Things to Keep in Mind About Licensed Online Casinos
Online casinos have been around since the early 1990s and over the decades we have seen many casinos come and go. However, back in the early days, there was no regulation of such sites, and as such any player in any country could log on to play as long as they had a credit card or a debit card and a computer connected up to the internet! One of the downsides of the early years of online gambling, in general, was that with no regulation there was no way of knowing if a casino site you had chosen to play at was offering fair and random games and all your private data was safe and secure with the casino in question. It was proven many times that some online casinos were not offering fair games, and they could not be trusted with your info and as such the player repented down the road. However, with many governments of the world deciding that instead of trying to restrict their citizens from gambling online, which is virtually impossible to achieve anyway, they would start to license and regulate online casinos that are on offer to residents of their respective countries. That has seen many countries in various parts of the world getting their respective Gambling Commissions or Licensing Authorities to start to offer gaming licenses to any type of gambling sites, whether they are casino sites, bingo sites or poker and betting sites.
As a player you want to be assured of several things when you do decide to play at an online casino and hence inspecting the casino’s background is a must. Verifying that it holds the proper license is a strong indication of its trustworthiness. After all, no one wants to experience any kind of issues with dishonest random number generators or when you are trying to withdraw the money. As a player, you would want fair and random games every single time of play, fast and hassle-free payouts and you will also want to have the peace of mind in knowing all of your personal and financial information is safe and secure. That is what you are going to be guaranteed if you sign up to a casino site that is licensed in your country of residence. But displaying a casino license signals much more than that:
Prioritising player safety
The truth is that there are fewer licensed casinos than there are unlicensed casinos but licensing is, first and foremost, an advantage to players. The range of options may be smaller but licensed casinos offer peace of mind that other brands simply cannot. Licensed casinos are closely monitored to ensure they are complying with the conditions of their license. These conditions include keeping business banking and player deposit accounts separate, implementing self-exclusion measures, taking steps to prevent fraud and money-laundering and more. Players benefit the most from these rules, which casino operators have to invest plenty of time, effort and money into following. The players need to feel safe when depositing in an online casino and confident that the odds of winning are not piled up against them. Without knowing that their data (such as credit card numbers) is safe and being handled with care, no one would be willing to entrust an operator with it. In other words, storing it on the server without any form of encryption is not at all advisable. In the event of a security breach, this could lead to identity theft, loss of funds, and more.
Acts as a seal of approval from the industry’s regulators
If a casino wants to operate legally, adhering to the local regulations is one of the requirements. The specifics tend to vary from country to country, but in any case, earning the certificate is a sign of having withstood rigorous background checks and regulatory scrutiny. During the process, the casino business is checked for legitimacy, their platform is tested for security, and so forth. Only the casinos that have clearly outlined the payout process stand a chance of obtaining it and it will not happen without rock-solid fraud prevention measures either.
Transparency in business
Trust is everything in any business as it helps the customer make the right choice. Government gambling regulators are bound by the same rules as the government itself. By this, licensed operators are obligated to supply that data to the regulator as well. Players also have access to ownership details so they can see which operator owns which brand.
Every type of license plays a different role
An online casino can display multiple licenses simultaneously. For example, certain countries only allow pre-approved casinos to operate in their region. One of the requirements for legalizing their operations is to have a base of operations in the said country. This ensures a watchful eye on the country’s residents as well as generates a steady flow of tax to the government treasury. A general rule of thumb is to be on the lookout for casinos that have a local license as these are considered to be the safest.
Player’s best interests
If you think that regulatory matters are of no concern to you then it could quickly turn out to be erroneous for you+. After all, you are not only entrusting the casino with your money, but with your data as well. Most people would not be comfortable with giving out their real name, address, and payment information to a stranger, and it is for a good reason which is, to stay safe. Therefore, there is no shame in asking to see the license. In most cases, however, a trustworthy casino will openly display it in the website’s footer.
Responsible gambling
Where online gambling is regulated, responsible gambling resources are obligatory, which means that whether you play at a casino licensed by the MGA or the UKGC or any other regulator, you will always find information related to gambling addiction and how to seek help.
Many unregulated casinos offer these resources too but it is very much up to the operator to decide whether to provide them, while it is a legal obligation for all licensed casinos.
Dispute resolution
In most cases, a dispute between a player and an online casino is resolved through the customer service team. However, sometimes such issues simply cannot be addressed in this way and that is where the regulator steps in. Players can contact the licensing body to mediate their dispute if they feel the resolution offered by the casino is inadequate. Players can also contact the regulator if they feel there is something amiss at a licensed brand, whether that is something unusual in the terms and conditions, concern about marketing materials or any other aspect of the casino brand that does not follow regulation.
Keeping an eye on compliance
Once an operator gains a license, that does not mean the hard work is over. Every regulator in the world conducts regular compliance checks to make sure that each operator is doing what they are supposed to do. These audits mean that operators cannot simply abandon their responsibilities once they have received their license and regulators often update the rules, so it is important to check that everyone is on board. If a brand does not comply, the regulator steps in and flags the issue. If it persists, sanctions, license suspension or full revocation can follow.
Conclusion
Given the mentioned points above, you should always double-check that the casino has proper licensing. Otherwise, this could signal trouble. Best of luck and stay safe!