How Your Money Is Protected by Gambling Operators
The biggest problem for those who hesitate to start online gambling is the security of their money. For example, it is normal to worry about the safety of money deposited at an online casino CA site, but it is also unnecessary. Today, online casinos are at least as tightly regulated as land-based casinos, and many measures have been taken to ensure the financial security of their members. If you are wondering how gambling operators protect your money, read on: below we explain how you can get rid of your worries.
Your Money Is Safe Even if the Casino Goes Bankrupt
What happens if a bank goes bankrupt? Is your money lost or can you still recover it? This concern applies to online casinos as well as all businesses. Finding out one day that the casino you recently deposited in has gone bankrupt and is closed is a nightmare for most players. But just like banks, online casinos are protected against this: even if they go bankrupt, your money stays safe.
Before we continue, let us point out that this depends on the license type. Online casinos need a license to be legal, and these licenses differ in terms of their conditions. An easily obtainable license such as Panama, for example, may contain no provision for the protection of players in the event of bankruptcy. Some licenses require a certain portion of player deposits to be stored in an external bank account. Prestigious licenses, on the other hand, require that all player deposits be stored in a way that provides bankruptcy protection.
For example, one of the terms of the United Kingdom Gambling Commission license requires that operators seeking a “high protection” rating must store player deposits in a bank account controlled by an independent trustee. In such a case, it is possible to recover all your money even if the casino goes bankrupt. How much of a player’s deposit will be stored in a standalone account differs depending on the license type and protection rating.
So, how do you know what type of protection rating the casino you play offers in this regard? Again, back to the example of the United Kingdom Gambling Commission (UKGC): casinos with this license must clearly declare in their terms and conditions of use what type of protection (low, medium, high) they offer for player deposits. By examining this information, you can see how well your money is protected against bankruptcy.
Once again, there are licenses that do not require this information to be included in their terms and conditions of use, and some do not even require the use of any form of protection. This is where the importance of playing at a prestigious licensed casino comes into play. Of course, there is always the risk of losing your money if you play on sites that are “shady”. However, on sites with a prestigious license such as UKGC, it is possible to foresee the magnitude of this risk and to protect all your money by making the right choices.
You Need to Verify Your Identity
If you are worried that someone else might steal your financial information (for example, your credit card number) and use it for gambling purposes, it will be comforting to learn that online casinos have authentication systems. Some casinos (e.g., US casinos) require you to verify your identity at the registration stage. Others require identity verification in order to withdraw your winnings. In any case, the person using a credit card registered to John Smith, for example, must prove that he is indeed John Smith to gamble at the casino. If he cannot do this, he will not be accepted as a member of the casino or won’t be able to withdraw any money. This is a general requirement for all license types, as authentication is also used to establish that the member is of legal age, and even unlicensed casinos do not allow minors under 18 to play.
You Can Use Self-Exclusion Tools
In addition to all this, you can also use the self-exclusion tools to secure your money. These are features offered by licensed casinos in accordance with responsible gambling rules and allow you to impose many restrictions on your account. For example, you can limit the type of game you play and the game time. But more importantly, you can also set limits on the amount of money you can deposit and lose. If you don’t trust your self-control, it’s possible to limit your spendings by setting deposit limits. Sometimes you should not even trust yourself to keep your money safe: self-exclusion tools allow you to do just that.
For more radical solutions, you can set your bank account to automatically block gambling transactions or prevent certain payment methods (e.g., credit cards) from being used for casino deposits (UKGC licensed casinos cannot accept credit cards anyway). In any case, there are many ways to keep your money safe while gambling online.