While the odds of winning money in Las Vegas are not stacked in your favor, the odds of winning money from an online gambling or casino scam are non-existent.
If you were to enter a real casino and start to gamble, the odds of winning are, of course, not in your favor. In fact, they’re less than 50-50. If they weren’t, then the casino would quickly go bankrupt. A casino, after all, is a profit-making business. The owners wouldn’t make any money if the slot machines or games of chance available to its guests were to hand out more money than they take in. But even though the odds of winning aren’t great, you know a real casino isn’t a scam. That’s because it is licensed, regulated and supervised by a government gaming commission to ensure that everything is above board.
Moreover, a traditional casino isn’t a scam because the mathematics is the same as if you were gambling at home with your friends. There is a finite number of cards in every deck and a finite number of combinations, so you know what your chances are when you walk through the front door. Likewise, a slot machine has a finite number of pictures of fruit and a finite number of combinations. According to dummies.com, your odds on winning every hand of blackjack are 44 to 48 percent. While playing poker, if you have a flush draw and face an all-in bet on the flop, you have roughly a 40% chance of making your flush and winning. If you’re playing a roulette wheel with 38 numbers, the odds of hitting a specific number on a straight-up bet are 37 to 1 (although the house will pay 35 to 1).
Online Casino Licensing
The same cannot be said, however, about every online gambling site or online casino. That is because only a handful of jurisdictions around the world issue licensed to online gambling sites. Most such licenses are granted by the United Kingdom, two self-governing dependencies of the British crown, namely the Isle of Man and Alderney (one of the Channel Islands belonging to the Bailiwick of Guernsey) and Gibraltar, a British overseas territory. Other trusted licensing jurisdictions are Belgium, Curaçao, a “constituent country” within the Kingdom of the Netherlands, Denmark, Italy, and Malta. In addition, the Kahnawake Mohawk Territory, a First Nations reserve in the Canadian province of Quebec, is empowered to issue online casino and poker licenses.
Another country now attempting to become a licensing hub is Estonia. Its current standards, however, may not yet match the standards of veteran licensing countries. A complicating factor is that it currently issues two different types of licenses for online gaming sites.
Real vs. Fake Licenses
The first thing to do if you are considering gambling through an online casino, therefore, is to see if it claims to be licensed. The license number should also be posted on the site. If no license number is posted, or if it claims to be licensed but doesn’t specify the licensing agency, or if it claims to have a license from a jurisdiction that is not mentioned above, it should be considered a scam until and unless proven otherwise. If the site claims to be licensed in Estonia, make sure that it holds both licenses.
Note as well that there are scam gambling sites that say they hold licenses issued by Costa Rica. If so, they are intentionally misleading you. Costa Rica does not issue online gaming licenses. It issues data processing licenses, among many others. A data processing license is not pertinent.
If an online casino site is unlicensed, or is lying about being licensed, there’s only one reason why – it’s a scam. While the odds of winning money in Las Vegas are not stacked in your favor, the odds of winning money from an online scam are non-existent. Don’t gamble on that!
If you think you’ve been the victim of an online gambling or casino scam, consult with our fund recovery experts at MyChargeBack.