Yeap, and this is why most of we always choose to those casino's which have beem regualated I mean which have a good certificate from the top license provider in gambling. Even, to be honest, I prefer playing games in non-kyc verification and decentralized casinos, but at the same time I consider it risky to that extent because they have no liability and can vanish at any time.
At the same time, if we notice that regulated casinos have many more features and games to enjoy than non-regulated or decentralized casinos.
They’re fun to play with because we get to enjoy the main reason why we prefer crypto over fiat when gambling , no KYC requirements. But of course, the risk is high. If one day we get lucky, win big, and the casino decides to freeze our winnings, there’s nothing much we can do. The government won’t help since these sites aren’t under their jurisdiction. That’s the only real danger I see. The best way to minimize it is by playing on highly reputable casinos, even if they’re unregulated, because reputation matters more than a license. Once a casino ruins its name, it’s basically out of business.