Parting with your money, particularly online, is never an easy thing. Hacks on major companies like Home Depot and Neiman Marcus, where credit card details were compromised for millions of customers, don’t do much to dampen the worry.
Considering the online casino industry transacts millions of dollars per year, it’s understandable to ask the question: how do online casinos actually protect my money? The short of it: they have so many measures in place, it’s like a virtual Fort Knox. But for those interested, here’s the long answer.
Safe Payment Methods
Reputable casinos are legally bound to offer punters safe and reliable payment options. These include major credit and debit cards, bank deposits, country-specific methods (e.g. Interac for Canada), and e-wallets like Skrill or Neteller. Casinos use several strategies to ensure payments are secure, including:
- Legal documentation. Stolen credit cards are a big problem with online transactions. This is why many casinos will undergo manual checks of legal documentation for proof of identity.
- SSL encryption. SSL ensures that data travels safely from your computer to the website you are using (in this case, a casino). Your credit card details cannot be stolen. In this way, online transactions are safer than what you do in ‘real life’, as someone can’t sneakily swipe your card details while charging your account.
Independent Auditing
It’s a question people ask themselves in both offline and online casinos: are the games fair? When you hit a long line of 0 wins on the slots, for example, it’s easy to see why some people think the game is rigged.
But the truth is that online casinos are generally 100% fair, as long as you play with a certified reputable casino. The thing is, governments have laws in place that force casinos to go through external audits. Games and the financial systems are rigorously checked on a regular basis, guaranteeing that games are random, your money is ring fenced, and processes don’t skew in the house’s favor.
Money is Kept Separately
You should look at your bank account and casino funds as the same in this way: they’re both just as safe as the other. If you want to take your money out, you can. That pot of cash is entirely yours 24/7.
As long as you stick to a reputable casino (yes, we’re going to repeat this advice until we’re blue in the face), the money you have in your account is held in a legally separate entity. This means that even in the unlikely scenario that the casino goes bust, you’ll still be able to get a hold of your money.
Responsible Gambling
Casinos are a fun way to let off steam, enjoy new and exciting games, and if you strike lucky, win the big bucks. But gambling can also quickly become addictive, and casinos are aware that some people may be more susceptible than others.
Without taking away your freedom to spend your money in any which way you want, casinos have implemented several safety methods to help you make the right financial decisions for you:
- Profit and loss limits. If you hit a certain ‘target number’ the casino will flag it for you. If you’ve made or lost beyond your limit, it may be time to stop.
- Deposit limits. Don’t spend more than you can afford. If you think you will be tempted to go beyond your budget, set a hard 24-hour deposit limit.
- Cool off periods. Think gambling is not quite as fun as it was yesterday? It may be time for a breather. Some casinos have a ‘cool off period’, in which you can voluntarily block yourself from accessing the website.
- Reality check. Casinos have a feature that triggers a ‘reality check’ after you have spent a certain amount of money or time playing table games or slots. For example, Sky Vegas gives you a notice after two hours to check if you’re still keen to continue playing.
Casinos Are Safe, But You Must Act Responsibly
The tech of the average quality casino is as good as anything you’ll see online. And many companies have gone even further, taking what can be described as a ‘social responsibility’ to encourage sensible spending.
But there’s only so far casinos can go to protect your money. You must always act responsibly and be mindful of potential scams. Unfortunately, not every casino is created equal. And when it comes down to it, you’re the one who decides how you spend your money. If you win big, the jackpot is yours. But if you go beyond your set budget, that’s a responsibility that is outside the casino’s hands.