These are the 10 most persistent myths about online casinos

Numerous myths persist about online casinos. Most of them are hogwash, and some are (partially) true.

CasinoWizard is all about honesty and clarity. It’s about time to list the ten most persistent myths about online casinos. We’ll tell you if the myth is true or entirely made up. And maybe more importantly: we’ll explain why it is or isn’t a myth.

Myth 1: All online casinos are untrustworthy

Nonsense. Sure, there are still (unfortunately) more than enough shady online casinos. Those online casinos immediately end up on our blacklist. The fact is that a vast number of online casinos are entirely trustworthy.

These online casinos have reliable licenses from Malta or the United Kingdom and only use casino games from respected and safe game providers. They are under strict supervision by the party who supplied these licenses. They are fined when they break any rules, or their license may be revoked.

Myth 2: An online casino can ensure that you lose, no matter which games you play

Nonsense. At an online casino, you play games that external parties provide. They’re being run on separate, heavily secured servers that the casino can’t reach. The online casino only functions as a gateway between the player and the game provider. They can’t influence the game and only settle the outcome of the bet.

The game provider, which consists of parties such as Netent, Play’n GO, and Microgaming, is, just like the casinos, under strict supervision and is regularly monitored by external bodies.

persistant online casino myths

Myth 3: An online casino can change the payout percentage with the press of a button

Nonsense. Many players believe that online casinos can implement a “give” or “take” mode. The casino could ensure that the games pay out much less than usual on the weekend (when more people have time to gamble) or when the salaries have been paid (and players have more money to spend).

It’s the same story as before: the casino couldn’t even reach the games if they tried (see myth 2). Besides, every single game has a built-in house advantage, so the casino is always one step ahead of the player in the long term. The offered games are tested several times yearly for randomness, independence, and safety. The advertised payout percentages are also examined to see if they align with reality.

If a casino is in cahoots with a game provider, they both run a considerable risk: they can lose their license. In that case, they would immediately close their businesses worth millions. There is no reason why a sensible casino or provider would want to mess with the payout percentages.

Myth 4: You never get paid when you win

Nonsense. Online casinos must check your identity exhaustively when the payout exceeds 2.300 euros. Many also go through this identity check with lower payouts. This means that you have to send (or upload) several documents that prove you are who you say you are.

This is only beneficial in the end. The verification process prevents other people from running away with your winnings. It also prevents money laundering and prevents people from creating multiple accounts. They also ensure people younger than 18 can’t get paid, removing their incentive to gamble again.

It often comes down to sending a copy of your proof of identity and a copy of an energy bill or bank account. The latter must clearly state your name and address. After the casino has verified your account, all payments will be immediately processed.

Myth 5: Winning at an online casino is impossible

Nonsense. If nobody wins at gambling, nobody will gamble. The online casino always has a house advantage. Without this, the casino would go bankrupt in a day.

But the variance (capriciousness) of the games ensures that all games show swings. Sometimes you win (on the right side of the variance), and sometimes you lose (on the wrong side of the variance). You can call this good or bad luck.

Therefore, quitting at the right time is the most crucial piece of advice. Too many players are late with their payouts and gamble away all their winnings. You always lose in the long term, so that’s why short-term sessions are vital. Playing the right casino games also influences your odds. If you’re a skilled Blackjack player, the house advantage is a mere 0.5%-1%. Compare that to other casino games like Keno, American Roulette or some slot machines, where the house advantage can go up to 5%-20%.

Myth 6: Online casinos will do anything to make you go broke

Not true. Reliable online casinos love to have loyal customers who often return to gamble. Having their players develop gambling addictions with all the negative consequences doesn’t benefit them. They also have a societal responsibility to prevent problematic gambling as much as possible.

Therefore, casinos must combat gambling addiction under the rules of the license. Players can protect themselves by setting personal deposit, play, and loss limits. A player can also voluntarily exclude himself for a more extended period or permanently. The player won’t be able to play at the casino during the exclusion period.

More and more casinos, including Mr Green and LeoVegas, have developed tools that help the casino and the player identify problematic gaming behaviour and intervene in time.

myths online casinos debunked

Myth 7: The only reason casino bonuses exist is to lure you to the online casino

True. Casino bonuses are ideal for persuading you to gamble at their online casinos. It costs money to give away the bonuses, but the casino earns this money back when players decide to keep gambling at their casino.

A casino bonus often consists of a deposit bonus (deposit 100 euros and receive 200 euros as a bonus). You usually also get some free spins on a popular slot machine like Starburst as a gift.

Casino bonuses must always be wagered several times before they are converted into real money that you can cash out. Most casino bonuses must be wagered between 3x and 60x. This is steep, but don’t forget that it’s a gift from the casino. You can see it as an extra way to earn money.

It’s good to know that you can always choose to reject the welcome bonus at any reputable online casino if you don’t want to bother with these kinds of annoying wagering conditions.

Myth 8: Anyone can start an online casino

Nonsense. If you want to start an online casino, you will need vast startup capital. You will have to pay a lot of money to offer games by popular game providers like Netent and Microgaming. Building up the casino and implementing deposit methods are expensive as well. Personnel expenses shouldn’t be underestimated either: a 24-hour live chat helpdesk can easily cost a couple of hundred thousand euros a year.

Just having the money doesn’t quite get you there, either. You must meet rigorous conditions to be eligible for an online casino license. Have you been guilty of criminal activities in the past? Then the Malta Gaming Authority or the UK Gambling Commission will kindly and politely advise you to pursue something different.

online casino myths that are false

Myth 9: Winning a million euro jackpot is impossible

Mostly true. The odds of winning a multi-million jackpot on Mega Moolah or Mega Fortune Dreams are tremendously low. The odds of you being hit by lightning twice are probably significantly higher. There is a chance, though, however slight.

Our advice: always play progressive jackpot slots with prizes reaching the millions in moderation, and only with money you can afford to lose. If you are a couple of hundred euros ahead, hit it with a few tenners and try to win those millions. Didn’t win? Try your luck somewhere else. Or even better, let them pay out the rest and treat your partner to a lovely weekend out.

myths about online casinos

Myth 10: online casinos pay out worse than land-based casinos

Nonsense. Online casino games usually have better payout rates than their land-based counterparts in Las Vegas, Atlantic City, or your local brick-and-mortar casino.

Most online slots pay out between 95% and 99%. Are you playing slots in a land-based casino? You can count on a payout percentage between 88% and 92%.

Are you trying your luck at a pub or a slots arcade? Good luck- You’ll need it.

Here, the payout percentages are even lower: between 80% and 90%.

Ready to try your luck?

Good, you should now know that most myths about online casinos aren’t true.

Are you ready to try your luck at an online casino?

All recommended online casinos have been personally tested by CasinoWizard and scored high in game selection, trustworthiness, license, payment options, and withdrawal speed.

These casinos have some excellent welcome bonuses for new players.

This way, you can immediately double your deposit. You can try your luck at the table games or the fantastic online slots with this extra cash.

Post a comment

Your email address will not be published. Required fields are marked *