There is no doubt that the iGaming industry has taken the entertainment world by storm. For those who are still not on board, iGaming refers to the business surrounding electronic gambling. If you are gambling, sports betting, or playing at social casinos online, you are participating in the iGaming industry.
Though the first online gambling games came about in the early 1990s, iGaming as an industry has only started developing quite recently. Naturally, this means that a lot of people need more clarification surrounding online casinos, how they work, and the matters regarding their safety. In this article, we’d like to go over some myths and misconceptions regarding iGaming.
Online Casinos = Online Sportsbooks
One rather noteworthy misconception is that online sportsbooks and online casinos are the same thing. While there is precedent for this belief, it is also not the whole truth. It is true that a lot of bookies double as casinos, or vice versa.
However, that does not mean that they are the same thing. If you wanted to bet on a Paris match football game, you wouldn’t visit a casino; you’d see a bookie. The same logic applies to online gambling as well. So, the two are intricately related but are not the same.
You Can’t Play For Real Cash
A rather interesting myth is that you can’t gamble online using real cash. The reason why this one is so interesting is because there doesn’t seem to be a reason for why it began. But, for a while, people just believed that online casinos wouldn’t allow you to gamble with or for real money. That is the furthest thing from the truth.
Most gambling websites do let you play for real cash. You can wager using a variety of different methods, too. You can fund your account with credit or debit cards and make deposits using cryptocurrency, e-wallets, direct bank transfers, and e-vouchers. So, you see, it is absolutely untrue that you can’t play for real cash online.
All Casinos Accept Cryptocurrency
A relatively new misconception that has popped up is that all online casinos accept cryptocurrency. The origin of this myth probably stems from the fact that a lot of online gamblers discuss crypto casinos. For those not in the know, crypto casinos are websites where you can gamble exclusively using cryptocurrency, and not just the popular ones either.
The popularity of these sites has led to a lot of traditional online casinos embracing crypto as a payment method. The key word here is “a lot,” as in “not all.” It is still entirely possible to find gambling websites that don’t accept cryptocurrency. Even the most popular ones that any beginner would know, like Bitcoin, Tether, Ethereum, etc. are not allowed. So, keep that in mind if you are looking to gamble using crypto.
Online Slots Are Rigged
When it comes to popularity, no casino game, online or offline, can compare with slots. These games have been around for a whole century, and they’ve won the hearts of many a gambler throughout the decades. Online casinos have spiced the games up by adding thematic, visual, and audio elements, making them far more engaging.
Yet, many fear that online slots are rigged. After all, how can you guarantee the randomness online? Well, one of the primary ways that online casinos guarantee randomness and safety is by using a Random Number Generator. The software relies on an algorithm that spits out random numbers when players spin the reels. This ensures that each spin is entirely randomized, just like you’d expect from a land-based slot game.
Random Number Generators are, actually, the cornerstone of many online casino games, including roulette, craps, and even virtual blackjack. So, if you’ve any interest at all in how online gambling works, you should read up on Random Number Generators, their function, and the role they play in the iGaming industry.
Online Casinos Encourage Problem Gambling
A rather damaging misconception is that online casinos encourage or can lead to a problem with compulsive gambling. Sadly, this is one of the most prevailing myths, but it is also objectively true. The misconception, perhaps, comes from a general lack of trust in new technologies and developments. Luckily, recently, a lot of people have begun to understand how wrong the myth is. We’d like to debunk it none-the-less.
Online casinos actually do their best to discourage problems with compulsive gambling. They co-operate with organizations dedicated to preventing gambling addiction and promoting safe wagering. On top of that, online casinos are constantly monitoring player activity. That means that, if a player is acting bizarrely, they can prevent them from logging back in, until the problem is resolved.
Finally, a lot of online casinos participate is what is called “self-regulation.” The way it works is simple: a person who believes they are at risk of developing problem gambling contacts local casinos (online and offline) and demands that they be “excluded” for a period of time. The casino agrees and bans them for the agreed-upon period. The ban cannot be reversed, no matter what, until the allotted time has passed.
Online Casinos Aren’t as Fun
We saved this one for last, as it isn’t really a myth or misconception. Rather, it is a preference, and people are free to have it. However, the problem arises when people who’ve never tried online casinos claim that this is the case, due to a series of misconceptions that they might have. The truth is that online casinos can be just as fun, if not more so than land-based ones. Here are some reasons why:
- Live gambling: thanks to livestreaming technology, online casinos can now combine the face-to-face aspect of land-based casinos with the convenience of online gambling.
- Game variety: land-based casinos are restricted by space. Online casinos, on the other hand, can have as many games as they wish. Some websites have over a thousand.
- Bonuses: finally, online casinos offer bonus promotions that help newbies explore all the different games at a great pace.