Industry Expert on Legitimacy of Online Casinos
What casinos are legit? I’m going to talk primarily about online casinos instead of brick and mortars. Technically, we can assume most land associated casinos are legit (some have opened online in NV, NJ, DE, and PA) and heavily audited, but if you wanted to open an online casino and steal people’s money, you easily could, right now. So here we go on how to avoid that.
My Quick Background of Credibility
I have been associated heavily in the online gambling industry for over a decade with over nine (9) figures – net – in earnings and the majority of my friends now work at legit sites. To answer your question quickly, the most consistently rated safest casino year after year for U.S. customers only, go to Bovada.lv (over $1 trillion in bets made, no payouts missed).
As discussed in the legit poker and sportsbook articles, I’ve been working closely with poker rooms and casinos since 2004. I didn’t start working with sportsbooks until 2008. Casinos came online more towards the early 90’s and the legit ones still exist, like Intertops. However, they disabled US play for new customers. Anyway.
Legit online casinos for US players took time to evolve, because legitimacy takes time to calculate a reasonable conclusion. It’s easy for anyone to say, hey we’re awesome, when in secrecy they’re easily tweaking odds and have a modifiable random number generator (countless stories of this). Yeah it happens, and still is happenin gg at a bunch of online casinos that target US customers through sites that may look great, but the CEO’s are the same guy that opened a casino last month and stole player funds, ahem, Rushmore.
Why do Casinos Steal and Go Rogue?
Very simply put, to operate an online casino and to accept US players is illegal. Ironically, it is NOT illegal to play as a customer on the site. This faded line creates massive opportunity and risk for an operator.
Let’s say a wealthy guy wanted to open a casino on the internet. He dumps a bunch of cash flow in the site for software licensing, a sophisticated cashier system (which he will need to counterpart US fund seizures), and staff. So many times money has been frozen and stolen (I say) by the US Federal Government. Ok, so not only that but he has to create mass amounts of marketing.
So this guy who invests time, more value to him than just money into his online casino, finally launch and realizes he can’t get anyone to signup. To add insult to injury let’s say the first few players that actually play on his site, were really just ‘fraud players’. Guys who go around playing big at any casino they can find. If they win, they cashout – if they lose they issue a ‘chargeback’ from the credit card company. They never lose…
This guy is now deep in debt for this business. What usually happens around this time is he begins taking deposits from the few legit customers he has and starts paying really slow, or not paying at all. I’ve heard all sorts of excuses all the way up to “I don’t have internet right now” (yep, a casino owner actually told me that and was too stupid to realize his statement made no sense, $40k debt never paid)
The outcome is pretty simple really. The casino owner will commit a scheme in which he continues to receive deposits, delays any and all payouts and accumulates the maximum potential for his ‘bon voyage’. He takes what money is left and runs, like I said, probably to find it’s a lazy man’s large profit to keep the greed of money on their Ferrari’s and continues the scheme.
Distinguishing Between Offshore vs “Legit” US Based Operations
Most people are asking for a federal license of online gambling because they do not know the laws of internet gambling. We believe that because the news says it is illegal, it is illegal, not what’s on the law books. That’s beside the point. A federal license of the three states mentioned above, (NV, NJ, and DE) have been processed for what many to believe to be legit online casinos, when undoubtedly there are plenty out there whom are legitimate.