where the losed money goes? | Bitcointalksearch.org

len01

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Quote from: cafter on March 07, 2023, 10:30:37 AM

my question is ,
when we play gambling online in casino , we always bust our account , many new comers completely blow their account every time they deposit ,
the gambling site owner's earn money by the commission which it takes 1% or less on every bet made by user , when blowing accounts where all money goes, in casino's pocket or where ,
and the question that the losed money will go to other player's pocket who wins big but the winning players are very less,
i think many are losing in gambling and the casino sites are hugely profiting from us ,
do you think that is the case .

all i know is the money that was lost was just like round.
I mean the money that is lost or a gambler who loses at gambling, the money will go into the gambling bankroll and will be given to other gamblers who win at that gambling.

actually you can answer questions like this yourself. because the turnover of the lost money can already be estimated.
house only accepts 1% of the amount wagered by the gambler.

mu_enrico

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Quote from: Don Pedro Dinero on March 08, 2023, 12:06:51 AM

Regarding slots, it was my understanding that it is the most profitable thing for casinos, but your reading here is the opposite. I know you are an expert on the subject and you have your thread on it. Are you sure that those percentages refer to the revenue that the casino gets? If so, I imagine that slots can still be more profitable for the casino than other games because they have lower costs, for example they don't need a dealer, and they can be played faster (although they return less in prizes, the higher the betting speed, the more people can lose by compound interest).

Yes, it basically needs electricity and space to operate, unlike table games which casinos must hire a lot of people.
As you can see, the biggest revenue comes from slots due to its faster game -> 4x more wager than table games -> higher revenue even though the casino's win% is significantly smaller.

In the end, slots is still considered most profitable because of its high wager/turnover plus lower cost, not because of its house edge/casino's win%.

Plaguedeath

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I think everyone already know when the gambler lose his money, the casino take it all.

But what people doesn't understand is, they're think the casino is rigged and manipulated the outcome, they think the casino will have 100% to win, but the fact there's a chance the gambler can beat the casino if he bet using high amount money and hit the highest multipliers.

There's few casinos were bankrupt because they can't pay the huge winnings from the lucky gambler.

Issa56

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Since we all know that losers are always more than winners, if the gambling sites takes money from the losers and pay the winner's, then the money left will be for the gambling owner. Gambling is just a business, how do you expect the gambling owners to be making money? They will have to maintain their website, pay their staffs and pay for marketing and other things. How will they be generating money for all those things, gambling owners always make use of the money lost by there customers to take care of necessary things and the owner will also take his profit.

bettercrypto

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Quote from: Pierre 2 on March 08, 2023, 01:41:43 AM

Casinos are profit seeking business, they are not charity or public service. Obviously they need to generate income through their operations so their business can go on. Pretty sure some percentage (depends on their scheme) goes directly towards income under accounting. So government cuts some taxes before for sure (completely depending on region). Some percentage goes to pockets of people that work for them and owner(s). Just like regular businesses.

Indeed, that's all there is to the regulation of the government that they implement in gambling businesses and its owners can do nothing but follow the policy that the government of a country has.

That's why most casinos make a lot of money from gamblers who gamble on their gambling platforms and this is the reality that is happening in this gambling world.

_act_

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Quote from: trendcoin on March 08, 2023, 12:14:34 AM

They make huge profits, but the risk they take in doing this business is also huge. I would not want to be the owner of such a business because of the current risks. I think they make a lot of money and that's why we should criticize them. For example, we may request more bonuses from them. However, at the end of the day, we have to admit that they are doing a really risky business. They take the biggest risk. We just take our chances and have fun with just a few dollars.

The risk of gambling is huge but not the risk of the business, once a gambling site start a new and people start to gamble, the more customers they have the money income they make, which means that gambling site is a very good and lucrative business.

Instead of requesting for more bonuses, you can join another gambling sites that have more and better bonuses. But many gambling sites do not take their VIP customers not serious, they give them VIP offers.

Kakmakr

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The casino sign a contract with third party game providers to configure a fixed house edge for their games, so no matter what happens, they are guaranteed to get that income from those games. Some of the Slot providers give the casinos a choice on several RTP (Return to Player) configurations, so the casino can pick a low or higher RTP. (Example : Hacksaw Games)

Then a lot of these online casinos have their own in-house games, where they configure the RTP on the games. The majority of the money gambled, will go back to the players... and the casino take their cut, but they have to use that income to pay for salaries and to pay for marketing and promotions ..etc..etc.

It is a business.. after all, so it has to make money to pay for it's expenses. Wink

worle1bm

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They are also making profits out of your loss apart from house edge as when you loose the amount goes to the casino who will use the amounts to pay off for your wins as players also win and cash out their withdrawals.Suppose in fiat based physical casino you place a bet and loose the amount it will go to casino bankroll so same is the case with these crypto casinos also.

Pierre 2

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Casinos are profit seeking business, they are not charity or public service. Obviously they need to generate income through their operations so their business can go on. Pretty sure some percentage (depends on their scheme) goes directly towards income under accounting. So government cuts some taxes before for sure (completely depending on region). Some percentage goes to pockets of people that work for them and owner(s). Just like regular businesses.

trendcoin

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Quote from: cafter on March 07, 2023, 10:30:37 AM

my question is ,
when we play gambling online in casino , we always bust our account , many new comers completely blow their account every time they deposit ,
the gambling site owner's earn money by the commission which it takes 1% or less on every bet made by user , when blowing accounts where all money goes, in casino's pocket or where ,
and the question that the losed money will go to other player's pocket who wins big but the winning players are very less,
i think many are losing in gambling and the casino sites are hugely profiting from us ,
do you think that is the case .

They make huge profits, but the risk they take in doing this business is also huge. I would not want to be the owner of such a business because of the current risks. I think they make a lot of money and that's why we should criticize them. For example, we may request more bonuses from them. However, at the end of the day, we have to admit that they are doing a really risky business. They take the biggest risk. We just take our chances and have fun with just a few dollars.

Don Pedro Dinero

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Quote from: mu_enrico on March 07, 2023, 12:49:57 PM

As you can see the revenue is 23.9% for table games and 9.4% for slots games. Where's the rest of the money? Distributed for players' win.
So the house always wins and you'd be better playing slots :p

Keep in mind the revenue isn't a profit since the casino needs to pay bills.

I was going to say this last sentence to the OP.

Regarding slots, it was my understanding that it is the most profitable thing for casinos, but your reading here is the opposite. I know you are an expert on the subject and you have your thread on it. Are you sure that those percentages refer to the revenue that the casino gets? If so, I imagine that slots can still be more profitable for the casino than other games because they have lower costs, for example they don't need a dealer, and they can be played faster (although they return less in prizes, the higher the betting speed, the more people can lose by compound interest).

alegotardo

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Quote from: cafter on March 07, 2023, 10:30:37 AM

my question is ,
when we play gambling online in casino , we always bust our account , many new comers completely blow their account every time they deposit ,
the gambling site owner's earn money by the commission which it takes 1% or less on every bet made by user , when blowing accounts where all money goes, in casino's pocket or where ,
and the question that the losed money will go to other player's pocket who wins big but the winning players are very less,
i think many are losing in gambling and the casino sites are hugely profiting from us ,
do you think that is the case .

It really depends on the type of game.

In sports games, for example, a good part of the money lost by unlucky users goes to the (generally minority of players who were luckier or more skillful in their bets. Obviously the casino also takes a good part of the money, both of bettors who lost as well as those who won.

But, in slot games, for example, the lost money stays 100% with the casino.
Obviously they need to pay some commissions to the platform owner, but the biggest profit is still for the casino.

Casinos are highly profitable, they just need to have a good initial investment and work with dignity (you don't need to steal to be profitable).

Most bettors know that they will usually lose, but the fun you get even losing is addictive!!!

Fatunad

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Quote from: BenCodie on March 07, 2023, 07:44:07 PM

It goes to the house. Where else does it go? If you're wondering where it goes after that...in best cases, it goes toward further development and marketing of the casino. In worst cases, it goes into prostitutes and cocaine for the operator Roll Eyes

They're casino owners after all. In the middle, it goes toward a living or fortune being accumulated by the unfortunate greed that prevails over people who play their game.

The money is always better off going somewhere other than the casino to begin with.

Common sense,right?

They are building a business and not something else which it would be understandable that they are making money out of those gamblers losses which it isnt shocking.Somewhat big wins would really be patched up
and would really be deducted out of those revenues which we know that it isnt really that appealing for most gambling owners which is understandable. This is why it is really that normal that
they would be setting out max bet limits for them to avoid on getting bankrupt and its really just a standard thing should be done by any business owner which is related to this.

AmoreJaz

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Quote from: BenCodie on March 07, 2023, 07:44:07 PM

It goes to the house. Where else does it go? If you're wondering where it goes after that...in best cases, it goes toward further development and marketing of the casino. In worst cases, it goes into prostitutes and cocaine for the operator Roll Eyes

They're casino owners after all. In the middle, it goes toward a living or fortune being accumulated by the unfortunate greed that prevails over people who play their game.

The money is always better off going somewhere other than the casino to begin with.

funds for day to day operations, their staffs, security, payment for winnings, marketing/promotional funds, license and others. and the excess definitely goes to the pockets of the owners or stakeholders.
this is why this business is a lucrative one if they know how to manage such business. if not, they can easily go bankrupt with one huge winnings from the player.
though we don't know their other dealings, but certainly, if they don't know how to allocate their bankroll, they can easily go down. this is gambling business, not all owners can be successful on this venture.

BenCodie

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It goes to the house. Where else does it go? If you're wondering where it goes after that...in best cases, it goes toward further development and marketing of the casino. In worst cases, it goes into prostitutes and cocaine for the operator Roll Eyes

They're casino owners after all. In the middle, it goes toward a living or fortune being accumulated by the unfortunate greed that prevails over people who play their game.

The money is always better off going somewhere other than the casino to begin with.

nimogsm

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Quote from: cafter on March 07, 2023, 10:30:37 AM

my question is ,
when we play gambling online in casino , we always bust our account , many new comers completely blow their account every time they deposit ,
the gambling site owner's earn money by the commission which it takes 1% or less on every bet made by user , when blowing accounts where all money goes, in casino's pocket or where ,
and the question that the losed money will go to other player's pocket who wins big but the winning players are very less,
i think many are losing in gambling and the casino sites are hugely profiting from us ,
do you think that is the case .

Well if you think about it, the answer is not so complicated.From the profit that the casino receives need to accrue salaries to employees / developers and everyone who works for this casino. Some games are licensed and casino need to pay the copyright holder of the game.And another important factor is the accumulation of funds for the liquidity of the casino.

n0ne

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Quote from: Yatsan on March 07, 2023, 06:56:45 PM

Ofcourse the house will get an amount from it either you lose or you win, that is how they are earning aside from withdrawal and deposit on their platform. With regards to some of your losses going to other's pocket, that is also a fact but to be more precised, it is being distributed to many players who simply won. Annd this is just how gambling works both in online gambling sites and land based casinos, there are just changes or differences with the actual process but the idea itself is there.

On my end, I have no problem with such. A gambling site is getting profit from players simply because it serves as players' payment from using the platform, more of like service fee. The profit will then be used to maintain the website and to accommodate more players and the rest will be for the owner and staff. Try to put yourself on their position, ofcourse you won't do things for free.

It is simple as taking the losers money and sharing to the winners. Gambling site will be always profitable, amidst the loss/win of the users the platform will have specific percentage. This is how the platforms will be designed. From this edge the platform needs to meet all its expenses. Even in such earning access there were more number of gambling platforms that have gone bankrupt. Nowadays everything is transparent, in the past scenario is different and we don't know what happens in the background. Wr just need to trust and move on.

kamvreto

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Quote from: Yogee on March 07, 2023, 10:49:43 AM

Isn't it supposed to be added to the casino's bankroll? If you're asking for a more specific recipient other than the winning players then maybe to the owners when they decide to withdraw money to their own pockets. You could also add the Government to the list since they will have to pay taxes too hehe. How about the employees or the hired contractors they have to pay to keep the platform running smoothly?

It should be in the Kaisno Bankroll, but I'm not sure it will be 100% in the Bankroll, some online casinos pull into their own wallets and also use it to pay the taxes that have to be done so that the government continues to provide free access and pay fees for server rentals , domain, some employees as well as some other needs. If still wondering where their money is going then call the gambling owner and ask for a full list of where the money is going Lol but that's not going to happen.

Yatsan

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Ofcourse the house will get an amount from it either you lose or you win, that is how they are earning aside from withdrawal and deposit on their platform. With regards to some of your losses going to other's pocket, that is also a fact but to be more precised, it is being distributed to many players who simply won. Annd this is just how gambling works both in online gambling sites and land based casinos, there are just changes or differences with the actual process but the idea itself is there.

On my end, I have no problem with such. A gambling site is getting profit from players simply because it serves as players' payment from using the platform, more of like service fee. The profit will then be used to maintain the website and to accommodate more players and the rest will be for the owner and staff. Try to put yourself on their position, ofcourse you won't do things for free.

Fatunad

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Quote from: Cantsay on March 07, 2023, 04:24:18 PM

Quote from: cafter on March 07, 2023, 10:30:37 AM

i think many are losing in gambling and the casino sites are hugely profiting from us ,
do you think that is the case .

That is gambling and life for you. The more some are losing the more some are winning life's not always fair to those who truly needs to be treated fairly. And if you fell gambling is not always in your favour you can call it a quit it's never to late to leave gambling.

As for the money I'm sure it will go to the casino's bankroll and from it they'll pay whoever wins, I haven't really sat down to analyze or study how it goes but I do believe that the casino should be the one receiving the loser's wager. If I'm not correct I'll appreciate the correct answer.

The ones who do make money is the casino owner which is really that understandable and this is why gambling business is really that profitable specially if gamblers do really love on staying up on a certain platform
or even on a physical place.Yes,they might be able to win up big but those would be easily be patched up considering that people would continue to play because they are chasing up on hitting up jackpots and this is where desperation would kicks in and making it as an advantage into those casino owners.This is why when you do get involved with gambling then you should really know on when to stop and the most
important thing of all is that you do really know on how to handle up your finances.

Topic: where the losed money goes? (Read 300 times)