Things that still make feel awkward with some online casinos - page 7.

DoublerHunter

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Quote from: btc_angela on May 17, 2023, 02:10:03 PM

Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

I guess it boils down to business, the high transaction fees are going to fluctuate though, as you can see in the mempool right now, ~50 sat/vB for a low priority and then ~79 sat/vB if you want your transactions to be included in the next block.

So that is expensive again, it fall to like ~15 sat/vB, but here we go again and it could increased this weekend again.

But I do agree in your sentiments, the best case scenario for us is that casino's not charging as transaction fees as it is a burden for us specially if we have lost so much money already to them.

^ Definitely right, it is business that they will also generate profit by this withdrawal fee but as I know most of them use a third party when it comes to withdrawal fee and they called it, (Payment Processor Fees). It could be to sustain their operations and invest in further platform development. Online casinos often rely on third-party payment processors to handle transactions. These processors may charge fees for their services, which can contribute to the overall withdrawal fee. So the transaction fee on the network plus their processing fee, looks like a robbery to us.

btc_angela

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

I guess it boils down to business, the high transaction fees are going to fluctuate though, as you can see in the mempool right now, ~50 sat/vB for a low priority and then ~79 sat/vB if you want your transactions to be included in the next block.

So that is expensive again, it fall to like ~15 sat/vB, but here we go again and it could increased this weekend again.

But I do agree in your sentiments, the best case scenario for us is that casino's not charging as transaction fees as it is a burden for us specially if we have lost so much money already to them.

lizarder

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

Aren't you free to choose another casino if one of them has high withdrawal fees. Online casinos are also closely related to the business they run, so they try to provide high withdrawal fees for each transaction, the goal is obviously to get much bigger profits, but if they intend to develop the casino to be bigger and have a good reputation usually costs will continue to be adjusted when they find a lot of criticism.

It's better to choose a casino that offers many features, both deposit and withdraw using DOGE and LTC, so you can convert as you wish without being burdened with large fees when making a deposit or withdrawing, there are many options you can take and it depends on how you choose before.

KTChampions

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Quote from: Pierre 2 on May 16, 2023, 04:17:43 AM

I honestly observe this with many different crypto websites not even casinos. Some companies try to gain extra money through transactions. I also think its very close to robbery. Online casinos can generate huge amount of money through players/gamblers anyways. I think low fees promote usage anyways. I find it very awkward and disruptive. I think casinos should not treat their customers as cows that they will milk money away.

Many services are not interested in the user making many I/O transactions (the service bears the risks of KYC/AML), so they deliberately inflate the cost so that the user does as few such operations as possible. This probably affects user loyalty, but since so many services have a high commission for such operations, it can be assumed that the profit received from this compensates for the loss of loyalty.

piebeyb

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Quote from: uneng on May 17, 2023, 12:50:50 PM

I feel sorry for casinos charging so expensive fees, because even though they may imagine to be having advantage by charging so much from gamblers, they are going to be the main prejudiced ones as soon as small gamblers find an alternative casino which has cheaper transactions' fees where they feel confortable depositing few bucks to play without worries of cashing out later.

To be greedy is never a positive decision for a business, rather it's always detrimental, because customers will reject any services they feel abused by.

For whales maybe a withdrawal fee of $5 or $10 doesn't matter to them, but what about small gamblers of course it's huge and that value can actually be used to bet as well, so I think small gamblers will definitely look for a casino that has cheaper withdrawal fees and of course it's safe , I know a lot of casinos still have high withdrawal fees and I hope they also change the withdrawal fees a little with lower fees so that gamblers feel comfortable playing.

I think casinos should pay attention to small gamblers who actually play much more loyally than big gamblers whose number of players can only be counted on the fingers of their hands, but this is where it matters that casinos rarely pay attention to that.

mindrust

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

Yes that's robbery. They have the right to ask a withdrawal fee for the bitcoin withdrawals but they shouldn't do this for the other cheap alts that transact nearly for free. You can also vote with your wallet. Don't play on the casinos that ask ridiculous withdrawal fees. Support the casinos that has low withdrawal fees and that problem will solve itself. You can also make posts in the casinos own ANN thread so the manager of the casino will be aware of that problem. If nobody tells him about this, he will think that he is doing it right.

Findingnemo

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

From user POV its a robbery but from the business POV its their source of revenue generation, its same on the cryptocurrency exchanges too normally they seek about $25 dollar worth of Bitcoin as withdrawal fee not as transaction fee so they can make money in this way too and it's justifiable too because of the service they are providing and nature of cryptocurrency value.

bitbollo

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This can defined as a strategy adopted by some gambling sites because they know that whales doesnt care about It.
perhaps when many sites Will decide to use light networks to manage withdrawals and deposits, the high fees will be a "thing of the past". I think there is a bit of "reluctance" to accept this upgrade, but is something that cannot be avoided.

uneng

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I feel sorry for casinos charging so expensive fees, because even though they may imagine to be having advantage by charging so much from gamblers, they are going to be the main prejudiced ones as soon as small gamblers find an alternative casino which has cheaper transactions' fees where they feel confortable depositing few bucks to play without worries of cashing out later.

To be greedy is never a positive decision for a business, rather it's always detrimental, because customers will reject any services they feel abused by.

ChiBitCTy

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

Yeah this drives me nuts when online casinos have ridiculously high withdraw fees. I think it’s simply a way for them to make money, which doesn’t seem like much, but over time and over the course of all those transactions it’s adding up.

Regardless, it’s still better than the way it used to be where bitcoin wasn’t available and cashing out meant receiving a shady check from some offshore nation.

ImThour

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Why are some online gambling platforms having high withdrawal fee?

It's a really psychological trick I would say. When a user doubles his money, he goes to withdraw and sees that the withdrawal fee is so much that the user prefers to not withdraw it and gamble more. Which results in losing all your money and that is beneficial to the gambling platforms. IDK if it happened with any of you, but I have seen this sort of thing happening.

Cookdata

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

The Bitcoin network is congested, everyone who transacts Bitcoin on-chain right now is having the same difficulty, the exchange and other centralized entities are not left out on this one, and I think asking $5 per BTC withdrawal is actually not reasonable because let's say you want to spend a single output to a segwit address with a 110vb, with the low priority of fees been 24sats/vb, you will be spending 2,640 sats on transaction fee, that's about 7.1 cents. However, you and I know that Casino is a center for business, they will use wallet addresses like Legacy as an excuse to increase the fee and they will say that they are doing it in case the network becomes congested in the process, they will have to adjust to the mining fees required to get your transaction very fast.

Quote

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

As I have said earlier, they are business people and what they are doing is business strategy, they don't want a single chain to have all their transactions and it is possible that they don't have much reserve of those coins, so they increase the fee to discourage customers from requesting for withdrawals.

coolcoinz

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Quote from: kamvreto on May 16, 2023, 06:59:38 PM

$ 5 in my opinion is still standard and not too expensive. If some online casinos experience increased transaction fees it is because of the crowded Bitcoin Network, but that only applies to casinos that use crypto networks.
If you want a withdrawal fee of $1 or less, I don't know what gambling platform can do that. But try to check online gambling platforms that integrate the Bitcoin Lightning Network. that might be an alternative because the lightning network uses a cheaper and faster fee.

I wouldn't call that cheap, since most of these platforms allow for bets lower than $1, so asking $5 just for withdrawal is pretty high, especially from people who live in poor countries.
I know it's becoming somewhat of a standard, but it doesn't mean we should accept it without complaint, especially if they want a $5 withdrawal fee on altcoins that offer very low fees of less than $1.
What are we paying for actually? Are we paying $5 for the automated software to approve our 0.5 USD fee for a $10 withdrawal? Cheesy

There are casinos that don't take any additional fee apart from whatever is required by the network.

SirLancelot

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

Well, this is why one must do their research and learn everything about a platform before using it, I didn't know that casinos don't let you know the withdrawal fees until you have enough money in your account to check that which shouldn't be the case and they should be transparent about it in front of the public and let them decide if they want to use the platform or not.

Anyway, some platforms are actually yet to make the necessary changes after the fees have become normal, just like Binance, it didn't change the withdrawal fees for Bitcoin until today and users were finding it pretty inconvenient.

OgNasty

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After reading and commenting on this thread I decided to take a look at what Stake was charging as a withdrawal fee. I saw that they are only charging slightly over a dollar to withdraw your BTC. That doesn’t seem like a crazy fee to me. I half expected they would have raised it by 10x due to the recent network issues. So if withdrawal fees are concerning to you, check out the link in my signature.

maydna

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The withdrawal fee is charged to the gamblers but there may also be a withdrawal fee paid from the casino although we have to find and confirm it through the support service. And it also happens on exchanges where we as traders also have to pay a withdrawal fee which is taken from our withdrawal amount. It seems like it's to cover the costs that the casino or exchange should have incurred so they did it that way. And it is also income for the casino because of those costs there must be something the casino or exchange can keep. So we shouldn't be surprised by that.

Darker45

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If the network is clogged and the transaction fee is rising, what choice do the casinos have? They will also increase the fees. First, to make sure the transactions won't be stuck forever. Second, the casinos don't like to be pestered with complaints of very slow withdrawals. They could lose users because of it. And since they can't subsidize or pay for all of their users' fees, they have no choice but to also increase their withdrawal fees. Third, they're doing business. If the centralized exchanges earn from transaction fees, why can't they?

But these are not Bitcoin-only casinos. They offer various crypto options. Choose the cheapest.

BobK71

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

We have to get a fair solution on the issue. With a little difference, they can try to steal big Amount from the clients. This is a simple technique of the some casino providers through which they are fooling us in the name of transaction in front and it is not known how long this situation will last. However, if a reputable casino do the same thing, it should be complained about the matter, i think casino providers will try to do something logical in this respect.

Reatim

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

it is our responsibilities to know and learn first how casino sites are asking for fees and yes remember that it is our money and some casino thought that we will only withdraw after winning then we aren't caring about how much they will take us for the transaction to take place .

choose your casino mate never deal with those who has so high fees before getting our money.

actually there are so many sites here that has fair in dealing with this kind , like our signature tells us , play only with reliable sites and yes all of the sites I only playing are good at this.

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Quote from: Outhue on May 16, 2023, 04:13:15 AM

Why are some online gambling platforms having high withdrawal fee? I know Bitcoin recently has a high transaction fee but that's no more right now, some online casinos are still asking for 5$ per transaction when it should be 1$ or less.

Not just only Bitcoin withdrawal, even coins with very low transaction fee, isn't this robbery? If you just signed up on a centralized exchange, you can pretend as if you want to withdraw, to know how much the gas fee costs, but on online casino, you will see this only after you have enough wins or funds for withdrawal.

It's always like this: When the mempool congests or there is another factor that justifies an increase, then the rates go up instantly. But when things normalize, rates take much longer to fall and sometimes they stay at the same value for good.

However, the best form of protest we can do is to simply stop playing on those sites that charge abusive fees. Because we have many good sites, competition is high and we must value those sites that practice the most honest values with players.

I recommend you to take a look at Duelbits Wink

Topic: Things that still make feel awkward with some online casinos - page 7. (Read 1002 times)