The Canadian casino industry has never been better. Gambling establishments have seen a general increase in attendance, and the revenue spent on sports betting and gambling has also significantly risen. Some believe that the reason has to do with the general growing interest in gambling. However, others are convinced that it is the increasing popularity of online casinos that has contributed to the enhanced online gambling industry.
With the growing interest in online casinos, many are also curious to know about staying safe when gambling. Ontario’s recent legalization of gambling websites has led to some reforms regarding the regulation of iGaming in Canada. That is why, in this article, we would like to explore how Canadian online casinos ensure their customers’ safety, as well as what Canadian gamblers can do to improve their own security when playing online.
Self-Restraint is Key
The first thing we have to discuss is self-restraint. When speaking about gambling, self-restraint refers to the amount of money we wager, as well as the frequency with which we wager. The best thing any gambler can do is make minimal deposits at relatively longer intervals. A good place to start on the topic is to take a look at casinos.com’s piece on minimum deposit casino websites, which delves into what minimum deposit casinos are, and offers some choice websites.
To give you a basic understanding, a minimum deposit is the lowest amount you can wager at the casino of your choice. The amount is rarely going to be the same between two casinos, so it is hard to give an exact number. Some offer minimum deposits of CA$10, while others can go as low as CA$1, or even less. We aren’t necessarily saying that you must always stick to the minimum deposit. After all, you are in charge of your finances. However, we would advise any newbie to start small, before moving up to riskier endeavors.
Bankroll Management
Money management is not often associated with gambling. Most people think of the skill as something that business owners and financiers have to deal with. However, the truth is that we all should learn the basics of money management, as it is a very helpful skill in daily life. That goes double for gamblers. Managing money can make enormous difference when gambling. It all has to do with the bankroll, and how a person manages it.
But, what is a bankroll? For anyone who is new to gambling, a bankroll is the amount of cash you bring into the casino with you. It is a sum of money specifically created for gambling, and nothing else. The first mistake many new gamblers make is that they don’t set aside a bankroll, and just go in with an open credit card. The reason this is a bad idea is that, in the heat of the moment, most of us aren’t paying attention to the money we are spending, and so we lose a lot more than we can afford to.
How does one create a bankroll? The best place to start is with a certain sum in your head. This sum should be money that you know you can afford to lose. We can’t give you an exact amount, as everyone is in a different financial situation. Some can afford to splurge on their bankroll, while others might have to keep it tight. However, as our financial situation changes, so too can our bankroll. That is why it is important to review the bankroll once or twice a month, and make sure that it is still viable. Sometimes, gamblers can afford to increase their bankroll, while others it is necessary to take some cash out of it.
License and Regulation
We talked before about licenses and regulatory measures that governments take to ensure online casinos are safe. In Canada, the main body responsible for regulating the iGaming industry is the Alcohol and Gaming Commission of Ontario. Thus far, Ontario is the only state that has legalized online gambling fully. However, in the rest of Canada, there are plenty of places where Canadians can play at offshore casinos. If you prefer offshore casinos, you will have to make sure that they are licensed.
Often, certain gamblers may scoff at offshore licensing. However, experts have deduced that offshore licenses and domestic licenses are pretty much the same in terms of safety. In any case, an offshore license is better than no license at all. But, what are the best offshore licenses to look out for, if you are a Canadian citizen? Well, you will want to look for licenses issued by European or Caribbean nations. Malta, the United Kingdom, and Curacao are home to some of the most trusted offshore licensing companies.
The Steps Casinos Themselves Take
Finally, there are certain safety and security regulations that online casinos themselves have put into place in order to ensure that their product is viable. With cybercrime on the rise in the past couple of years, it is always good to know that online businesses are taking the time to bolster their security. One way in which they ensure player safety is by having multi-factor authentication. By requiring players to verify their account through email, they decrease the likelihood of identity theft and exploitation.
Another tool that online casinos use to prevent fraud and similar criminal activities is AI. Artificial intelligence and machine learning software is quite effective in monitoring player activity, and reporting on any discrepancies. In fact, it is far more effective than any human could ever be. Once the AI comes across suspicious behavior, it quickly flags it and informs a human employee. Then, the employee’s task is simply to ensure that everything is on the up and up, and put a stop to the activity if there is an issue.
Finally, online casinos take part in self-exclusion programs. For those who don’t know, self-exclusion programs are initiatives to prevent the rise of problem gambling. If a player believes they are in danger, they can contact their local gambling providers and ask for a temporary (or even permanent) ban. The online casinos then make sure to suspend any accounts associated with the player, and some even go so far as to ban their IP.
