Topic: Running a casino during crypto crash - page 9. (Read 7220 times)

So far, I have never heard of casinos having financial problems, correct me if I'm wrong. But the OP seems to want to equate the financial problems of post-market crash exchanges from FTX with casinos. So far I have bet on various casino sites, withdrew the results of the bet and had no problems with it. But the opinions of people here are very diverse and all are free to have an opinion. So transparency of backup evidence from the casino is needed or not, I'm not really worried.

but this is the problem  about the dumping market ,  yeah gamblers might spend that amount in bear or bull market but gamblers might not have funds to gamble when the market is down , this is the reality of gambling business mate , if their client are losers in market how could they find  a funds to play?
so there is always the effect in crash gambling market .

OP is right, I saw that most people are saying things like: "I don't care because the casino has been on the market for a long time and they are reliable" but actually what OP is saying is something very serious and he should be implemented by all casinos, for example: if a casino states that it has 20 million dollars in reserve (this money will no longer be included in the casino expenses), that means that people could follow it closely whenever that value oscillate (increase or decrease) and this guarantees that customers will have money to withdraw because the casino's finances are healthy, if for example there is a scam accusation in which someone complains that he is not managing to withdraw 5000$ all people will see that the casino has money to pay so the case is not about the casino not having money to pay, there may be another reason


but you need to start worrying about it, look at the case of 1xBit.com who are scammers, they make selective payments in their casino, but if all casinos had to show how much money they have, maybe we would find that this 1xBit.com casino they are bankrupt, so nobody would be using that casino and there is also something else and if a casino showed that it only has 5 million dollars people would avoid using that casino because they would already know that the casino is really surviving poorly. OP's idea is very good and would solve many problems

They only go bankrupt if they sell their holdings but if they still continue to use it for business operation then there's no losing will happen since they can still get 1:1 ratio per costumers bet used. Successful casino knows how to interact with this since they already how to handle the market and they can still get the same profit for new bets used by costumer so the only thing they need to do is  not to sell their old balances which has been stored on their hot wallets.

there are some crypto casinos that have been around for a long time maybe how many times have they missed crypto crashes too they should have gone bankrupt if their casino was impacted just because of the crypto crashes caused from recent FTX issues floating around, OP doesn't know about the cases of Mtgox, Bitfinex and some Exchange sites that get hacked and crash cryptos, there's nothing to bankrupt a casino on, so there's no need to worry about crypto crashes

There is no need for old casino show their reserve, they have been around for so many years and I don't think that they will wind up any moment unless on the ground of mismanagement or change of ownership

new casinos are the ones that are supposed to show the reseerve but it's not supposed to be compulsory. Only smart ones that are planning to be ahead in business who also are transparent would be comfortable showing their reserves.

No, it isn't mandatory for the gambling sites to show proof of reserves. It might become mandatory in the future. I don't know about such regulation being imposed over the fiat casinos. New regulations are being imposed over the fiat gambling industry first.
I don't think that most casinos are at a loss because of the crypto winter, because the casinos aren't holding crypto for the long term. They are converting it to fiat. If the crypto casinos were at a loss due to the crypto winter, we should be witnessing a wave of big crypto casinos going bankrupt and turning into exit scams. There's no such thing right now.

Fact! I don't think we should worry about that also because casinos already have an existing plans that will cover for unexpected situations like this, and just as you mentioned casino have good bankroll amount that may not be made public but will cover up for players winning even for jackpots.
Some of the old casinos have their bankroll on their site so that visitors can know the exact amount their have in the bank roll, so I don't think worrying about market down or impact it impact on casino ability to pay out client is necessary.

The title of the thread is a bit misleading, as at first glance it seems to be talking about how to run a casino in this day and age and is rather questioning whether casinos have sufficient reserves.

For me, in principle, of the reputable casinos on the forum that have been around for a long time I am not worried, as they will know how to manage their banrkoll and betting limits accordingly. Perhaps it would be good to show the solvency to a third party, as sugggested, but not necessary IMO:


I'm not worried either, there are casinos on the forum that were already up and running in the previous crypto crash, and they are still there.

I agree, we must be vigilant after in what just happened on an exchange before, but gambling and exchange have different. Because not many people keep and hold their money in what they did on the exchange. So it's not mandatory I think, but necessary. So when the gambling site shows the capital on the first page, I think to just make sure the gambler inside trust and believes they put the money in the right place.

Most sites that only having dice game back in the past had already have some huge overhaul on their platform which they added up more casino games which mainly talking about slots and other similar games

which means that bankroll should really be more than on that.Bet limits is standard, it is really just a suicide for them not to set out because huge wins could really cost them big
if ever someone do make a hit.In talking about their capital or bankroll, then i dont really care on seeing at all.It is really just standard that they would be setting
out limits basing on how much they do have money on their bank.

I thought most casinos had a minimum budget and set the max win based on 100x. So, if a max win is .001btc then the budget is usually at least .1btc. That may have only applied in the past when casinos only had a dice game. These days with all the slots and jackpots that can be won, i'm sure it's much different.

I don't feel like most casinos are going to share their bankroll information publicly, but maybe with a private entity that will confirm a casino is solvent? Unless we see warning signs from a particular casino, I wouldn't worry at this point.

As OP already explained in one of his replies, casinos have many expenses other than paying gamblers' winnings. They need to pay their game providers, pay for servers, maintenance and development.. And not all those are paid in crypto and the prices are usually set in fiat value. So the "1 btc = 1 btc" can't be applied here.
The crypto market drop can indeed affect casinos' business if they don't have strategies or plans to protect their capital against high price movements

Yes, that may be true. But there are services for such things. Payment providers. Today, anyone can accept deposits and pay out cryptocurrencies, regardless of their base currency.

I understand the worry and we all want to have that sense of transparency from these gambling sites. But in this situation, as someone who worries about it. Just go and gamble on reputable casinos that have been there for years without any huge issues such as what happened to FTX. Whether you gamble small or big, I also get why someone has to look at their financials or stability. You may ask them directly about it and if they answer and are generous to tell how much they've got in their bankroll, that might give you some confidence to stay with them. Also, as a responsible gambler, you don't deposit all that you've got there just as what the depositors of FTX did.

The truth is, no one should trust any platform right now because the entire industry is faced with the issue of trust so for that only leave what you can afford to lose on any casino, just like exchanges, most casinos have a hot wallet that holds the house balance where winning are paid from.
But again the recent market crash has affected many casinos got wallet most especially those that have funds stored in Bitcoin and other highly volatile assets, so we need to be in charge of our funds because the present market condition have call for urgent attention from crypto users.

Players won't know also this aspect of casino, whether the casino is using the deposits to something else.
Usually, the community knows there is a problem when they start experiencing withdrawal problems.
A big casino may have other ventures but I am certain, they can very well afford to pay up the winnings of their players.
This is why it is advisable to play on known reputable casinos or bookies, so you won't encounter any withdrawal issues.

There's no exclusion whether you are dealing on a casino or exchange platform or any services out there which you do deposit out your crypto or funds and having no full control of it.

You are really indeed on a situation which you cant really be able to assure if those funds are safe.Speaking into other topic which for a business to be having that shady act then it would be impossible for a
long term business like gambling casino to focus out on locking up their users account and stole those funds.We know that it is really more worth and good thing to be done
if they would sustain out the business for longer runs which means that revenue would continue to flow and make tons of money rather than on a single situation
which could fucked up their reputation entirely.

Unfortunately in the crypto world, everything is possible. Exchanges and lending platforms have also their own core business model, but we have recently seen they are not all very honest and are doing shady transactions behind their customers' backs, so I wouldn't be surprised if some large casinos were doing this kind of things actually. Because they can easily lock funds of most of customers when they want by simply asking them KYC. So users should always be very careful when they leave cryptos anywhere, and remind that when you have not the key, it's not your coins anymore.

Indeed, the casino thrives on the bet of their client, BTC will be paid in BTC, USDT in USDT.  I haven't known any casino that paid Bitcoin bet in USDT.  So no matter how hard the market crash, it has no effect on the payment of the casino.  Of course, it is always a good thing to check if the casino has the fund to pay for big wins because it is an assurance that a player has nothing to worry when they hit huge multipliers in a huge bet.