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Topic: Running a casino during crypto crash - page 11. (Read 7220 times)

legendary
Activity: 3122
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
November 19, 2022, 06:47:06 PM
#22
I think some of the users here forget that a casino's expense is not only withdrawals . There is advertising cost, platform operation costs, providers and employees that needs to paid etc and many more. An employee that got an equivalent salary of 0.1 btc monthly few months ago  should be getting around 0.17 btc in equivalent by now. Previous deposited crypto should be converted to fiat equivalent to sustain expenses other than withdrawals from users.

maintenance and daily operations aside from keeping their license up to date are just few things a casino should consider. so absolutely yes, it is not all about withdrawal aspect. with this in mind, better play on reputable casinos with no existing complaint so you have less chance of being screwed. a small casino or bookie has the chance of not paying up if there will be big winnings. so better choose where you play. during these challenging times, better secure your hard-earned money. it is understandable if you will lose it during the game but if you can't get out your funds, then, that's a different story.
legendary
Activity: 3052
Merit: 1168
Leading Crypto Sports Betting & Casino Platform
November 19, 2022, 06:45:53 PM
#21
Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!
Casinos have very different money making model to any exchanges. They are not exchanges for a reason. If you gamble with BTC you win btc and you withdraw BTC, that's it. You don't change BTC to usdt and try start a bank run.

And FTX used their own token as a collateral which was one of the reasons this happened to them. And i am not sure what kind of numbers in those reserves would make you happy? One that includes enough reserves for everyone winning for a week for every bet or what?
legendary
Activity: 2940
Merit: 1083
November 19, 2022, 06:44:46 PM
#20
Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

I really don't care if casinos won't show the proofs of their bankroll. After all, as long as they already established a good name, that's worth trying.

Reputation does matters to me and there are ways to prove that even not showing their bankroll.

After all, these sites won't run for long if they are not financially capable.
jr. member
Activity: 49
Merit: 1
November 19, 2022, 06:32:16 PM
#19


sound like bullshit, i dont known about other players, but if i deposit to casino - or i loose or i put instant cashout, if there is limit - i choose self-exl period for time to get full winnings. Sound little bit stupid for casino, no?
newbie
Activity: 8
Merit: 1
November 19, 2022, 06:31:02 PM
#18
I think some of the users here forget that a casino's expense is not only withdrawals . There is advertising cost, platform operation costs, providers and employees that needs to paid etc and many more. An employee that got an equivalent salary of 0.1 btc monthly few months ago  should be getting around 0.17 btc in equivalent by now. Previous deposited crypto should be converted to fiat equivalent to sustain expenses other than withdrawals from users.
hero member
Activity: 1554
Merit: 880
pxzone.online
November 19, 2022, 06:27:02 PM
#17
Well, so far, never heard a casino get liquidated in every bear market.
Because everytime a user deposits it will remain as it is, 1BTC=1BTC. Besides their finance team always know how crypto works for casinos, so converting their crypto holdings to fiat like 40/60 will always be a safe move.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
November 19, 2022, 06:16:14 PM
#16
Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin
Well, good thing that casinos don't make use of usd value of our deposit or winnings, but rather, they make use of the value of our deposit and winning with the same value of coins either deposited or won, like for example, a deposit of 1 bitcoin is equal to 1 bitcoin, and not the usdt value of it, and if the gambler luckily won 1.5 bitcoin, the casino pays the gambler 1.5 bitcoin in full, and not its usdt value, I this style is more appropriate and fair for gamblers and the casinos alike, because if casinos were to always convert every coin deposited to a stable coin and pay out winnings in the value of stable coin, then this will likely cus a lot of problems for them since it's possible that the conversion rate of the gambler might be different from the conversion rate of the casino.
legendary
Activity: 3416
Merit: 1225
November 19, 2022, 06:13:01 PM
#15
The question is, is the industry suffering from the huge impact of the Cryptocrash, more new casinos are coming in there are many promotions and marketing campaigns, its the competition that beats the casinos, not the crash, there are a lot of big events in the sporting world so many people are betting, people can lose trust in the exchange industry but in the Crypto gambling you can only lose trust in one or two casinos but the rest still enjoy the trust of the community.
legendary
Activity: 3122
Merit: 1398
For support ➡️ help.bc.game
November 19, 2022, 06:02:59 PM
#14
I think its mandatory for gambling sites to show proof of money they are holding in reserves

Not unless specifying the hot wallets was part of the so-called "regulations", it can't just be mandatory be asked by the community. That idea is good though however since that wasn't the case for crypto-gambling sites today, nothing we can do about it.

Honestly, I never think of that but since then, I always trust the reputable ones. I understand the risks here that's why I'm totally fine without knowing the money reserve of a certain site as long as they are considered a big gambling sites in the crypto-world.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
November 19, 2022, 05:49:53 PM
#13
They probably have a system in place that converts some of their crypto profits to a stablecoin and hold it as a reserve for this scenario. If that's the case then the same casino would have a lot of crypto during a downturn if they decided to convert that reserve stablecoin to something else.also during a crypto crash, more crypto per dollar is being spent, so I don't think casinos would have a problem any way; it's not everyday that a whale wins in these platforms, you have to keep that in mind.
hero member
Activity: 2996
Merit: 598
Leading Crypto Sports Betting & Casino Platform
November 19, 2022, 05:48:40 PM
#12
Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

I love the idea it will establish who are the leaders in the industry probably old and established casinos are the ones who will have more reserves to show unless some casinos will try to manipulate their reserves, Crypto crash cannot be connected to casinos, gamblers will gamble and with a lot of sporting events happening around the world like the World Cup the industry is very robust, the gambling industry will remain stable, it's not the reserve but the reputation of the casinos that should establish them.
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
November 19, 2022, 05:39:20 PM
#11
I would not oppose casinos to give some proof of liquidity or reserves, specially those who are not so well established (those are more vulnerable to bear markets), one is never 100% sure the management of the casino decided to relocate part their reserves on other places to get passive income or something like it.

Anyways, I doubt most the casinos around here will suffer from this market. The World Cup is here and it is an excellent chance for them to attract more active users.



I think all casinos convert cryptocurrencies into stablecoins or fiat immediately after deposit. At least those whose base currency is USD or EUR or some other fiat currency. Those whose primary currency is Bitcoin should keep their reserves also in Bitcoin so that the exchange rate change does not affect their business either. 1 BTC = 1 BTC.


Judging the way some casinos offer fairly quick withdrawal in BTC, I would assume they keep a good percentage of money in BTC.
newbie
Activity: 8
Merit: 1
November 19, 2022, 05:26:38 PM
#10
I think all casinos convert cryptocurrencies into stablecoins or fiat immediately after deposit. At least those whose base currency is USD or EUR or some other fiat currency. Those whose primary currency is Bitcoin should keep their reserves also in Bitcoin so that the exchange rate change does not affect their business either. 1 BTC = 1 BTC.


Hi KennyR, no it doesn't work like that. Casinos start with capital , and that capital whether in crypto or not has a fiat value at that time in their ledgers .
newbie
Activity: 8
Merit: 1
November 19, 2022, 05:15:38 PM
#9
Check the casino's tabs and pages and see if they're showing how much they've got in their bankroll. Some casinos and dice sites do this and if you're not satisfied with the current one that doesn't show it to you then leave them. They don't have the obligation to show how much they've got especially the reputable ones because we know how huge they are. I think it's not a matter to me as long as I know where I am gambling and I have an idea about the track record of the casino. Btw, this topic should be on Gambling Discussion.

Passwordnow, no I disagree with you on this especially with the big gambling sites, I think they should do this . Imagine an exchange as big as FTX were just holding most of the users funds and they couldn't even afford 50% of them to withdraw causing a domino effect  . During this time millions of cryptonians withdrew their money from different exchanges causing them to halt or squeeze budgets , what makes a casino with a "Curaçao" licence  any special ?
hero member
Activity: 1456
Merit: 940
🇺🇦 Glory to Ukraine!
November 19, 2022, 05:13:50 PM
#8
I think all casinos convert cryptocurrencies into stablecoins or fiat immediately after deposit. At least those whose base currency is USD or EUR or some other fiat currency. Those whose primary currency is Bitcoin should keep their reserves also in Bitcoin so that the exchange rate change does not affect their business either. 1 BTC = 1 BTC.
sr. member
Activity: 1918
Merit: 268
20BET - Premium Casino & Sportsbook
November 19, 2022, 05:13:01 PM
#7
Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!
in my view actually it is not mandatory because if they publish their finances the casino is very vulnerable to hacker attacks, after all for what the casino has to share proof of their finances, do you know during the crypto crash the casino has always been fine, for example there are casinos that has been established since 2013 while 2014 when crypto crashed too 2018, did the casino close and went bankrupt, not really

sorry, looks like you are new to crypto and from your words who only saw this year's crypto crash already looks panicked even we gamblers see crypto crash it's normal don't ask casinos to publish their casino money
rby
hero member
Activity: 742
Merit: 611
Brotherhood is love
November 19, 2022, 05:06:08 PM
#6
Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

This should be more concerned with the new casinos and not so much concerned to old casinos that have been around for some years.
I also think casinos have their reserve rather in stable coins and not any random coins. If they have in btc, they could continue to source operational funds and when the bull comes they will rejoice in x3
legendary
Activity: 2450
Merit: 1047
November 19, 2022, 05:06:01 PM
#5
Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves  . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

There will be more and more accusations  created to existing and also new casinos.

 Goodluck,Be safe and smart out there!!

That would be a good idea but I don't think the majority of casinos would like to show their assets some casinos would like to have an edge in the market and will try to manipulate it, it will become a battle on who has the most reserve or assets when it should have been on reputation, you can easily check casinos capability to pay based on their winners' winning many casinos have this on their page, as long as they are paying their winners they are good to go, and as long as there are no pending complaints about nonpayment.
But I love to see a casino start this trend.
hero member
Activity: 2310
Merit: 532
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
November 19, 2022, 05:03:48 PM
#4
In all means the casinos have its edge. This brings them specific percentage to the house. Depending on the market the bankroll value varies. The market crash won't cause any downturn. Just an assumption, a gambler spends 0.1BTC when the market is at its peak. The same gambler spends 0.1BTC when the market is at its downturn. Will this hurt the house in any means.
full member
Activity: 2128
Merit: 180
November 19, 2022, 04:57:59 PM
#3
Considering the sentiment of the market, many are still at panic and to avoid any trust issues with the gambling site, its good to show their financial status and strategy that can cover any future problem, its good for them to have this. The top sites though still have no statement with regards to this, maybe they are still working on that or they are not considering this option and still choose not to get involve.
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