How Safe Is My Money At Online Casinos?
If you have an account with a casino, eventually you’re going to have to store some money in your casino wallet. Along with that, you’re going to have to share some card or e-wallet details at some point if you want to make a payment. Millions of people do this every year and yet there is still a fear that money stored at casinos isn’t safe. So in this quick breakdown, we’re here to answer the question, is your money actually safe at online casinos?
The first thing to remember is that casinos are regulated. Any casino operating within the UK is regulated, and licensed by the UK Gambling Commission, aka the UKGC. Regulation means that casinos are held accountable for their actions and are legally responsible for their customer’s private information information and stored funds. As long as you play at a UKGC licensed casino, you’re protected by the UKGC and have legal recourse if anything does go wrong.
One of the key ways that the UKGC made your money even safer in 2016, was by forcing casinos to separate their customer funds from any accounts relating to the casino as a business. The potential for money laundering, and the casino to use customers’ money in order to pay for business expenses had been a real concern before this ruling. Now, even if the casino goes out of business, your money has to be legally kept separate from the casinos’ accounts. So regardless of what happens to the casino, your money is kept safe for you to withdraw.
When it comes to the technical side, all casinos protect customer payment data using industry standard SSL 128 bit encryption. This is the same level of encryption that anyone who stores personal data will use, which includes your very own bank. If you’re happy leaving your money in the bank, then leaving it in a casino is just as safe.
So to answer the question, yes, your money is incredibly safe when it’s left at the casinos and getting even safer. Improved regulation and security standards will keep making your money even safer as time goes on. All you need to do, is not tell anyone your password or login details, and keep them unique across your different accounts. Any time you hear someone saying they’ve been hacked, 99% of the time they simply weren’t careful with their own login information. So protect yourself and the casino will do the rest.
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