Are Your Online Casino Deposits Safe?

In News by on August 8, 2017

 

In the past, we witnessed many casinos going into insolvency. Because of various reasons, the casino goes into liquidation and is closed. In the event of this, you as a registered player, a depositing player, should worry about your money. Depending on the casino’s policy, you may or may not be protected.

Transactions Are Encrypted, This is Totally Different

Transactions are protected with SSL encryption in 99,99% of the time, and 100% when it comes to a legit, licensed online casino. This encryption also protects your privacy. In other words, your money gets to the online casino without any 3rd parties watching. It’s a sensitive topic which calls for impeccable information protection, both personal and banking.

However, this is a different issue. We’re talking about the safety of your deposits, once they reach the dedicated bank account of players’ deposits. As it turns out, the policy in regards to this matter varies greatly. This is another feature by which we can evaluate online casinos, and make a better judgement of their overall quality.

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What Happens If an Online Casino Goes Bust, Insolvent

These added layers of players’ funds protection kick in if the casino goes into insolvency. Although it doesn’t happen that often, there are players who like to play with “healthy” cash balances at all times. Moreover, there are players who don’t like to deposit on a regular basis. Instead, they do it once, but deposit a hefty amount of money. These are the players that are at the forefront of this catastrophe that could happen.

Sure, we’re not saying that casual players are not affected by it, but they’re not up to that extent. According to the current guidelines, there are 3 different scenarios, 3 different outcomes.

Added Layers of Players’ Funds Protection

Below you can find more information on each of the 3 possible scenarios. UK Gambling Commission licensed online casinos are required to inform their players of the type of funds protection mechanisms they have in place. You can find it in the respective Terms and Conditions at any UK licensed online casino.

Here are the 3 types of fund protection you can find at UK licensed online casinos:

  • Basic – Basic protection means there’s no extra protection of the player’s funds. If, say, the casino goes bust, the players’ money is treated as part of the company, meaning it will be used to pay any debts, to cover all liabilities the casino currently has. We’d like to see this changed from “BASIC” to “NO PROTECTION”. After all, that’s the harsh reality.
  • Medium – Better than Basic Protection, but still not perfect. Under a Medium Protection policy, the players’ funds are still part of the casino as a company, but are kept in separate accounts. In addition, insurance is in place, and arrangements are made so every player who has made a deposit is reimbursed. Nevertheless, there are situations when Medium Protection is not enough, and some online casino players do not get the full amount out of the soon to be bust online casino.
  • High – High Protection basically means all players get their money, regardless of the casino’s status. The players’ money is kept separately, and it does not belong to the company. Players’ deposits are monitored by an independent auditor. The money, essentially belong to the player, until there’s a positive cash balance. The money is transferred to the company’s accounts once and if the player loses the entire amount that was previously deposited.
    Passionate casino players and high rollers should definitely based their decision on this, at least it needs to be considered.
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The UK Gambling Commission is Ahead of the Malta Gaming Authority

We did research a bit, and it turns out, the UK Gambling Commission is way ahead of its counterpart, the Malta Gaming Authority. For the time being, only UK licensed casinos are required to inform their players about this matter.

In the end, this is not something to fret about. Whenever an online casino announces that it’s going to be closed in the upcoming period, usually, all deposits are blocked, and players are allowed to make last minute withdrawals. UK licensed online casinos have proven to be the best and most closely regulated online casinos.

Bear in mind, bonus players are subject to different terms. The Bonus Terms have the priority in this situation. Unless you complete the wagering requirements, you cannot make any withdrawals whatsoever. This applies to real money players, or players that are not subject to any wagering requirements.