Topic: Standard practice for online Casinos going under - how are cash outs handled? (Read 273 times)

Well and said and above all, simply logical.

Seen enough repeat replies of nothingness at this point. Locking.

If the casino is well organized there should a commonsensical and organized process of closure even in the absence of a law. The casino should already have their process written while they were writing their business plan. I know that in each document for a business plan there is always a place where they will write what happens when there is a dissolution of the business. And aside informing their customers to withdraw their funds way ahead of the closing time, they are also to inform the licensing and regulatory body of their shut down. This body would now check to see if they have no outstanding debts before going ahead to approve it.

I think this depends on their license provider. Rules should be based on their regulators, and they have to follow them to give ample time for gamblers to withdraw their funds before they finally close shop. One month, in my opinion, is a short period of time, but they can give one month to withdraw while the casino is still online. They should also provide other ways to contact them once the website is offline.

In short, they should not forfeit any funds that aren't withdrawn. Instead, they should have another party handle it or follow what their regulator recommends to ensure the gambler will get their assets. A closing shop should also be audited by its regulator to ensure safe and proper accounting of the remaining funds.

Even if casinos act like luckybit and give you 2 weeks to withdraw this isn't even close to what legit companies do. Just look what many exchanges had to to to lawfully shut down. ThHey would keep support team for months, allowing people to withdraw. They'd send multiple emails to customers to let them know what's going on and how much time they have left. It wouldn't be done like this - hey, I'll just write this message on the forum so you know you have 2 weeks and then it's gone

After reading lots of replies on these post, I have come to a conclusion that gambling with regulated casinos will save us  the risk of losing everything if a casino eventually goes bankrupt or wind-up, at least to some extent the safety of the gamblers are guaranteed since these casinos are accountable to the regulatory bodies in their countries and are still subjected to periodic audits. If things go wrong in a regulated casino, the gamblers will definitely be informed on the next line of action to take, this cannot be compared to most casinos that are not regulated and are not accountable to anything.

I do not believe that the government of a country is only interested in gaining financially from casinos without really having the interest of the people at heart. If the gamblers sense that the government don't care, then they should avoid depositing with the casinos.

I just checked one of popular casino in this forum, you're correct.

This is really tricky, blacklisted jurisdictions is still not enough, but they should check the listed countries that Curacao license forbid, and make sure if your country allow gambling.

Nope, not all banned countries listed on the casino, and not all casinos blocked by local ISP.

Since you asking the proof result, it's quite simple.

Just created a thread, with the pools between storing money in the casino (even with VAULT) or withdrawing the money. I believe people are more comfortable withdrawing their money but still the pools will be going to "withdraw the money". We are thinking from gambling fallacy and behavior (withdraw your winning or losing all the deposit). The reason why most of us do (deposit - withdraw - deposit - withdraw) rather than stored in vault even we all know (deposit-witdhraw-deposit-withdraw) make us complicated, is cause we scared to gambling the money we already won again to the casino.

If you want get a good result between these topic (with forum stats) creating pools thread will be great. More sense reason, why people storing money in casino either they want to participated in casino investment or there has some vault system (locked) to gain a portion allocation from profit revenue casino.

To be honest, I know nothing about LuckyBit, but of course, if they announced the closure on Bitcointalk, they would have also done that on their websites and even sent out emails. However, there is nothing like an international casino law, which is one of the reasons why casinos behave as they like. How I wish this existed with strict enforcement. But sadly, each country has its casino laws and most often, they are not strict with it but are particular about the tax they gain from it.

So if a casino went bankrupt and was fair to announce it and also fulfil the disbursement of people's funds to them as promptly as possible, then we should praise such a casino, and not the regulation in most cases. This is because, if better regulated and standard companies could take ages to pay back their customers while others will never pay them back again due to lack of liquidity to do so, is the regulation not weak and faulty? This is common, so we should appreciate the casinos that did so and also know that regulation is not the key here but the integrity of the people behind the company.

The only practice that I know of is that if the casino is not a shady one, they will publicly announce their closure or even send emails to their customers asking them to withdraw their money from the casino. For cases like this that I am aware of, the casino usually gives a limited period of time for their customers to cash out their balance, and when the period is over, those who failed to withdraw their money cannot access it again, and there's nothing they can do about it because the casino earlier made an announcement about it.

Not asking you buy into it, but it is what it is.


You obvious saw what should be regarded as a proof from whence you quoted my reply in the first place.  What other proof do you want? Nonetheless, I found my statement of many to seem to be wrong but very a few persons does that.

 You believe 99%! That's just an assumption still. Yeah, a lot of gamblers will want to withdraw their crypto to their personal wallet but definitely not 99%.

If gambling is not legal in the country, wouldn't the casino be banned from operating in that country or at least the person would not be able to access their website or anything like that?
A casino is required to have clauses that protect their customers but they will always put their business first and foremost and if you are a customer who knows that you are breaking the law by gambling then you should have known better that if something were to happen you would have to suffer the consequences

There is no standard practice; it is a subject that is untouched by regulators. Unlike their offline versions, the regulations and guidelines for how casino operators will implement their players' withdrawals when they close out are left to the casino operators.

Of course, it always favors casinos. They are going to make it fair if they have a plan to return, but if they are closing for good, they will still try to milk their players. So do not stock your coin in a gambling platform unless you consider it something that you are okay losing in whatever situation.

If you are gambling from a country where gambling is illegal, then you are violating the terms of many casinos. I haven't read the terms and conditions of all casinos but I know that many of them include in their ToS that the user is gambling from a jurisdiction where gambling is legal.

Anyway, what I meant is that gambling regulations must have provided provisions that protect consumers. Unfortunately, this may not be implemented at all. Since it is provided, however, if one is serious in pursuing legal claims against a casino, one may choose to file them in the country where the casino is registered. I guess this is also included in the terms of casinos.

That is right because they will let all of their member know about the decision they make and with the email they send to their members, they hope their members will aware. Casino hopes their member will withdraw all of their assets so they will not face any problem with their decision to shut down the site.
But not many casino site doing that because casino with bad reputation will just shut down their casino and leave their members even their members will not let to withdraw their money. That will gives a problem to their members because the money left in the casino but they can not complain as the site is close their services.
Usually, casino will give some term to withdraw their member's money so their members should use that time to withdraw their money.

You shouldn't trust online casino's platform, you might put your money in danger or loss all of it if you don't keep in mind that the vulnerability of being scammed is always a huge potential.
Even how prominent are they, your negative chances is always their to exist that's why it's good to anticipate certain situations rather than ignoring it. Many complains raging against online transactions, how much more with unlicensed gambling or illegal platforms? We're more prone of their attacks and traps that will consume our hard earned money.

If the casino has their morale, they will announce their shut down of operations officially Can be thru email or via their website itself. But for some which already has internal problems specially with financial aspect, they will abandon the site without a warning. You will understood if they are having problems if they you can't get out your funds anymore.

It seems a few forum buddies who I respect a great deal/trust had some sort of dealings with them (like yourself Yahoo), but despite this, it doesn't connect you with the owners and the site extensively unless you knew the books in and out...right?  I wouldn't imagine you would have known these sort of details?  It's like w/Hhampuz, that's my brother who I trust a shit ton, and I know he does all he can to vet those he advertizes for, but if a company rugged and excited shadily, I wouldn't blame him.  How's he to know.  Just like I wouldn't put any of what I perceive as shady from LuckyBit on people like yourself.  You may have had a decent handle on active forum users, but what about those who weren't btalk members..how would you know how many of them existed and came in unknowingly to anyone, publicly.  I mean closing shop like, giving less than a 2 weeks notice..shady AF IMO.  Also if there were so few on the site, why would they not have reached out to everyone individually?  It seems DarkStar was wronged by them, and he's a trusted DT1 member here. Also, limited withdraws to a certain amount was fd up.  I get it if you're a huge casino (I GUESS), but not some small rinky dink deal like you mention.  Just pay a few satoshis in fees or take it out of the balance.  I dunno.  Doesn't seem that unshady to me, but..I hope that I'm mostly wrong here. ( on a positive note, football is near my friend  )

I appreciate everyone elses reponses.  Once I make sure I read everyone's through having to do with LuckyBit, will lock the thread.



This is utterly ridiculous to have a mindset like this. I leave sizable amounts of money on my casino balance for months at a time. I gamble a lot and I go through periods of not doing so and kind of "forgetting" about it.  I'm fuckin busy in life and "to not find more than 20mins for days"... lol  yeah "days' like that some huge amount of time.  People get busy, brotha.  I'm baffled by this logic of thinking.  Pride away with your withdraws but not everyone feels the need to take them out immediately, for several very legit reasons..I can't imagine not knowing what these reasons are but hey.



Good lord I'm amazed at the bullshit people will put up with.  They are busy IRL with their jobs? Good for them, so the fuck am I and many others. This is also total horseshit as if this were the case, why were they offering bonuses on deposits up TO THE DAY they announced closing, and WHY set such a harsh and fast deadline date?  You are insane to defend this shit the way you have.  Yahoo's reply I get, yours, ridiculous logic.

btw transaction fees can bet set at what you want, and even one person stated that they'd like to deposit enough in their account to then fully withdraw EVERYTHING, and as far as I can see, publicly, they were ignored (waiting on if this remained the case).

Talking about luckybit i just remember that i have been experience to playing at this site and before decide to shutdown their site the owner has been send email to the players that no more deposits at certain time and all players are encouraged to withdraw their balance immediately and the players shouldn't be worried about their funds because luckybit owner has been ensure that all of btc from the players are safe and since i was received this email they give me a time 3 weeks to withdraw all of my btc before this site is really shutdown and cannot be access
I think from this condition i made the conclusion that they have been done their standard procedure with very well about the players funds because 3 weeks is enough time to the players to withdraw their money from that site and i am sure all of the players can withdraw their money from this site before deadline date

I've seen others do the same on a couple of gambling sites, but i'm not sure if some of them are forum members. I used to do the same because it was the best solution back then when I still mainly used a bitcoin balance to gamble. You can't always move your money out after ending your session because the fees can quickly pile up with certain casinos as they don't follow the recommended fee and charge way higher than their competitors.

Most gamblers should be able to avoid that scenario, but there are rare cases between a few gamblers.

From what I've seen, what happens is that the casino issues a statement and sends it by email so that all customers can withdraw all the money they have in the casino. In the statement that the casino issues and sends by email, they give a deadline for all customers to withdraw their money. For example, the casino can send an email warning people that they have 30 days to withdraw all their money and that after 30 days the casino will no longer be online. In this case, people who let 30 days go by without withdrawing money and then come and complain will not be right. Even if they complain in all the courts, they will not win the case.

This is a procedure that even physical casinos have used. When a physical casino is closing its doors, they put a notice in the newspapers and on TV so that people are aware and those who have some money to complain about can run to the casino and resolve the problem. Online casinos do not follow labor laws in any country, so it is easier for them to simply announce that they are closing and give people a deadline to withdraw money from their accounts, they have no bureaucracy

You cannot find guidelines and procedures on any casino's terms. Even the government will not monitor or interfere; it is really at the discretion of the casino how they will proceed with withdrawals when they are closing out. So, it always goes down on the reputation of the casino. Some casinos will just close shop and scam their players. You are good if they allow you to withdraw your funds if there are left.
It really is shady, so in case they want to make a comeback, people will not support them, but it's their rule and their terms. How they proceed with the withdrawal is tantamount to selective scamming.
The right rule and accepted one is letting all players withdraw their funds without any requirement but if they want to still make a profit while they are closing down, they will set up rules for the majority of players to make them fail to withdraw their funds.

Still not buying these

From where did you get those claim?

The no such proof, people in the forum have more comfortable storing their money in casino. Even there has some things called vault, there always have 2 scenario. You withdraw the money you win or losing all of your deposit money.

Gambler, I believe 99% never leave money in casino. Even they're not withdraw the crypto they have, at least they will withdraw to personal wallet and just do (deposit-witdhraw-deposit withdraw) rather than leaving the money in casino.

You're right; perhaps my example wasn't exactly on point; they're two completely different cases. I was just referring to the fact that the compensation of the Mt. Gox victims took years of negotiations and lawsuits till a verdict was reached; perhaps something similar could occur if it were for a casino to abruptly close without providing the ability to withdraw their funds. The casino the OP mentioned simply shut down; maybe it wasn't as profitable as they initially hoped or they didn't want to bother maintaining it anymore. If you ask me, the timeframe they allowed their users to withdraw was very limited, as someone might have missed reading the announcements.

I do not think there would be a lawsuit about this. I have not heard of any yet. Mt. Gox is different because the money was stolen after the hacker was able to hack the exchange. But about what OP is asking, not that anything bad happened to the gambling site but the site just want to close down. We have seen many exchanges that does this and gave their users specific date to withdraw their coins. Agoradesk and Localmonero did something like that recently when they are closing down. If any user do not withdraw their coins, they may lose the coins  unless the amount is so huge that someone filed a lawsuit against the site. And I think the lawsuit may only be considered for the person and not the general masses. But this would depend on what the lawsuit is about.

For a gambler to be too busy not to find not more than 20mins for days forgetting to making withdrawal of a bunch of winnings (not single win) in their gambling account, such scenario only explains one thing for me, which is that, the gambler has so much to his name already and that bunch in the account is some money they already can afford to lose.

I have also find out that many forum members are quite more comfortable leaving their money stay as long as possible in their gambling account than they will do with CEX but they are forgetting one thing that these companies are both centralized and they share same risk nature. I take pride in withdrawing my winnings to my wallet immediately I stop my gambling sessions.

If I could make time to gambling that long I should also make time for withdrawal, right?

I don't think there's any standard procedure when it comes to these things; I believe it's up to the casinos if they're willing to let their users cash out or not. Certainly, they might end up with lawsuits, but it's not guaranteed that they'll come up with an effective solution to compensate their users; it'll also be a lengthy process, as seen with Mt. Gox.

Fortunately, in the case the OP presented, their users were allowed to withdraw their balances until a specific date. Is it 100% fair? Certainly not, as some were left behind, but I believe we've seen plenty of scam examples that prove that this incident wasn't as bad as it might sound.

I don't think there is a standard to follow especially for crypto based services, but from what I have experienced & seen from the recent closure of Maverick Games , or our old timer Directbet and other casino's/sportsbook it all starts with conveying the message to all your clients through the website, emails and social media channels...and btw closure can be immediate but withdraw of funds is usually given a window of 2weeks to a couple of months and after this open window closes all funds that aren't withdrawn remain the property of the casino/Book and I believe to avoid any legal liability this is most likely to be written in their terms of service which many of us agree to without reading  

So withdraw window is most likely to be guided by the T&C's of the service..

If I am not wrong casinos decides how and what amount is eligible for withdrawal and there is no legal body can question them since they mentioned about this in their terms under fine prints so my suggestion will be never keep too much money on casino wallets especially if you are taking a break from gambling same as what we do with exchanges.

Reputed casinos will give enough time to withdraw the remaining balance along with proper notification to the end user via email.

It seems to me that when only one month is given to "close all cases", this is also very close to a scam. I don't think that most players, if they are on vacation or busy with other things, constantly monitor news from different casinos where they are registered. In my opinion, the minimum period for full settlement with clients should be no less than 6 months.

I don't think there is a global law governing casino operation, each country should have their laws governing gambling which every casino registered in such jurisdiction have to abide by. We have a national lottery commission which govern such operations, so any company operating here will have to get their license.

You have a good point here and even though there is no writing document to this effect, it is a fair way of winding down a casino business because the impact is minimal as everyone will have enough time to withdraw their funds. There might actually be few others who might miss the announcement but those will be in the minority. They can also add the option of returning all balances to the last withdrawal address should the customer fail to withdraw within the closing window.

I think this will be the standard pattern for online casino closure that wants to exit properly. Mavericks.game use the same method of notifying members for closure with 1 month duration date for withdrawing their funds before the website closed for withdrawal.

But there’s always a case like Betnomi that just disappear without any advance notification to all players. This is the worst case scenario that’s why players should use casino like exchange which you shouldn’t leave your funds.

Remember not your keys not your coins always.

If my casino announces a closure, I think they will lets their members to withdraw all of their money to their personal wallet or other wallets. They will gives a time to their members to do that before they shutdown their site so no one will complaint about that. Casino will prepares their balance for their member's withdrawal and they will add money to cover the refunds if the money in the site is not much because that will be their responsibility to their members.

I don't know about the standard practices but I think the casino will gives time to their members to withdraw their money. If they want to have a good name for their business, they will do many things to helps their members to withdraw all of their money from the site. They will not gives difficulty requirements to their members because they must responsible with everything they do with their business.

I remember when Yolodice closed their shop too, Ethan did the same thing by announcing here in Bitcointalk about closing the business and letting the gamblers and investors withdraw their funds in a certain amount of time. Deposits are closed, if I remember it right. You can only do withdrawals when you enter their page and nothing else can be done.
I have no idea about international news but I guess as long as the gambling site has proof that they cannot continue the business anymore due to bankruptcy or other means, then there's no need for other legalities.
However, I am also curious if the same thing will happen if popular gambling sites will suddenly close too. I bet there will be a lot of questions that will be raised and legalities to happen since millions of dollars are coming in and out every day.

Well, there are no regulations (unless they are registered in some nation). Each casino can just get his rule since there is nothing they would to comply.
Years ago there was another big casino/bookmaker that closed operations = "Direct Bet".
In this case with Direct Bet there was no deposit on their site (since each bet was placed with a new address for the event). However they informed people many weeks before they were closing and giving back what already placed by gamblers.
Meanwhile they decide also to pay referral... doubling the amount
Definitely something never seen with many operators taking advantage of no rules situation/anonimity... this site was closing but not only they not made an exit-scam, they were pretty honest and become something legendary....

Usually they allow user to withdraw funds or else they shouldn’t announce closure and stick to the classic method of just exit scam out of thin air.



I doubt this is the case for the typical casino with Curacao license. Casino can runaway whenever they want since Curacao doesn’t regulate scam casino. There’s no scam casino being punished until now that has Curacao license for doing exit scam.


Never leave funds to a casino account for a long time.

Before we can call it a shady exit, we will need to know what the situation was for those that could not withdraw their funds in the stipulated timeframe. There should be openings for those with their funds left there to be able to reach out and still receive it to their personal wallet. If that was not done and some users were shut out after the time given, it borders on shady, but may not be criminal, meaning they cannot be taken to court for it. Still is enough to give them negative feedback for all it is worth.

0.001BTC today is $68, at the time of this incident it was almost half of that. I know of casinos with higher minimum withdrawal. But if they deliberately did not help out users who could not deposit more to get their remaining funds, that is a very shady act.

Today, there are no strong laws preventing something like this. A casino can dance around what regulations we have and cheat users with no repercussion.

- Jay -

Yes there are official international casino laws, such as eCOGRA and Gibraltar Gambling License that used in Bet365.

Curacao license is a nothing license, I treat them like a casino without license since there are nothing different.

I have no idea why people leave their funds in the casino, if people forget with their funds, I guess that the amount is low and they don't really care about it.

Casino users aren't really protected by local regulations if the country only allows regulated online casinos which have land based casinos operated in the country.

What's funny if gambling is prohibited in their country, but they get scammed from online casinos, they can't do anything. If they report they're being scammed and they can get the money, they will going to jail for broke the laws.

Casino usually set a deadline for claiming since they will have no staff after the closure to handle the refund anymore once it’s exceed to the deadline.

It’s user responsibility to not leave any funds on a casino wallet because it’s not a savings account. So as long that the casino notified all the players in advance about the deadline of withdrawal then it’s user responsibility to withdraw all their funds on time or else they will need to contact the team the hard way since most of the casino owner disappear completely after the closure.

Usually having a Las Vegas license gives more security than having an online license from a tax haven, but it does not free them from going bankrupt either. If a casino, physical or online, goes bankrupt, it is because there comes a time when it cannot meet its obligations and has more debts than income. Then the creditors end up hopefully collecting part of what they are owed. Although it is also possible that another operator buys the bankrupt business and respects the money that the players had in deposits and could not cash out, as it happened with Full Tilt, and its acquisition by Pokerstars, but it took years.

I think it depends on where the casino is registered. If it's registered in a territory with strict rules, users of the platform may appeal to the court against the service. But if it's just an online casino operating informally, there isn't much you can do. There isn't an international common law to reach every corners of the world regards this matter.

In this case you mentioned, to give only 2 weeks for customers to cashout their funds, besides not allowing balances below 100K satoshis to be withdrawn was really a bad move from the casino. They should have given at least a month and allowed everyone to cashout their funds, despite how much they held on the platform (deducting withdrawal fees, of course) at that time.

That is why we shouldn't keep our coins deposited at third party sites for too long. Sites come and go all the time in this crypto industry and there aren't any laws to protect our money from being seized or stolen. If you don't want to risk losing anything, just keep your money in a safe wallet.

As sunderland already said, there weren't many active gamblers on the site near the end when the owners decided to shutdown. Giving 2 weeks was plenty for the few to wd what was left on their balance.

I was working with the site at the end managing the mods and nothing felt shady to me or I would have disagreed with the time period they gave. If the platform was super active and had hundreds of players, i'm positive that more time would have been given. I'm sure if someone had a bunch on the site( quite sure noone did) and missed the deadline, they could have gotten in touch with LB support or me and gotten a payment handled. The owners in no way were out to fuck anyone.

Supposedly if it is registered in an area that has gambling regulations there will be a process they have to fulfill when they want to close the service, and usually that cannot be done in just a few weeks, and the platform must fulfill its obligation to return all deposited funds to their users . However, there are some cases where casino platforms unilaterally close their services and users need to withdraw their money immediately or they immediately run away. Because they usually operate abroad and are only registered in gambling regulatory countries that are very often used by online platforms such as Curacao or Malta, and they do not feel that when they escape there will be no authorities who can chase them, since they operate outside country. Therefore, even if a casino platform is registered, it does not guarantee that they will fulfill the various regulations that they are supposed to fulfill.

Unlike trade, war, human rights, and others, I doubt there are international laws on gambling. And it's understandable considering how gambling is actually trivial as far as humanity or human existence is concerned. In which case, there is probably no global standard as to the timeframe that a closing casino should provide to its users in withdrawing funds.

But, of course, casino users are protected by local regulations. The question, however, is whether these legal protections provided by the law are implemented. Surely, Curacao, from which the great majority of crypto casinos are getting their licenses, isn't that strict in seeing to it that casino users are sufficiently protected.

Isn't that just based on the casinos themselves? Especially in the cases of Curacao license holders where it's REALLY lax. Standard practice I'd say would usually be give users a month to withdraw all their funds, as is in general any service that is used by people, unless the closure was asked to be immediate by a governing body like the, well, government. In Luckybit's case I'd say it is rather weird since it's not like it was due to bankruptcy or something illegal, they just stopped. Might be a case of the providers they were buying off from expiring by the 31st, but still, could've given a bit more time if possible.

As a gambler, I responded with the gambler's behavior.

No, and there's no way gamblers do these. The reason is quite simple, gambler transactions is always want to win big with faster transaction deposits and withdraw. If these are regarding exchange, I can buy the story the reason quite simple (people leave the money because they hold the asset for waiting profit). Meanwhile gambler, I can bet not even 24 hour or more short time (1 hour) that money will be lost/already being transferred to your personal wallet/exchanged to being spended.

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Most of gamblers it's degenerate, unless the money they are on (casino) has wagering requirement (that's still can believe) but for raw money.... There's no way people who are gambling leaving the money without any reason. Cause, I know even my self as gambler my transaction is always fast with deposit-withdraw (for what ? to avoiding losing all of the money off course). Leaving money in casino, it's just like leaving the money with gasoline waiting to be burn (losing all by gambling after we got win) that's why we want faster transaction deposit & withdraw.

There are a bunch of situations where gamblers can easily forget their gambling money for quite a while and let it sit in their account. In my case, I had a bunch of winnings together with my deposit sitting around in my account back then for a few weeks because of my luck from winning a promotion or raffle. People can quickly become busy so we can't blame them if they still have money sitting at their gambling accounts.

This is what i'd also do if the minimum is not that high or i'll send a small deposit to reach the minimum and then clear the deposit rollover.

There are no standard practices that I am aware of, but the method that a casino chooses to apply if they are undergoing closure depends on the management of the casino. With good management that has the intention of really allowing gamblers to claim their deposits and account balances regardless of the price, to make the purchase easy and swift for gamblers without restrictions, but with bad management where the casino management has plans to siphon some deposits left in the accounts of some gamblers, then they will make the process of claiming balances and deposits more difficult than usual to frustrate gamblers from being able to claim their money.

As one of the regulars who were active on LuckyBit from the end of 2013 to 2021, I can confirm that the platform closed their service because the owners were very busy with their real life job, also one of the founders was even very well known in the XMR community and became Monero core Dev.
At that time/2021 there weren't many players actively playing on LB because there were only 2 games Plinko and Dice (original), from a business perspective it would certainly not be good for them.
So if you say it was a shady exit - I totally disagree.

Regarding withdrawal issues, the price of BTC at that time was $30k ish and transaction fees between $17 to $25, so that's one of the reasons why there was a minimum withdrawal of 0.002 BTC.
If players (perhaps only less than 5 players affected by this) were allowed to make deposits, it would actually be in vain because the fees were quite expensive at that time, for example:
Player A has 0.001 BTC, if he wants to withdraw 0.002 BTC then he has to deposit 0.001 BTC + fees around 0.0007 BTC = that is very ineffective.

If a casino goes under and they are operating under a non-offshore jurisdiction then of course it will have to go through bankruptcy court and adjudicated by expect accountants. But most casinos are just operating under Curacao sub licenses. Can you imagine a casino voluntarily submitting it's assets to a Curacao court? It will never happen.

If a casino with a shred of decency goes under they would try to compensate deposits as much as possible, but this rarely happens when a casino has financial issues. Instead they might just not pay the big deposits and after a while completely close down the operstion.

I have to think any of the US regulated ones would have to follow standard laws under US guidelines but most of them are in offshore mostly unregulated areas.  So I would think in those cases the money just "disappears".  Good faith on them to offer a deadline at all I guess.  Because in reality they could just vanish and then what's the reprocussions?

What I will always have in mind is to follow the ToS of the gambling site. If I can still gamble on the site, I will try to bet to make my money be up to minimum withdrawal if it is not up to that.

I do not leave money on casinos. I withdraw it if I am not using the casino for awhile. I do not think I will have any problem with a gambling site that announces that they will shut down.

People that do not withdraw before the deadline may lost their money. That is how I always think of it.

Do you think, some government or online license will gonna to process these?

We are in online casino, while mostly licensed from (CURACAO). These gaming licenses never process any complain, they just sell the license. Comparing to Landbase casino like (VEGAS) there is some gaming security for processing & mediator each case between the casino & user.

Back to the topic you are asking, it's none. Because during registration you are agreeing to mostly terms & conditions (in this term, there always put something: they have some right to make rules or change them). Basically, even you don't like it the rules & time frame (you can't do anything, all you need to do is following their instruction). Let's be real, at least the casino not disappear with the user fund.

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Other things want to mention, which idiot who are storing funds in some casino? casino is not exchange/wallet (most people should deposit and withdraw) immediately after they finish the section gambling. These case only can be face, for some guy who are storing their money in casino.

Storing money in casino should be a crime, and people who do these need to go jail

I was going through some physical bitcoins I have and came across this LuckyBit coin which my buddy designed for the now defunct LuckyBit Casino. I never really read up on them so decided to do so out of boredom. It seems back in 2021 they closed shop. They announced here on btalk (assuming they did on their website as well ) that they were closing and a deadline of final date to withdraw funds. It got me wondering , what is standard practice for closing an online casino and what laws (if any) must be followed when doing so? Is there a such thing as “international casino laws” ?  (Probably a ridiculous question but had to ask anyhow)


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With luckybit, it was a shady exit. What’s crazy is the casino closure was announced on Jan 19th & users had until just Jan 31st to withdraw balances (even worse some balances were ineligible for withdraw , such as a .001btc balance and below ..and apparently even if you tried to make a deposit to top off your balance to qualify for a full withdrawal, it was seemingly not allowed).

Here’s their forum announcement: https://bitcointalksearch.org/topic/m.56133721


So what happens today if your Casino announces a closure? Do some casinos have some sort of “deposit offloading” where funds can sit and wait to be redeemed for an extended period of time? Are there any current “standard practices” to abide by?  

This casino deep dive had me thinking all the above out loud and wanted to discuss ..