Many casinos have adopted online options for players, offering deposits via credit card, e-wallet, or even cryptocurrency. While the game selections at these casinos typically include some of the more popular games that players would expect, the unclear nature of licenses and regulation means that some players often feel a lack of security regarding their deposits.
Here, the experts from Raging bull online casino explain some of the pros and cons of online casinos.
Over the past few years, online casinos, in general, have seen large variations in regulations applied, partly due to the complexity of legislation and partly due to the challenges of enforcing such regulations online.
The fact is that anyone depositing at online casinos has to trust that their account balance will be the same at the time of their deposit as it is at the time of their withdrawal. If a depositor places a $50 bet on a Roulette table and wins an amount of, say, $100, the last thing they want to see is the casino freeze the withdrawal or the funds simply never appear!
Regulators have long claimed that online casinos run the risk of allowing gambling in countries where it is illegal, or even money laundering.
What can you do?
Even though the regulatory instability in the online gaming industry may not prevent users from joining an online casino, using cryptocurrency offers users a certain degree of anonymity and in doing so avoids the need to share credit card information with a casino operator.
In some cases, the licenses held by online casinos do not protect the player or their investment, as there is no security or money recovery method in case the casino simply steals your money.
While this does not apply to legitimate online casino operators, the possibility certainly exists and thus creates uncertainty for any potential enthusiast who might be willing to join an online casino.
The games: we mentioned earlier that many online casinos allow users to play popular roulette, blackjack and card games, pokies and other popular slot games. The choice is impressive!
Big-time developers like NetEnt, Microgaming and Playtech are keen to share their most successful games with reputable online casinos.
Also, many of the ‘Jackpot Slot Games’ and ‘Megaways Slot Games’ that offer a higher RTP require a percentage of each bet to go into a ‘jackpot’ shared between multiple casinos. This is easy to accommodate between online casinos across the world – making online jackpots even bigger than in traditional brick and mortar casinos!
The reality is that while online casinos might be just as enjoyable, and more convenient than conventional alternatives, there is still the hurdle of effective regulation to overcome.
However, the ability to remain anonymous by using cryptocurrency may attract many players, but equally many will be put off by this very anonymity and the risk involved.
For now, it pays to maintain a certain degree of caution if trying anything other than a well-established and fully regulated online casino. If you do want to try new alternatives, our recommendation is to only bet small amounts until you build a level of trust in the casino.