Should Online Casino Players be allowed to Set Voluntary Deposit Limits?
This is very common rhetoric nowadays, now even gambling awareness groups are pushing for it as well. For casino operators, there is no incentive to make them accept such a decision. Therefore, there has been a lot of backlash from gambling awareness organizations trying to force casino operators’ hands. However, this wouldn’t be easy as many of the legit online casinos already have some system in place to protect players. The system allows players to deposit and play at a rate that the casino has deemed reasonable. But, the gambling awareness group claims it is difficult to believe that the online casino industry can effectively regulate itself in this aspect.
We at pokiesbestau will take an unbiased look at the argument on both sides, bring you all the facts, and let you make the decision yourself. So, let’s start by looking at the measures that online casinos have in store. One such measure is the minimum and maximum deposit enforced on players by online casinos.
What Are Minimum And Maximum Deposits?
Deposit at online casinos come in different sizes and any veteran of the online gambling space can tell you about its good and bad sides. However, if you are new to this, A deposit is the number of funds you can transfer to your casino account. These funds will sever as a bankroll for the casino games you choose.
Most online casinos make several options available for transferring these funds. Some of the more popular deposit options include E-wallets, Bank transfer, Cryptocurrency, and many others.
These deposit methods might come with different minimum and maximum deposits.
Back to our original question “what are minimum and maximum deposits”.
The minimum deposit is the minimum amount that a casino will let you deposit into your casino account to bankroll casino games. A $10 minimum deposit Australian casinos for some of the most commonly used banking options. However, this might differ depending on the casino and where you are playing from.
The minimum deposit is usually not over $50 and some online casinos might have a minimum deposit of as low as $5. However, this kind of casinos are very rare, and if you do find one make sure to vet it properly. So, you won’t end up falling for an online casino scam.
The maximum deposit is the maximum amount a casino will let you deposit to your casino account. The maximum deposit varies a lot depending on where you are playing, how long you’ve been playing, and other factors. If you are a High Roller at a casino, you can expect to have a higher max, deposit than a newbie or frequent player.
How Do Online Casinos Determine The Minimum And Maximum Deposit?
Well, this question is a lot more complicated than it might seem. People think that online casinos have a meeting every year to determine the jackpots, how much to let people win or lose. However, this couldn’t be farther from the truth. The bigger online casinos that are regulated by fierce gambling regulators i.e UKGC, Costa Rica, and Kahwahnake.
These online casinos have to follow very strict guidelines and laws to get their license renewed. The bigger casinos set the example for smaller casinos when it comes to depositing limits. So, the popular online casinos such as Kahuna Casino and Cleopatra Casino lead the way as the other casino follows in their footsteps.
In addition, they are casinos that are licensed in countries with looser restrictions such as Curacao. Curacao has slowly become the favorite destination for online casinos to get their licenses. The cost of a license is cheaper as well as the fines.
Are Minimum And Maximum Deposits Enough To Deter Problem Gamblers?
If you ask the online casinos, they will answer with a resounding yes but, if you ask the gambling awareness organizations, they would disagree. Over the years, researchers have found that minimum and maximum deposits do little to nothing to help problem gamblers.
The organizations argue that if one casino or sportsbook has a very low maximum deposit, players can just easily find online casinos with a higher deposit limit.
Is There A Solution To This Problem?
Gamble Aware, a British gambling charity organization recently backed a new finding from the research Group Behavioral Insights team. BIT published a new study that claims that the high-value options that are available to players make them deposit more than they intended.
The study argues that personal deposit limiting tools should be available on every gambling site. The researchers checked some of the favorite sites that players used. They found out that some sites had a deposit limit as high as $177,475, which is very high.
The study used 1,700 online casino and sportsbook users to try to analyze if fine-tuning the sign- up process would impact players’ habits. BIT claims that such fine tunning could provide useful information that casino operators could incorporate to minimize player risk.
Since the research team is based in the United Kingdom and all betting sites in the UK are regulated by UKGC. This means that if the researchers can make the connections, and the UKGC mandates the changes. Then, casino operators will not have a choice unless they intend to leave the UK’s very huge gambling market.
Would The Online Gambling Industry At Large Support This?
The online gambling industry is a multi-billion dollar industry and many of the billions were made by toeing the line between right and wrong. We can say for sure that every online casino will reject the idea. However, we are not sure if many will accept this as the new norm.
In the past online casino have shown their interest in helping problem gamblers. Some have even donated or collaborated with organizations helping fight this. If online casinos are serious about helping the players and reducing their risk of being addicted. They should at least take a moment and hear out the researchers.
The online gambling industry doesn’t seem to be slowing down and regulations starting to become laxer in various countries. This year might be an even bigger year for the industry despite the lockdown being behind us.
The industry’s revenue is set to grow by 12%, according to Market Watch. The industry is here to stay and we hope they are thinking of their users.
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