Why would a casino eliminate a deposit method for someone?

[Savatage79]

I meant direct deposit of crypto, as in using a crypto wallet like Electrum. Then you never need to worry about getting blocked from your end.

It is high fees if you use a hosted wallet (as in, a company that manages your BTC for you so something like coinbase wallet where they rip you off the fees). But if you use your own crypto wallet, the fees have always been low. I use Electrum and even at 100k now I am paying about 6 cents (that's just because of BTC price). If you use other crypto, like USDT, which any crypto casino usually accepts in addition to BTC, the fees are always in cents. Its way cheaper for me long term than loading up my paypal or loading up giftcards like I do now.

Don't worry it took me a long time to latch on, but these days there's a lot more help and guidance online, and the apps and wallets are way easier to use now.

What then do you suggest to use? I just am so lost with it... I only used coinbase and PayPal btc because it's easy I can send and receive but thats it, I am just so lost tho for anything else with bitcoin. Its something that totally went over my head when it started.

 

[SlamRoyale]

What then do you suggest to use? I just am so lost with it... I only used coinbase and PayPal btc because it's easy I can send and receive but thats it, I am just so lost tho for anything else with bitcoin. Its something that totally went over my head when it started.

I would suggest Electrum, if you are using Bitcoin. Official site is

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. Get your Bitcoin from Coinbase (or buy it from wherever you are comfortable with) then withdraw it to your Electrum wallet. Word of caution for using your own wallet, you cannot get help remembering your seed phrase (it's like a secret key only you know) so you must be prepared to store your access safely as nobody can help you recover it. It can appear a bit complicated to use at first but default settings should be safe enough to use.

Not to derail this thread but you can always open a new thread and tag me to help you if you really need in support section, but the documentation on Electrum is pretty handy.

Don't worry it appears hard at first but once you get the hang of it you'll probably never go back (that's what happened to me anyway). I come from a place so hard to get things like paypal or visa to work internationally. I can't even use Coinbase. My frustration let me to Bitcoin.

 

[Guntis]

@Savatage79 If you can, always use real money payment methods like PayPal's card that you know well. Bitcoin and other coins work if you own some spare coins and plan to use them for gambling without needing cash.

Otherwise you'll always lose on transaction fees and they'll build up quite a lot overtime (this year i spent around £2k on fees, it's a lot of money).

Say you receive $1,000 in Bitcoin from a casino to your Electrum or similar wallet. And what comes next? Shops don't take Bitcoins for milk, bread, meat, fags, petrol, etc. And you can't pay your bills with them either. So essentially, it's useless currency if you nead money for everyday life.

What's the way to get USD from crypto?

1. Well, in the US you got Bitcoin ATMs that will charge you 5% or more + network fees.

2. Send crypto to exchanges like Binance, Coinbase, etc and get charged fees for selling your Bitcoin. Here in the UK, it's around £50 for 1k on Coinbase. It's nuts, and Coinbase bans accounts used for gambling if they find out.

3. Transak is an option too. There you can sell crypto for cash. It costs between $5-15 for selling $1,000 worth in Bitcoin.

4. Find somebody who can swap your crypto for cash for a small fee.

---

It's all hassles, extra steps, and fees. But it's still an option if you have no better choices. If i was you, i would consider convenience, compare costs, and stick to USD payments for casinos whenever possible.

 

[geordiecolin]

I went into my local Coral's today with a box of Big Eyed Friends dolls asking if I could exchange them for a punt on Forged Well EW in the 130 at Kelso and they just slung me out across the street

 

[Savatage79]

@Savatage79 If you can, always use real money payment methods like PayPal's card that you know well. Bitcoin and other coins work if you own some spare coins and plan to use them for gambling without needing cash.

Otherwise you'll always lose on transaction fees and they'll build up quite a lot overtime (this year i spent around £2k on fees, it's a lot of money).

Say you receive $1,000 in Bitcoin from a casino to your Electrum or similar wallet. And what comes next? Shops don't take Bitcoins for milk, bread, meat, fags, petrol, etc. And you can't pay your bills with them either. So essentially, it's useless currency if you nead money for everyday life.

What's the way to get USD from crypto?

1. Well, in the US you got Bitcoin ATMs that will charge you 5% or more + network fees.

2. Send crypto to exchanges like Binance, Coinbase, etc and get charged fees for selling your Bitcoin. Here in the UK, it's around £50 for 1k on Coinbase. It's nuts, and Coinbase bans accounts used for gambling if they find out.

3. Transak is an option too. There you can sell crypto for cash. It costs between $5-15 for selling $1,000 worth in Bitcoin.

4. Find somebody who can swap your crypto for cash for a small fee.

---

It's all hassles, extra steps, and fees. But it's still an option if you have no better choices. If i was you, i would consider convenience, compare costs, and stick to USD payments for casinos whenever possible.

Thanks for the post Guntis. Oh I agree that's why I fight so adamantly about using my CCs and why I'm thankful that most still take CCs, like with my Paypal deposits it's like 1.00 fee, it's so nice and I don't feel I'm getting totally jacked when it comes to the fees. Same with cash outs by the time I send it all around I'm down a hundred or more. That's why I still like old school checks, takes a few extra days but I don't lose anything.

 

[Savatage79]

So just an update... Slotocash returned my credit card deposit method.

So that's great, but lol I still just wish I understood why is all and I hope they don't mess with it again.

@Sloto if you were able to help with that I totally appreciate it

 

[SlamRoyale]

Otherwise you'll always lose on transaction fees and they'll build up quite a lot overtime (this year i spent around £2k on fees, it's a lot of money).

Say you receive $1,000 in Bitcoin from a casino to your Electrum or similar wallet. And what comes next? Shops don't take Bitcoins for milk, bread, meat, fags, petrol, etc. And you can't pay your bills with them either. So essentially, it's useless currency if you nead money for everyday life.

4. Find somebody who can swap your crypto for cash for a small fee.

It's all hassles, extra steps, and fees. But it's still an option if you have no better choices. If i was you, i would consider convenience, compare costs, and stick to USD payments for casinos whenever possible.

I have to insist that crypto saves me money on fees, as a user over the years, its one of the main reasons I've just completely changed to only using crypto casinos. I spend a few cents per transaction on BTC, maybe it gets to 50 cents during very busy periods, but if I use USDT (Tether) it can even get to as low as 1 cent per transaction.

For years I spent so much on fees on CCs and Paypal. Maybe its different for US people for sure, and maybe also other countries, but we in Asia get charged and lose money on CC on a few things:
1. A service fee which is around 2%. Almost everywhere you will be getting this.
2. A terrible exchange rate which is minimum 5% markup. If you're lucky you can find a casino that accepts SGD or MYR but in general, you have to choose USD or EUR and then you gonna get a terrible rate.

Want to use Paypal? Then you are stuck with 4.9% fee.

What to do with Bitcoin? I swap P2P in Singapore and Malaysia. Loads of people and networks on platforms here. I can literally sell my BTC withdrawal in minutes with bank to bank instant transfer. I get a better rate than if I withdraw my USD, and then forced to pay the bad exchange rate AND service fees. Again.

I do admit I guess the situation is different for US people, maybe you guys don't have CC fees or high charges like in Asia?

 

[Guntis]

I have to insist that crypto saves me money on fees, as a user over the years, its one of the main reasons I've just completely changed to only using crypto casinos. I spend a few cents per transaction on BTC, maybe it gets to 50 cents during very busy periods, but if I use USDT (Tether) it can even get to as low as 1 cent per transaction.

Where do you initially get your Bitcoins?

Here in the UK, they don't grow on trees, i don't mine them, and you can't even find them lying about on the streets.

The options are to buy them on exchanges or from a trusted P2P who sells them for a small fee.

Here is how much of these Bitcoins cost on Kraken - £188,37 (or $240) for £4,000 in BTC.



Here is how many of those Bitcoin i've bough during the last 30 days and deposited into this casino:



I couldn't screenshot the full list and had to calculate this way:



€18,876 is about £15,600

So the fees would be roughly £750 (or $960) for buying £15,600 worth of Bitcoin on Kraken.

---

What does £750 mean to me? I could fill a fridge for a whole month with the best food you can find in the UK, plus a couple 50 gram pouches of tobacco.

And £750 in fees is just for this month because I played before too. Yes there were wins, but mostly losses.

BTC wallet-to-wallet fees is a different story and they don't matter much. But still build up over time.

They're about £3-4 for transferring £1,000 in BTC.

Now, if i played on UK real money casinos like Unibet using my UK bank card or PayPal, there would be instant deposits and withdrawals with zero fees.

So yeah, the situation here is much different than yours.

 

[LocoEsquire]

This post is really interesting to me because I also play on SlotoCash. They haven't revoked my ability to use credit cards, but they did recently limit my bets to no more than $2.00 a spin and stopped honoring any bonus coupons. This is after I won a huge progressive last year and about 30k in smaller wins this year. I asked about VIP status, was denied, and then had my bet limits lowered and all coupons denied. Really strange.

 

[jasonuk]

Thanks for the post Guntis. Oh I agree that's why I fight so adamantly about using my CCs and why I'm thankful that most still take CCs, like with my Paypal deposits it's like 1.00 fee, it's so nice and I don't feel I'm getting totally jacked when it comes to the fees. Same with cash outs by the time I send it all around I'm down a hundred or more. That's why I still like old school checks, takes a few extra days but I don't lose anything.

Credit cards are pretty nasty when it comes to fees though, 2-3% is pretty much a given and depending on risk and whether platforms like AMEX are involved it could exceed 5% - which is significantly higher than debit cards, and higher than many (but not all) crypto scenarios.

So even if you aren't getting hammered with fees, the merchant (casino) probably will be.

 

[Savatage79]

This post is really interesting to me because I also play on SlotoCash. They haven't revoked my ability to use credit cards, but they did recently limit my bets to no more than $2.00 a spin and stopped honoring any bonus coupons. This is after I won a huge progressive last year and about 30k in smaller wins this year. I asked about VIP status, was denied, and then had my bet limits lowered and all coupons denied. Really strange.

Funny you mention that because all my issues here with Sloto started after I hit my Goldbeard jackpot for 11.5, like a month after my CC deposits were barely working, and then after a few months here we are. But now they're back. But that sucks to hear man because it basically says to me they are sore losers if someone wins big, that doesn't seem fair to just pin someone down like that after a big win.

Credit cards are pretty nasty when it comes to fees though, 2-3% is pretty much a given and depending on risk and whether platforms like AMEX are involved it could exceed 5% - which is significantly higher than debit cards, and higher than many (but not all) crypto scenarios.

So even if you aren't getting hammered with fees, the merchant (casino) probably will be.

Most likely, but I still think the old saying that goes gotta spend money to make money applies as I put alot of money into a place like Sloto so surely they can withstand some fees, most places offer it so that's why I feel they want to leave it open. So I dunno but I'm glad they gave it back to me but still, very annoying

 

[SlamRoyale]

Where do you initially get your Bitcoins?

Here in the UK, they don't grow on trees, i don't mine them, and you can't even find them lying about on the streets.

The options are to buy them on exchanges or from a trusted P2P who sells them for a small fee.

It would cost me as much as you (maybe a little less because our exchanges have very low fees. Southeast Asia exchanges are easy to buy, and they all have a P2P platform where you find other buyers/sellers or you can post your own request, at your own price. So that's what I do.

Initially my BTC was from P2P Localbitcoins, you post your own price, and someone agrees, and then you exchange it (it's safe because of escrow). It doesn't exist anymore but we have Remitano which is big in Singapore where I am. And most of us, after the first trades, we enter a P2P group on whatsapp, we all trust each other already and trade directly. Very very good price and we pay nothing on tx except wallet to wallet (which is cents on Electrum).

Depositing to casino is again cents, withdrawal costs nothing.

I don't know how it is in UK or US , I know US banned commercial P2P mostly but oc, there are trusted groups also and AFAIK its not illegal if it's not a commercial business, as in, just personal to personal.

I believe we all started with your situation but because we all wanted a way to escape high cost of fees, eventually many of us in Singapore turned to crypto and P2P. No more exchanges means 1 less KYC requirement also.

Edit: showing my last deposit transaction which cost 0.00000400 BTC or 40 cents for depositing $100. And that's a priority "order". If I set low priority, it will take more time to confirm but it would have cost me 15 cents. And thats just because BTC is $100,000 now. A few months ago at $50k, these would be 20 cents or 7 cents.

 

[Deanna]

@Savatage79 - I'm sorry, somehow I missed this entire thread until just now. I haven't had any issues with Sloto or Uptown with CC's. As you know, I mostly play on Uptown but will go over to Sloto if waiting on a payout.