Topic: License: is it a guarantee? (Read 530 times)

Guarantee ? No !

There's no guarantee for anything to happen. If a casino site has a license, it does gain some trust but does not mean it cannot scam the users.
May be the probabilities might be on the lesser side since they have declared their identity and location etc...

They would really be doing just like that on which it is really that they would be running for a couple of months and trying out to accumulate millions of funds before they would turn out to be a rug.
This is something that gamblers should really be careful about but since there's no way on telling about being a potential scam specially if things do looks to be real.From having a license from
good looking website. Then whom had thought that it would that become a scam site in the end? There's no way on telling on such thing and this is why it would really be that wise that we should
really be that skeptical whenever on dealing on things which we do know that it can possibly turn out to be scam later on.

Yes, that's true it's so cheap that this gambling sites can really afford it and for them this is just a chump's change. Although there's also the Malta Gaming license, which is more expensive, but still it's affordable for this kind of big business.

And as we all agree upon, they can take advantage of it and just play along in the beginning for being a trusted casino and rake millions in the next couple of months and then turn rogue later because they have gotten their ROI from the initial cost of putting their online gambling sites. Not saying that everyone of them is a scam, but maybe 1 out of 10 or 20 sites, becoming a scam and then rebranding later, rinse and repeat.

There exist licenses for everything in the world and the only reason they exist is to legitimize products and services that otherwise would not be taken as seriously. Granting licenses is a business in and of itself. You are well advised to not only look for a license, but thoroughly check whether that license means anything. It could be granted by a business that is shady itself, but with proper naming and a nice website you might think the license is worth something. In many cases it is not. In almost all industries there are licenses or seals of quality that really mean nothing. Don't get distracted by some fancy stamp on a product or some fany wording and a letter-number code on a website. Go with history, reputation and publicly shared user experience that does not look like it was faked.

Whether we question what license is all about, I'm sure you don't want to play in a casino that is not licensed right?

If that casino can't afford to spend time having a license, what can you expect on their overall service? If the site doesn't even have a responsible act to acquire a license to make their site good in our eyes then definitely these sites might just do some scam attempt later on. It's not a guarantee that a licensed site will turned into scam later on but it's way better to use licensed ones over unlicensed ones.

With a license, it makes a casino an official business. We only want to deal with an official business especially in gambling. It might not guarantee that these sites will not be turned into scams but at least, they want their business more professional and transparent. Licenses are not given to any sites if one of the factors is not met. Successfully having a license means that the site passes all the required credentials to run its operation legitimately.

But I think there's also a fraud-related activity here. Sometimes, even if the site doesn't meet the requirements of being a good gambling site, there might be an under-the-table negotiation to have that site be granted a license. Just my speculation and I can't support that statement.

We do know that getting gambling licenses could neither be cheap or expensive/ tough requirements and easy ones. This is why for those companies or platforms who are really that tending to scam out their users
in the first place or first hand then it would really be that normal that they would really be going into those things which are the cheapest. We do know that people or the market would really be having that kind of impression on the time that they would be seeing that they are dealing a platform which does have license on which it is actually make you think that you are dealing with a legitimate site or platform
which it is really not.
Having a license isnt a solid indicative sign when it comes about being legitimate or not but it is really just that better on having rather on having none but just like been said that its not only the criteria
for us to tell that they are 100% legit because we've seen in the past that there are even licensed platforms which tends out or ending up on being a scam on which running away their users funds
and cant be found out. The only things that make you that confident because once they are licensed then theres a possibility of recovery comparing into those platforms
which doesnt really have any at all. So you could really be able to make out such comparison in between.

I don't see any big thing with casino getting license because most would go for the licensing that would not affect them even when they scammed people of their funds. The are licensing companies that would never penalize a casino for cheating rather they would want more casinos to take license from them so that they can make more money and have more clients. Casinos are looking for companies that would not penalized them for not meeting up or doing something wrong. We don't need to be deceive by different casinos claiming that they are licensed by reputable licensing companies attracting more gamblers to use their casino.

The answer is: NO; having a license does not guarantee that the online gambling website is safe and secured.

Before delving forward, let us first discuss the benefits of securing a gambling license in a casino, to wit:

• Legal compliance with other countries;
• Protection and fair play from the online establishment;
• Serves as a symbol of trust and legitimacy; and
• Can be used as a ticket for markets in some countries.¹

Obviously, a gambling license is required with some countries in order to comply with their rules and regulations. Additionally, there are also countries that require a license in order for the international business to be permitted to use their services in their country. If an online gambling website fails to meet these criteria and standards, then a license would not be issued, thereby making their services questionable in the market.

While this may be true, still, having a license does not guarantee player protection and safety against their potential scams. It just means that they were able to comply with some formalities required by law as they are under surveillance but they can still "technically" scam people.

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1 https://crustlab.com/blog/how-to-secure-a-gaming-license/

Simply put, an online gambling license is a legal document conferring the right onto a company to operate a gambling business in a given territory. Just as land-based casinos must be regulated, so do their online counterparts.

In order for an operator to offer games of chance, such as video slots, table games, or sports betting, legally, they must have a license that covers the territories they want to offer the games.

A little bit of Google search give me this answer. I don't know how to is this or they are simply trying to sell their services saying that it is needed in order to operate certain games in a given territory. They're also saying that it is required for an online casino platform to have a license in order to have rights over some games. I don't know how to that is but I have already said what I knew. This is just a Google search result.
[Source]

It's just permission to operate and nothing else, there are many types of licenses available and and each one cast varies from 50K to 500K if I am not wrong.

Regulated casinos can still scam you selectively and let your to hand dry and the only way is to proceed which requires a ton of money and a lot of years from you to prove them and even with all that there is no guarantee that you can prove they scammed you.

Depends on the sites or the owners, but most of the cases, they won't want to refund the customers' losses because they don't have money, they're in debt, or any excuses they have. If you say to not trust all the centralized site, that doesn't make sense because if someone gamble in centralize casino, they need to trust the casinos.

If you win big amount, then it's either the casino will allow you smoothly to withdraw it or brought you into drama.

In my opinion, if a casino has a license of course you can say that it is legit and can add and provide some level of assurance and its credibility and you can really see as it shows that the casino has met the standards and requirements. However, it does not ensure that a licensed casino will not defraud its customers.  It is reasonable, for example, that a licensed casino may manipulate the game, changing the random number generator or the odds, to give players a small chance of winning. There is also a chance that there could be delays or that they won't give players their prizes without good reason, such as claiming technical difficulties or that you've broken the rules, etc., which will be extremely stressful.

I also think that another reason why the reputation of a licensed casino is destroyed is because of the people who manage it, like changes of ownership or the employees who manage that casino because they were more likely to do some frauds and lapses.
Because of this, it is essential that we, as players, investigate and validate the site's trustworthiness by reading reviews and researching the reputation of that particular casino in order to reduce the possibility of becoming victims of frauds.

Never trust that licensed casinos will not cheat you. Maybe with a license we may think that if such casinos cheat us then they will be brought under the law but if they are brought under the law after cheating but there is our loss. That is the loss because even if they are brought under the law they will be fined and punished but you who deposited money in those casinos will never get your money back. Earlier when FTX cheated the investors but the court fined him as well as fined the investors but did not give any money back to the investors which means that this matter teaches us not to trust all these platforms so much.

Actually, many gamblers (many of the people who participated in this forum) actually pay attention to whether a casino is the holder of an official license or not, one of the first things name do is to check whether the casino where they are about to deposit has any kind of licensing, however, rarely people go beyond that point and are not even willing to check whether if the license is authentic or the quality of it compared to others. Also, many of those who give some importance to licenses do not even know how to verify the licence in the website of the issuer. It is kind of a similar situation about people who like to gamble on provably fair games but do not know how to verify whether the game is effectively fair or not.  

That is the reason scam casinos and shady conssinos will try to deceive newcomers by adding a fake license in the form of a PNG in the bottom of their main page, sadly that is enough to fool the bulk of them into gaining enough trust to deposit.

Maybe what you explain is the full version, and thank you for providing additional insight into licensing on gambling sites and logically your explanation makes perfect sense.

With this license, at least there is an audit system carried out on the gambling site before it runs. However, you need to know that there are only a few licenses that are considered good if the site has them, and this is perhaps something that players should pay special attention to before creating an account and playing on the site.

Every licensed casino has its own players who are having problems not just with these prizes but with the policies that are imposed on them. But with all that, there's always a basis as to why it's done on them. I understand the point is that even if a casino is licensed, it does not exempt a gambler not to experiencing a bad thing about them.

Some of them might be true but when a representative responds to them, you get to see that many of these accusers are also abusers. So, it's a case to case basis with the experience but that doesn't mean that the registered casinos are a scam. I think we can all agree that there's a guarantee that a license casino will definitely operate as what's given to them with the licensing because it's part of it having a business. But with the various experiences and complaints, they have no control about the users that are also abusers. And with the legitimate ones, they have control over it and can respond with genuinity and a reply of help for their concerns.

Licence is not a guarantee of a casino being genuine but sometimes it just might be a bait to get at gamblers to think that they are what they think they are as they already got covered by the government.

Most casinos that do away with gamblers fund are fully lincensed to operate. There is no place where it is written on the name of a casino that this casino is a scam. You can never tell neither can you be able to detect their actions until it becomes obviously clear what they intend doing.

If a casino means business of being genuine, they would do it no matter what but if otherwise wether they got a licence that would keep track of them or not, they would still do their wish as that has been their motives from the unset. The licence is just to present them to being genuine which they know gamblers wants to see and hear but that is different from the case. Wether a casino got a licence or not, that is not a guarantee that they are genuine or not.

What is "if site is properly checked" ? Check if it has a valid certificate? Dont know what can we say about site from a visual check. Bad and cheap design can be an indicator that there is something fishy with it, but with all that AI features and templates, it isnt hard to create a site that will bright like a candy, but might have a rotten filling. Imho by the look of the page, it is hard to tell if the casino is scam or not. We can check if has licenses, registration addresses or some other casino owners personal info, but people check it just for a tick. People see it, make a mark "it has license", but never click on it or check its validity.

But even then a license is only one of many indicators that can give you some sense of security, but not more than that. Just refer to those examples like FTX and how they crashed and ruined peoples' financial situation. They had been licensed and yet these licenses don't mean a whole lot. In gambling I can imagine it is even worse as these licenses often are from countries with I guess little to no regulatory oversight? I doubt that a gambling service registered in the Cayman Islands has to frequently undergo monitoring and control.

I assume it is more like a one time event that then has some expiration date and has to be repeated by the time the license expires. But it's always more like moment in time where everything has to be presented properly rather than the ongoing monitoring as I mentioned before. A license can never hurt, but I think long term reputation and user reports are what's more useful when it comes to assessing the risk of using a specific service.

After all, it is like using centralized exchanges when people decide to leave funds on the exchange. Can you afford to lose it? Then you are able to take that risk. If not, don't use gambling services or leave funds on an exchange.