Is this possible? | Bitcointalksearch.org

Agbamoni

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Quote from: BABY SHOES on November 13, 2024, 04:43:51 PM

Here's what I don't know... Are there any casinos that allow fiat withdrawals after depositing using crypto... I don't think this feature exists yet and I haven't seen anyone successfully doing it.

What I know from the casino
Crypto deposit - then crypto withdrawal.
Fiat deposit - then fiat withdrawal.

Whatever you mean, I think it would be hard to find a casino that has this feature.

Except for non-crypto casinos that can allow that feature because you can deposit with fiats. Once you use a crypto casino you are bound to deposit in crypto and withdraw with crypto. It's all in their Tos until there will be further changes in the future.

Although this would be a good innovation for crypto casinos. They can add the feature of withdrawing to fiat. No conversion is needed. Everything can be done in the backend. When you want to withdraw a certain USDT then it automatically converts in cash and sends to a local bank. Meanwhile, transaction charges will be deducted equivalently to the normal transaction fees. But the problem is which network will the conversion take place?

Dr.Bitcoin_Strange

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Quote from: Oasisman on November 18, 2024, 03:40:37 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Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.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?

Well, gambling platform is not an exchange where you can convert from one currency to another seamlessly. I'm not sure if there are gambling platform that are allowing this kind of feature, but I'm pretty sure most are not. If there are some, then maybe they have an internal exchange who can do the conversion automatically that allows you to withdraw the currency of your choice including cryptocurrency.

If OP can not withdraw NGN which is his local currency from the casino he is using, then he can possibly withdraw the crypto to an exchange and trade it to his local currency via P2P. It's not very difficult to do that too.

jcojci

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Quote from: Oasisman on November 18, 2024, 03:40:37 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?

Well, gambling platform is not an exchange where you can convert from one currency to another seamlessly. I'm not sure if there are gambling platform that are allowing this kind of feature, but I'm pretty sure most are not. If there are some, then maybe they have an internal exchange who can do the conversion automatically that allows you to withdraw the currency of your choice including cryptocurrency.

Yes, that is if the casino has the exchange feature so he can convert it into his currency and withdraw the money to his bank.

Maybe some casinos have a conversion feature that he can use to withdraw in his currency but I am not sure if there are casinos that have the feature. We can only suggest you to sends the money into the exchanges and you can sell the coin and withdraw it into your currency.

If your country allow gambling, that will not be a problem, but if your country prohibit gambling, your bank may suspicious and will investigate it by checking the transaction.

Outhue

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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?

What a question, you don't mention the name of this online casino, how can I answer this type of question? Also I don't see the need for you to ask this question because you can just ask the team direct or check if the casino has a NGN withdrawal option available.

No name of the casino, how can anyone answer your question? It won't hurt for you to just check yourself, if you can't find NGN in the withdrawal options it means it is not available, keep using USDT or other option then move your asset to Bybit or Bitget then swap to NGN on these exchanges through P2P.

You will never see what you are looking for.

GxSTxV

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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 don’t think there is any crypto casino that will directly let you withdraw in your local currency no matter what . Even if you make a deposit with Bitcoin, for example they usually won’t let you withdraw in a different crypto like BNB. All of these due to anti money laundering measures, and also the difference between prices.

The best way to handle this is to go through an exchange platform. After you receive your winnings in crypto from the casino, just transfer the funds to a trusted exchange and convert them to your local currency from there. It’s a bit of an extra step but it’s the most straightforward way to get your winnings in any other currency.

bitbollo

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they can't exchange your coins even because they haven't the proper market even because they don't have the proper liquidity for doing that.
And even because they haven't any auth. on doing that... so of course no one want risks for nothing back.

In some cases you can just use a "change" service. Like you withdraw to their address and ask to immediately convert to your desidered coin.
Or ask to reputable users. There are some people that can "change" directly on platform (using tips or other tools).

Oasisman

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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?

Well, gambling platform is not an exchange where you can convert from one currency to another seamlessly. I'm not sure if there are gambling platform that are allowing this kind of feature, but I'm pretty sure most are not. If there are some, then maybe they have an internal exchange who can do the conversion automatically that allows you to withdraw the currency of your choice including cryptocurrency.

Lidger

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This will totally depend on what kind of casino you are using for your gambling. If you choose a casino that supports the local currency of your country, then you can continue gambling by depositing your local currency in that casino. However, considering the security aspect, I would always suggest avoiding such casinos. The casino companies that are known worldwide may not support all the currencies of all countries but still we should try to gamble in these casinos. Although these casinos do not support local currency, many digital currencies including Bitcoin are supported and these online casinos are very trusted so a gambler can easily gamble here with security.

Zigabel

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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?

Some crypto based casinos does have withdrawals to local banks and so when you do the direct withdrawal to your local bank, they make sure to send the cash equivalent to your local bank but the challenge would be if your local bank account is listed on their platform if not you may have to withdraw the crypto to an exchange and then further withdraw to your bank account.

Out of mind

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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?

To my knowledge, I have not seen any casino where you can withdraw your local currency from the casino after depositing cryptocurrency. However, if your local casino has the opportunity to deposit and withdraw NRG, you may be able to withdraw. However, as far as I've seen, no casino has offered an offer where, after depositing cryptocurrency, they later allow you to withdraw local currency. However, if you want, you can deposit your cryptocurrency coins and switch them to USDT. as you mentioned, there may not be any popular casinos. As far as I know, the good casinos that are currently available do not offer such an offer.

Solosanz

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Depends on the casino.

Most casinos only let you to withdraw the same currency you deposit/play.

Some casinos have internal exchange where you can convert it to the currency you want to withdraw.

Only few casinos allow to withdraw in different currency.

Quote from: Eternad on November 17, 2024, 08:14:10 AM

Your best shot is to try casino with built in exchange feature or casino like Duelbits that automatically convert crypto deposit to USD.

That's right my G, Duelbits is the best casino to gamble because they offer many games, events, promotions and then have built in exchange feature too. Cool

Findingnemo

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Quote from: $weetne$$ on November 17, 2024, 08:56:23 AM

Quote from: Findingnemo on November 17, 2024, 07:53:16 AM

In the past casinos allowed users to withdraw in different crypto than the deposited ones but people seems to be using it for money laundering and break the trails so most of the casinos only allows to withdraw in the same crypto that was deposited earlier.

But this is not fair to gamblers because already the casino have their rules that we have to wager either the entire money that we deposit or some part of it before we can withdraw therefore why do the casinos not allow us to withdraw to the option of our choice after follow their requirements. It can be used for money laundering when there is no rule that you have to wager then you can deposit in a different currency and withdraw in another and you get clean money without the casino knowing that you are using their casino for money laundering but since that is not possible and you have to play some games before you can withdraw, it should not be considered money laundering again as you have some profits on the money that you just withdraw.

They can do it but it adds extra responsibility to the casino with no benefits so they just want to keep things simple so in case if there's government authority requires data they can produce the details of the transfer. Money laundering via casino itself a bad idea because casinos keep track of all the data so its easy to link the real identity when there's a problem.

I only use Bitcoin so I never had any discomfort with this approach and it can be inconvenient only for the people who uses multiple crypto.

swogerino

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You can use an exchange to do that. Normally most casinos do not allow that as it can be exploited to be used for money laundering and casinos lately have to tell their transactions to auditors so it is almost impossible for casinos to do that. You also can bypass KYC with that as most casinos let you withdraw up to a certain amount without needing to have gone through the KYC process. So the best is to use an exchange to do that although the downfall there is you need KYC and if you are in to exchange huge amounts of money you have to report it to financial authorities depending on the laws of the country you live in. This is a feature casinos will never have however there are some nice wallets with exchange to crypto built it and then after exchanging you go to an online exchange for example one from the bestchange.com website and make the final exchange there.

Z_MBFM

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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?

The few gambling sites I have used to date have had no exchange facility. You will be given the opportunity to withdraw in the currency you deposit there. Because of this I always deposit coins that have the lowest withdrawal fees. When you withdraw FIAT directly from a gambling site you have to share the bank account there and I never share my bank details with gambling sites. so always i like to use crypto casino and gambling with cryptocurrency

$weetne$$

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Quote from: Findingnemo on November 17, 2024, 07:53:16 AM

In the past casinos allowed users to withdraw in different crypto than the deposited ones but people seems to be using it for money laundering and break the trails so most of the casinos only allows to withdraw in the same crypto that was deposited earlier.

But this is not fair to gamblers because already the casino have their rules that we have to wager either the entire money that we deposit or some part of it before we can withdraw therefore why do the casinos not allow us to withdraw to the option of our choice after follow their requirements. It can be used for money laundering when there is no rule that you have to wager then you can deposit in a different currency and withdraw in another and you get clean money without the casino knowing that you are using their casino for money laundering but since that is not possible and you have to play some games before you can withdraw, it should not be considered money laundering again as you have some profits on the money that you just withdraw.

Eternad

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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’s not possible in most crypto casino since you are only allowed to withdraw on the balance that you deposit.

However casino like BC.Game allows to convert your balance when you reach a certain level of VIP which this inquiry might be possible. If I remember correctly this is only applicable from fiat deposit to withdraw to crypto so I’m not sure if vice versa.

Your best shot is to try casino with built in exchange feature or casino like Duelbits that automatically convert crypto deposit to USD.

palle11

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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 don't expect this to be possible my friend. The simple explanation to it is that it will cause duplication and confusion to the casino. Except they may introduce it soon like it is in trading platforms like deriv.

So, If you can deposit through a particular cryptocurrency or fiat, it means you have opened that particular account under that currency as preferred channel for deposit and withdrawing. If you want to do currency transaction on the account, you will stick to that currency you activated with. For instance if it is a bitcoin address wallet account then that is what it will be both for deposit or withdrawing.

Except there will be payment options that will be included in the same account like it is in trading platforms but you have to activate it in that same account. Like you can have btc enabled account, Eth, usdt etc in same trading platform and you have to activate or request for those cryptocurrency but not fiat.

Findingnemo

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In the past casinos allowed users to withdraw in different crypto than the deposited ones but people seems to be using it for money laundering and break the trails so most of the casinos only allows to withdraw in the same crypto that was deposited earlier.

Like most of the people suggested withdraw in crypto and convert in a P2P is the good choice to convert it into fiat because exchanges usually doesn't allow funds from a gambling site and if you mistakenly send funds from casino to exchange then your account is at risk of getting terminated.

mirakal

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It’s important to note that gambling sites are not the same as trading or currency exchange sites. When we deposit money, the site assumes it’s for gambling purposes, which, based on experience, usually means withdrawing in local currency isn’t allowed. If someone offers a service like this, think twice, because it could very well be a scam.

It’s better to use a platform that actually fits the transaction you want, because gambling sites are definitely not the right place for those types of services.

Lucasgabd

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Quote from: EarnOnVictor on November 14, 2024, 08:39:22 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?

First, no need to stress yourself, just focus your energy on gambling well and winning then send the money to your crypto exchange and easily withdraw your crypto to NGN.

What you are requesting is almost impossible unless the bookie operates in Nigeria and also accepts both crypto and NGN for payments. Such an arrangement may happen but still, it is against the Anti-Money Laundering Act, the money must go back to the originating wallet. This makes it more difficult unless the casino is not duly registered and regulated in Nigeria.

that's correct, stress will only bring more stress, without relaxation we will burn out, its better to find ways to self regulate

isn't it easier to just exchange their local currency for crypto and when they need to cash out P2P out?
probably more feasible than all this juggling

Smartprofit

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As far as I know, online casinos do not support this option. This is because in this case, the cryptocurrency casino actually functions as a cryptocurrency exchanger. This could theoretically lead to problems with regulators, as in some countries, exchange operations are a business that requires a special license.

There may also be isolated situations where, thanks to such operations, an online casino can be involved in criminal schemes. Cryptocurrency casinos are not interested in such situations. The online casino business is not a business of laundering criminal funds, but a business of providing services in the field of organizing gambling.

This is a profitable enough business to risk it due to additional dubious operations (or operations that can potentially be considered dubious and suspicious).

ethereumhunter

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Maybe that is possible but I never tried it because that can trigger my bank to investigate from where the money comes. They can contact me and ask me furthermore so there will be no suspicious from them. But still, they will mark my account especially if they found that money is come from the casino and that will be a matter of time they can block my account.

It is better to send your win money from casino to your private wallet and use the third party to converting your coin and send it to the exchanges. After that, you can sells the coins and withdraw to your bank account. I think that will be safe for you because the transaction come from the third party unless they investigate the third party and ask about that.

dansus021

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Is this possible? to withdraw to your local native currency the answer is yes it is possible but most of the casinos are only able to withdraw from your money/crypto you deposited in, so for example if you deposit bitcoin or eth than you withdraw using bitcoin or eth. Tho is always best to use stablecoin like USDT, USDC, or DAI.

But there is casino that able to swap from one currency to another but usually it will cost you a lot and the withdraw to local currency is hard if your country dint really regulate the gambling/casino

danherbias07

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They are not trading sites with P2P trades so you can exchange them for your own country's currency. You will have to find a local wallet or local application that accepts cryptocurrencies and also exchange it for your own cash.
There's an exchange that accepts exchanging cryptocurrencies to another which is called Dinabot, most Stake.com gamblers are using this application but it's not supported by Stake.com so you will have to take your own risk upon doing it. I've tried it twice though and everything went smoothly but there's a fee for every exchange that you will make.
If I were you, I'd rather send the cryptocurrency to Binance or some known trading site and then exchange it for your own cash. Mostly done in P2P trade.

Julien_Olynpic

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In my opinion, you need to use all possible strategies here. First, you need to carefully study the rules again. The rules are slightly different in different casinos. Therefore, after reading the rules, you can sometimes find something interesting there that will help you solve your problem. Second, try to contact the support service and discuss your problem with them well. Find out what they tell you. This will be the most authoritative opinion. Third, if nothing helps, try to treat it as an expensive lesson. Try to play for the amount you deposited, but as carefully and responsibly as possible. This is a unique experience.

EarnOnVictor

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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?

First, no need to stress yourself, just focus your energy on gambling well and winning then send the money to your crypto exchange and easily withdraw your crypto to NGN.

What you are requesting is almost impossible unless the bookie operates in Nigeria and also accepts both crypto and NGN for payments. Such an arrangement may happen but still, it is against the Anti-Money Laundering Act, the money must go back to the originating wallet. This makes it more difficult unless the casino is not duly registered and regulated in Nigeria.

2Pizza410000BTC

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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?

Actually as far as I know I think if you deposit bitcoins in your gambling platform and win bet then you can withdraw bitcoins you can't exchange any other coins or your local currency. However, if you can deposit your local currency on a gambling platform that has the option to deposit, you may be able to withdraw in your local currency, and you cannot convert or withdraw to your local currency by depositing bitcoins or other cryptocurrencies.

Alphakilo

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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?

The last thing on my mind is how to deposit with Fiat and also withdraw in fiat. There's so much convince in using crypto that I don't want to put myself through the stress. This is not about me though and I think it is very good question brought up to be talked about.

The possibility of this to happen is to use any casino that serves people in your country. Before you do it if that's your intention ask from people who deposit a d withdraw through NGN. Ask them about the risks and the benefits.

$weetne$$

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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?

Why would you want to withdraw in your local currency when the casino prefers cryptocurrency become of the fastness of the transactions and the transparency that cryptocurrency have. With you local currency, there might be volatility affecting the rate that your withdrawal are being converted. You can try some local casino that accept cryptocurrency but also have options of withdrawing to your local currency. I think there will be some casinos that offer this but do not expect them to be strictly Bitcoin casino. To trade cryptocurrency to your local currency can be done on some exchanges that allow your local currency to be traded therefore, just receiving the cryptocurrency and later trade them to your countries fiats will be better.

LDL

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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?

You must withdraw if Casinosite permits your local currency. However, most casinos generally do not accept local currency. However, if you withdraw in Bitcoin or other approved cryptocurrencies, you shouldn't have a problem.
However you will find some local casino sites that accept your local currency. However, all temporary unlicensed casinos are requested to refrain from making deposits for the time being. Or you can invest at your own risk so that you cannot be held responsible in the event of any subsequent fraudulent activity against you. But always remember that it is better not to invest in unlicensed unpopular casinos.

Onyeeze

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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 depends on what withdrawal method of the platform so I believe that if your home country currency is not being placed to the platform I don't think that you will withdraw it directly to your account mostly gambling platforms do accept to make a withdrawal directly to usdt instead of a native currency but I don't know if they have modernized the method of withdrawal which you can input your country currency and withdraw directly from your gambling account to your particular country account currency, probably if that will work that should be a new invention concerning a withdrawal method in a particular gambling website they will be scarce for now before you can find out such thing to take place

Lucasgabd

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Quote from: coolcoinz on November 14, 2024, 03:12:50 PM

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?

For that to work the casino would have to be an exchange. In most countries you need a license to work as a foreign currency exchange and you also need a license to operate a casino.
That's why online casinos that start as crypto businesses often don't accept fiat money, but casinos that used to operate on fiat like bookies start to accept crypto and combine both worlds.
Just look for a casino that accepts your currency and check if they have a crypto deposit option. I don't know any Nigerian casinos so I won't help you with that.

these regulations are usually expensive for someone to get
same in Brazil, now the market is cornered for those who have a lot of money
it's crazy

there are no casinos that are kyc free and accept crypto? I think rollbit is probably a good option for them, maybe they'll need a vpn though

Oluwa-btc

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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?

Of a truth it's quite a hard task to do and it's definitely not possible for you to make deposits with a currency and withdraw with another, cause doing that would seem like the user might be involved in some theft acts and doesn't want a trace to them from the funds deposited or withdrawn, so it's better of to use same currency for deposit to gamble and for withdrawals as well.

JunaidAzizi

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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?

Yes, you can withdraw your winnings in a casino in Nigerian naira. Some of the casinos allow withdrawals in your native currency and accept deposits in crypto. B.C. Game is one of big name that will provide you with the service( not sure about its specific service about NGN, please DYOR). However, it's better to check each and every casino's terms and conditions related to deposits and withdrawals. Some casinos accept deposits in crypto and allow withdrawals in fiat, but there are others that will use the same method for withdrawal as you used for the deposit. This means if you choose to deposit in crypto, your withdrawal will also be in crypto. But you are looking for NGN, it would be better to find a casino that supports NGN.

red4slash

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If the focus is on crypto casino sites I think we all must be aware that for deposits or withdrawals it is possible only for crypto such as bitcoin or some other crypto assets according to the policies of the site itself so it will be difficult if you try to force to withdraw with local money. While that may be the case, I've never encountered that for the crypto casinos I'm playing at the moment.

But on the other hand, I still feel comfortable with this option because in the end I use crypto to gamble because I find it more practical than depositing or withdrawing with local currency because if the purpose is for local currency we only need to use the exchange without being on the gambling site.

coolcoinz

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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?

For that to work the casino would have to be an exchange. In most countries you need a license to work as a foreign currency exchange and you also need a license to operate a casino.
That's why online casinos that start as crypto businesses often don't accept fiat money, but casinos that used to operate on fiat like bookies start to accept crypto and combine both worlds.
Just look for a casino that accepts your currency and check if they have a crypto deposit option. I don't know any Nigerian casinos so I won't help you with that.

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I have visited several gambling sites, especially crypto-affiliated casinos. And from all the gambling sites I have visited, they only allow withdrawals to the account address you provide when you register and make a deposit. In other words, the casino has a limit of only one account per account. And maybe this is a policy that every casino should follow to prevent money laundering through gambling.

And considering how strict the regulations are regarding transferring or exchanging cryptocurrency to fiat currency in many countries for security reasons, I don't think it is possible for a casino to issue a new policy that one can withdraw in fiat currency even if one makes a deposit using crypto.

hahay

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It seems that there are already many answers given in this thread, but with this thread I also have a question because I previously wanted something from a gambling site or platform. Something I want is a conversion feature even if it's only for crypto and not fiat, because in the past it seems like I saw a platform or gambling site that has that feature but I forgot the name of the site. Or maybe, there is still a gambling site that has a crypto to crypto conversion feature, because I've been busy enough to look for it. After all, at least I quite often want to use other crypto to bet. For example, I have a btc balance but I want to use ltc to bet, thus it seems like it would be easy for me if there are gambling sites that have such conversions.

Nwada001

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Quote from: Cryptomultiplier on November 14, 2024, 02:19:51 AM

There's no shortcut to convert crypto to Fiat where there aren't any P2p options available on the gambling platform.
The emergence of cryptocurrency has enabled several businesses come up to suit its needs and just as gambling platforms are specific about gambling activities, exchanges are specific about crypto trading ad P2p trades and that's why they have license and are regulated to avoid confusion and prevent money laundering in the system.

The casino doesn't need to have the P2P option before they could be able to make it withdrawal through fiat, as long as fiat deposit is also allowed in the casino. If they go to enable that, they can just as some casinos allow conversion from one crypto to the other before they can place their bet or the auto conversion the casino does to USDT or their preferred currency, but for security reasons and to reduce the risk of being used for money laundering, I believe it's among the reasons why casinos prefer withdrawal to be done the same way deposit was carried out.

Charles-Tim

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Quote from: Mia Chloe on November 14, 2024, 09:23:23 AM

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.

I have seen a casino before that you can deposit a coin but your balance will be in United States dollar or in the fiat currency that you set it but you will not be able to withdraw fiat, although you can withdraw the coin in any other cryptocurrency or in the cryptocurrency that you used to deposit on the site. But getting to the point of depositing coins and withdrawing fiat, I have not seen this in any casino before. Which casino do you know that does this?

serjent05

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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 is possible if your currency is supported by the platform, I believe you need to connect you bank account to the gambling platform. For me, I am not comfortable connecting my bank account to any gambling platform. I would rather withdraw in cryptocurrency of my choice and convert it using P2P trading where I change cryptocurrency to my country's currency.

Quote from: Pandu Geddon on November 14, 2024, 02:16:29 PM

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.

Isn't it more convenient if the casino has the option to convert crypto to fiat currency? And why would be there a casino abuse if the casino has an option to convert to fiat? Remember the casino can implement conversion fee so that they can earn from the service.

Juse14

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From what I know, most online casinos limit payment methods to one type to prevent issues like money laundering and ensure security. When you sign up, you have to pick a primary method for deposits and withdrawals. Thus, if you put your money in using cryptocurrency, most sites will allow you to take it out only in that same currency or through that payment method.

At most casinos, you won’t be allowed to mix up currencies or methods: for example, to deposit in crypto and withdraw in NGN. Even where some platforms may facilitate conversion, gambling sites typically do not, and when they do, it’s under very restrictive conditions. In any case, it’s always good to check out the policies on each platform. They can vary quite a bit from one site to another.

Pi-network314159

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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 dont think if any gambling platform does that. I have tried it with 1xbet before, I deposited USDT from mexc exchange to the gambling platform but after everything wanted to withdraw through fiat but didn't allow me, instead it told me to withdraw from the means through which I deposited and of which even when I wanted to withdraw it still refused and I abandoned that betting app till date. In this case I can only describe my own case and can not forther generalise it to other betting site. But should incase anyone sees such then they can do well by dropping it here .

Obim34

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Quote from: Dip69 on November 14, 2024, 10:29:06 AM

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.

You wrong, or may be you badly read what the OP was asking. While the casino prioritize customers cares, it has not gotten to such a level, i don't see any need why you would deposit in cryptocurrencies and expect to withdraw through fiat. I make use of NGN and when ever i want my profits in my country fiat i use gambling sites from my locality that has such permits and my deposit will also be in same fiat.

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.

shield132

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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?

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, especially the Nigerian Naira but I think that there is a chance there might be some casinos that may offer that service. Have a look if there is any crypto casino based in Nigeria or if there is one that highly prioritizes Nigerian gamblers. Usually, casinos that are very focused on specific countries, also offer more unique services that are well-matched for local gamblers.

A couple of years ago, Binance had their own casino and it was possible to transfer money from Binance to its casino and back again, then you could withdraw any currency from Binance's withdrawal system.

Cryptomultiplier

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Quote from: Russlenat on November 14, 2024, 02:38:23 AM

I think the features available on a website can vary depending on where we access it from.
I did some research on your concern, and I found that it's actually possible with Stake through MoonPay.

https://support.moonpay.com/customers/docs/moonpays-supported-currencies
NGN - Nigerian Naira is supported, so try to explore this option and let us know.

Yes, the moon pay app supports some gambling platforms and can be used to exchange crypto currencies to Fiat or vice versa. Still, it means that gambling platforms may have to rely on exchange services if they got to allow funding of their gambling account in cryptocurrency and that is an upgrade for major gambling sites, but I doubt such gambling platforms are accessible from every region.

Josefjix

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yes

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.

I know they can do this and might take a little stress to implement it to their site, maybe just some adjustments or something so, can help improve the entire gambling system.

Gambling sites should adjust their platform to enable gamblers makes withdrawals on their choice currency. This will reduce conversion fees and enhanced Trust and transparency. Gambling markets especially the online platforms should see this as a way to cater to a broader audience as this will encourage people global to access their platform without fear of either withdrawal is strictly restricted to bitcoin , USDT and the native currency of a particular gambling country.

Russlenat

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I think the features available on a website can vary depending on where we access it from.
I did some research on your concern, and I found that it's actually possible with Stake through MoonPay.

https://support.moonpay.com/customers/docs/moonpays-supported-currencies
NGN - Nigerian Naira is supported, so try to explore this option and let us know.

SmartGold01

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Quote from: Upgrade00 on November 13, 2024, 04:54:09 PM

Quote from: Zwei on November 13, 2024, 04:30:45 PM

most crypto casinos do not offer fiat withdrawals. you would need to find a local fiat casino that supports crypto deposits but credits your balance in local currency.

Except it's a recent casino which was created specifically for crypto, we have lots of casinos that allows withdrawals and deposits in both crypto and fiat but they have to comply with anti money laundering policies so users will only be able to withdraw in a specific currency they make deposits in.

There are some that will allow a crypto swap but I have not used a casino that allows deposits in crypto and withdrawal in fiat.

You think that is possible?
I have never seen a casino and gambling site that allows swap between currencies except I didn't read widely to come across it, if is dex I can say is very much possible where a gamblier would have to swap to the coin of their choice before making deposit to the gambling site to continue their gambling.
It's always hard difficult for casino to have this functionality were a gambler deposit a specific amount with crypto currency and have them withdrawn from the casino using fiat payment methods, and even if that happens to be then I don't think people will patronized exchange that much because they will always visit the casino to have their deal done instead of using exchange.

Perfectbaby

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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.

Cryptomultiplier

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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?

There's no shortcut to convert crypto to Fiat where there aren't any P2p options available on the gambling platform.
The emergence of cryptocurrency has enabled several businesses come up to suit its needs and just as gambling platforms are specific about gambling activities, exchanges are specific about crypto trading ad P2p trades and that's why they have license and are regulated to avoid confusion and prevent money laundering in the system.

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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 gambling site with that setup yet. I’ve tried it on exchanges like Binance, though, since they have a P2P feature. I can send crypto, and the buyer sends me digital cash that I can withdraw from any ATM here, or even deposit directly to my bank account.

With crypto casinos, that’s probably not available because they’re strictly crypto. If they added a fiat option, they’d likely need another license altogether-- like a fiat casino license, which I imagine has stricter requirements than a crypto-only license.

davis196

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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?

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.

Adbitco

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Quote from: un_rank on November 13, 2024, 03:19:04 PM

Most casinos only allow you to withdraw through the channel you deposited in. So if you deposit crypto (BTC for example) you will only be able to withdraw through that exact currency (BTC) you made the deposit through.

You should move this to the gambling discussion board.

- Jay -

You are right and from my experience so far in gambling I have never seen any gambling site that allows people to make withdrawal through another channel after having made deposit through other channels. Let me take for example the landbase casinos, if you deposit fiat definitely the person has to withdraw fiat back whenever there is winning from the gambler.

Except this would be a new concept from the gambling site nowadays because it's actually hard for people to use gambling site as exchange or mixers, if you look carefully you would see that op is having an idea of mixers were he needs to make deposit of cryptocurrency and have it withdrawn through another channels.

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

I know they can do this and might take a little stress to implement it to their site, maybe just some adjustments or something so, can help improve the entire gambling system.

but just because those gambling sites does not have what you are looking meaning they are not improving , for some reason maybe they are preventing something like abuse or maybe government regulations so they chooses not to add those policy and to their system .

But hope one day there will be this option not just because we wanted this but because this is what will save some gases or fees for each gamblers .

Perfectbaby

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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.

Though was thinking this is possible because often time when I gamble and I won, the winning will be displayed to that specific currency I deposited instead of showing on a neutral ground in form of permissable to have it withdrawn in any currency that I wanted.

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.

I know they can do this and might take a little stress to implement it to their site, maybe just some adjustments or something so, can help improve the entire gambling system.

crwth

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Most casinos I have played on don’t have that kind of swapping currencies because I have tried as well, but they have different pricing and wallets per account per currency. If you enable that in a casino, I think it would be like an exchange, and they don’t want to be classified as an exchange in my Observation.

It might cause them problems in the long run if they do that.

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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 think there is some casino that has exchange option so that's what you wanted to find but the problem is you cannot directly deposit crypto to withdraw in your local currency .
just find a casino that there is a conversion option so your target will be fulfilled .

cryptoaddictchie

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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?

On a crypto gambling site possibly not but maybe if you have your own native country legit gambling site this is possible.

As far as I know none so far can make that. But in our country we have an app there you could withdraw to your fiat money and then deposit to bank. Its an ecash money that support crypto trading too however they got some third party apo that works like gambling site got some slots and more.

Waiting also if gonna support some crypto deposit.

logfiles

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Maybe you first look at the casinos operating in your locality. They might have support for both Fiat and BTC. To be honest, I haven't seen a crypto casino support withdrawal of fiat currencies like NGN. They purposefully avoid fiat currencies so that they are away from the eye of Regulators and Law enforcement who can easily accuse them of money laundering like it has already happened with some crypto exchanges.

Alternatively, you know the drill.
1. Get your favourite p2p exchange.
2. Get your favourite crypto casino.

BABY SHOES

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Quote from: Stalker22 on November 13, 2024, 05:44:46 PM

Quote from: BABY SHOES on November 13, 2024, 04:43:51 PM

Here's what I don't know... Are there any casinos that allow fiat withdrawals after depositing using crypto... I don't think this feature exists yet and I haven't seen anyone successfully doing it.
~

There are some fiat casinos that accept crypto deposits. In that case, your crypto will be converted to fiat currency by their payment provider at the current exchange rate. Your casino balance will then be in fiat currency. Typically, you can withdraw fiat funds to your bank account, but there will be a wagering requirement before you can do so.

Owh are there casinos that allow this feature? Honestly, I mostly visit casinos on forums so that's what I know... if there is a fiat casino and it accepts crypto deposits... and then converts to fiat that would be very useful, if they want to make withdrawals to local currency.

Is the wagering requirement something like 40x wagered or smaller? Roll Eyes

Or are the requirements unknown to me?...
Like there has to be wagered in fiat currency... then you can withdraw. ?

Stalker22

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Quote from: BABY SHOES on November 13, 2024, 04:43:51 PM

Here's what I don't know... Are there any casinos that allow fiat withdrawals after depositing using crypto... I don't think this feature exists yet and I haven't seen anyone successfully doing it.
~

There are some fiat casinos that accept crypto deposits. In that case, your crypto will be converted to fiat currency by their payment provider at the current exchange rate. Your casino balance will then be in fiat currency. Typically, you can withdraw fiat funds to your bank account, but there will be a wagering requirement before you can do so.

tabas

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What's the casino that you're talking about? If NGN is supported for their fiat deposits and withdrawals, it's possible as long as you'll be able to convert your crypto inside their platform. Usually, casinos now have their integrated exchanges where you can convert crypto<->fiat if they support and allow that but I think not all. But this kind of thing you've mentioned has got some eyes not just with the casino but also with the AMLA.

Upgrade00

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Quote from: Zwei on November 13, 2024, 04:30:45 PM

most crypto casinos do not offer fiat withdrawals. you would need to find a local fiat casino that supports crypto deposits but credits your balance in local currency.

Except it's a recent casino which was created specifically for crypto, we have lots of casinos that allows withdrawals and deposits in both crypto and fiat but they have to comply with anti money laundering policies so users will only be able to withdraw in a specific currency they make deposits in.

There are some that will allow a crypto swap but I have not used a casino that allows deposits in crypto and withdrawal in fiat.

BABY SHOES

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Here's what I don't know... Are there any casinos that allow fiat withdrawals after depositing using crypto... I don't think this feature exists yet and I haven't seen anyone successfully doing it.

What I know from the casino
Crypto deposit - then crypto withdrawal.
Fiat deposit - then fiat withdrawal.

Whatever you mean, I think it would be hard to find a casino that has this feature.

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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?

most crypto casinos do not offer fiat withdrawals. you would need to find a local fiat casino that supports crypto deposits but credits your balance in local currency.
at most, you will find casinos that let you swap between different crypto coins.

probably not the best idea, even if you find a place that's supports it. you will be better off to withdraw your winnings and exchange them to NGN elsewhere.

Ojima-ojo

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

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.

As long as the casino allows you to deposit one coin and withdraw in another coins which I know is not possible but if anything of such exist, it then means that you can withdraw in your local fiat currency of the currency's is supported on that casino, to make this happen alot is at risk for the casino and that have been the reason why there is just a primary single channel for transactions on those casinos.

There is no multi functional coin exchange with in the system, unless if there is an excahge features within the casino Nd I haven't seen any casino that have excahge within it system for easy exchange of currencies.

Charles-Tim

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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.

Cantsay

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I haven’t seen any casino that offers this feature you mentioned - the only one that I know of is BCgame but it doesn’t allow crypto to fiat withdrawals the only thing it does is to give you the option to swap between different coins to withdraw so if you make deposits in btc but don’t want to withdraw it in bitcoin anymore you can simply just swap to a different coin and withdraw it.

But if you’re up to level VIP56 and you made your deposit via fiat but when you want to withdraw you don’t want to receive fiat you can be given the option to switch to USDT and then withdraw your balance in USDT form. This is the closest I have seen to what you’re looking for.

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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?

If there's a casino supporting your local currency, probably yes. If you're talking about a crypto casino i guess that's not possible most withdrawal currency used in crypto casinos are in crypto and usd pegged crypto only.

Now, if casinos have bank accounts options for withdrawals that's possible as you will receive them automatically converted to your local currency.

But you should take note that those funds will came from casinos if your bank have terms for not accepting casino deposits, i recommend avoid using it.

ajiz138

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Like it can't be, you deposit BTC and it withdraws after winnings to local currency whereas in casinos there is no conversion of coins anywhere.

But I don't know with other casinos, like Duelbits when you deposit any coin then it is in the form of credits and you are free in withdrawing the coin but never tried in local currency for withdrawal.

But I know for other casinos it is not possible.

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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?

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

Only the 'shady' ones do that I'm aware of. If any platform promises to do that check their minimum/maximum withdrawal limits and you'd be surprised how fucking time-consuming it is to take out $500 deposited as BTC.

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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?

Is not possible because most gambling sites payment system is design in such a way that, the currency you use to make deposits, will be the same currency you can withdraw when making withdrawals, and even sane with staking a bet you have to use same currency.
For example you deposit bitcoin, you gamble win and withdraw bitcoin there is no feature where you can convert your currencies within the gambling site payment system.

I don't know if any casino have such coin exchange features but sure that regulators won't allow that to happen to avoid money laundering because criminals will definitely abuse the gambling site my making it a. Mixing venture to conceal stolen funds.

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- Jay -

Most casinos only allow you to withdraw through the channel you deposited in. So if you deposit crypto (BTC for example) you will only be able to withdraw through that exact currency (BTC) you made the deposit through.

You should move this to the gambling discussion board.

- Jay -

Perfectbaby

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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?

Topic: Is this possible? (Read 701 times)