Not every player lives in a country where there are laws governing online gambling. As a result, some players are forced to play at casinos licensed off-shore, or via a VPN. If you are willing to use any of these playing options, you have a wide choice of excellent online casino. The problem, however, is that most of these online casinos won’t be regulated.
There is a lot of talk about the need to avoid playing at unregulated casinos. But that is often just thrown out as a blanket rule and needs further investigation to fully understand why.
Here are five things to keep in mind when considering an unregulated online casino for your iGaming needs in 2020:
- Unregulated casinos are usually “offshore” casinos
An online casino can be considered “unregulated” in several situations, depending on where and how it is offering its services –
- in a market which has laws against online gambling (like many US states)
- in a market which has no clear laws for or against online gambling (unregulated markets)
- in a regulated market, but without a local license or in violation of the regulations
For example, if an online casino is based in the US, it would become a target of local law enforcement and the DoJ. Even legit online casinos are not spared, thanks to the powerful Vegas lobby. It becomes much harder for authorities to target websites that are based outside their borders, often in far off locations. This is why most unregulated online casinos are based offshore in places like the Caribbean.
- Unregulated does not necessarily mean unlicensed
When an online casino does not have a valid license, it is for all practical purposes, an unregulated casino. But they only make up a fraction of the total number of unregulated online casinos in the world.
An online casino could hold a few licenses from around the world, and still be branded an unregulated online casino. It all depends on the countries where they are active.
A casino with a Malta license is a regulated entity when it accepts players from EU nations. But when it welcomes players from Asian and African countries that are unregulated, they are operating as an unregulated casino in these markets.
The situation is a bit different when a country has strict laws against online casinos, like here in the US for instance. Reputed casinos licensed in the UK and Malta will not risk accepting US players.
But smaller brands licensed in jurisdictions like Panama, Curacao, and Costa Rica are quite willing to accept US players. This is often due to lax regulatory oversight in these places. For instance, Costa Rica does not even have a gambling authority – you can get a business license for a few grand.
- Absence of player protection is a major disadvantage
A regulated casino in strict markets like the UK, EU, and New Jersey is forced to provide certain mandatory features and services to players. Tools that allow players to independently restrict their gambling activity is a big one – provided under the banner of “Responsible Gambling.” This is in place to help players avoid gambling addiction.
Independent agencies for dispute resolution is another useful feature you will find only at licensed and regulated online casinos. It is not uncommon for players to get into disputes with an online casino about payments, bonus features, etc. With a third-party acting as the intermediary, you have a better chance of reaching a fair outcome.
At unlicensed and unregulated casinos, they are under no compulsion to provide such features. The more legitimate ones will take an initiative and provide them, despite not mandated by any authority. This could be a sign of a trustworthy site, but there is another way to be 100% sure.
- There is a reliable way to find safe unregulated casinos
The internet is many things, but it is definitely not a hiding place – if you are an online business indulging in unfair practices, you will get found out pretty soon. This is also true in the world of online casinos.
Many betting sites may use lucrative bonuses and slick marketing to attract players, but online forums and review sites will reveal the true picture. There are reliable platforms where players give open and honest reviews of their experience at all online casinos, including unregulated ones.
Stick with the ones that have the best comments from actual players. This will give you a true indication of whether the casinos pay out on time, respect the rules of awarding a bonus and have reliable customer service when needed.
- You can find everything from top slots to crypto slots
Unregulated casinos are a diverse bunch. Here, you will find well-known brands with the top game providers like Netent and Microgaming carrying the same label as unlicensed outfits using illegal and pirated game software! Use reviews from players and trusted platforms like the one mentioned in the previous section to separate the good guys from the bad actors.
But there is one area where regulated casinos cannot compete with unregulated sites – true cryptocurrency support. Bitcoin and other altcoins are attractive to gamblers because they are 100% anonymous and private.
The Federal Government, IRS, and gambling authorities around the globe hate cryptocurrencies for the same reason. As a result of laws against money laundering and terrorism financing, most regulated casinos cannot offer 100% private bitcoin gambling. But this does not apply to unregulated outfits, which is why they are popular among crypto enthusiasts.
