Separating Fact from Fiction: Truths and Myths About Online Casinos

The iGaming industry is growing at a rapid tempo. For such a short-lived industry to already be producing billions annually is an impressive feat. Doubly so, as it has to compete with the land-based casinos that most of us are familiar with. 

The feat is even more impressive when we consider online gambling’s rocky start, as well as the many myths that have formed around them in the past 20 years. In this article, we would like to separate the fact from the fiction, and give an objective look at online casinos.

Myth: Online Casinos Are Rigged

We first must discuss one of the most damaging myths regarding iGaming, the rigging. A lot of people are under the misconception that online casinos are rigged. In other words, that the games are programmed to land on a loss, more often than on a win. Of course, this is 100% untrue.

If an online casino is licensed, legit, tested, and regulated, then they are using a Random Number Generator software. The software ensures that each spin has a 100% random result. Plenty of land-based slot and video poker machines use the same principle. Which means, online casinos are no different than their land-based predecessors. 

Truth: Online Casinos Accept Cryptocurrency

Cryptocurrency is another big trend in popular culture. In 2009, Satoshi Nakamoto showed us an alternative to FIAT currency. While many have dismissed the idea, a lot of people have fully embraced it. Online casinos are among the latter. 

Whether you are a Canadian, American, European, or from anywhere in the world, you can find an online casino that accepts cryptocurrency. Indeed, many websites function entirely on crypto, such as the best crypto casinos for Canada players.

If you visit the sites, you might also notice that they offer plenty of bonuses, that work with cryptocurrency. This leads well into our next point.

Myth: Online Casino Bonuses are for Winning Money

There are plenty of myths regarding online casino bonuses. So much so, that we could make an entire article about that. However, in this one, we would like to focus primarily on the most prevailing myth regarding promotions; that their primary purpose is winning money.

It is not impossible to win cash prizes using bonus codes. However, most veteran gamblers realize that that is not their primary purpose. Indeed, the amount of people who get a payout specifically from bonuses is miniscule. So, then what is their purpose?

Well, the main purpose is to learn the ropes, explore different games, and get a feel for the website. Bonuses allow newbies to better understand the industry, without necessarily risking any of their cash. If they also happen to get lucky and make a buck, well that is just a plus. 

Truth: Online Slots Are Diverse Thematically

Online slots are, by far, the most popular game in the world of iGaming. Many people might find this weird. After all, the concept behind slots seems pretty basic. All you have to do is click a button and hope for the best.

Well, while the simplicity is actually one of the reasons why it is so successful, it is not the only reason. Online slots are so popular not because of the gameplay, but because of the themes and animations. Thanks to the latest developments in graphic technology, slots now look like high grade video games.

It wouldn’t surprise us if you found top-quality slots inspired by some of the most popular films, television shows, and even mythology. For example, there are quite a few slots that are reminiscent of the Rambo franchise, which once dominated popular culture.

You will also find slots that take inspiration from Lord of the Rings, Star Wars, Ancient Egypt, Rome, and Greece, as well as just fun, retro-style slots that don’t put too much emphasis on thematic elements. 

Myth: Online Casinos & Problem Gambling

An incredibly harmful misconception is that online casinos are much more likely to lead to problem gambling. We can safely say that this is not true at all. Licensed and regulated gambling websites to their utmost best to prevent problem gambling. They take various steps to ensure that all of their customers are safe.

For example, plenty of online casinos participate in self-exclusion programs. Gamblers who believe they are at risk of gambling addiction contact these sites and ask that they be banned for a period of time. There is no way to subvert this ban, until the requested time has elapsed. 

Online casinos also track their customers’ activity. As soon as they notice that one of their players is betting more than average, they step into contact, and if need be, restrict their account. Not only does this measure prevent problem gambling, it also is a great way to combat hackers.

With the development of machine learning, many online casinos are getting a lot better at tracking problematic behavior. To the point that the Artificial Intelligence can spot a problem as soon as it has begun. As you can see, online casinos are just as safe, if not safer than their land-based counterparts.

Truth: You Should Prepare a Bankroll

The final aspect of online gambling that we would like to discuss is money management. While it may not sound exciting, it is absolutely important that we talk about it. A lot of gamblers dive headfirst, without preparing a bankroll, or even considering the money aspect, which results in a lot of problems.

Preparing a bankroll is very important. First of all, it impacts the amount of money that you will be spending at an online casino. It also impacts the funds that you will have outside of the casino. When dealing with money, it is always good to plan ahead. 

Money management is one of the most important skills that anyone can have. For gamblers, that goes double. Set aside a sum of cash every month (or even twice a month) that you know you can afford to lose. Don’t be afraid to alter the bankroll until you hit the right sum. 

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Last Update: December 18, 2023