Is this possible? - page 4. | Bitcointalksearch.org

Pandu Geddon

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Quote from: GigaBit on November 14, 2024, 01:52:55 PM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

I haven't seen any site where there is any possibility to withdraw local money by depositing crypto. Those who deposit money can withdraw that money. But if the casino has an alternative option of which specific deposit currency they can withdraw crypto , that's a different matter, but I don't know of any casino that offers this facility. If any such opportunity is given then surely many scammers will try to abuse it by using gambling sites and obviously gambling sites will never support it. Although the facility is not difficult to provide but gambling sites must be operated in accordance with the regulation.

it can make the casino an exchange no longer a regular casino. of course, that can be a problem for them regarding regulations.
maybe if we swap between crypto, we can see it in some casinos. but to make a withdrawal difference as intended seems difficult to do.
that's because there will be indications of casino abuse, even though they determine a minimum limit for several bets before making a withdrawal, there will still be loopholes.

Crypto Library

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

As far as I know, most of the casinos have such a rule that suspicious withdrawal requests after depositing are not accepted. Earlier I saw a topic where a user made a 100 depsit and accidentally deposited 1000 dollars and later he could not withdraw his funds due to the gambling site's terms and conditions because there was a term that required him to wager a certain amount.That was definitely risky for him.
Now about you if you fill their terms and conditions and if that casino site accepts winning through NGN then I don't think there will be any issue in your withdrawal. And I think it is easier to sell USDT in the exchange than with draw.

GigaBit

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

I haven't seen any site where there is any possibility to withdraw local money by depositing crypto. Those who deposit money can withdraw that money. But if the casino has an alternative option of which specific deposit currency they can withdraw crypto , that's a different matter, but I don't know of any casino that offers this facility. If any such opportunity is given then surely many scammers will try to abuse it by using gambling sites and obviously gambling sites will never support it. Although the facility is not difficult to provide but gambling sites must be operated in accordance with the regulation.

Slow death

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Quote from: Perfectbaby on November 14, 2024, 02:23:36 AM

Quote from: davis196 on November 14, 2024, 02:05:27 AM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

This is a crypto gambling forum. We discuss crypto casinos here. I don't know about any crypto casino allowing withdrawals in Nigerian Naira.
You should take a look for local fiat online casinos in your country(I don't know anything about online fiat gambling in Nigeria, maybe there aren't such casinos in your country, I'm not sure).
What do you want to do? Do you want to launder money? Do you want to exchange some currency(crypto of fiat) for Nigerian Naira? There are money exchange services for that purpose and I think that you would risk losing your money, if you deposit them in a casino and play a game or two.

No plans for that mate lol.
Just that most times with the stress having to deposit cryptocurrency in to gambling site and have it withdrawn back from the gambling site to exchange, and due to the government regulations with exchange that offers p2p it will be ideal for a cryptocurrency casinos to also allow people make withdrawal through their choice of currencies after winnings. With this it would be more easier for us that live in a more strict country that are facing some regulations issues. So do not think the negatives or having in mind that is about money laundering.

Casinos nowadays ask for KYC, but exchanges nowadays also ask for KYC. Casinos have a list of restricted countries, but exchanges also have the same lists of restricted countries that casinos have. So if you use a casino that asks for KYC, you can also use an exchange. Therefore, you can take your winnings to an exchange and exchange it for the currency you want. Unfortunately, KYC is here to stay and there are governments that have done a lot of shit that harms their people. They keep banning cryptos or casinos and this makes people have to use risky methods to spend their cryptocurrencies in their countries.

Davidvictorson

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Quote from: Charles-Tim on November 13, 2024, 03:35:47 PM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Is it possible to happened and is there any gambling platform permits that?

None that I know of. Stake recently supported deposit and withdraw in naira but if you deposit in naira, you will only be able to withdraw in naira.

What I also know is that if you are able to deposit a coin on a gambling site and withdraw in another coin, that does not mean you will be able to use it to exchange into your local currency.

This is the comment I was looking for because I know in our local board you mentioned this the other day. Your explanation is explicit.

And your last sentence even answered the question I have. So it is strictly deposit in local currency and withdraw in local currency only. Just to add to it, I would advise anyone who wants to use this feature to thoroughly read the terms and conditions of the gambling site before going ahead to make any deposit so that no one comes back with a scam accusation.

panjul07

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High likely only your local casino that may provide such a feature and usually this kind of casino is converting your crypto deposit into your local currency then you can withdraw your balance to your local fiat currency through bank account or something like e wallet maybe.
So far from some popular crypto casinos that I've tried, none of them can do as what you want but maybe you can find it.
Perhaps the best thing you can try is to find your local fiat casinos that also accept crypto as the payment method, otherwise it will be really hard to find it in this forum.

Dip69

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Gambling sites are always ready to offer all kinds of benefits to their customers. That is why they offer the opportunity to use all kinds of fiat currencies and cryptocurrencies from around the world. You can deposit and withdraw money using any currency you like.

PX-Z

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Quote from: Perfectbaby on November 14, 2024, 01:11:54 AM

It would be great for casinos or gambling site to enable this feature to allow gamblers have withdrawal from any currency of their choice and if that must be activated let it be that there will be some wagering requirements to permits them withdraw from other currency of their choice.

It's not easy as wire transfer though, businesses such casino will have to follow some regulation on that too, and since not all banks accept deposits from casino so that will bring trouble to anyone (casino user) who will attempt to do so. That's why i said it needs some kind of regulation before you as a business can be able to accept in any local currency and to withdraw on that currency too.

Jewan420

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How would this be possible? The gambling site is not an exchanger that allows you to exchange one type of coin deposited into another coin and withdraw. Like other establishments, gambling sites also have fixed payment systems. You will be allowed to withdraw only the coins you invest. If the gambling site is from your country then you can gamble using your local currency and will pay you in your local currency during withdrawal if their payment system is in that currency. Gambling sites will never exchange you your money. It may happen if such a system is relaunched.

Maslate

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Does Binance have NGN P2P? Because if it does, you wouldn’t need to cash out through a casino, and it would probably be safer that way since what’s entering your bank account or digital wallet wouldn’t be flagged as coming from a casino. We know the risks, some people have even complained that their bank accounts got frozen because the funds were traced back to gambling.

I’m not sure if this law is still active in the country… if it is, it’s better to be cautious. Avoid linking your bank account directly to a casino, especially if you are playing those games that are deemed illegal.

https://africa.businessinsider.com/local/markets/betting-in-nigeria-what-are-the-rules-and-regulations-in-place/zpe8xph

Quote

Based on these laws, the legal gambling activities in the country are the lottery, land-based casino gaming, and sports betting. Meanwhile, games like Roulette, dice games, and non-skilled card games are deemed illegal.

Mia Chloe

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Yes it is but it's not quite common in a couple of cases. Different casinos have their different terms and conditions. This is the more reason why it is important to go through the casinos terms and condition before gambling on their site. Some casinos have the option of two sections which are usually the crypto casino and the fiat version too. For some other casinos they actually merge both so you can probably swap within them.

Anyways I usually prefer crypto casinos since they are more flexible to work with and they usually don't have too many verification restrictions. The crypto fiat thing isn't much of a big deal if you ask me because it's very much possible to move those coins to an exchange and then exchange them for an equivalent amount in fiat. Or still a P2p transaction will still cut it out.

Nheer

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

It will be possible if the casino includes that withdrawal option but most casinos don’t have that feature.

You can make research and see if any casino will allow you to withdraw directly to your local fiat bank. All this can be easily checked and if the one you make use of doesn’t support it you try out another casino or better still if you want to deposit and withdraw using your local currency then why not use a non crypto casino that will make your deposit and withdrawal easy for you or use a local casino located in your country it’s that simple.

traderethereum

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You need to search for the third party that allow you to withdraw your wins money through NGN. Only by that, you can withdraw your win. But I wonder what will happen if your bank account know that money if from gambling site?

Crypto gambling casino only gives an option to withdraw your money in crypto but I don't know if there is a casino that have another option to withdraw the money into your bank account. It is better if you withdraw the win money in crypto and send it into your crypto wallet for a while.

After that, you can withdraw the money and send it into third party that helps you to converts and send it to your bank account.

Oh, btw have you check https://new.kingex.io/create-order?/btc-ngn_wire

I see they have an option to withdraw into NGN

Dr.Bitcoin_Strange

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It's possible depending if the casino allows withdrawal in your local currency and to confirm that, you need to check the withdrawal options of the casino or you can actually ask their customer's support.

eisen33

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I wouldn't experiment like that, if the casino accepts a deposit in your currency, then I think there won't be any problems with that, they will accept your money and make a payment in the same currency without any problems. But if you are talking about sending a deposit in your national currency with the hope that the casino will be able to convert it into another currency, then it is better not to do that, because your deposit may simply not be credited to your account. I hope I understood correctly what you were asking about.

gunhell16

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

I haven't tried that op, but in my idea and knowledge, whatever currency you deposit is the same as the assets you can withdraw. Because gambling doesn't have swap features unless it has swapping features on the gambling platform.

So what I can suggest is that in order not to have a problem in the end, it's better to just deposit usdt or any cryptocurrency
that you are comfortable with and just deposit it like that.

YOSHIE

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

You should be able to check the casino site you registered with, if there is a payment feature in NGN currency, of course you can make a transfer and if there is no such feature, obviously you can't do it, now back to the casino system itself whether or not the currency feature is available NGN.

In general and as far as I know and also some casinos operating here do not provide local bank/or local currency features, the features available are crypto to crypto or usdt to usdt and so on, after you send it to the new exchange you can move to the bank or currency local money.

iv4n

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Quote from: shield132 on November 14, 2024, 03:36:43 AM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

Some crypto casinos offer you crypto swap where for example, you can exchange your Bitcoin in USDT or choose any other pair you wish. I think that the majority of crypto casinos offer swaps with cryptocurrencies and not with fiat...

You are right, we can only swap crypto in some casinos, it's not possible to swap crypto for fiat or vice versa. In casinos without a swap feature we play and withdraw the currency we deposited.

I have used SimpleSwap before, that's one option. There are plenty of services that offer quick swaps. OP needs to research it and find one that has the cheapest transactions for what he needs. Or he can simply use some exchange, again fees can be expensive, but he can use some coins with lower withdrawal/transaction fees.

EluguHcman

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

I doubt if this is possible because the casino does not offer the services of exchange networks where we could convert our Crypto currencies to the fiat. Especially exchange to local currencies.

Perhaps, if the casino seems to be a international casino, it maybe difficult to recognize that transaction request in as much the local currency is not included on the system of funding your casino account.

I only learnt based on experience that you can only make your withdrawal on the same supported funding system which bettors used to fund their accounts.

CryptSafe

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I barely have been able to do or see anybody talk about it and besides casinos are not exchange and are not designed with such mechanism to function in such a way. It is just like garbage in garbage out and nothing more about the deposit and withdrawal features outside what you have deposited. However, this could be a good innovative idea for casinos to take advantage of and make a good deal out of it because once that comes in place, the rate at which people spend transaction fee transferring from casinos to exchange would reduce allowing the to convert directly on their casino platform and making withdrawal to their local currency.

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