Topic: Is The Gambling Industry Part Of The Domino Effect That Happens In The Market - page 9. (Read 6545 times)

The gambling industry is not yet regulated but to gain the trust of the gambling community, casinos acquire a license and that is the only proof that they can show the gambling community that they are legit, but if the license issuer will require to include proof of assets before they issue license, then casinos will have to provide this to get or renew their license, but the license issuer can opt not to show assets of the casinos that are applying to protect their business.
You can oblige casinos on their own to show proof of money or assets.

The crypto-gambling industry is not likely to be affected. We don't see any casinos shutting down yet If there is we would have known but instead we still keep playing our coins despite the bear market.

In order to prevent scam casinos and users from getting scammed, it may actually work if the gambling regulations will require casinos the proof of funds. More unlicensed casinos will come out though as the effect of the mandatory.

Yes I think that the gambling industry is part of the domino that is affected by what happens in the market.  For example if in an incident that there is a huge crash in the market, the profit of a casino will be affected because the crypto that being wagered on the casino will have a lower value.  Aside from that player that is greatly affected by the market crash will rather save the remaining funds to invest and make profit than gambling it and lose.  Players don't mind spending their extra money to gamble but they are a bit thrifty when they have just enough funds for their needs.


Definitely, when one used to be reputable gambling site become rogue and scam its player, other player will be affected and somehow become hesitant to play even though they are playing in a different casino.


No, I do not keep my coins in a gambling site.  I always withdraw after my session and just redeposit if I wanted to play again.


If there is a legal request for a casino to show its proof of fund and the casino does not agree then player will have a doubt that the casino has the capability to pay players if they got huge wins.  And somehow may avoid that casino.

We are just fine without proof of reserves though. The competition between casinos will already be a fight for survival and one scam accusation that isn't resolved can entirely ruin the casino's reputation.


There are users a little guilty about storing coins on casinos but like me, these coins are just waiting for the right match to bet. And it could take weeks to months.

On the first question, gambling establishments are somehow part of the domino effect on what happens in the market. Given the amount of resources that are being used daily by gamblers in online gambling websites, a crash thereof would result to a serious effect on the market.

On the second question, the industry would definitely lose their players as soon as they are involved in a scam. Like what I previously mentioned, online gambling companies have to develop and establish a trust with its players. Once they break such trust, words will spread out and they will definitely lose their entire population with this issue. Again, it takes years to build a reputation and only a matter of minutes to destroy it.

On the third question, no I do nor use any gambling websites to store my coins. Since there had been issues about storing your coins in an online wallet, they are prone to scams which can be potentially risky on my end; and

On the fourth question, I guess it does not matter as much before but it would definitely matter now. Given that there had been ongoing scams about proof of money to gambling websites, players would be more careful this time and they would choose a website that would lay all the cards possible to avoid the risk of them losing their money in the process.

No, I don't think so. I'm sure, reputable gambling sites can provide with the proof of money they are holding in reserves, if needed.


No, it will not. It's a very big industry, and if one or two big casinos scammed their players, it would make the news, and probably millions of gamblers would withdraw their money from online platforms immediately, but hundreds of millions would remain.


These days, I do not, but often, in the past, I used to keep on a gambling platform much more than I could easily afford to lose. I've changed that approach only in March this year. I didn't lose any money, but, I admit, it was a reckless behaviour on my side.

 
If asked by the authorities and didn't comply, such a casino would lose its license, and will lose its clients quickly after that.

yes, when things like FTX happen the market immediately reacts negatively and as a consequence the price of bitcoin and altcoins drops a lot, this also negatively affects casinos, for example:

if a casino declared that it has 1 BTC something like 25000$ after removing all operating costs

then the price of bitcoin drops to 15000$, this casino no longer has 25000$, it will only have 15000$ which means that even a gambler who has 5000$ to bet will be afraid to bet in this casino that has 15000$ and another problem it also appears in the operating costs of the casino, if a casino spent 3 BTC to pay wages to employees, and more other things, with the fall in the price of bitcoin this casino will spend more bitcoins in the operating cost


the industry will not lose confidence and do you know why? because there are many people with amnesia in this market, even when a big scammers run some casino and then disappear and then reappear with another casino people will continue using that other casino, that is the crypto world where amnesia is what everyone else has. so don't worry because the industry won't be rocked by scam cases


a big NO, for me as soon as I have some profit I withdraw my money from the casino, the casino is not a wallet that's why you shouldn't keep money in the casino or on exchanges


people would think that the casino is unreliable, why would a reputable and reliable casino refuse to show how much money they have? why would they hide such important information? for me it would make me afraid to use the casino

Well, with a casino the house always wins (sooner or later, more or less, not with everybody, those are details)
So a casino that's old enough and the owners were not so reckless and greedy to look for alternative sources of income (DeFi, FTT, name it) should be pretty solid still.

Keep in mind that after their initial investment got ROI, the costs are pretty much only the running and advertising costs, not that big compared with the income.
And for the rest of income and also the user funds the 1BTC=1BTC (or whatever coin was deposited) stands, hence I expect the crypto crash is not a huge problem.


As I just wrote in another post, proof of reserves can easily mean nothing. Plus gamblers should be different than traders; gamblers should really not keep unnecessarily money in the casino. There there's a bigger risk they gamble them away than the casino running away with those.

Easily is a part of the equation. Some people buy crypto for the sole purpose of gambling, and their purchases add up to the volume and price action in the market. Maybe not on a major scale, but still somewhat enough to cause something in the market.

We've also seen a lot of casino "hacks" and exit scams throughout the years, but it only made the common crypto gambler smarter on choosing his casino. They never lost trust in the idea, they simply just became aware that such things are very possible to happen and that they just have to open their eyes and read a lot more to not be a victim of these scams. Once that's done, it's up to them if they are confident enough to leave their money in a platform that is a hot target of hackers any time of the day.

As for proof of money, I think it's not really necessary, but if you are really wanting to create your name in the industry you have to honor your word and get winners paid, otherwise your platform will just collect dust but never loyal patrons.

You cannot oblige casinos to do that, because it's never a requirement for casinos to show their assets casino industry are doing great ever since whether the market is doing great or bad, but if ever one casino started the trend big casinos will eat up the competition because they can show more what small and medium casinos can show, and there will be doubts if newly launched casinos show up huge assets and yet will not and cannot pay their gamblers who hit a jackpot, let's just say that reputation and transparency are the factors that will establish casinos, not their assets.

Nope, as long as they didn't leave their coins on FTX or any centralized exchanges they will fine.

Scam casinos and legit casinos are different, right now we're currently know 1xbit is a scam casino and there's many trusted casino e.g. BK8, Bitcasino, Sportsbet, Roobet, Duelbits, Rollbit, Fortunejack, Freebitco etc does we need avoid those trusted casino because of 1xbit? Nope.

Nope, leaving your coins on centralized party is stupid.

I can't understand what did you mean.

For new casinos to gain more players and establish their reputation as serious players in the industry should do that, for old casinos like Stake, Duelbits, and other top casinos, they need not do that they have already gained their reputation they are the pioneers.



Traders and investors can and will stop investing and trading, but gamblers cannot and will not, they always have the urge they just go from one casino to another, if they are not satisfied on the casino that they are playing  


The community has seen that and they never connect one casino to another, the issue of one casino is their issue not of the whole industry


  There's never a time that my bankroll is not used up it only takes hours before my bankroll turns to zero and I am always tempted to play every time I have money in my dashboard.

Can't really say if it has had one, technically speaking it should, but across the market crashes we've had before, we haven't really seen any casinos flunk from their services to their customers just because of that from what I know.

The industry itself won't lose it (otherwise a lot of industries would've lost a lot with how scammers work) but said casinos involved would naturally lose all reputation.

No, not really, I tend to spend everything whenever I gamble if possible. If not then I just leave it there for my next session, I never leave anything big in it anyway. If it ever happens that I do, well I don't, I withdraw it instead.

As I've said in the thread OP linked, I'm down for casinos being public about their reserves IF they want to and if they aren't breaking any laws, NDAs, contracts, or whatever that they set up in their business. Since we haven't really had an issue with casinos I don't really see a reason why it should be forced though, especially if we consider how as I've said earlier, crashes have happened a lot of times across multiple coins that casinos use and they haven't really had any issues.

Casinos actually don't need to show proof of their finances at casinos except for big trading sites, because most people save their money on trading sites to trade all the time looking for profits while in gambling sometimes people just look for fun, make deposits playing and withdrawing money, that's is an easy step to play in a casino so you don't need to put a lot of money in it, I'm just a small part of gamblers who play with small money don't know those gamblers who play with big money, just my thoughts I always play in old casinos that have gone through a lot of crypto moments crash and they still survive today, so I just play there comfortably and safely  

How do you mena gambling industry speicificly? It's no more part of it then any else industry. Everything is connected when economy crumbles.

I don't get this, there have already been many casinos that have scammed people, like infamous 1xbit that's still running. Has that affected to anything? No, because people talk freely here and choose trustworthy casinos.

Sometimes, yes. And if i want to gamble on some sports that's coming, it's easier when i have already some money in.

They don't have to do that.

Not sure how connected and how massive the market of crypto casino gambling is, but I should think it is quite a significant number. And by being interconnected to crypto it obviously means that if anything bad happens to the crypto market, this will reflect on the crypto gambling market. And the other way around is just as true. If you trust your casino then its the same as trusting your exchange. Not 100% secure but better than nothing.

I think decentralized gambling and web 3.0 will be the future for us gamblers. I do not want to trust ANY third party with my money and I want a provably fair and transparent system.

However, for now, at least proof of money would be a nice gesture for casinos to show their players a signal of honesty.

Maybe the gambling industry will be affected by the domino effect in the market and like other industries, the gambling industry will surely feel something.

If it is an untrusted casino, it may reduce gamblers' trust because the site is already cheating players in the casino. But if it's a trusted casino, the casino will not likely cheat its players and whenever a problem occurs, the casino will try to solve it properly.

Of course not. It is not recommended because it is our coins that we should keep in other wallets. After we win, it's better to immediately send it to another wallet and leave a small balance to play the next day again.

I'm fine if the casino doesn't agree to show proof of the money in their main balance because it's the casino's privacy. And as long as the casino has no financial problems and deposits and withdrawals are fine, that's fine too.

If some of the truly reputable casinos will do that sure this can shaken the basis for a lot of crypto gamblers but the good news is that no such casino needs to do such a thing as their winnings keep getting bigger and bigger and thus there is no need to scam people.

As a gambler I never leave money on any casino except the amount that I have predetermined to play there and except this balance I don't leave anything else.So far no such things have happened despite many big exchanges falling down to bring an even worse crypto winter but I don't think reputable casinos will ever bring us such scenarios as the exchanges have.

Crypto gambling sites will see the negative effect of bear market, but some gamblers are still gambling and they still make money, but not like during bull market that they play more.

If you use a reputable gambling site, this would not happen. But why did you trust anything that is centralized? Better not to trust because anything can happen as long as the money is not with you.

No, I use noncustodial wallet. I deposit only just the little amount that I want to use to bet.

Exchanges are the ones that are doing that, not gambling site, reputed gambling sites are many which have been existing since long time ago and not faced the threat, like on exchange.

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

Running a casino during crypto crash

 - Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos