Is Internet Gambling Worth It?
The question one has to ask is it really worth wagering all you hard earned cash or most of it at least at internet casinos in pursuit of that elusive jackpot? If you have the cash to lose and you’re not a problem gambler and just want to have some “innocent” fun by all means go for it.
Given the nature of internet gambling today and how easy it is to access it many gambling sites have their fair share of players scalps on their virtual walls. It’s in our living rooms, offices, and even in our bed rooms. In this article I’m going to write about the various “tactics” online casinos employ to induce you to wager at their sites.
Why Gambling Online Is Profitable
You decide to sign up at an internet casino, wager a couple of dollars and then decide to stop wagering since you’ve lost more than enough cash you intended to. A couple of days later you receive various e-mails in your Inbox from the casino you wagered at offering you a lucrative bonus to wager again. Let me give you an example. The casino offers you a $200 bonus up to 100% free. Wow you deposit $200 and receive an additional $200 “Free”, you can now play with $400.
You start off by playing your favorite casino game blackjack get caught up in the glitz and glamour and soon realist your losing cash at a prodigious rate. You complain at the casino’s customer support that you tried to cash out your winnings but can’t do so? Customer support notifies you that you need to wager at least another $60,000 before you could make a withdrawal.
Where have you gone wrong?! First of all you accepted the “free money” ($200 deposit bonus) of the internet casino without reading its terms and conditions. Let’s assume the wagering requirements for the bonus offered is 30xb amount. Normally all Slot games, Keno and Scratch Card games contribute 100% toward the wagering requirements.
The difference is you wagered on Blackjack which only contributes 10% toward the wagering requirements. Therefore 30x$200=$6,000/10%=$60,000. Most players make this mistake! The reason why Blackjack only contributes 10% towards the initial wagering requirements is because it has a very low house edge in stark contrast to slot games that has a far higher house edge. You decide to count your losses and move on. For you it’s a case of once bitten twice shy.
Then there is also the “Refer a Friend” bonus scheme. For every friend referred the player receives a bonus. In part this might also exacerbate problem gambling since some players might not have enough cash to wager any more but try and refer as many friends as possible in order to claim this bonus.
Most players can easily fall into this trap. Internet casinos bombard players with e-mails containing lucrative bonus offers and certain promotions where players could win a fabulous holiday for two to some exotic destination. Most sites support responsible gaming stating that they do not support under age and problem gambling. In most cases this is just a smoke screen especially with regard to the latter. Most online casinos don’t give a damn whether you lose $100k or $100 to them it’s all about business! That said there are reputable ones but they are very far and few between.
We live in an age where everything is easy and moderation no longer forms part of our vocabulary. In 2006 the United States implemented the Port Security Bill and attached to it is the UIGEA (Unlawful Internet Gambling Enforcement Act). The purpose of the Port Security Act is to prevent terrorists from smuggling weapons via shipping containers into the US. While the UIGEA prohibits residents to use their credit cards, cheques, and various other electronic transfers to fund their internet casino accounts. Internet gambling in itself is not illegal in the States. At this stage the US is still trying to find a way to properly regulate, tax and curb under age and problem gambling, hence the reason internet gambling is still not legalized in the country. Another concern for the US is that US-based players are exploited by offshore internet gambling operators and billions of potential taxable dollars are leaving the States.
In hindsight, if properly regulated online casinos can offer a lot in terms of employment, social and infrastructural development. A shining example of this is the gambling jurisdiction of Alderney.
Always think twice before signing up at any internet casino, if you’re unsure about the various bonuses offered contact customer support or you could contact us at [email protected].[addtoany]