Except for the players, the online casino industry is extremely profitable for everyone involved. In other situations, players also walk away with a large sum of money. However, this is a rare occurrence. Winning the lottery is also an uncommon occurrence, but it does happen.
I’ve compiled a collection of half-truths and lies you might hear from some online casinos. These claims are not made by all Internet gambling sites. And not all of the websites making these claims are telling the truth.
1.)You can obtain free money just by registering with their casino.
This is a half-truth rather than a complete untruth. I’m referring to the bonus offers that casinos promote so prominently on their websites.
The wagering requirement at the casino is 35X. Before you can pay out, you must wager 35 times the amount of $750. That’s a total of $24,500 in bets.
Most casinos also demand that these bets be made on their slot machines. Those games frequently have the casino’s biggest house edge.
However, let’s imagine you’re playing at an online casino with a modest house edge. Let’s imagine their slots games have a 96 percent payout percentage. In that situation, the house has a 4% advantage.
The sum of 4% of $24,500 is $980. When you put that many bets, you’re mathematically projected to lose that much money.
Of course, you only had a $750 bankroll. You’ve got nothing left if you’re expecting to lose $980. In reality, you’ll most likely become bankrupt quickly.
Isn’t it strange how the bonus sums are always displayed in bold, colorful letters, but the terms and conditions related to those offers are written in a fine print one or two clicks away from where you initially read about the offer?
2.)Gambling on the internet is perfectly legal.
Online gaming sites make a great deal about how licensed and controlled they are. Of course, the assumption is that a licensed and regulated firm is operating legally. This isn’t always the case, though.
Taking bets on casino games from players in the United States, for example, is banned in almost every state. There are some differences in laws based on where you live. Even in those states, however, the Wire Act may apply.
However, there is a grain of truth in this remark. The company that provides the betting is always the target of enforcement actions. Players are never detained or prosecuted in any way. (At least, not yet; who knows what might happen if Trump is elected—he does have ties to the US land-based casino sector.)
It’s extremely unlikely that you’ll be caught and prosecuted for playing blackjack or a slot machine on your computer. However, this does not make the behavior entirely legal.
3.) They are frequently defrauded and cheated by bonus abusers.
When bonus abusers are continually trying to take advantage of their promotional offers, casinos make a big deal about how difficult it is to do business. They actually have less of a problem with it than they claim.
Let’s be honest. On every single bet you can make, the odds are in favor of the casino. To compensate for this, how much money would a casino have to give away to new customers?
As if that weren’t enough, the casinos impose exorbitant wagering requirements. In years, I haven’t seen a casino with a wagering requirement low enough for a player to exploit their offer.
The truth is that many gamblers would be better off simply playing with the money they deposit and declining any bonus offers.
Don’t feel sorry for an online gambling site that is appealing for sympathy from clients who are taking advantage of their promotional deals. That isn’t nearly as serious an issue as they would have you believe.