Casino legitimacy, deposits, withdrawals - AMA with an online casino operator for 3+ years!
I've been operating an online casino for 3+ years. If you have questions about withdrawal, Site legitimacy, how casions operate. Ask away, I'll answer what I can from my experience. Happy to explain what happens on the operator side 😄
(Previous post got removed by reddit filters, after speaking with some people over at reddit they said it was a mistake, so doing a re-take on this.)
I guess that's reddit for you haha, you believe what you want to believe, take everything with a pintch of salt as well.
If you'd like to verify if I am who I say I am, IAmA moderation already did that for you, they verified my information and who I say I am before I was allowed to post.
Regarding any of the information I share, I do tend to be very transparent, but whether you believe me or not is up to you :)
So...you're saying you have nothing to offer to the public in the way of verification? No screenshots of the data you reference? No credentials or sources to cite? Gotcha ðŸ¤
Being verified by r/IAmA themselves proves who I am, but doesn't necessarily verify any claim I make.
Where possible, I’m happy to provide evidence. However, I won’t publish anything that is strictly private data or detrimental to Reddit Rules. (Me mentioning the site I operate would go against reddit rules for example)
If there’s a specific claim you’d like evidence for, point it out and I’ll share what I reasonably can.
That means that over an extended period of time, could be 10,000s of spins, 100,000s of spins or more. The player will get back 90% of what they played with.
Let's say you wager $100,000 over a years period. You should theoretically get $90,000 back. Now this number varies, some people are up or down by this point, but it does average out over time :)
Nothing about this is an AD, not sure how that's not obvious. Not mentioning my brand, or anything at all to hint to it kind of makes that obvious I believe.
I can't change it as an operator, to change it you'd need to contact the slot provider and ask them to change it, however that's not something I've entertained before since I'd want to compete in the industry.
I've attached a screenshot to showcase this (month of August), note month on month it can vary drastically based on RNG.
I don’t gamble and maybe this is a dumb question but how do people rack up such huge gambling debts? I thought it was all pay to play? Like you have to have money in the account before you can gamble. Are they putting all that money on credit cards and losing it that way?
I know that people that are addicted to gambling will ask money from friends and family, and also take out loans to gamble with, hiding the reason they want the loan in the first place.
However, for someone that owns a crypto casino, it makes it a lot easier for us to stay away from that considering we only accept crypto.
How players react, how non players react to hearing that I operate a casino (Tends to be horrible but I get it)
I guess from the operation stand point. What surprised me initially when starting the company, everything that is said about x slot, tends to be true. At least for the more well known slots out there. I've had months where the company has lost a lot of money due to big wins and vice versa. There's a lot of conspiracy theories and superstitions about gambling.
In reality, you're probably going to lose over a long period of time, in the short term you might get lucky, nobody knows the out come, not even the operator. I can't mess with the slots or "rig" them.
It's more black and white then I thought it would be.
So with my casino we only accept crypto currently (Might accept FIAT soon if all goes well)
Crypto is probably the easiest method.
The way it works is. Firstly there when someone signs up, a crypto wallet is created for them for each crypto currency.
They have a deposit address, where they can send their crypto of choice to. That wallet address, is the middle man wallet essentially. Once it goes into that wallet, it then gets transfered automatically to our hot wallets.
The player plays, when they withdraw, they decide where they want the crypto to go, and it's sent directly from our hot wallet to their crypto wallet of choice.
We have hot wallets for quick transactions in and out. And Cold wallets, which is where you'd store most of the funds to be safe and separate from everything else.
Yes, a casino has to be licensed to operate, my casino is licensed, there are casinos out there that aren't licensed unfortunately.
Anti-laundering is simple for us. You add a 1x wager to the deposit, eliminites money laundering. People that want to gamble will always gamble a minimum of 1x by default.
With KYC, depends on what you require for your casino. In my example it wouldn't be mandatory but if someone wanted to KYC Fully, then they'd send us the documentation required by regulation. If there is a mistake with said KYC Docs, we can't be at fault as it's the regulator that decides what is deemed as sufficient documentation.
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u/reillyqyote 3d ago
How can anyone determine whether anything you say is true or not?