Do Owners of betting companies bet? - page 15.

Hewlet

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

this is a very reasonable question you just asked but to be very honest, I doubt they will even think of doing that in the first place. They can place a bet for the purpose of improving on what they've designed for user, more like putting themselves in the users shoe to ascertain the limitation of the betting platform do as to improve on the betting platform but I doubt they will dim it reasonable enough to leave there administrative responsibility and shift there attention into becoming a primary user of there own product.

However, if for any reason they decide to place a bet, I don't feel that there is any legislation stopping them from doing so and I doubt that there is anything unethical about it. It only becomes bad when they design the betting platform such that it doesn't allow users to win that much while they hide there identity and continue winning from there platform using the funds of the unsuspecting user. Apart from this kind of situation, I don't see anything wrong with a producer making use of his product.

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

Gambling companies are typically middlemen for larger operations, not to mention they have other owners and the company is its own beast. I don’t see any ethics issues here. You assume that Steve Jobs used an iPhone right? You think Bill Gates uses Windows on his computer? I’d be more concerned if an owner was using a different platform.

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

I don't know the exact motivation of an entrepreneur to build a gambling business. If the reason someone builds this gambling business is to increase their income, maybe they will never think about betting, maybe they will only think about how they can increase their income and can reap the maximum profit from the business they build.
But it will be a different story, if the purpose of someone building a gambling business is to create a fair and responsible gambling, as well as gambling that can provide security and comfort for its visitors. with the reason that as long as he gambled he did not find a gambling platform like that, so he decided to build his own gambling platform that could provide it all. And maybe occasionally he will bet on the gambling platform he has to be able to always make sure that the gambling platform he has, can indeed provide safety and comfort, also ensure that the gambling site provides fair and responsible games for its visitors.

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

If they are just business minded and don't care about gambling I think they don't. But if they are gamblers and want to have fun together with other bettors I think yes they do. With land based casinos I see owners placing bets maybe because they are trying to test the said platform or the system like a trial and error thing.

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

Of course, as an owner of an establishment or anything that is yours, you have the freedom to do whatever you like, if it's an establishment, account, platform, etc. The thing is whatever action you take will always have consequences, if you do something like rig the game just for you to win in your own game, then of course, gamblers or customers would lose interest in your platform as they figured out that you can manipulate your own game. If I remember it right, there's actually an advertisement about gambling where streamers are in the video showing how the game works, then instantly won like $100,000 by simply clicking a start button. It might look easy to earn money as you watch but once you download it, of course, it would be different, I think that's an example of how can you use your authority on your own platform. Also, you could try out your own platform to eliminate its flaws and improve.

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

This topic sounds very interesting because if the owners of a casino decides to play gambling on its gambling platform with a small amount and ends up winning big, will the owner cash out the money knowing well this money is coming out from his company or to still leave the money to still fund the gambling company. I think casino owners would want to play bet in another casino that does not belong to them to cash out money that doesn't belong to them😀.

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Even though there is an online casino owner who gambles, he will definitely gamble on his own site because if he gambles on another site, he will raise the name of his competitor, that would be the same as committing suicide. I think there is no problem when you want to gamble while you are the owner of your site. You can do whatever you want if you are the owner, you can control the winnings you want.

I sometimes often see streamers who own casinos gambling on their own sites, there is no problem with that, they even share giveaways of their winnings too, in essence, whatever a casino owner does, for example gambling in their own casino and broadcasting it to the public, is definitely aimed at marketing their casino. in order to be busy, nothing more than that, in fact on streaming sites many casino owners gamble Cheesy

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Quote from: decodx on November 11, 2023, 11:53:22 AM

The people who own casinos and sports betting sites can bet on their own sites if they want. I mean, they own the place so they make the rules! It's different for the workers there though and a lot of times the bosses don't want employees betting on the site because it can be a conflict of interest or whatever. But it really depends on the policies they got. Some places ban staff from betting at all to avoid any shady stuff. Other owners don't really care and let employees do their thing. Id probably not let employees bet on my own site though. That's just asking for trouble in my opinion. But then again I don't own a casino or sportsbook so who knows what I'd do if I was the big boss making mad cash on betting. Cheesy

If it is on their own gambling site then what for? Some sort of money loop? It is their money which they would be getting from the prize pool. But if it is with other platforms, then probably most of them don’t bet ‘coz they simply know how things are working perhaps that the house will always win. Some might be doing so but for entertainment purposes or to learn new things from other platforms which they could use on their own as means of improvement. The only chance that they are is if they really enjoy betting personally. Quite of a cliché plot wherein business owners are starting a business from an activity or thing which they love.

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I remember in bustabit, which has some of the larger wager limits, every account's history is public. So the owner also has an account and you can see his wagers. And it's possible to see that although he has wagered some very small amounts, it was very insignificant and wouldn't affect the profitability of the platform.

For sites like bustabit that take public investment in the bankroll, things get more complicated because what happens if the owner let's say wins big amounts? These come from the pockets of investors. How then are we to ensure that he hadn't gotten these coins he handled with from the player balance? It's not exactly possible to do that.

Now for sites where the bankroll is purely finance by the owners, I think they have more freedom. Still though, it would be best practice to not gamble on your own platform. Owners get a steady income of players and cash from their bets. Why would they need to gamble with that money on their own platform? It doesn't make sense.

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

You wont really be getting a precise answer not unless if there are some betting site owners who would really be answering this question whether they are really that making some bets or not on their own platform but just simply basing up with some common sense then it would really be having no point that they would really be making out bets on their own platform yet they would be neither be having
win or loss then it would really be just basically be the same, yes he would be getting a win then he would payout to himself and if he lost then he would really be getting those funds yet it would be put up into betting sites wallet so there's no any sense at all.

We dont even know that what if they would really be making out bets on other platforms. Could it be possible? No one knows!
So the answer of this question would really be that remained yes or no...

BitcoinPanther

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Haven't been an owner of a betting company, and never interviewed one so I am not sure. But in personal assumption, I think the owner also bet on his own casino. It maybe an act of testing the casinos and checking for possible glitches or just passing time, and instead of playing game in a competitor's casino, the owner will surely play on his own casino. The owner can do anything he wanted, and there is no rule that an owner can't play on his own company.

I assume then that owner can play on his own company but he is probably restricted to join promos, bonuses and competitions of his own betting company.

decodx

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The people who own casinos and sports betting sites can bet on their own sites if they want. I mean, they own the place so they make the rules! It's different for the workers there though and a lot of times the bosses don't want employees betting on the site because it can be a conflict of interest or whatever. But it really depends on the policies they got. Some places ban staff from betting at all to avoid any shady stuff. Other owners don't really care and let employees do their thing. Id probably not let employees bet on my own site though. That's just asking for trouble in my opinion. But then again I don't own a casino or sportsbook so who knows what I'd do if I was the big boss making mad cash on betting. Cheesy

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

I believe if they don't bet there will be people very close to them that will bet, and if you look at this situation owning a betting organization does not guarantee that you will win since the whole thing is based on the club you selected, the only good thing is that there is money in owning a gambling company because a lot of people enjoy gambling and also does that are greedy, gambling is interesting especially if you are winning, you can not always be right with your decision. and another thing is that if I own my gambling company I will bet to join the fun aside my profit.

o48o

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Quote from: alastantiger on November 11, 2023, 10:37:18 AM

Do owners of betting companies place bet on their own platform or is there a policy specific policy that restricts them from betting. Do you think that there would be conflict of interest or that it will be unethical if owners bet on their own platforms. These are the questions that I am seeking an answer to.

I am not sure what the conflict of interest would be. It's not like they can affect the outcome of the match. Maybe with large enough bets they could affect to multipliers, but that would be affecting against them. But if there would be a way it would be unethical or conflict of interest, that i don't see, it would be against regulations and these casinos are constantly audited, so it really wouldn't make sense.

And when you take a look how much money they are making i a year, then you quickly notice that making even insane large bets (that would instantly be flagged by auditors) wouldn't even affect the income in any meaningful way. So i am guessing they don't need to gamble.

Gozie51

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I don't think there is a rule limiting casino owners or gambling companies to gamble or bet whether in theirs or elsewhere but what happens is that they are very limited in number who bet, or speaking from the offline game house owners I have known, they don't gamble or they don't do that much. They can forecast for people or contribute to the discussion on the likely winner especially in soccer. They don't usually bet because they see it as their business that they are running for profit and no need to gamble on it.

The funny thing again is that they are more enlightened on gambling and they consider the luck factor and not really about how good you are in forecasting or predicting even though there are games that is likely to be winning games. So they would prefer to stay out and benefit from gamblers.

So incase they are to gamble, sure they will gamble in there casino because of gaining the commission to his casino. They won't want to patronize other casino.

maydna

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We won't know whether the betting company owners are placing bets or whether they are just collecting the money. Even if they place a bet, they won't tell anyone, even their employees. They will probably use another account so that no one knows they placed a bet. They can also place bets at other betting companies if they wish. And again, we won't know what the reason is, and they certainly won't want to say it. But I think it might be better to take the profits rather than have them place bets. After all, it's a bet. They definitely have a chance of winning and losing unless they know the final result Grin

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Quote from: Accardo on November 11, 2023, 10:57:32 AM

It's a personal choice and a good number of people you expect to answer your question don't own a gambling business. But, looking at the lifestyles of gambling shop owners they mainly focus on running the business and attending to customer's problems. Not everyone feed on their product. It'll be at a minimal, as it'll look like cheating on themselves. When they win or lose, it doesn't count. Though, in the movies, gambling owners do participate in board games to at least keep their customers entertained. Hence, in real life, people tend to continue playing when they see the owner also participate in games. In other words, few of them don't gamble, but, when they do, it could be a marketing strategy.

not seen an owner sitting on the table to play but i guess to fill one chair i guess he can join so that it appears there are players. why not, they have money to spend. the baccarat game and the likes are like the owner/casino vs players.

they were hiring influencers to play on their website to promote the casino as well. the money used by the influencer comes from the owner, i think this is just like him playing in his own casino. the purpose is just different though.

Slow death

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Looking at casinos, whether physical casino or online casino, it would be bad for the casino owner or his employees to bet in that same casino, because it could be questioned to what extent his casino games would be considered provably fair games, people would think that he would be manipulating the games and he would also be manipulating people. but when you have a person who has already proven that he is honest and that when he plays in his own casino he puts money from his pocket and plays games that are proven to be fair, then I don't see a problem with that.

I say this because I have never seen any casino TOS in which they prohibit the casino owner from playing in their casino. but I think that in the case of casino employees the story is different, they could know of a bug in a game and could exploit this to their benefit, but until they ask for KYC it would be difficult for the casino to discover that its employees are playing at the casino. . people who are professional athletes are prohibited from getting involved in sports betting, so from what I see casino owners are the only ones who are directly linked to the casino and gambling who have the benefit of playing at their own casino

Accardo

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It's a personal choice and a good number of people you expect to answer your question don't own a gambling business. But, looking at the lifestyles of gambling shop owners they mainly focus on running the business and attending to customer's problems. Not everyone feed on their product. It'll be at a minimal, as it'll look like cheating on themselves. When they win or lose, it doesn't count. Though, in the movies, gambling owners do participate in board games to at least keep their customers entertained. Hence, in real life, people tend to continue playing when they see the owner also participate in games. In other words, few of them don't gamble, but, when they do, it could be a marketing strategy.

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Do not forget that he is the owner. He can do whatever he likes. If the owner of a gambling site wants to gamble, he will prefer to use his own site that will benefit him to have fun than to gambling on the gambling site of others that will not benefit him.

I see this as off-topic though.

Topic: Do Owners of betting companies bet? - page 15. (Read 1691 times)