Is this safe to say this about casino platforms - page 4.

Dunamisx

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Quote from: KiaKia on January 26, 2023, 07:15:58 AM

Is it safe to say that casino platforms is running their business with users find only?

First of it all before bringing up your assumption forward here have you taken your time to research on weather the casinos truly does that or not, there are somethings we may just feels it's right but on the actual sense it's not, if they had been operating with this kind format then they wouldn't have been existing by now because the more the new casinos got introduced the earlier the went on bankrupt for not been able to pay their winners their money, opening a casino has a lot of requirements beyond what you're driving out here and not until to make a move to start one you may not know all it takes to maintain one.

danadc

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Quote from: Fivestar4everMVP on January 26, 2023, 10:50:02 PM

Well, for me, I believe that casinos are not running on user's funds, except the un-serious casinoso out there, and those ones are likely to turn to scam sooner or later, casino is a very profitable business, there is no way a casino can be operating and depend entirely on user's funds, it means that casino is a time bomb waiting to explode, because the moment a gambler wins an amount of money that isn't available in their hands at that time, paying becomes a big problem, and that's how they will start having issues.

You can not start a casino with zero funds at hand, though it is possible to do, but it's not advisable if you ask me.

I am aware that when a casino starts with the funds of its users that is something very dangerous, in reality they are gambling everything there because they must have a large capital, because how can they do to hold the winnings of players with very large bets? as they can? a casino that did something like this here in the forum did not do very well, they started with a great campaign, and where many began to support the casino, but then everything was lost because the casino owner wanted to capitalize on the entry of players and thus to be able to take advantage of the system to quickly make good money and it was not like that, but they went bankrupt.

EarnOnVictor

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Quote from: Wexnident on January 27, 2023, 01:13:49 AM

I believe most licensed casinos need to prove at the start that they have the initial funding to support the casino, from its technical expenses to the possible pool of winners. In the long term the casinos will indeed pay winners with the losers' money, but that's simply how they generate profit so nothing wrong with that, but in the early days that's simply not possible, nor would they even be allowed to release their casinos legally as I said.

And it's not "lose more win less" but rather casinos simply take a cut that they automatically gain per bet, aka the house edge. It's a guaranteed source so that they don't only have to rely on people losing.

I believe you have made some good explanations, and it's clear that the OP misconstrued the whole gist. Not that casinos will desperately rely on people's funds on losing, but surely, they have to pay winnings from the profits generated from players' losses if there are. But if there are none in a case where winnings are more than losses, they will have to pay from their main pocket if they want to stay trustworthy in the business.

This includes when the first player wins when they open, they must pay from their main pocket. But they would not have to use their stand-by capital or insurance to pay winnings when they have profited from some players' losses.

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Quote from: Unsoldier on January 27, 2023, 08:37:11 AM

Can a casino start a business with zero fund at hand? I'm not so sure about that. Every business has start-up capital. Casinos are no exception. The business owner needs to pay his employees and maintain his business properly. This is not possible without start-up capital.

Any business needs to start with a capital,some get investors to fund their projects same with casino, how they will operate if they have no money on hand or how they will start if there is no budget to fix the program, app websites or even to apply for the paper requirements for operation. Funding is needed,and if the casino have a potential and the owner is smart enough to present it to get investors then he can start without his own capital but using the funds from other people who is willing to invest on his idea, terms and agreements will apply and that's how business works.

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Quote from: KiaKia on January 26, 2023, 07:15:58 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...

People without money can't run casinos, at least you need money to pay the servers and the service providers. Gambling licenses aren't cheap at all, so, you need one of those too. So, if you are paying for all that stuff you should at least have some bankroll in the house to pay at least 10 max wins. i think with that you can operate a casino. But without a bankroll the site will only destroy its reputation.

Peanutswar

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Gambling casino takes time to develop and takes a lot of money to invest just to play with so for sure to make their people keep playing on their platform they make sure all of the processes is legal no one would like to play in a casino that there's no license it's not a win-win situation in that case to the players and also if you are a player still not trusting any casino better to make sure you make your own background research to the casino to prevent your funds getting freeze because you didn't obey their rules. Again don't make the casino as wallet like storing your funds.

mdzahed134

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A new casino platform will never launch without money, it’s not like that you just created a website and will start your business, there are so many things involved here to build a platform, as like first of all you have to promote your platform in many ways so you need to good amount of money.

Awaklara

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Quote from: Cling18 on January 27, 2023, 11:52:52 AM

Quote from: Hispo on January 27, 2023, 10:47:49 AM

From this thread and others that have been opened before around here, I would say that some people underestimate the money required to start a casino, which can be an expensive business.

It is not supposed to be about paying lucky ones with the money of the unlucky ones, there must be a solid reserve of money for the casino to pay things like bonuses, advertisement, salaries of their employees, lawyers, licenses, etc. So while indeed, the casino earns money from the activity of gamblers, it not so simple as a transfer of money between people who gamble.

One needs to have several millions in order to open a sturdy platform, like any other kind of enterprise.

I agree and they could have other resources to pay their winners but money from lossing players could also be another source of funds for them especially for casinos without a strong foundation yet. That's what actually what they do with the loss from their players, they use it to pay for everything to keep their business running which also includes the payment for winners. They need innitial funds but they also need to make a profit.

that's how casinos work to stay afloat with their business. they pay the winning players, but they will also take more money from the losing players. no casino wants them to lose. if they manage to pay the winners a hefty amount. believe me, they get a lot more out of the losing players.
but still having a sizable initial fund will help the casino to get convenience with the business they run.

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Quote from: Hispo on January 27, 2023, 10:47:49 AM

From this thread and others that have been opened before around here, I would say that some people underestimate the money required to start a casino, which can be an expensive business.

It is not supposed to be about paying lucky ones with the money of the unlucky ones, there must be a solid reserve of money for the casino to pay things like bonuses, advertisement, salaries of their employees, lawyers, licenses, etc. So while indeed, the casino earns money from the activity of gamblers, it not so simple as a transfer of money between people who gamble.

One needs to have several millions in order to open a sturdy platform, like any other kind of enterprise.

I agree and they could have other resources to pay their winners but money from lossing players could also be another source of funds for them especially for casinos without a strong foundation yet. That's what actually what they do with the loss from their players, they use it to pay for everything to keep their business running which also includes the payment for winners. They need innitial funds but they also need to make a profit.

Hispo

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From this thread and others that have been opened before around here, I would say that some people underestimate the money required to start a casino, which can be an expensive business.

It is not supposed to be about paying lucky ones with the money of the unlucky ones, there must be a solid reserve of money for the casino to pay things like bonuses, advertisement, salaries of their employees, lawyers, licenses, etc. So while indeed, the casino earns money from the activity of gamblers, it not so simple as a transfer of money between people who gamble.

One needs to have several millions in order to open a sturdy platform, like any other kind of enterprise.

aioc

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Quote from: KiaKia on January 26, 2023, 07:15:58 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.

I am not aware of this but it will be better for this discussion if you can have links to prove this because its hard to run a casino without initial funding, they need marketing and they need funds to do that, and what if in the early days, there's one lucky guy who hit a jackpot, they need to pay that guy within 24 to 48 hours because the guy will file a complaint if he did not get it in the earliest possible time and that will ruin their start.
Casinos or any other business cannot keep up without initial funds, they cannot establish their brand and reputation without it.

Dr.Bitcoin_Strange

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(scenario): There is this businessman who got so successful because of his expertise in business and financial management. He once worked for a company as full-time staff but later became contract staff. After that, he had a lot of business that fetched him income regularly. In the long run, he got a proposal from a friend who is so knowledgeable about casinos, asking him for a partnership deal to build a casino or betting platform.

OP, IMO, casinos don't just start by using players' losses to pay out wins; they always have backup plans or funds, and some have some sort of successful thing they were doing before even opening the casino. Unless for those scamming betting sites that just want to drain gamblers' funds, no business exists without profit; else, the business will be shot down. There are also a lot more profits in the casino, but I don't believe they pay out all wins just with the accumulated losses of gamblers.

mak013

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That why i don`t like to unknown casinos. I`d prefer to gamble in the casino that paid big prizes, has good feedback and support.
New casino can say anything but until it can prove that they are honest on practice - i can`t trust them. The OP asks if the casino can start without their own money. I think - yes, and they can cheat with the winnings until they get enough money from the gamblers.

Unsoldier

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Can a casino start a business with zero fund at hand? I'm not so sure about that. Every business has start-up capital. Casinos are no exception. The business owner needs to pay his employees and maintain his business properly. This is not possible without start-up capital.

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You start no business with zero money, period. Once the site is up you have fixed costs and variable costs, that is what you need to pay whether you have users or not. Then, when you reach the critical mass of users, the loosers will obviously cover the winners and the costs of the house plus any profit that you can possibly make if things go as expected.

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Quote from: Bushdark on January 27, 2023, 07:30:36 AM

Quote from: KiaKia on January 26, 2023, 07:15:58 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.

I don't think it is possible to start a casino without having any fund in the cold wallet. There must be funds available for users to use because you don't expect everyone to start losing there games and bets immediately you start your casinos. There are persons that would lose and there are some that would always win.

Any casino start starts without having any reservw money in place, that means the casino have not plan of paying winners of there winnings which can lead to the casino going bankrupt. It is better we use casinos that had been in existence for long than jumping on new casinos that do not have any reputation.

they can possibly run mate or start operation because it is their choice and style but the question is? will there be any gamblers that may have interest in depositing and playing knowing they have no reserve funds?
but of course there are always a willing victim and those are the gamblers that does not pay attention to those points instead entering a casino with the promises they bring and not the liabilities and their reasonable business running.

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Quote from: KiaKia on January 26, 2023, 07:15:58 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.

I don't think it is possible to start a casino without having any fund in the cold wallet. There must be funds available for users to use because you don't expect everyone to start losing there games and bets immediately you start your casinos. There are persons that would lose and there are some that would always win.

Any casino start starts without having any reservw money in place, that means the casino have not plan of paying winners of there winnings which can lead to the casino going bankrupt. It is better we use casinos that had been in existence for long than jumping on new casinos that do not have any reputation.

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Quote from: Wexnident on January 27, 2023, 01:13:49 AM

I believe most licensed casinos need to prove at the start that they have the initial funding to support the casino, from its technical expenses to the possible pool of winners. In the long term the casinos will indeed pay winners with the losers' money, but that's simply how they generate profit so nothing wrong with that, but in the early days that's simply not possible, nor would they even be allowed to release their casinos legally as I said.

And it's not "lose more win less" but rather casinos simply take a cut that they automatically gain per bet, aka the house edge. It's a guaranteed source so that they don't only have to rely on people losing.

I wonder if it will be like what happened to exchanges where exchanges are currently being asked to report their reserve funds so that another FTX case doesn't happen again. If so, perhaps the licensed casino should comply with regulators so that gamblers can look directly at their reserve funds to see how much funds reserve they actually have.

It seems important to show it to the public so that gamblers don't worry or fear if they don't get paid if they get a big win. But of course, there will be consequences for this because the casino will force gamblers to follow the casino rules, which I think will be even stricter.

QueenVera

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Quote from: KiaKia on January 26, 2023, 07:15:58 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.

Casinos have some proves of income before starting a casino and you should also understand that lately, the online casinos both fiat and cryprocurrency casino are now facing some disciplinary measures as as result of the formation of some governing bodies who helps monitor the activities of these casinos against it's players and that is one of the keys that gave rise to the compulsory KYC.
I would agree with you that the casino, though must have ought to be provably fair might in one way or the other been programmed to win more than lose but if not, if it is been fluanted in the right way, I'm sure there would be more loss on their side and causing them run out of business in the shortest lersiod of time.

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It may become that way in the long run. But for a starting online gambling site that won't work out. They need capital, they need to be transparent about how much they do have in case a gambler bets big. Then, there's the payment for every service that will work out the security and the UI of the site.
So obviously, they won't be starting at zero. It will not work especially when more gamblers are coming in. The balance of winning and losing players might get out of hand and will be more problematic if you cannot pay one or a couple of gamblers that will shake things up and soil the reputation with the use of forums like this and social media. It's better if you can sail smoothly and not let that happen.

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