Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .
There will be more and more accusations created to existing and also new casinos.
Goodluck,Be safe and smart out there!!
You'd be surprised - there are much more accusations that come when Bitcoin is on an upwards trajectory and people lose money. When it is on a downwards trajectory there will still be sore losers but there is less incentive because their money has actually depreciated since they lost it. Either way, these sort of casinos are able to weather the storm quite well regardless as the regular betting players that they have are often converting from fiat or have another source of cryptocurrency that funds their gambling. These casinos or sportbooks will often have a float balance which can cover most player bets, but they will often cash out beyond that point as they have bills to pay and profits to take.