Is this safe to say this about casino platforms - page 2.

AicecreaME

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Quote from: Pierre 2 on January 31, 2023, 02:39:36 AM

I personally feel like its impossible for business to run directly by money from customers. At initiation phase all businesses including crypto casinos need huge amount of money, just for regulations for example. There will always be not expected cost as well. It can be very easy to bankrupt in a month where you don't make money. Its not limited with costs. You need taxes even if you don't operate in tax Haven country. Everything about gambling business sucks money.

Agree. There are other expenses that they have to take care of in the very beginning of the establishing a casino such as paying for the license, registering their permit to operate, and the fees for establishing the website itself by paying the developers for the user interface and layout design of the casino website in which the professional fee is a hefty amount as well.

There are also maintenance fee and other fees they have to pay for the security of their website. Campaigns and promotions are going to be paid too for players to be enticed in what they are to offer. You see, those initial stages of implementing a casino website is costly already. Hence, they have to have an amount that is more than enough to pay their obligations to their very own casino and to the potential players.

Pierre 2

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I personally feel like its impossible for business to run directly by money from customers. At initiation phase all businesses including crypto casinos need huge amount of money, just for regulations for example. There will always be not expected cost as well. It can be very easy to bankrupt in a month where you don't make money. Its not limited with costs. You need taxes even if you don't operate in tax Haven country. Everything about gambling business sucks money.

worle1bm

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If you plan to enter into this casino business then you should be having huge bankroll also with you as for marketing and other promotions you need to spend money and later on also if someone wins big from your casino so you have to pay them off not only with losers money so don't think it's simple game as they will make profits also after paying to winners.

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Quote from: KiaKia on January 26, 2023, 06:15:58 AM

Is it safe to say that casino platforms is running their business with users find only? I read somewhere that they pay winners with losers money, I couldn't ask him or her if a casino can start business with zero fund at hand, I know that most of them wired their system to favour them more ( lose more and win less ) , if not they will run out of business fast I belief, what do you think about this? Was I wrong about this? Come to think of this, there is no prove that they have some money to pay winners.

If it was that easy, there would be many new online casinos popping up and also no casinos would close because apparently they did not get enough income to finance the operations of their casinos, only people who have already run casinos can know exactly the difficulties and what needed to be able to create a casino and survive in this tight business, and it is impossible to build a business without capital it is a dream that will never come true

rodskee

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Quote from: Finestream on January 27, 2023, 02:58:52 PM

Quote from: hosseinimr93 on January 26, 2023, 06:40:54 AM

Casinos should have a profitable business in the long run (if everything goes well) and after they make some profit, they will be able to pay the winners with losers money.
This doesn't mean they can launch their business without any bankroll. They must have some money for paying the winners unless they want to scam the players.

Well, I guess casinos will not build business if they are not capable to sustain it in the long run. So they should have enough bankroll needed for a casino to establish a good business. And even if they will use the money from the losers, I think that’s not an issue since money should be properly roll so that the business will also be sustainable.

That is a Legit casinos Attitude and doing , but remember that there are also some casino project that only created for scamming and taking people's Money so expect that there are other grey areas of this business.
actually what mentioned is that casino are using players funds to pay those winners meaning they are just doing this and that not favoring anyone but their pocket only and this is what a stupid casino for me.

crzy

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Quote from: Davidvictorson on January 29, 2023, 10:11:04 AM

Quote from: KiaKia on January 26, 2023, 06:15:58 AM

Is it safe to say that casino platforms is running their business with users find only? I read somewhere that they pay winners with losers money, I couldn't ask him or her if a casino can start business with zero fund at hand, I know that most of them wired their system to favour them more ( lose more and win less ) , if not they will run out of business fast I belief, what do you think about this? Was I wrong about this? Come to think of this, there is no prove that they have some money to pay winners.

To put it another way, imagine you and your best friend are playing a game. And your friend makes all of the rules in this game. Also, suppose that instead of your best friend, it is a complete stranger. Assume the stranger's sole purpose was to make money. That is how casinos generate revenue. Poker is the only game where this rule does not apply.

If the site is working like this, winning on this site might be more harder and their fairness will be questionable. If you’re friend lose against you, probably you are earning his own money and not the site money simply because the site is not capable of doing this and that’s alarming. The site should disclose their capacity so the gamblers can trust them especially with the new site, they should afford to pay every gamblers when they hit the big reward.

livingfree

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Quote from: panjul07 on January 28, 2023, 11:32:32 AM

Quote from: livingfree on January 28, 2023, 10:48:55 AM

Quote from: KiaKia on January 26, 2023, 06:15:58 AM

I couldn't ask him or her if a casino can start business with zero fund at hand,

It's possible for them to start with zero fund but they still need something to start with, I saw that with those that tried hardly like they've managed to crowdfund with their investors and so the casino business has started.

Like those that are selling their tokens in return of dividends in the future when the casino is already operating and has got revenue.

But honestly, a casino business that has plans of launching that really has got nothing to start with on their budget. They're unlikely to thrive since gamblers today are wise and won't gamble to a casino that can't show proof of funds and stability.

It is impossible for any business to start with zero funds especially gambling business.
Even if a crowdfunded gambling business need funds to start the project, without funds, how can they attract investors?
Funds is needed no matter how much, there is no business started with zero funds.
It reminds me the existense of moneypot, a gambling project where anyone can have their own casino and no need to have bankroll because moneypot cover it but for sure casino/app owner need some funds to create the casino and to promote it.

I agree, I think that I've just explained it way confusing. Anyway, it's true that they have to have something for them to start. Speaking of moneypot, I've known it before and are they still existing or no longer?

And to those that wanting to start themselves get into the casino business, it's not an easy thing. The idea might be easy for you to understand and get it by planning. But it's not too simple and there will be way more complex process.

It may just look chill and easy to start and stuff but that's not the only thing that you folks have to look at. There's more to it aside from the establishing of the business, maintaining and when you're already operational.

Davidvictorson

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Quote from: KiaKia on January 26, 2023, 06:15:58 AM

Is it safe to say that casino platforms is running their business with users find only? I read somewhere that they pay winners with losers money, I couldn't ask him or her if a casino can start business with zero fund at hand, I know that most of them wired their system to favour them more ( lose more and win less ) , if not they will run out of business fast I belief, what do you think about this? Was I wrong about this? Come to think of this, there is no prove that they have some money to pay winners.

To put it another way, imagine you and your best friend are playing a game. And your friend makes all of the rules in this game. Also, suppose that instead of your best friend, it is a complete stranger. Assume the stranger's sole purpose was to make money. That is how casinos generate revenue. Poker is the only game where this rule does not apply.

ethereumhunter

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Quote from: Viscore on January 28, 2023, 04:39:25 PM

Quote from: theskillzdatklls on January 26, 2023, 06:31:55 AM

If a casino has proof of solvency, that's a decent indication of the amount of funds they have on hand to pay out players at any moment in time, in theory.

This is only possible with crypto.

While this is a guarantee that casino can sustain paying its winners because they have enough resources of funds, but it cannot give an assurance that the casino will always be successful and will always be at the edge of other casinos. Because even if the casino has high proof of solvency, if the market strategies are not working at all, I don’t think it will be sustainable in the next few years to come.

If the casino has sufficient funds to pay the winners, and with good promotions and providing good customer service, it can give the casino a chance to make it big. But so far, many crypto casinos have not publicly provided proof of solvency. But these casinos can provide other things that can make the public believe that the casino has the right to be a casino recommended to people. Maybe providing proof of solvency can increase public trust in casinos so that they can trust the casino.

DoublerHunter

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Quote from: Viscore on January 28, 2023, 04:39:25 PM

Quote from: theskillzdatklls on January 26, 2023, 06:31:55 AM

If a casino has proof of solvency, that's a decent indication of the amount of funds they have on hand to pay out players at any moment in time, in theory.

This is only possible with crypto.

While this is a guarantee that casino can sustain paying its winners because they have enough resources of funds, but it cannot give an assurance that the casino will always be successful and will always be at the edge of other casinos. Because even if the casino has high proof of solvency, if the market strategies are not working at all, I don’t think it will be sustainable in the next few years to come.

There is no reason that they don't have a huge balance in their wallet to pay gamblers if they are productive and have at least almost a year in service. Probably the reason the casino gives days to wait for their big winners is could they are running out of funds on their hands. So there is no way to determine the legitimacy of the fund that they are holding because they only know how much amount of their wallet, they dont publicly expose it for probably security reasons.

Viscore

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Quote from: theskillzdatklls on January 26, 2023, 06:31:55 AM

If a casino has proof of solvency, that's a decent indication of the amount of funds they have on hand to pay out players at any moment in time, in theory.

This is only possible with crypto.

While this is a guarantee that casino can sustain paying its winners because they have enough resources of funds, but it cannot give an assurance that the casino will always be successful and will always be at the edge of other casinos. Because even if the casino has high proof of solvency, if the market strategies are not working at all, I don’t think it will be sustainable in the next few years to come.

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Quote from: darewaller on January 28, 2023, 03:13:52 PM

Quote from: KiaKia on January 26, 2023, 06:15:58 AM

Is it safe to say that casino platforms is running their business with users find only? I read somewhere that they pay winners with losers money, I couldn't ask him or her if a casino can start business with zero fund at hand, I know that most of them wired their system to favour them more ( lose more and win less ) , if not they will run out of business fast I belief, what do you think about this? Was I wrong about this? Come to think of this, there is no prove that they have some money to pay winners.

It's not possible to start a casino with zero funds, but it could be possible to keep running once it is stable enough and have a good base of active players losing and winning but mostly losing due to greed which is what happens in casinos most of the times. Once they get their roots inside the soil of the industry, they no more will need to worry much about money, but I believe still most casinos keep some money aside in case it's needed for a jackpot winner or something similar to that.

After establishing, funds cannot be a concern as people will keep adding to their bankroll and most of them will fail to get eligible to withdraw. But, initially you must need some good amounts of funds and based on those funds you can seal a upper cap for maximum winning and for pay-out.

It will be hard for a casino that only have little to zero funds to make it stable. Most likely people won't play on a casino that don't have enough funds as well as casino who don't have any money for other things such as promotions. It's hard to achieve having active players in a casino especially if the casino is quite brand new. It is possible that casino can live with just it's active players but it is quite risky for the casino sacrificing their whole effort for having a possible problem of not paying their winners because of not having enough funds. Online Casino industry is quite steep and adding crypto casino into that makes it harder for new casino to make their moves in their industry. Gambler like assurance of getting their winnings at and they can get it from those casino who they already using so yeah, It's somehow hard to make other use new casino also adding to that by having no funds at all is impossible.

darewaller

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Quote from: KiaKia on January 26, 2023, 06:15:58 AM

Is it safe to say that casino platforms is running their business with users find only? I read somewhere that they pay winners with losers money, I couldn't ask him or her if a casino can start business with zero fund at hand, I know that most of them wired their system to favour them more ( lose more and win less ) , if not they will run out of business fast I belief, what do you think about this? Was I wrong about this? Come to think of this, there is no prove that they have some money to pay winners.

It's not possible to start a casino with zero funds, but it could be possible to keep running once it is stable enough and have a good base of active players losing and winning but mostly losing due to greed which is what happens in casinos most of the times. Once they get their roots inside the soil of the industry, they no more will need to worry much about money, but I believe still most casinos keep some money aside in case it's needed for a jackpot winner or something similar to that.

After establishing, funds cannot be a concern as people will keep adding to their bankroll and most of them will fail to get eligible to withdraw. But, initially you must need some good amounts of funds and based on those funds you can seal a upper cap for maximum winning and for pay-out.

virasog

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Quote from: Eternad on January 28, 2023, 11:23:16 AM

Quote from: KiaKia on January 28, 2023, 11:11:55 AM

I've read so many replies in this thread and many are saying that casinos have funds to start paying winners even if they open today but let's not forget about what happened to centralized crypto exchanges, they keep moving money around themselves, they are claiming they have so so amount of money but they don't, lack of zero prove of fund is why the mess of FTX got so bad, not all Casino CEO are pure and its not different from how exchanges runs things behind the scene.

You should not compared crypto exchange to casino because exchange offers a earn program that rewards users a passive income for staking their money on the exchange. This stake tokens is being use by the exchange to invest on DeFi platforms like Celsius and Uniswap to gain passive profit. They are risking their customer money to get more profit for them and to pay stakers.

On the other hand casino just need to have a decent bankroll to withstand high roller early luck because they can assure profit in the long run through the house edge. You should know the difference on how this 2 different platform work.

Both crypto exchanges and casino's operate differently and both have different bankroll requirements.

I exactly do not know which platform requires more bankroll as exchanges should have enough funds to give leverage to the traders while gambling platform should have enough money in the reserve to fulfill those withdrawals who were lucky to win high bets/games. But one thing is sure that both gambling and trading platforms needs high upfront money to start their business.

maydna

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Quote from: KiaKia on January 28, 2023, 11:11:55 AM

I've read so many replies in this thread and many are saying that casinos have funds to start paying winners even if they open today but let's not forget about what happened to centralized crypto exchanges, they keep moving money around themselves, they are claiming they have so so amount of money but they don't, lack of zero prove of fund is why the mess of FTX got so bad, not all Casino CEO are pure and its not different from how exchanges runs things behind the scene.

But in the casino, many gamblers will experience defeat, and many of those gamblers will end up losing all their money at the gambling table. And imagine if even more gamblers lost a large amount of money, the casino would get a big profit. And if any gambler can win, the casino can still pay out the money to the winner. But it might be interesting if the public could see how much money is in their accounts so this could add to or increase their reputation among other casinos.

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Quote from: livingfree on January 28, 2023, 10:48:55 AM

Quote from: KiaKia on January 26, 2023, 06:15:58 AM

I couldn't ask him or her if a casino can start business with zero fund at hand,

It's possible for them to start with zero fund but they still need something to start with, I saw that with those that tried hardly like they've managed to crowdfund with their investors and so the casino business has started.

Like those that are selling their tokens in return of dividends in the future when the casino is already operating and has got revenue.

But honestly, a casino business that has plans of launching that really has got nothing to start with on their budget. They're unlikely to thrive since gamblers today are wise and won't gamble to a casino that can't show proof of funds and stability.

It is impossible for any business to start with zero funds especially gambling business.
Even if a crowdfunded gambling business need funds to start the project, without funds, how can they attract investors?
Funds is needed no matter how much, there is no business started with zero funds.
It reminds me the existense of moneypot, a gambling project where anyone can have their own casino and no need to have bankroll because moneypot cover it but for sure casino/app owner need some funds to create the casino and to promote it.

Mate2237

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Quote from: KiaKia on January 28, 2023, 11:11:55 AM

I've read so many replies in this thread and many are saying that casinos have funds to start paying winners even if they open today but let's not forget about what happened to centralized crypto exchanges, they keep moving money around themselves, they are claiming they have so so amount of money but they don't, lack of zero prove of fund is why the mess of FTX got so bad, not all Casino CEO are pure and its not different from how exchanges runs things behind the scene.

When a thread is created, there must be a different view points on the subject and content. That is the case you have seen. Exchange platforms are very much different from casino payment. In crypto Exchange you trade, buy or sell with other users in the platform. While casino sites, you play game either win or lose.

And from your subject, you are deviating from the main discussion. I don't see any thing related to FTX here. Well FTX did collapsed because they were moving funds among themselves but because of the bear market at the time and they could not payout again. And this happened to many crypto exchange platforms around the world including Africa, Nigeria in particular.

Eternad

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Quote from: KiaKia on January 28, 2023, 11:11:55 AM

I've read so many replies in this thread and many are saying that casinos have funds to start paying winners even if they open today but let's not forget about what happened to centralized crypto exchanges, they keep moving money around themselves, they are claiming they have so so amount of money but they don't, lack of zero prove of fund is why the mess of FTX got so bad, not all Casino CEO are pure and its not different from how exchanges runs things behind the scene.

You should not compared crypto exchange to casino because exchange offers a earn program that rewards users a passive income for staking their money on the exchange. This stake tokens is being use by the exchange to invest on DeFi platforms like Celsius and Uniswap to gain passive profit. They are risking their customer money to get more profit for them and to pay stakers.

On the other hand casino just need to have a decent bankroll to withstand high roller early luck because they can assure profit in the long run through the house edge. You should know the difference on how this 2 different platform work.

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Quote from: KiaKia on January 26, 2023, 06:15:58 AM

Is it safe to say that casino platforms is running their business with users find only? I read somewhere that they pay winners with losers money, I couldn't ask him or her if a casino can start business with zero fund at hand, I know that most of them wired their system to favour them more ( lose more and win less ) , if not they will run out of business fast I belief, what do you think about this? Was I wrong about this? Come to think of this, there is no prove that they have some money to pay winners.

In a casino, there must be a breakout were ther will be a loser and a winner, and is nit impossible to use the liser miney to oay the winner even though gambling site have other ways to generate revenue but mostly depends on bet placed to get their revenue.

KiaKia

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I've read so many replies in this thread and many are saying that casinos have funds to start paying winners even if they open today but let's not forget about what happened to centralized crypto exchanges, they keep moving money around themselves, they are claiming they have so so amount of money but they don't, lack of zero prove of fund is why the mess of FTX got so bad, not all Casino CEO are pure and its not different from how exchanges runs things behind the scene.

Topic: Is this safe to say this about casino platforms - page 2. (Read 887 times)