Disappointed in slotocashs btc cash out

Savatage79

Senior Member
PABnononaccred2
Joined
Jul 25, 2016
Location
Pittsburgh
So I had 2 withdrawals to make, one for 3k and the other about 2k. And they make it silly because check is 3k max, btc is 2500 max.. So I mean you gotta take it broken up. Anyways I can't complain to much about checks they process and are on my door the next morning. Like 2 days overall..

I cashed out via btc on the 11th I believe and on the 12th I get this message

"
We are contacting you from Slotocash Casino.

Your Payout was canceled in error. We ask that you kindly re-submit your payout request as soon as possible.

Should you have any questions, please do not hesitate to contact us.

Kind Regards,"

No explanation at all, just that. I go and resubmit it right away pretty much and the last update was the 13th....and still nothing.

I mean I thought btc was the almighty speedy way to get funds these days? It's so frustrating because i can't even deposit there until a cash out processes.

Just feels they're doing their best to get me to cave and for an accredited casino I think that's pure garbage
 
So I had 2 withdrawals to make, one for 3k and the other about 2k. And they make it silly because check is 3k max, btc is 2500 max.. So I mean you gotta take it broken up. Anyways I can't complain to much about checks they process and are on my door the next morning. Like 2 days overall..

I cashed out via btc on the 11th I believe and on the 12th I get this message

"
We are contacting you from Slotocash Casino.

Your Payout was canceled in error. We ask that you kindly re-submit your payout request as soon as possible.

Should you have any questions, please do not hesitate to contact us.

Kind Regards,"

No explanation at all, just that. I go and resubmit it right away pretty much and the last update was the 13th....and still nothing.

I mean I thought btc was the almighty speedy way to get funds these days? It's so frustrating because i can't even deposit there until a cash out processes.

Just feels they're doing their best to get me to cave and for an accredited casino I think that's pure garbage

My understanding is they have a 2 day pending period for all withdrawal types, is that not the case for checks? So the earliest a withdrawal could go through would be tomorrow since they don't work weekends. Of course they should have waived that pending period because of their own screwup before...

Bitcoin SHOULD be a very fast method for US facing casinos, it should be by far the cheapest option, and it should be much easier than the workarounds they have to do for the US banking system which could always just shut them down at some point.

But... for some reason casinos seem to be having problems with it now, not sure why. Delays for unknown reasons, and it seems like half of casinos are screwing you over on the exchange rate, but due to how bad support tends to be you can't really do anything about it. For example, let's say if the current price is $8800, but the casino cashes you out as if the amount were $9000. Did they just snip an extra 2% off for themselves, or did they process the withdrawal at a time when the exchange rate was $9000? This seems to happen pretty regularly - most of the time working against you - but they don't provide exchange rates or times of exchange so you can't really do much about it.

Sloto group in particular, I've suspected they might give you the worse rate between when you withdrew and when you receive your money - considering that could be several days, that could be a significant problem. But I haven't had enough cashouts to prove anything, when I won at fairgo I did have two withdrawals that were off by around 10% though - one they credited the difference, one they did not. Trying to talk to support who are 99% of the time clueless about how exchange rates work and give you scripted answers about not being responsible for bitcoin fluctuations is a pain.

An easier to prove example which I think is true, slotocash group has a 15 minute "conversion rate guarantee" for deposits - sounds good, right? But if it takes longer than 15 minutes for your deposit to confirm, the exchange rate change can only work against you. If bitcoin price goes up, you just get the original exchange rate. If bitcoin price goes down, you get less than the original rate. Would be nice if others could confirm if they see this behavior happening as well, because if people understand what I'm talking about, it's a pretty scummy way of doing things. So probably most people won't care, which is why they do it I guess.

Another example, superior casino - which I think I'm going to to retire my account at - seems to round to the nearest mBTC? In other words, basically rounding down to the nearest $8 or $9 (the rounding has always appeared to go down). It's really weird to get a withdrawal of say, exactly 52.00000 mBTC, I don't know what they're even doing.

So yeah, bitcoin SHOULD be an incredible processing method for US casinos - if players don't mind risking the BTC fluctuations - but at this point I don't know that I would still recommend it to people if they aren't already using it. It's also ridiculous that casinos still use the same withdrawal limits as for traditional USD methods, since they no longer have any good excuse to hold onto your money for long periods of time - but of course they want to hold onto your money so you'll play it back.

I thought about making a thread about some of these things before, but I think it would be tough to get many people to care.

I would say to check the exchange rates received at withdrawal just in case, but it's unfortunate that you can't just assume you'll get paid out properly.
 
I think what I don't get is what type of error happened, like that screwed up the whole thing..

But still I put that in early the 12th, so Friday it should have processed and then I could at least deposit again and play

It just feels like a cheap tactic especially since the last actual update was 13th, what happened to Friday for any type of processing ?
 
I think what I don't get is what type of error happened, like that screwed up the whole thing..

But still I put that in early the 12th, so Friday it should have processed and then I could at least deposit again and play

It just feels like a cheap tactic especially since the last actual update was 13th, what happened to Friday for any type of processing ?

Yeah you might be right, I screwed up the date so was thinking 12th was a thursday, so maybe you should have been in time for the cutoff.

It seems like several casinos have had had slow withdrawals in the last week or two, including ignition, so I was suspecting that many of these casinos may use the same payment processor for bitcoin. Which is weird since there shouldn't be any limits on how much money in bitcoin a payment processor (presumably) out of the united states should be able to move.

I also use Bitcoin at some casinos and my first withdrawal was pretty much instant and the next one took a few days :confused:

So I think it is done when it suits the profit :eek2:

Yeah, that is odd. There's probably too much liquidity in the bitcoin market for a casino payment processor to have much impact on the price, but when withdrawals are delayed everywhere and then BTC price magically jumps 15-20% with no news while everyone is waiting on their money (to be exchanged at a now worse rate), can't help but be a little paranoid.
 
Well you have to sort of understand unless if said processor also holds the funds for the BTC deposits. Sometimes these BTC processors have to buy physical BTC. Which varying on who they use to buy BTC from. Could have daily and weekly purchase limits placed on them. Like for example my daily BTC purchase limit is $1,000 and I can buy a weekly max of $5,000/week.

Now this isn't saying I don't have more nontraditional avenues of buying BTC if I absolutely want to go above and beyond those limits. Yet then at that point I'm starting to pay a premium upcharge on my BTC varying on what method I choose to use. Also varying on much risk is involved with said trade option. Basically this would be more of a P2P option versus the using a trusted exchange for buying BTC.

So I'm not trying to give an excuse to the processor, but even though said processor may be out of the lime light from US's banking laws. Doesn't necessarily exempt them from whatever restrictions the exchange they may be buying or selling from puts on them. Most exchanges sit pretty tight on how much or little a person can buy and withdrawal. Yet it can take quite a bit of time for the trust levels to be built up for someone to be able to buy some pretty hefty amount of BTC. Mainly because trust is achieved by buying, selling, and not charging back payment methods. Which on average some exchanges can start raising your limits in as little as 30 days, to some where I've seen it takes months if not years to get some pretty decent buying power.

Anywho while it may seem pretty cut and clear that BTC should be an easy breezy way for US folk to get there cash outs. You still have to remember regardless of method there are restrictions technically in place. Just not as overbearing ones like we see here the US.
 
Using bank wires, there would be no limit to how much a payment processor could purchase. That said, exchanges do have know your customer/anti-money laundering requirements when interacting with the normal banking system, so it's possible payment processors could run into trouble there.

Received a cashout from slotocash today (monday) - my first ever winning deposit there I believe, though I've had withdrawals from their sister casino Fairgo. Requested Wednesday night.

The exchange rate they used appears to be... $8500/bitcoin? That's actually in my favor for a change, but still very weird. The current price when they sent the withdrawal was around $9150/bitcoin, while the rate at the time I submitted the withdrawal was $8100. So it doesn't match either of those. They have a 2 day pending period, so if they hypothetically used the rate exactly two days after I withdrew, it would have been a bit over $8600 - so that's closer, but that would be a very weird way of doing things.

So that's the annoying thing with these casino bitcoin cashouts, when you don't get the exchange rate you're supposed to - you don't know if you got screwed, if they made a mistake, or they just have some really weird way of doing things. And when withdrawals take ~5 days - sometimes even longer - that's a lot of time for the market to move. Things really shouldn't be this complicated if casinos were transparent about when they lock in an exchange rate.
 
Yea got the cash today, ultimately it's not like I'm mad I just felt it was slow as I assumed btc was what most casinos pushed due to speed.

It also sometimes just feels like a hold out tactic, but that's to be expected
 
Well, bitcoin probably is very good for the casinos themselves, I guess they just don't want to pass those benefits onto the players...

The US banking system provided an amazing excuse for online casinos to hold your money, because oftentimes the excuse that it was difficult to process player withdrawals was a legitimate one. But without that legitimate excuse, they still don't want to give up their 2 day waiting periods, no weekend cashouts, weekly withdrawal limits, etc, since those are their cash cow to get players to dump the money back.

I haven't looked into them recently but there is a thing with bitcoin called "dice" sites. It's basically a very simple gambling game where a number is rolled between 0 and 1 - you choose your own odds and the house edge is usually 1%. For example, you could choose 5x, "low", and if the number was less than .198 you get 5x your bet back. The reason I mention these sites is because they often ran largely automated and would payout players in minutes - only the largest withdrawals would need to be double checked.

The point of the above is that the main thing stopping casinos from lightning fast bitcoin payouts is they don't want to do them. Casino extreme is an example that it can be done, though as I've said elsewhere I don't think your odds of winning there are particularly good.
 
Well, bitcoin probably is very good for the casinos themselves, I guess they just don't want to pass those benefits onto the players...

The US banking system provided an amazing excuse for online casinos to hold your money, because oftentimes the excuse that it was difficult to process player withdrawals was a legitimate one. But without that legitimate excuse, they still don't want to give up their 2 day waiting periods, no weekend cashouts, weekly withdrawal limits, etc, since those are their cash cow to get players to dump the money back.

I haven't looked into them recently but there is a thing with bitcoin called "dice" sites. It's basically a very simple gambling game where a number is rolled between 0 and 1 - you choose your own odds and the house edge is usually 1%. For example, you could choose 5x, "low", and if the number was less than .198 you get 5x your bet back. The reason I mention these sites is because they often ran largely automated and would payout players in minutes - only the largest withdrawals would need to be double checked.

The point of the above is that the main thing stopping casinos from lightning fast bitcoin payouts is they don't want to do them. Casino extreme is an example that it can be done, though as I've said elsewhere I don't think your odds of winning there are particularly good.
from time to time it's enough to play something like that and don't play poker thou but right withdraw will take at least oneday it's that simple
 

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