Spilling the Beans: 5 Secrets of Online Casinos
Online casinos can be a fun place to spend time, offering countless hours of entertainment, and if you're lucky, provide a little extra spending money on the side. We'd all like to think that we know everything there is to know about online casinos, but that's probably not true.
As the X-Files' Fox Mulder would say, "The truth is out there," but unfortunately, it's sometimes buried in the fine print or elsewhere. The secrets, at least as far as online casinos are concerned, are better off kept hidden.
Here at Online Bonus Canada, we'll introduce you to a few secrets online casinos won't tell you. We hope that this gives you the edge you need to make your experience more enjoyable.
RTP and House Edge
All games at an operator give the house an edge, or put in layman's terms, an advantage over the player to varying degrees. While this does not imply that it's impossible to win over the short run, it does mean that over the long run, you are more likely to lose. This fact alone is why you should only ever play for recreational purposes and never with a profit motive in mind.
The theoretical return to player (RTP) is the average percentage of your bet that you would win back on every round of play over a considerable number of games. The software provider determines this figure. A game with an RTP of 97% would on average return $97 for every $100 you spend. Of course, anything can happen over the short term. We've all heard the stories of players winning big jackpots on slots like Mega Moolah or Mega Fortune.
So what should you do? If you enjoy playing at an online casino, and hey we do too, you can start by choosing a game with the highest RTP/lowest house edge. If you want to play a slot, then select one with a higher RTP, and low to medium volatility.
Many table games, such as blackjack, craps, baccarat and roulette, can have a lower house edge. Some of these games allow you to use a strategy that can significantly cut down on the house edge. Watch out for table games that offer side bets, which can give the house a higher edge.
Fast Withdrawal Times
Here at Online Bonus Canada, we know that cash out times are important, which is why we look at actual withdrawal times, so you get yours faster!
One of the most common complaints about online casinos surrounds withdrawal times. Beware when an operator claims fast withdrawal times. What they won't tell you is that this can sometimes be exaggerated or misleading.
For example, a casino may state 24-48h withdrawals but might be referring only to the processing (approval) time. The time it takes from your withdrawal request to when the funds reach your account will take longer.
Also, the processing time will take longer if you fail to verify your player account by providing the casino with documents requested. Always verify your account as quickly as possible. A few operators may delay the withdrawal process hoping that you change your mind.
Most online casinos are reputable, but there are a few rogue casinos that will find any excuse not to pay your winnings. They may purposely use ambiguity in their terms and conditions to accuse you of cheating or other violation that void your winnings. These tend to be casinos that are either unlicensed or licensed in jurisdictions with weak or almost non-existent licensing requirements, and you will never find them on our list of recommended casinos.
Online Casino License
If an online casino does not display its license, then it's likely unlicensed or licensed in a jurisdiction that is not much better. These types of casinos are best avoided as they increase the risk of something going wrong. For the record, you can find the license information on each casino that we promote here at Online Bonus Canada, for peace of mind.
Not all licenses are built equally. Fortunately, Canadians can look to Europe, which has a few competent regulators, including the UKGC, MGA, Gibraltar and Spelinspektionen, responsible for ensuring fairness, transparency, and player protection, amongst others. These regulators can be strict, and getting in their bad books can result in warnings, fines, license suspensions or cancellations.
A Curaçao eGaming license is popular because it's easy to obtain, the casinos are less scrutinized, and there are far fewer regulations. A license from Costa Rica is barely worth the paper it's written on as it easy to obtain and involves virtually no regulations. Of course, online casinos won't tell you that the jurisdiction that they there are licensed in may be more of a formality to keep up appearances and tick boxes.
Slot Maximum Payouts
One of the secrets online casinos won't tell you about concerns the maximum stated payout of slot games. You've no doubt seen some of the modern slots boasting maximum payouts of 10,000x bet or more.
While these payouts are eye-popping amounts, what casinos won't tell you is that this figure is theoretical and based on a billion or more rounds of simulated play. You can forget about winning the maximum payout as your chance of coming anywhere near these amounts is virtually nil.
Casino Bonus Terms
When it comes to the famous online bonus, operators won't tell you that they may be too good to be true. Bonuses come with a lot of fine print that makes it difficult for you to arrive at any winnings by the time you've finished satisfying all the bonus terms.
For example, playthrough requirements on a match deposit bonus may require you to wager your deposit + bonus money 30x or more before the bonus money becomes real money. Of course, the higher the playthrough requirement, the more likely you are to lose your money by the end. Not all games will satisfy the bonus wagering rollover requirements in the same way, potentially meaning more extended play necessary.
Some online casinos apply cash out limits so that even if you win a large sum, the allowable withdrawal amount is limited, which can be anticlimactic.
Alternatively, no deposit bonuses sound good in theory. Still, in practice, there may be cash out limits or a requirement to deposit funds before you can withdraw anything you've won.
Despite these warnings, casino bonuses can be an exciting part of your casino gambling experience. At Online Bonus Canada, we take an in-depth look into what you can expect to find, and the bonus terms so you know they're fair.
As you can see, online casinos have a few secrets hidden in the closet that they'd rather you not know about. This doesn't necessarily mean that you shouldn't play at them, but it's just a reminder that at the end of the day, you need to do your homework. Or rather: let us do your homework!
At Online Bonus Canada, we tell it the way it is, while promoting only the best and safest online casinos.