but that something like five withdrawals is pay $ 25 to the cause of a third party that does not represent the true value of what you should pay him

You mention that some are using casinos as wallets, it is an old practice that exists in the fiat world, in fact once I heard a professional player say that he felt safer with his money in the Red Spade than a bank. In that sense, some Fiat casinos offer a withdrawal at a certain percentage when the players have not made bets with their deposit, in the case of some crypto casinos they require at least 2x the deposit before withdrawing. (Reading ToS always avoids surprises)

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This topic arose with the direct objective of knowing the fees and having a history of their behavior in some casinos, but the opinion of the users has allowed to direct the thread to other related horizons allowing to grow in comments and knowledge, thanks to those who contribute their experiences to the Topic.

Please! not more recommendations of withdraw with the Alts, ty.

G.B.

Most casinos offer a fixed amount I never used other platforms due to their high withdrawal fee.
Whenever the price of bitcoin increases they charge more because they know people goona put more money due to the fluctuation of the market.
I think choosing the altcoin can also help to solve this issue. Like using ETH in gambling and convert them into bitcoin.

The reason you will hear from casino who increased their withdrawal fees is that some users are taking advantage of the lower fees and using the casino as a wallet to hold your funds and then withdraw without even playing anything and i recently heard the same from Stake management that the reason for the fee hike is to avoid users like that and not to squeeze petty profit as some of the gambling sites are providing much bigger freebies and giveaways.

The casinos should give the option to join a bulk withdraw  or you can do an instant withdraw with a high fee or you choose to he party of a bulk withdraw which will be done every 4 hours for a much smaller fee.

Good idea because Both will be having fair in terms of favors,Gambling sites will have a fair and regular structures and gamblers will also have basis in how much he needs to pay each time.
Not like now that we are being curious why the sudden fee goes up and down though we already has ideas since the Bitcoin and the market is gaining high value.

You have a point there,why need to push withdrawing in High fees coin when there are altcoins that has Lower fee and also faster in transacting?

I use Doge wayback until i use Ripple in which always cheaper to withdraw,also there is Tron and some alts that will fit your desire in fees.

maybe also because of the on going Bull that Bitcoin and some other coins are increasing in value?
but anyway like what i said above we still have options and can decide which to use for a certain time.

Yeah, that's true I also notice it in some sportsbooks on which it takes almost 1/6 of your total earnings, which is not that so good for every gambler and earner. I have experienced it once and I was shocked because of its transaction fees, I expected to receive $20 but almost only $15 I received from that transaction from the casino. The worst thing here is that when the value of the bitcoin pumps then the transaction fees will get higher.

They sometimes have fix fee but when bitcoin rises and fees increase, the fee will also increase but when it falls back, sometimes it's hard for them to adjust, what they are doing is all in their advantage, so you are right, it might affect their reputation, and personally I'm not sticking with that kind of site.

You're absolutely right, my mistake there. I was counting it on a max of 0.4 BTC, but the limit is actually 0.04 BTC, but still, 40k satoshi for a 0.04 BTC spend is still a LOT of sats. 1% flat fee makes sense for micro transactions but when you can still spend a 5000 sat fee for next block confirmation, then Lightning stops making sense if the tx is above 500,000 satoshi.

I know price of BTC is crazy right now, so that almost $10 fee is only worth for deposits of far larger than $1000 to me.

Thanks for the correction!

In effect, I think that a big player wants their money and pay their fee to get a quick withdrawal. The fees they pay can be a small part of their frequent bets but the point is that sometimes players few bankroll end up paying more fees because somehow or another they have to be moving their bankroll due to different circumstances between casino or personal situations, so if you consider the withdrawal and deposit fees in the average of one year, some players with small bankroll can be paying more money in a year if they make an average of "x" movements between withdrawals and deposits, in comparation to some players who actually manage several bankroll between different casinos.

And that is the point, it is not about a single shipment, it is about the total that you can make in a year, to indicate a certain time, but it can be measured monthly, quarterly, in any case it depends  on the players and their gaming activity.

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At the time I read it, it seemed to me that something was wrong because a rate of 400k "Sat" is not normal, but in reality I had read that some channels charge an average rate of 0.01Sat for each "Sat" sent, so I wanted to verify, a thread from my local board has served, but in any case it is important to clarify that it is not 400k sat but 40,000 Sat if we take the 1% reference.

Which is a more "acceptable" rate of $ 7.5 (+/-) compared to the 400k Sat mentioned, Anyway, thanks for mentioning this 1%.

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