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Don’t fall for online casino scams: How to protect yourself from fraud

Personal_Finance / Gambling Dec 27, 2019 - 08:04 AM GMT

By: Submissions

Personal_Finance If you’re like most casino lovers today, chances are you’ve already started playing casino online, or trying your luck at online slots, or getting free spins online. While online gambling obviously comes with its plethora of benefits and perks, there is no hiding from the fact that it also exposes players to several unscrupulous individuals, websites, and games. Indeed, to win in a casino by simply lying in your sofa, and clicking a few buttons on your smartphone is a tempting offer for anyone, but you only need check out the number of people who have been fallen for the same bait and have been scammed over the last few years to fully understand the depth of online casino frauds. But how exactly do people get scammed? Read on to discover some of the approaches of these scammers.




Affiliate programs

Have you ever been told by an online casino website to refer a friend and get some rewards for his wins? Well, this is what is called the "networking scheme," and although not every online casino website does this to defraud you, there are some that actually do. You or your friends can play in an online casino and invite acquaintances to increase their income. But have you ever wondered how this is profitable to the casino owner? Well, read on to discover their trick. More often than not, the owner of an online casino website is often the one in charge of controlling the game's algorithm operations, which means that he has the power to tweak, alter, or design a game to let a player ultimately lose more than he wins. Now, since you'll be bringing more people, it invariably means that he has more players. And the more people that gamble in the casino, the more money they lose. By and large, he somewhat has the power to ensure the new players you're bringing in doesn't win much, and as a result, that you don't get much of the rewards you were promised. But he, on the other hand, gets a healthy share of the pie, since the players will be making deposits.

A rare winning formula

Another technique adopted by a scammer is the “unique formula scheme.” The scammer tells you that he has invented a unique winning formula that has the ability to help you make more profits at the casino. He then proposes to sell this formula to you at a nominal fee or gives it to you for free and tells you to use it on a certain casino where it works. In turn, he reaches out to this casino, revealing his intentions to them, and they collaborate to defraud you. The casino gets a new player, who wins sooner or later. And the fraud receives a fraction of your losses.



Claims of vulnerability

Another technique used by the scammer is by telling players that he has found a loophole in the system of a certain online casino website, and he's ready to share this information with you. To further whet your appetite and interest in his latest discovery, he tells you that he does not know when the casino owners will identify this vulnerability, so you should hurry up to leverage the opportunity. On the other end, he will collaborate with the casino, informing them about his secret interests and affiliate programs. Sooner or later, new players will join this casino, hoping to take advantage of what is not even there, and bang, they lose money. The scammer then gets a percentage of this loss.

Game without investment

The scammer approaches you, usually through a social channel, with the prospect of playing online casinos without putting any of your money on the line. Exciting, isn't it? He offers that you play on a certain casino with his money since he ostensibly has no time to play himself. He further claims that he will help you with the winning strategy and deposit. So, you only need to spend 1-3 hours on the game per day and get paid. Practically it all turns out to be a pretty different story. In most cases, the so-called winning strategy would fail, and you’ll lose the money he’s invested for you (to the same casino he works for), and he will start to threaten you to give him his money back. Assuming that you're so good and you're able to find a way around the so-called winning strategy, and you win, the casino (which the fraudster works for) will refuse to pay for your services and limits your access to the account. 

The trick of cashout

This is the most common form of online casino scam. It is so unfortunate that a casino website that accepted a form of payment from you when you were making your deposit comes to tell you that they cannot pay you your winnings with the same method. More often than not, many players find themselves unable to cash out from their online casino accounts because the casino doesn’t support some payment methods. To avoid this, always research and investigate any casino you want to join before signing up with them.

By Uday Tank

Uday Tank has been working with writing challenged clients for several years. His educational background in family science and journalism has given him a broad base from which to approach many topics. He especially enjoys writing content after researching and analyzing different resources whether they are books, articles or online stuff. You can check out their website for guest posting services on RankWisely.com

© 2019 Copyright Uday Tank - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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