True or Fake Reports: Fairness or Cheating in Online, Internet Gambling?
By Ion Saliu, Founder of Gambling Mathematics
Published on June 24, 2001; later updates.
The online, Internet casinos pay big money to reputable audit firms to get favorable reports. Such reports are superficial at best – perhaps as fraudulent as the online casino practices!
In Reply to: Online casinos have no chance but rob the players posted by Ion Saliu on June 21, 2001.
• To be fair, I insert here this report. The link I was directed to belongs to a cyber casino at EuroSeek: "The Gold Club Casino”. The link goldclubcasino.com/reviewed/ is dead by now!
The average payout in 2000 was 97.73%. The house edge was 2.27% -- sounds absolutely great! I would be a rich man by next year's end!
If 2.27% is true (very close to the house edge at French roulette), how can an online casino still offer a 10% referral incentive? The casino would operate at a LOSS of 10% - 2.27% = 7.73%!
Plus, the online gambling sites (casinos) offer a sign-up bonus. I received materials from a gambling site that offers, and I quote exactly: An incredible 125% in bonuses! 50% sign-up bonus, 50% reload bonus, 15% referral bonus, 10% gamblers insurance! That's absolutely insane! You start with $1000 and they give you $1250 extra to start gambling! Matter of fact, those outrageous bonus percentages keep skyrocketing! The bonus incentive reached 145% in 2009! It might as well go up to 200%! The gambler starts with $1000 and the online casino gives the player $2000 extra to start gambling!
Could it be honest? NOT! They don't give you such outrageous benefits in a physical casino! Why not? The brick-and-mortar casinos want customers as badly as the virtual casinos! Cheating must be performed at a huge scale in order to recuperate all that money in bonuses and then make a profit.
There are losing streaks and there are winning streaks — that's mathematics. The online casinos, however, grossly disregard probability theory. They established a "law" that "assures" very long losing streaks for the player — but never for the Internet gambling establishment. Don't give me that bull — the gambler's fallacy! If there is honesty, things should closely resemble the calculations of my probability software Streaks. There should be also a reversed gambler's fallacy, Lady Chance says!
The physical casinos simply cannot perform cheating at such robbingly huge scale. First of all, the players can keep keen eyes on the casino dealers. The result of cheating can be tragic. We just heard of a murder case in Atlantic City, 2009. A disgruntled gambler shot dead a casino manager on the grounds of cheating! Sad, but true!
Yes, I state that even the brick-and-mortar casinos employ cheating. I referred many times on this site to the unfair slot machines. They are programmed to spit out a certain percentage in winnings based on the take-ins. That should be outlawed, as the player unassumingly expects a fairly random generator. Alas, the chips in the slot machines are programmed to do otherwise. Even the blackjack slot machines are outrageous, especially when the player bets the maximum amount.
Still, the physical casinos don't even compare to the robbery committed by online gambling outlets. Axiomatic one, allow me to paint the whole picture. The online casinos can be mercilessly beaten (read: bankrupted) by gamblers. The online gamblers can use their own software, invisible to the house. Read my experience with a program that assured every imaginable blackjack card count and calculation. The online gambling operators are aware of such grand-scale risks. Evidently, they employ a lot more powerful brute force. And thusly the Internet casinos continue to operate and make gigantic profits.
Who's kidding whom? I am totally skeptical of such reports. If you can trust the report, it's OK with me. Just read it between the lines. I do stay clear from all Internet casinos and online real-money gambling sites. I will not play there even if they were to give me thousands of dollars in bonuses. They know how to take back quickly all handovers — and then some!
Payouts Reviewed by PricewaterhouseCooper
Gold Club Casino is operated under a valid license by Boss Casinos Ltd.
Support Hot Line: +1-888-853-3720
Online casinos: home of degenerate gamblers, fools, and shut-ins.
I looked closely into this out of curiosity. I read all the fine print. It was pretty awful. Bottom line: If an online casino does not want to pay, they really don't have to, due to the terrible fine print.
"In the event that [Online] Casino believes a User is abusing or attempting to abuse a bonus or other promotion, or is likely to benefit through abuse or lack of good faith from a gaming policy adopted by [Online] Casino, then [Online] Casino may, in its absolute discretion, deny, withhold or withdraw from a User any bonus or other promotion, or rescind any policy in respect of that User, either temporarily or permanently."
They really, really want you to take the bonus. The bonus in reality sucks because you are locked and can't make a withdrawal till you have played a ton. Of course, the more players bet, the bigger the probability to lose the entire account due to the negative house edge.
They don't make it easy to reject the bonus. If you sign up, you have to take a bonus. Strange, some of them don't let you sign up without a bonus. If you don't want the bonus, you have accepted the bonus, then send an email to remove the bonus.
"If you do not wish to participate, deposit and then email your request to support@[OnlineCasino] to remove the bonus funds before playing"!
Caveat emptor! You are at the absolute discretion of the bandits… er, the online casinos!
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