Topic: [Table] Withdrawal Fees and Withdrawal Amounts on Crypto Casinos - page 21. (Read 12340 times)

Pmalek, I promised to update this thread when I made a new withdrawal from the Gamdom platform, but I forgot.
Luckily this time I took a screenshot before the withdrawal.




TX: https://mempool.space/tx/c20980b4696fa2342819b706f8e519841afcd889297192b61f0d595c14835832

As you can see, this time the BTC amounts are almost identical because there was no much volatility at the time and the transaction was approved and confirmed in a very short time. The transaction fee is not deducted from the withdrawn amount.
In my opinion, this process is not much different from that of other casinos with USD balances, for example Roobet, except that Roobet deducts the transaction fee from the withdrawn amount, while Gamdom does not.

I hope this helps and if there's anything else I can help you with, please let me know.

Really you need to be constantly updating this thread. I noticed you have Bitsler wd fees still much higher then they actually are. Websites change stuff here and there as you know, which means you get the joy of updating constantly.

That will work, thanks yahoo62278.

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I forgot to mention that I used Mahdirakib's post and withdrawal info as examples where the amounts differ from the ones that were originally requested because the support agent asked if I had such an experience. Instead of getting more info, she said she can't talk about someone else's account. Telling her that the information is already publicly available and is not a secret didn't change her mind.     

I of course have the owners on telegram and can point them to this message. I may be the 1 posting their response but I will try to get you guys an answer.

I had another talk with the Gamdom support team and I can't say they have helped in resolving any of my questions and doubts.

I wanted to know how exactly they process withdrawals and asked to speak to someone who knows. The support agent said she doesn't have that info, so I spoke with her. I asked what happens with the Bitcoin deposited to the casino? Do they convert it to fiat, a stablecoin, or does it remain in the original currency. She didn't know and couldn't answer that question. I asked why is the requested BTC withdrawal amount sometimes a little less and other times a little more than what the player asked to withdraw. Support responded by saying that the players receive exactly what they requested. Later during our talk, she says that the amounts can change. I informed her that those two statements are contradictory because you can't claim that players receive the exact amounts only to say that those "exact" amounts can be different. She said she didn't understand my original question.

I stated that if Gamdom doesn't convert the deposited BTC into fiat or stablecoins, it makes no sense that withdrawal amounts change. If I have 0.003 BTC in my account, why is there a possibility that I will get more or less than that if you aren't doing some swaps back and forth that causes the difference? Of course, she couldn't answer that either and knows no one who knows. When I asked if I could speak to her supervisor or another colleague, she said there is no one else there.

To conclude, Gamdom will not be added to the table for the time being.
Since I don't have anything against the casino nor do I believe them to be fraudulent, I will try one more thing. I am going to tag yahoo62278 in this post. He runs their signature campaign. @yahoo62278 do you know anyone from the Gamdom team who knows more about their internal operations? Someone you spoke to maybe to set up that campaign of yours?         

This is no doubt a great idea.  In addition, it is on such days or hours that any casino that would introduce the input-output of players' funds in a fixed time interval without commissions would receive a serious influx of users.  And this could well compensate for the losses of the casino from the lack of commissions. 
Maybe someone has already guessed to do it, but I have not heard about it yet.

I haven't checked any of them out yet. I will do that the next time I decide to add new casinos to the table. I am currently working on some other topic that has caused a backlog of the things I need to update. Soon, hopefully.

There are only a couple of sites like that which charge insane withdrawal fees and I guess most gamblers avoid them primarily for this reason.

Majority of them have already lowered their BTC fees considerably or charge no fees at all which is why this isn't a big issue anymore these days. Minimum withdrawal amounts have also been lowered in many of these sites over time.

Some casino has internal exchange system available. AmoreJaz has made a list here. I think it won't create much impact in the bankroll of a casino if the players use the internal exchange service. Because the player doesn't exchange a fixed coin always. Moreover, the exchange service aren't used to escape the high withdrawal fee only. If a user exchange from ‘X’ coin to ‘Y’ coin then they do the vice versa also.

Gambling sites charge high fee (1%-5%) for the coin exchange as well. If a real exchange site can maintain profit by taking 0.1% to 0.5% fee then why a casino will loss their bankroll by charging higher fee! Market volatility won't create much impact in the bankroll management as the crypto gambling sites charge high fee for the exchange.

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BTW, you haven't said anything about these websites. What have you thought about them?

It's 2022 and still some casinos/books have high withdrawal fees. It is unbelievable. Bitcoin transaction fees are less than a dollar, how come these casinos can't afford giving free withdrawal. Maybe they can give like once a week or four times a month or something

Take look at few posts above yours, pmalek had a conversation with mahdikarib about Gamdom.
He is still trying to find the best/valid information from Gamdom about their withdrawal both related to the min withdraw and withdrawal fee.
If you have information based on your experience, you can share it here to pmalek about your btc withdrawal from Gamdom.

It looks like this is not updated, maybe you would be able to add Gamdom? I played on that website even though they only have limited number of currency, they don't charge any amount during withdrawal and you can convert your money from usdt to bitcoin or litecoin and vice versa, also the transaction was fast and I think they should also be included on the list.

Not to mention that casinos would have to maintain liquidity in different cryptocurrencies, which would certainly entail more operational efforts and an even bigger bankroll. Another issue is that they would be exposed to market volatility with different crypto assets, which is certainly not a part of their core business.

I remember when I was part of the FortuneJack signature campaign a few years ago. Our signature earnings were deposited to our casino accounts and we could withdraw them at any time. Like today, they were free back in those days as well, but the blockchain fees were much more expensive. It wasn't uncommon to see that FortuneJack paid $15, $20 or even more for each withdrawal. And all that came from their pockets! Now imagine that on a bigger scale where all their players carry out similar withdrawals!? They obviously had (maybe they still have) enough players for that not to cause problems profit-wise. 

Makes sense, but it isn't impossible. It's just very difficult to accomplish on a large scale. For example, I never expected crypto gambling sites to charge zero fees for both deposits and withdrawals several years ago.

Blockchain fees keep varying all the time which is why it's understandable as to why they require gamblers to pay fees.

They have to take a lot of factors into consideration, but some sites still managed to do that in recent years which stunned me in a good way. Let's see if they can do something similar with internal crypto exchangers in the future.

I don't think it's something that can be done cheaply even for the casinos. Each transaction on the blockchain requires that you pay fees. Doesn't matter if it's a private entity or a big casino that carries out those transfers. If they worked with 3rd party instant exchanges, that would be even more expensive because the middlemen will take their cut as well. Casinos could allow players to swap two assets from their own pool of coins because they are receiving deposits in various coins. But honestly, I don't see this becoming a thing in the future as it doesn't generate any profit for the platforms and they aren't running non-profitable organizations after all.   

You quite rightly point out that there are not enough options for exchanging cryptocurrencies that are convenient for players and, in general, such cryptocurrencies, using which the player would pay very insignificant commissions.  If such options appeared, the number of players would immediately increase greatly.  First of all, due to the influx of new players from countries with a low standard of living, for which commissions for cryptocurrency transactions represent a serious loss of their funds. 
It seems to me that there is still no such ideal cryptocurrency that would cope with this task 100%.

Some sites like Stake have inbuilt crypto exchangers as a solution to this problem, but fees will be deducted which is a con related to it though it's still viable overall.

Majority of the gamblers including me don't prefer depending on these exchangers though since it introduces another layer of fees. It would be awesome if crypto gambling sites came up with some other effective solution to this issue.  

That's not going to help those who want to play, gamble with, and potentially win and withdraw Bitcoins.
Most casinos already have extensive support for various altcoins. If you look at the table, only a few don't. Some of the oldest platforms like Freebitcoin, Bustadice, or Bustabit are among those that don't. But the newer casinos almost all accept alts. 

As far as I can tell, it's really quite simple. All balances on the platform are actually in dollar value. When we deposit crypto (no matter which one) it is automatically converted into dollar value according to the current exchange rate. All gambling also takes place in dollar amounts. When we request a withdrawal, the amount is still in dollar value but, depending on the crypto we have chosen, the estimated amount in cryptocurrency is also displayed on the screen. The final conversion takes place at the time of the transaction. If volatility is high, this can lead to a deviation from the estimated value we saw on the screen earlier.