Not a day goes by that you see an advert on the internet for online casinos. They have become very fashionable in recent years, and more and more of them are offering their services online so that you can perhaps win some money.
The payouts are usually better than in physical casinos, as their operating costs are obviously lower: no need for real dealers, no need for premises, just a website and servers behind.
But what are the risks?
Risk #1 – They are games of chance
There are indeed tips and tricks in every game to maximize your winnings: for example, going to a slot machine when it hasn’t given a jackpot for a super long time.
However, with the exception of poker, these are all games of chance (except for poker, where with the right strategy you can really win big). Some strategies allow you to increase your winning percentages, but you will never manage to win 100% of the games (or even 60% probably).
So keep this in mind and don’t bet all your money.
Risk #2 – Know your opponent
Your opponent is the casino. And the casino’s goal, of course, is to win. Whether it’s a physical casino or an online casino, they are designed to always win in the long run.
This is called the payout ratio and it is always less than 100%.
Risk #3 – Fake 100% winning systems
On the Internet, you will find many miracle systems that supposedly allow you to win every time at roulette or blackjack.
For example, in the case of roulette, there is the martingale. This system consists of betting on a colour until the thrown ball falls on that colour. You have to bet a higher amount each time you roll the ball to get back the amounts you bet previously.
The problem is that casinos are aware of this technique and limit your ability to apply it, for example by limiting your maximum bets or by throwing almost impossible series.
So don’t rely on these quick fixes.
Risk #4 – Beware of bonuses
Many casinos offer you very attractive bonuses for signing up and depositing money. For example, some casinos offer to double your bonus up to C$400. So, if you deposit C$400, the casino gives you C$400 for free.
You think that the C$400 is yours to withdraw, but it is not. In most cases, you will have to ‘unlock’ these bonuses. There are wagering requirements, and you have to wager 40 times your deposit amount in order to withdraw the bonus. This means that you need to wager a total of C$16,000 to withdraw your bonus.
Risk #5 – Demo accounts and real accounts
At many online casinos, you are allowed to use a demo account. The casino lends you money, which you use for practice, whether it’s roulette, slots, blackjack, or poker.
The advantage is that the money is virtual, so you don’t lose it and can practice as much as you like to get the hang of the games you play – this is especially useful for poker and blackjack.
However, beware. Some dishonest casinos have programmed their demo accounts to make you win very often – and their real accounts to make it almost impossible for you to win. So you gain confidence, think you’re good, start betting real money, and then… snap… nothing works and you lose everything.
Risk #6 – Only play small amounts at online casinos
A piece of advice that goes without saying, but that many people forget.
When you go to a casino, you are betting money. This is an investment, in the hope that you will get your money back and make a profit. As with any investment, there is a risk that you will lose your stake and therefore your money.
Yes, this risk also exists for real estate investments, stock market investments, or if you invest in bitcoin… Imagine tomorrow that an earthquake or a flood destroys your property completely…
That’s why you should only bet what you are prepared to lose.
Risk #7 – Get the facts beforehand
Before depositing money, it is important to do your homework, so that you can play at any time. See which casinos have the best bonuses, or simply practice beforehand.
Risk #8 – Be patient with winning
Playing at a casino means potentially winning money, but there is a big difference between online casinos and land-based casinos when it comes to paying out a win. Physical casinos are required to pay out your winnings promptly, usually by bank transfer.
On the internet, some casinos have procedures in place so that you cannot withdraw all your winnings at once. You should always check with the site to see what the withdrawal conditions are to avoid any unpleasant surprises.
This article has given you a few tips on how to bet safely on slot machines and poker, and play at an online casino without risking everything.