Topic: Disruption In The Gambling Industry Your Opinion - page 3. (Read 307 times)

Actually, they can. They always keep a reserved fund for scenarios like this. As long as the business is running, they are going to make money. So some hacking will affect the platform for sure but they have ways to deal with it.

Could be both. It's an internal matter and they will not disclose the information. I personally don't believe that the user data is safe. If the hacker can access one thing, they can access other things too. But still, it depends on their individual security measurements.

I guess it is believable. They have their backup plan ready all the time for situations like this. As long as the business is running, they are going to make money. So there are some possible ways they might handle this kinda of stuff.

Totally agree.

Different platforms have different kinds of security systems. But hackers will try to do it again on other platforms. So we may see more of this hacking.

It is safe to stay away from gambling for some time after incidents like this. Once everything is sorted, we can come back to gambling again.

Stake won't allow such incident to become worse for sure. As we all know they have the fund to increase its security and for sure they are taking this seriously.
But if this questions whether players would be aboidant of the platform not only with the aforementioned, then I think it depends on the player; some would and some won't. As for me, I'd still go as long as my funds aren't affected. Also, it was never in my habit to store that much of an amount in a gambling platform for such tendencies which would cause me trouble. We saw numerous sites which experienced such incidents but only a few managed to cope up with it.

Especially with other partnerships such as Everton, UFC and Alfa Romeo F1 Team being a stake.com partnership at this time of course the money they spend on sponsorships is more, and if you judge in terms of the money that was hacked from the stake.com hot wallet recently I think it is small so they can recover.

I think customer funds are safe they seem to have bigger reserves to deal with this situation, after a few hours of this incident they have recovered all deposits from the ETH network meaning they are doing quickly and business will continue.

$40 million is probably a peanut for Stake since they reportedly to pay Drake $100 million per year: https://blockworks.co/news/crypto-casino-stake-revenue

As long as users' funds aren't affected, users will continue to play there. I also didn't notice the event, it seems like business as usual. IIRC I played almost every day in the last week but everything seems fine. Not sure whether or not it's because I used non-ETH coins... So yeah, one hot wallet hacked means the owner gets less money to spend, but it won't affect the business.

It depends on how big the hacking is and what is hacked - user details? casino funds? etc. If it the information of their customers that are hacked, I think they would survive it but if it is a large amount of funds that is hacked, then that is a problem.

I do not believe them. It is all PR. Not organization is immune from hacking.

If a casino is hacked, they will lose the confidence and trust of their customers and it will require some time before they are able to get it back. Whatever they do after being hacked is just trying to put out a strong face so that they don't go out of business through low patronage.

Both big and small casinos should effectively bolster their cybersecurity to the latest.

Yes. I will. I will move on to the next available casino.

Big casinos can survive hacks and have enough funds to continue their operations.

Its loyal users will trust it, especially if they have been operating for a long time and it rarely happens or has problems like this time. Hacking is a common thing that happens in casinos and on websites.

As long as the casino can confirm that they are fine and unaffected by the hack and there are no problems with withdrawals made by users, that shouldn't be a problem either. They can still run their business well.

At least they are still operational after the hack and everything is okay.

Yes, hacks will happen again and there will probably be more. For this reason, the security team from the casino must work as well as possible to protect the casino from hacking. And this incident will increase the vigilance of each casino to be even more careful.

Gamblers will not stop gambling because they still have other casinos on their favorite list. This will not affect gamblers.

Even if it's not Stake the top casino in the industry can survive the hacking, they are not the top casino if they do not know that storing all their funds in one wallet is a big risk, if you're a big name in the industry you have diversified businesses portfolio so in case of failure from one venture they can still keep up because of the other ventures I'm sure they have something like emergency funds not really they expect hacking but on unforeseeable scenario.

In the case of Stake, I was worried but after seeing that they could manage I had a sigh of relief my only prayer is for them to recover the lost funds.
Stake, has proven why they are the leader in the industry.

This is the problem with centralized platforms, they are vulnerable to attack because they love using hot wallets for their operations. This is also a lesson for us to learn from,those people that are still keeping their funds in exchanges because we keep on hearing of hacking news on centralized platforms.

Gamblers remains gamblers,if a casino cannot continue with its service after a hack,that doesn't prevent gamblers from gambling. There are other online casinos that is providing the same service and are still in business.

That's right, usually big casinos have backup funds somewhere that they can use in times of emergency, for example hacking or other problems. And usually they also have insurance that will back up their operations. But in other conditions, if their financial condition has been chaotic since before, maybe they will immediately collapse.


Maybe when they say that users will be safe, it really is safe, or it's just an alibi to cover up that their internal state is messed up. No one knows what the casino platform says is true or not, so it all depends on the user whether they believe the statement from the casino platform or not.


No single online platform is completely immune to hacking, even Google has been hacked several times. So the possibility that they will be hacked is there. But the concern here is the frequency of the hacks and how they deal with them, that's the main thing.

 If we take on Stake's case based on Cointelegraph news I don't think Stake uses only one wallet to store their funds I believe big casinos can still sustain but they have to go after those hackers.

 They have to calm their players to keep the money flowing and stop the mass exodus of their players until they can't prove it.

They cannot stop the industry is looking into their action so even if something will hurt the operation they have to do something.

This has to be proven

 The gambling industry should now become proactive to prevent what happens to Stake

I don't think so, as long as the casino can assure that they are responsible for the safety of their players' funds

This will cause destruction or at least major reputational damage to stake, but it is not necessarily ending their high market share. They would be making a lot of money consistently, so while it will hurt the owner to lose these vast sums, potentially if they are able to weather any storm and pay out every cent by skittish customers in the short term, they may be able to survive longer term. There probably won't be any bonuses to the staff this year though. However this attack could have been very targeted, even by state funded actors like North Korea, who are very patient and will work their way in - knowing there are no criminal consequences to their behaviour but bit reward from their government for the cash.

Yes, centralized websites always have holes for hackers to find. So we can get updates and patches of web pages.
Big sites will be willing to compensate players. They will instill more trust in players by releasing regular updates. I see Binance has a super secure advanced update panel. They did very well.
I need big sites that will reward hackers who find their vulnerabilities. This is a safe solution with the added benefit of ads, Like Apple did.

They would be able to survive if they have enough funds to continue their operations and also work on their security to assure their users that any similar vulnerabilities would be rectified and they won’t experience anything like that again, but if they don’t have any funds stored somewhere else I’m afraid they would have to fold up and might even face some law suits from their customers.

 
It will definitely affect their operations and also their numbers of customers will surely drop, because when hacks occurs the first thing that happens is the spread of FUD, and some little casinos might try to key into this opportunity to steal some users from the big casino, so all those are going to affect it.


They surely will be another hack but it’s not something that we will get to see everytime but hacks are not something that you can predict if we were able to predict it the company affected would have prevented it.


Lmao, ain’t no hacks stopping gamblers from betting. All they have to do is to look for another reputable casino to continue their gambling activities there the only ones that might halt for a while are those that their accounts were affected as for those that experienced no effect they are still going to continue gambling.

We'll know when that time comes but there are constant attacks on all online platforms including exchanges and even banks so it may or may not happen.

Some may but most would probably keep on gambling. If this incident keeps happening then that maybe the time to leave since the casino reputation on securing funds is already damaged.

Each team on duty has expertise in their respective fields.
Big casinos definitely have a well-structured planning strategy for security that is arranged in such a way because they are very aware of hacking.

A casino hack as big as a popular level like Stake will definitely be able to survive because of the reserves that are not stored in one place, but according to my guess as I said they have other plans that have been arranged from the start to anticipate any unwanted events.
Due to this incident, the Stake casino will definitely be better prepared for hacking security.

Will never apply to gamblers. They will continue gambling.

I am of the opinion that anyone can survive a hack, and that includes an online casino in case they are not so incompetent as to keep all funds in hot wallets or in one account. When it comes to this hack that you mention, the term "pocket money" is mentioned, because the company obviously has billions when it can afford something like this to happen to it.



Hacking is an integral part of the online world, whether it is a casino, exchanges or banks, everything that is connected to the internet is subject to hacking.



Gamblers will never stop playing, it's not something you just turn off and pretend it doesn't exist for a while. The hack happened, users funds are safe, business is going as usual.

The site is still active, so it's not that nothing happened. This publicity is even good for them because even if they lose money, they can still continue to operate. Just like when Binance was hacked, they have something called SAFU funds, and traders aren't affected. Perhaps their funds are insured elsewhere because it's necessary for businesses that handle large amounts of money to have insurance.

I tried to search how much this site is making, and I found some discussions from way back, like this one.

https://www.reddit.com/r/Stake/comments/pqkx1d/how_much_do_you_think_is_stakes_on_average_daily/?rdt=38393


So I think the amount stolen isn't huge enough to disrupt their operation.

Most of centralized sites that still operate after get hacked are big and popular sites, that's why it's possible for Stake to maintain their reputation and recover their losses. Funds aren't always been safe, depends on how much the money they have that still not compromised by the hacker.

Every centralized sites are prone to be hacked.

With the current situation of crypto market, it seems centralized exchanges are not liquid enough for attacks and so does Defi also, the new oil money for targeted hacks are now gambling platforms and this call for a concern. Not your keys, not your coin, however I'm not sure if we centralized exchanges are not any difference from gambling platform but the challenges is that you can't bet without your fund on theor hot wallets which makes it prone to attacks.

-Depends on how the Casino had itself plan, if there is an insurance that will cover the loss, they can come back but will take time before they become active or where they left before the hack. But, $41M is really a lot, I wonder if there is ab insurance company that can cover that loss without involving there loss.

-When casino says users fund are safe, I believe they are doing that to best of the ability but then, you can never tell, there are somethings that are beyond measures or unforseen circumstances where insiders member sell out the team for cheap share of the theft.

-It depends on the solid background and backers. Stake for example has a lot of people behind them, drake is there Ambassador and many other sport companies, if they are making millions from the company, they will support it throughout the trying times till they come back fully.

-skipped

-If hackers could break into a company like stake and they were able to milk them $41M, I expected more hackers to try other gambling platforms.

-Gamblers might change playing ground, they will avoid stake even the players that weren't affect, they will go to another platforms. Especially now that stake is having problems, other platforms will used it as advantage to get more customers.

Yes, because they can recover easily as long as customers will not abandon them. But also it’s case to case basis based on the amount involved.


You have no choice than to believe if you want to still control playing in the casino. Casino will not admit that user fund is not safe unless they already file bankruptcy. It’s the risk you are willing to take for still playing in that casino


Yes, it’s possible but again it depends on the amount involved and the bankroll of the casino. Only casino can answer this question


Yes on both question.