How much bitcoin do you leave in your casino or sportsbook account?

Discussion in 'General Bitcoin Gambling Discussion' started by Smug Satoshi, Jun 30, 2016.

  1. Smug Satoshi

    Smug Satoshi Member

    Since most btc casinos and sports betting sites allow unlimited free withdrawals each month, I was wondering how much money you guys leave sitting in your accounts? Do you request a withdrawal at the end of each session or do you leave thousand of dollars sitting there?
  2. Humble Servant

    Humble Servant Active Member Staff Member

    For me that depends on the size of the gambling site. I'm happy to leave $500+ on a site like Nitrogen Sports but if I'm playing at a dice site then I typically withdraw when my total hits $50.
  3. 4TheWin

    4TheWin Member

    I have over 5 thousand dollars in my Bovada account and probably less than three hundred dollars in my CloudBet account. Maybe one day I'll trust bitcoin sportsbooks as much as I trust regular online sportsbooks but it will take a few years.
  4. Kaboom

    Kaboom Member

    I never leave more than 1 BTC in any gambling account. Same goes for exchanges too.
  5. Humble Servant

    Humble Servant Active Member Staff Member

    I think the recent Bitfinex hack should be a wake-up all for everyone to not leave too much bitcoin in a third-party wallet. Using multisig, 2-Factor Verification or BitGo will not save you from a skilled hacker.
  6. uglymug

    uglymug Member

    good point! since the hack i've reduced the bitcoin i carry in my hot wallet to less than 1 btc.
  7. less than $500 worth. the rest is split between a keepkey, ledger nano and trezor.
  8. NKOTB

    NKOTB Member

    It would be good if gambling sites introduced multi-sig wallets like BitGo so you could be sure the money in your account doesn't just disappear.
  9. EvilK

    EvilK Member

    After the BitFinex hack and the lack of a proper explanation as to what happened, I will never use anything associated with BitGo.
  10. 2damoon

    2damoon Member

    During the NFL season I has about $500 in my Nitrogen account but now that they Super Bowl is over I've withdrawn most of it. I'll probably redeposit most of it again for the NFL pre-season.
  11. uglymug

    uglymug Member

    I've had to make 2 withdrawals in the past month because the price has doubled. People should keep an eye on the price because they may be holding a lot more in their player accounts than they think.
  12. Wonka

    Wonka Member

    I have a similar problem with the bitcoin wallet on my iPhone. I have a rule to only keep $200 in my breadwallet but because the price keeps rising, I have to send some of the bitcoin from my wallet to cold storage every couple of weeks. Not a bad problem to have I guess :)
  13. Humble Servant

    Humble Servant Active Member Staff Member

    Good advice. If Segwit gets activated at the end of this month via BIP 148 or SegWit2x, I think we can expect the price to rise considerably so players should check the dollar value of the bitcoin in their player accounts regularly.
  14. Freddy

    Freddy Member

    do any bitcoin sportsbooks or casinos have bitgo multi-sig enabled like many exchanges do? it would be good if the money in your account couldn't be moved without your second private key authorizing it.
  15. Humble Servant

    Humble Servant Active Member Staff Member

    Good idea. It would be great if BitInstant would integrate their multisig wallets into cryptocurrency gambling sites, however, that is probably unlikely since gambling is a legal grey area.
  16. Freddy

    Freddy Member

    Transaction fees have gotten so large that I have started leaving more bitcoin in my betting account than is sensible because I don't want to pay $40 to make a deposit or withdrawal. The sooner the Lighntning Network is released the better, I'm sick of paying high fees and waiting hours for transactions to confirm.
  17. Umair

    Umair Member

    the bitcoin price has dropped 70% in the last few weeks so i wish i'd cashed out more when it was at $20,000. hopefully we'll get back there again soon and next time i won't be so greedy.
  18. Terry

    Terry Member

    I wished I cashed out more also. The bitcoin in my betting account is worth about 60% less than it was a few months ago. Luckily I don't need the money right now so I'm going to wait until this crypto bear market is over and the price gets back to $20,000 before I convert to dollars.
  19. Fatboy

    Fatboy Member

    i'm surprised more crypto gambling sites are not hacked considering they must be holding thousands of coins. why do hackers focus on exchanges and not betting sites?
  20. Humble Servant

    Humble Servant Active Member Staff Member

    A recent hack of some EOS casinos demonstrates that it's not very safe to leave too much money in your betting accounts, especially ones that were built using smart contracts.

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