Topic: Is The Gambling Industry Part Of The Domino Effect That Happens In The Market (Read 6555 times)

The gambling industry in cryptocurrency is responsible for a lot of publicity to the crypto industry as well as it as brought a lot of newcommers into cryptos. Now, if the crypto industry is going through a rough phase it doesnt mean that casinos will also be affected. In fact, I do believe that the bear market is something good for the crypto gambling industry.

I agree with you, there are online crypto casinos who have been around for 5 years. They invested so much money and time to build up a profitable brand name that it seems wrong of them to risk everything for scamming a few customers. Once word gets out that there are issues with the casino all the customers will stop gambling and the website is dead. Online casinos are already a profitable business by itself, all their games have a house edge to make them money long term. Why risk a long term profitable business for some short term gains?

Betting only with the money that we can afford to lose seems like the best approach. And whenever we make a decent profit while gambling I would recommend to withdraw some of that money. There is no real point in leaving large amounts of money at the casino as it will not give any passive income. Withdrawing and depositing more regularly will cost us a bit more in transaction fees, but atleast our coins are save. Especially when gambling at multiple casinos we should keep an eye on our bankroll and not leave it laying around.

Reputable casinos won't really vanish into thin air with their players money because they have built their credibility, reliability, and name for a long time already. They won't do such impulsive and selfish act mainly because they care for their patrons. These casinos that are well-known in the gambling industry surely are making millions of profits out of their players loyalty to them. Hence, betraying them will not be an option. I believe this will be the case for long time operating casino that has a well-established name to speak for the quality of services they are offering.

While what the future holds is still uncertain to us, there's a higher chance that these reputable casinos won't do that damaging move because they'll profit even more if they'll continue operating anyway, instead of stealing the money stored of their players, which could be little compared to what they will earn on their daily operating basis. However, I also do not disregard the possibility that some casino might go bankrupt and do the unexpected to escape the consequences.

The best thing to do here would be just always bet what you can afford to lose. The moment you deposit that certain amount in a gambling site, you are willing to take a risk . Be disciplined enough and be smart. Always double check whether a casino is to be trusted or not if you don't want to have any regrets.

Big and reputable casino will avoid taking that way. The business is huge, and they are earning a lot of money from their patrons. I also
believe that those casino owners will do their best to keep the business alive.

Though we can't conclude since the future is not ours to conclude, maybe there's a small chance in which a reputable casino might
disappear and runaway with people's money.

This domino effect for now is not present to the casino industry. Reputable business owners are doing everything to assure that
the business will continue and they will keep all those clients being satisfied while playing.

That's right, it's a bit different with reputable gambling platforms than with centralized exchanges, even with those used by millions. We've heard lots of stories about big exchnges disappearing with people's money, but I don't remeber a single one about something similar happening with a big and reputable gambling site.

These industries are so different that I wouldn't expect a "domino effect" here.

Maybe you're right and I haven't come across any claims against cryptocurrency accepted casinos running away with the users fund. Many claims have been found against casinos, but nothing have Collapsed as the Exchanges. It is quite evident to see good number of users having their funds on the casinos. The reputed one's have got vault service and many move funds between the vault and the account wallet. For now I don't find anything risky holding on casinos, but this is not advisable as we don't know what happens the next minute.

That's something we have to think about but most people don't think about it all the time and maybe they keep their coins in the casino because they can return to the casino any time without having to make another deposit. But it's true that if we want to play gambling, we must think about how much we can afford to gamble and never try to exceed that limit because it will make it difficult for us later.

As long as they can accept whatever the risk is in keeping their coins in the casino, they can still enjoy their time playing gambling and when they leave it. That's the most important thing to know because we never know what will happen. So as long as we don't think too much about bad things that can happen, I think we will be calm and feel safe in keeping our coins or assets in a casino, especially if it's a trusted casino. Trusted casinos will help their members to protect their assets at the casino from bad things that can happen.

Right now it is almost impossible to avoid using some sort of centralized service once in a while, but that is not really the problem, the problem is that some people due to the convenience those services provide use those exchanges as a substitute of their own wallets.

And this is in fact a huge mistake, and while it is rare for this behavior to occur at casinos, it is very common at exchanges, and we have unfortunately watched the consequences that such a decision has brought to those which did this at FTX, Mt Gox and other exchanges, so this is a behavior which should be avoided at all costs.

It's fine to think of the security of our assets but others should not make it to the point where it's now too much overreacting.

There's really nothing wrong with just keeping the winning money on the gambling site if there's still a plan to gamble for the next session. Of course, don't do that saving purposes in a gambling site (literally without gambling activity) as that was a terrible idea and I doubt there's really a person who will do that.

I'm sure those reputable gambling sites today won't do some sh*t especially the considered big ones already in the industry.

But I don't think that kind of thinking applies to everyone. Because it was not the way I think, I deposit thinking that I could get some in return which is why I have tried myself. But of course, we don't expect something huge as we already how gambling works.

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Well, anyways, in regard to putting money on gambling sites for many days - I'd never find it wrong if it was a trusted site, unless if the site is unreliable and has a known negative feedback.

If you deposit your money on casino you should take it as a loss already so that you will not get pressured about other possibilities. That's why there's an advice that gamble the amount you can afford to lose since we can make this as a basis for not getting hurt when bad times happen.

But if the amount is huge and that one is your hard earned money much better if you do regular withdrawal especially if you are already in the winning side.

It would be fine if they kept a small amount of coins because you never know what will happen to the casino. It is true that we can avoid spending transaction fees which may be repeated many times, making some gamblers keep their coins in exchanges and casinos. And it will not affect the casino business by the impact on the exchange because gamblers will continue to gamble even though the market is as unstable as it is today. Moreover, gamblers also have a choice of many coins that they can use to gamble.

People do save over there and something they do that because of accumulative gambling which they involved themselves in. They keep gambling until they reached a certain goal that they set for themselves before they withdraw. Generally people enjoy using centralized platforms to store their coins as there's still a large percentage of people storing their coins on exchange and other not so friendly platforms like casinos.

Some gamblers keep funds on casinos to avoid expenses of transaction fees or delay in crediting their betting account since some betters enjoy placing bet on live games so they have to I have their funds always available to ensure they can easily place those bet.

I would say that there was a negative effect from the FTX bankruptcy, the bitcoin price dropped from 22-23,000 USD back down to 16,000 USD. But markets have calmed down already again and prices are recovering. It's probably more that there are no long term negative effects from the bankruptcy. It definitely makes no sense to keep larger amounts of money at casinos for a long time. Most people here are afraid of a possible bankruptcy of the casino that would result in a loss of our assets. In my opinion the psychological aspect of having a large balance available to gamble at any time is a bigger threat that a bankruptcy. What if we have a bad evening where we drank some alcohol and lose all our money because we kept trying to recover our previous losses? I try to have fixed limits for each week to gamble with and control my budget as much as possible. But if I had too much money at the casino it would be much harder to control myself. That is why I always make withdrawals when making a larger profit. Like this I am not getting tempted to gamble abovey budget.

well, people have been reminded countless times and yet, they are still storing their funds to these CEXs. they will only act if they will get rekt big time. and when it comes to gambling sites, i don't think you are saving when you have funds on them but rather just temporary holding it on the site so you can play at anytime you want. some casinos even have their handling fees if your account becomes dormant without any sort of activity. so that's not a very good idea to store your funds.

Everything that is centralized should be avoided at all costs. Can you really keep up with that? I doubt.

Using their service is no doubt beneficial and does have advantages. Obviously, just use their service and not make them as a wallet-saving use.

And who the hell will save money on gambling sites? Those high amounts that you might see are part of the gambling profits and it's just that the user is not yet withdrawing because they will still continue their goal of increasing their gambling profits.

another meaning of the word that is easiest to understand is that saving funds or money on an online platform is very high risk, and of course the risk is losing your funds.
for the problem of saving funds on a gambling platform and losing it, it is caused by several factors.
This factor is the easiest to understand, when someone saves funds on a gambling platform and has been inactive for a long time, usually the funds are frozen or confiscated for reasons of platform development.
so it is highly recommended to store funds or crypto assets in a cold wallet, that's much better.

But its not still ideal on leaving those coins even on gambling platforms, if the amount isnt really that significant then it might do or considerable but if its a huge one then its better to pull it off.
Fees arent really that expensive or almost free on making transfers which it would really be that absurd if someone do miss out on pulling their funds just because of the hassle and the fee thing.
Centralized platforms does have always the right on locking up your funds or totally having the control of such wallet and if you dont able to comply on whats being asked then
expect those funds would be locked up.

Gambling is not a wallet saving coins even centralized exchanges are not recommended to save assets for the long term, including custodial wallets should be selected open source wallet applications are recommended to avoid wallet access vulnerabilities, but I believe no gamblers save on gambling platforms and only balances it is used for gambling according to the respective funds limit.

Everything that is centralized, be it casinos or exchanges, have their own risk so we should as much as possible avoid them at all cost. Besides, saving in gambling sites will only end up stealing your coins and leave you empty. So never trust all of them, but trust your own self-custodial wallet as it’s more safe and secured.