Not a day goes by that I don't see an ad on the internet to sign up for online casinos. They have become very fashionable in recent years, and more and more casinos are offering their services online, so that you can perhaps win some money.
The payouts are usually better than in physical casinos, as their operating costs are obviously lower: no need for real dealers, no need for premises, just a website and servers behind.
What's in a casino?
If you've never been to a real casino or an online casino site, here's what you can find:
Poker (I told you about it here on this blog)
And many more...
However, playing online casino can be dangerous for your finances... Like all gambling in fact.
To avoid the risks and play safely, here are some tips from my own experience
And yes... I tried online casinos about 10 years ago... I even won some money for a short period of time... only to lose it all!
Risk #1 - They are games of chance
There are indeed tips and tricks in every game to maximize your winnings: for example, going to a slot machine when it hasn't given a jackpot for a super long time.
However, with the exception of poker, these are all games of chance (except for poker, where with the right strategy you can really win big). Some strategies allow you to increase your winning percentages, but you will never manage to win 100% of the games (or even 60% probably).
So keep this in mind and don't bet all your money.
Risk #2 - Know your opponent
Your opponent is the casino. (except in poker).
And the casino's goal, of course, is to win. Whether it's a physical casino or an online casino, they are designed to always win in the long run.
This is called the payout ratio and it is always less than 100%. For example, for online casinos, it is between 94% and 99%. This means that if you bet €100, on average you will walk away with between €94 and €99 - so the casino keeps between €1 and €6.
Think casinos are ripping you off? They are businesses and so they must make a profit. Other games of chance have a much lower payout rate: lotto, Keno, Euromillions... So the casino is still the most interesting.
But don't worry, these figures are just averages: if you do well and if you are lucky, you can play online casino and win money.
Risk #3 - Fake 100% winning systems
On the Internet, you will find many miracle systems that supposedly allow you to win every time at roulette or blackjack.
For example, in the case of roulette, there is the martingale. This system consists of betting on a colour until the thrown ball falls on that colour. You have to bet a higher amount each time you roll the ball to get back the amounts you bet previously.
The problem is that casinos are aware of this technique and limit your ability to apply it, for example by limiting your maximum bets or by throwing almost impossible series (see the example above of 15 blacks in a row).
So don't rely on these quick fixes.
Risk #4 - Beware of bonuses
Many casinos will offer you some very attractive bonus to sign up and deposit money. For example, some casinos offer to double your bonus up to €400. So, if you deposit €400, the casino gives you €400 for free.
You think that the €400 is yours to withdraw, but it is not. In most cases, you will have to 'unlock' these bonuses. There are wagering requirements, and you have to wager 40 times your deposit amount in order to withdraw the bonus. This means that you need to wager a total of €16,000 to withdraw your bonus.
Given the casino's payout rate, it's unlikely that you'll get to that €16,000 wagering requirement without going broke first.