The global iGaming market is continuing to grow at an exponential rate, peaking at a staggering $63.53 billion in 2022.
What’s more, this marketplace is expected to grow at a compound annual growth rate (CAGR) of 11.7% between now and 2030, with this thanks in no small part to the continued expansion of remote sports betting in the US.
Of course, a growth market of this nature is also a beacon for scammers and rogue operators, who want to claim their share of a lucrative industry while potentially stealing your personal data and finances. So, the onus is on players to recognise and avoid online casino scams, and I’ve prepared some tips and advice to help you achieve this objective.
#1. Look for Relevant and Official Licensing
Every regulated iGaming market across the globe has an official regulatory body, which manages the licensing process for operators and ensures that the relevant rules and safeguards are enforced at all times.
This means that any reputable iGaming brand must be licensed by a relevant and accepted authority, whether this is the UK Gambling Commission (which is a trusted accreditation in most global markets) or the similarly renowned Malta Gaming Authority.
Conversely, rogue operators want to avoid the restrictions imposed by licensing conditions, as this enables them to engage in unethical practices, withhold winnings indiscriminately and even steal money directly from players’ accounts.
But how do you ensure that a casino is licensed? Well, licensed operators are compelled to display their credentials prominently on their homepage, including their license number, the relevant regulatory body and their headquarters. In many cases, the official license number will also be hyperlinked, enabling you to click through and confirm the relevant details with the regulator.
If a casino doesn’t have this accreditation or information published on their site, there’s probably a nefarious reason for this, and even if it is an oversight, it’s better to avoid such casinos just in case they are operated by spammers.
#2. Be Suspicious of Specific Payment Methods and Unreliable Processing Times
As the iGaming market has continued to grow, it has also introduced a broad range of new and exciting payment methods to players.
However, not all of these methods are widely accepted or trusted, so you’ll need to keep your eyes peeled for platforms that offer suspicious or potentially malicious payment options.
While it’s hard to pinpoint individual payment platforms or e-wallets that you should avoid, there are some telltale signs to look out for when navigating an online casino. For example, rogue operators will typically deploy a small and restricted range of controlled payment methods, which may include obscure e-wallets or those that aren’t regulated in a particular jurisdiction.
For example, if you find a UK casino or sportsbook that accepts credit payments, this is in direct contradiction of the law that expressly prohibited this practice in April 2019. As a result, any operator that breaks this rule is in breach of licensing regulations, and should be avoided as its actions will fall outside the scope of the UKGC.
At the same time, operators of this type will also place a heavy emphasis on payment methods that enable you to share financial information and save this directly on the website. However, this includes visa debit cards and bank transfers, which by themselves are trusted options that are widely accepted across the globe.
So, look out for sites that combine Visa debit payments with well-known and trusted e-wallets such as PayPal. Similarly, I’d recommend prioritizing platforms that offer methods such as virtual Visa cards and the Paysafecard.
The reason for this is simple; as such payment methods are prepaid and feature relatively short expiration dates (in fact, a single Paysafecard can only be used once). This also allows for responsible gambling, so it provides protection for players on multiple levels.
#3. Watch Out for Predatory Terms and Conditions
Last, but not least, it’s important to review each online casino’s unique terms and conditions and those associated with specific bonuses and promotions.
After all, these can vary from one casino platform to another, and while the main body of any T&C document will be universal in nature, a rogue operator may use predatory terms to help confiscate your winnings or apply unfair iGaming practices.
For example, wagering requirements are a common feature of any online casino or sportsbook welcome offer. These are presented as a multiple of the total bonus value in play, and they typically range between 10% and 40% depending on the structure of the promotion and its scope.
However, if you find a casino that operates particularly generous welcome offers with inflated wagering requirements in excess of 100%, you may be playing at a rogue site. After all, such terms mean that you’ll have to play through an amount that’s disproportionately higher to the bonus value, usually within a relatively short period of time.
A rogue casino may even alter its T&Cs regularly and once you’ve deposited funds and opted into a bonus. This may make it hard for you to withdraw your winnings or cause you to inadvertently break the terms of the promotion, causing significant losses that are completely unfair.
So, check the wider T&Cs at a casino before making a final selection, and ensure that all published bonuses are fair, transparent and easy to understand.
