It is natural to be scared of being looted when trading online; hence, doubting the legitimacy of the platform. Similar fears take place in the minds of backers before becoming a part of the online gambling industry. There are various myths surrounding this industry that need to be dispelled at the earliest.
The online gambling industry has managed to conquer a large chunk of the market. According to 2017 reports, the size of the market was estimated to be above 46 billion U.S. dollars but the forecast that took everyone aback was that the industry has been projected to grow worth more than 94 billion US dollars. Around 26% of the world population indulges in gambling, which encompasses around 1.6 billion people worldwide. Meanwhile, a UK study enunciates how 17% of the population gambles online, bestowing the online industry with revenue up to 5.86 billion US dollars.
Whilst the pace of online gambling does not intend to slow down, below are a few reasons which shun out the possibility of cheating and fraud in this field.
Proper research lands you to an authentic online gambling site
Adequate research suggests reading thoroughly about an online gambling site before beginning your gambling endeavors on it. Reviews that showcase slow or no pays are a red signal for the platform. Illegitimate sites tend to mold the terms of the game, thus, it is necessary to precisely read the ‘T&C’ section of the site and assimilate any loopholes present. Furthermore, if the site seems to be offering implausible bonuses and promotions, there is a chance of it being rogue.
That being said, the probability of an online gambling site being a fraud is quite low, considering they have to follow certain safety standards prior to getting into operation. Hence, the authenticity of the gambling sites is seldom compromised. In countries like the UK, Sweden, some states in the US and more online gambling is backed by the legal system, ensuring protection from theft and money laundering.
It is a game of Algorithm
As much as it might appear to be controlled by a body, gambling is truly based on luck. The myth of gambling theories has been long prevailing, making players believe that there are ways to escalate their chances of winning. Random Number Generator (RNG) is what governs the game in actuality and drives away any stroke of experience and smartness. Each and every spin of the reels is determined by RNG.
This mechanism is incorporated in the games of slot machines, blackjack, video poker, roulette, and many more. RNG mechanism ensures that every single spin is unique. Each spin contains a distinguished combination of symbols that are randomly created. Besides this, the way the slot machine is played, in both land-based and online-based casinos, does not have an impact on the results of the spin. Thus, the scheme of RNG dissipates all the false theories circulating around online gambling and restores your trust in luck.
Various security measures to prevent hacking and cheating
11% of the total internet traffic owes to online gambling and betting, implying how the industry is on a trajectory of immense growth. Such facts bring along with the fear of being cheated or looted online. In reality, online gambling sites undertake various security measures. Know Your Customer (KYC) practice is one of them, wherein the identity, age and political title of the gamblers are verified.
Online gambling is better monitored than real-world gambling practice. These sites also track down the device used for fingerprinting, thus, aiding in detecting any suspicious usage. All the email Ids are linked to a social media account which is also mapped out by the sites in order to prevent any fake accounts from participating in the betting process. IP analysis is another factor which lends more credibility to the online gambling sites.
Online casinos keep you and your money safe
Online gambling sites are ideal for all those who wish to play and bet without having to worry about the parameters of time and location. It is a huge and rather respected industry, which is in total contrast with the reputation of land-based casinos, who have been criticized for many years for their lack of control over player safety in terms of gambling addiction and overall approach to players. The online gambling industry is also one of the most technologically advanced industries today, with many operators going as far as developing their own AI systems to optimize both the enjoyment as well as the safety of gamblers when playing online.
Speaking of player safety, this has been a leading topic in the industry in the past decade, with the software behind the brands being designed with a safety-first approach to protecting players from any form of cybercrime such as money laundering or theft of personal data. Player safety is also one of the main discussions at ICE London – the biggest gambling conference worldwide which is happening right now and hosting over 35,000 industry experts just this year.