Securing Your Money While Online
Whether you’re depositing money into an online gambling account from your bank account or Boku, you must secure your money. There are a few ways that you can secure your funds, lower your risk of being scammed and have more fun when gambling online.
Start With a Bankroll
Bankroll is a term that you’ll hear about often in the world of online gambling. If you’ve never heard of this term before, it simply means the amount of money that you put aside for gambling. One of the worst mistakes anyone can make when betting online is to not have a bankroll.
You’re not physically putting chips on the table and making a bet. If you’re using a credit card to deposit money, you’re also at a much higher risk of overcharging your card and not realizing it until you receive a bill in the future.
Bankrolls start with a sum of money that you can confidently spend when gambling.
For example, if you had £500 that you can add to your bankroll and lose without causing you any hardships, you would stop playing when your bankroll is at £0. Of course, you can also win money or stop playing at any time before depleting your entire bankroll.
Your bankroll may also grow on a good night.
Let’s assume that you won £1,000 and have a bankroll of £1,500 when adding your winnings and bankroll together. You can opt to set aside your winnings and only lose your bankroll, which is a good strategy. However, you must never dip back into your accounts to add more money for playing.
If you have to deposit more money, it’s time to end your gambling spree.
Bankrolls limit the money you can lose.
Security can also come in the form of deposits that you use.
Secure You Money Through Alternative Deposit Methods
You can protect your bankroll to ensure that you don’t lose too much money gambling, but you also need to be cautious of the deposit method that you use. When using well-known and licensed casinos, you’re at a much lower risk of being involved with any form of theft.
However, if you’re playing on new sites that haven’t established a reputation yet, it’s often a good idea to search out sites that accept Boku, crypto or other forms of currency.
Connecting to your bank account is an inherent risk, so choosing non-bank deposit methods is one of the foundational methods of securing your money.
Check for Legitimate Licensing
Is the casino licensed? It’s a mistake to undervalue licensing because it’s one of the best security measures available to players. When you play at a casino that is licensed, this means that the casino:
- Must meet a high standard of security
- Adheres to regulations set by the licensing commission
Depending on the country that is offering it, licensing also ensures that games are fair and not rigged in favor of the casino. A few of the leading licensing agencies in the world are:
- UK Gambling Commission (UKG)
- Malta Gaming Authority (MGA)
And there are numerous other licensing agencies available, depending on where the casino is located. For example, in the United States, there is a commission called the New Jersey Casino Control Commission.
Perform your due diligence when signing up for an online casino to reduce your risk of being scammed out of your money.
Casinos will have their licensing information available on the site or app, usually at the bottom of the page. However, there’s another step that you can take. Be sure to verify that the license is valid because there are times when a license is invalid or used as a way to build credibility although the casino isn’t really licensed.
Take your time to verify that all licenses are valid and look for reviews of the casino to reduce your risk of being scammed.
Verify That Encryption is in Place
Encryption ensures that when you submit your payment method, a third party doesn’t intercept the data. When encryption is used, even if data is intercepted, it cannot be read by the person intercepting the data, making it virtually useless.
It’s very easy to verify a site’s encryption.
Open the site in your browser and look to see if https is used at the start of the site’s name. If https is used, this means that encryption is in use. Otherwise, http implies that the connection is unencrypted.
When depositing money into a casino account, encryption is a must-have.
Third-Party Random Number Generator (RNG) Testing
Even if every safety measure is taken to ensure that your money is safe when gambling, this doesn’t mean that the casino wants you to win. If players won every game that they played, the casino would be out of business quickly.
Every online casino uses some form of RNG for each game available.
RNG is a method of randomization that uses mathematical formulas to display the cards in a deck or the chances of a ball landing on a certain number in roulette. The issue is that the seed number and algorithm that produce true randomization are not made public.
What does this mean?
Players have to hope that the casino is being honest and fair. But there are third-party companies that test a casino’s fairness to ensure that the games aren’t rigged in favor of the house.
Technical Systems Testing (TST), or GLI, are two verification companies that perform this type of testing. Casinos that want to promote fairness will list that they’ve passed this form of testing to attract players.
Licensing authorities will also conduct their own rigorous testing to verify that the casino’s games are fair and that players have a chance to win each game.
Security is a Top Priority
Players that want to secure their money while gambling can use the tips above to improve their security and reduce their risk of losing money at a casino. Of course, you have to practice self-discipline, maintain a strict bankroll and do your due diligence to reduce your risk of losing money when gambling online.
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