What are the risks involved in gambling online? Is it safe to play at online casinos? What should I look out for?
Gambling is big business — and it’s estimated that over 2.5 billion people worldwide gamble. Online gambling has become hugely popular in recent years and now accounts for 20% of global gambling revenue. And yet, despite its popularity, little is known about whether or not online gambling is safe. In fact, some experts say it could be far riskier than visiting a land-based casino. If you want to play online, here are three things to look out for.
Many myths surround online gambling. While there are certain risks associated with playing online, most of these myths are outdated, inaccurate, or exaggerated. The reality is that online gaming offers a great deal of convenience, and those who choose to play responsibly can enjoy it safely.
Online Gambling: Myths vs. Facts
1. It’s unsafe to game online
While this may have been true during the early days of online gambling when few websites existed, times have changed. Today, most reputable sites have safeguards in place to protect players from fraud. As such, gambling online is actually safer than playing games of chance at land-based casinos. This may hold especially true if you know what you’re doing and follow all recommended safety guidelines.
2. Gamblers don’t understand the risk
One common misconception among gamers is that the stakes are too high for them to lose their money. But many sports bettors realize they might get crushed by an upset, and decide it’s worth a shot anyway because the potential payoff is so good. You may find yourself being sucked into “gambler’s fallacy,” where you believe a streak of bad luck will suddenly turn around once you make a wager on a particular team’s performance.
3. Online betting sites steal your money
In reality, reputable online casinos will never ask you to deposit cash before allowing you to start playing. Instead, they require that you provide personal details like your name, address, and contact information. Once this info is collected, players must then sign up through one of several forms of verification services provided by major banking companies. These methods ensure the identity of each player and prevent cybercriminals from making fraudulent transactions using stolen identities.
4. There are no taxes
Most states indeed impose very low taxes on winnings (ranging anywhere between 1%-6%), but many countries do charge tax on online casino winnings. For instance, France levies a 15% tax on any winnings made via a French online casino. In contrast, Canadians pay no tax on winnings made in foreign jurisdictions.
5. Online casinos attract underage gamblers
Even though minors face heightened legal requirements under federal law, they also receive fewer protections compared to adults. That means minors may find themselves vulnerable to scams, malware infections, identity theft, and other cyber threats. However, most reputable online gambling sites take steps to keep kids away from their games. They enforce age restrictions, ask parents to confirm their children’s ages, and verify credit card data to help ensure protection.
6. Casinos will give back wins to winners as a way to manipulate them
There are many ways to earn free chips, and some sites offer generous rewards just for signing up. Others feature loyalty programs where players can rack up points which are later redeemed for prizes.
Still others allow players to spin a slot machine for real and let them keep whatever winnings come up. If you’re seeking to avoid manipulation, look for sites that use provably fair random number generators, rather than ones that may be influenced by outside factors.
7. Every online casino has the same level of security
The fact remains, every site uses different levels of encryption to safeguard players’ financial information. Encryption scrambles sensitive data to obscure it, rendering it unreadable by anyone who attempts to intercept or access private data during the transaction. Most reputable sites implement layers of encryption, including SSL certificates, virtual private network connections, and encrypted cookies. Some even encrypt entire file transfers.
8. All online casinos have the same payout percentages
The majority of Internet-based casinos boast impressive payout rates, meaning they’ll always payout at least 98% of all winning bets. While these numbers don’t guarantee success, they certainly indicate that online operators are trustworthy.
And if you want to further boost your odds of collecting a big payday, consider placing more than one bet per day. This ensures that if just one horse pulls off an upset, you won’t lose a large portion of your bankroll.
Conclusion
Before choosing to play for money, make sure to read our reviews and do your research to learn about each operator. We’ve done extensive testing to uncover the truth behind claims made by each site, so you can select only those that stand by their products with integrity.
The best part? Our experts have already reviewed hundreds of online casinos, so we know what works and what doesn’t. You get straight answers without needing to wade through misleading fluff produced by poorly researched marketing campaigns. So when you finally decide to place a bet, rest assured knowing you selected an online casino with high standards and verified trustworthiness.