One of the biggest success stories of online gambling is affordability checks, which are also an ongoing stumbling block in the retail space. Since they are legally mandated, casinos must conduct rigorous affordability checks on their customers and risk seven-figure fines if they fail to do so. A quick search on online casinos will show that all are legal and trustworthy, but a few key things to look for in an online casino are listed below. Here are some of the most common mistakes to avoid when choosing an online casino.
Legality
If you’re wondering whether or not you should play casino games online, you’re not alone. While the Internet has become a popular place to bet on sports, it is also regulated by state laws. This is why it’s crucial to understand the legality of online gambling before you begin playing. Many states have banned online gambling, and others have prohibited the practice. In these cases, the laws protecting online gambling must be enforced.
Licensing
The jurisdictions of Malta and Spain are among the countries that issue licenses for online gambling. Malta grants licenses for land-based businesses while Spain grants a license for online gambling. The license fee is around 50000 USD, while a Class 1 through 3 license costs fifteen thousand dollars. The license fee includes corporate tax of 10% and monthly tax of 0.5% of the gross gaming income. Malta’s licensing fee is two times higher than Spain’s, which costs about 200 000 KM, which is equivalent to 100 thousand USD. In addition, the license holder must pay 4% of the difference between the bets placed by players and the winnings, which is calculated monthly.
Credit card bans
A recent UK study found that credit card bans for online gambling have little effect on the number of players. The majority of people who gambled with credit cards said they stopped using them after the ban, while the rest put the ban down to other factors. The regulator was also concerned that the ban would drive players to more risky forms of credit such as payday loans, which come with high interest rates. However, a focus group conducted with 30 people who had gambled online using a credit card showed that use of these methods was not affected by the ban.
Cool-off period
A cooling-off period is an exclusion period from playing on a gambling operator’s website for less than six months. According to a study by Bonello and Griffiths, twenty websites offer such an option to players, while another nine sites require customers to contact their customer services to activate their cooling-off period. As of January 2021, there are 33 websites offering such a feature, including twenty Irish and nine non-Irish operators.
