Posted on : 7/16/2018 1:14:23 AM
Online Casino FAQ – Frequently Asked Questions About Casinos and Gambling
Checking the questions that are asked by other players can be quite helpful to anyone who is looking to learn more about how the gambling world works. This is why we have gathered for you some of the most commonly asked questions in the form of (Q & A) as to help you gain a better understanding of online gambling and the casino industry. Therefore, before you start searching via other resources, read through the questions and answers listed below first.
Q: Since online gambling is played through a computer and since there is no one watching and no casino cameras, this means that it is a lot easier to count cards or even use the internet or software to help me make decisions that can be very helpful, particularly at the blackjack table, right?
Yes, that is true; you can count cards and even use software that will help you count them. On the other hand, almost every online casino shuffles the deck of cards after each round which kills the purpose of counting cards.
Q: While playing online, is there a time limit for each hand?
Since most casino games are single player games, you can take as much time as you want to make a decision. On the other hand, if you are playing at a multi-player table or a live dealer game, there will be a time limit for each hand.
Q: The winnings that I make while gambling online, are they taxable?
Yes, they are. Any winnings that you make from online gambling are taxable. (Check with your local jurisdiction)
Q: Will the casino report the winnings to the IRS?
No, casinos will not report it to the IRS, but you are on the honor system to report these online gambling winnings.
Q: Are these winnings taxable if I am gambling on an offshore casino?
Yes, it does not matter where you are gambling, any income from online gambling, regardless of its location is taxable.
Q: If I have won a large amount of money, should I cash it out all at once? Will it affect my taxes?
Cashing it all out or bit by bit is your decision, and it will not affect anything, including your taxes. As mentioned before, casinos will not report these winnings, so you are on the honor system to declare the winnings on your tax return. You can also deduct any losses in the same year from these winnings.
Q: A group of investors and I are intending to build an online casino, so we have some questions regarding the matter. This includes how much capital do we need? Where is the best place to host it and what software should we use?
You will need almost one-million dollars to build a respectable casino counting in 1st-year losses, cash reserves and building the casino itself. The best location is variable; you ought to stick to regulated places of course, so you do not face legal problems. As for the software to use it is a matter of preference but three of the biggest names include Playtech, Cryptologic, and Microgaming. For more details, you can read the “Starting an Online Casino Article” as it discusses this subject in details.
Q: When I am registering an account at an online casino, I am asked to give my phone number, address, date of birth and my real name, should I put real info?
By all means yes, this is because this information can’t be used to harm you or hurt you. Apart from that, some of the shadier online casinos might discover that you have provided them with false information, and they can use it as an excuse to avoid paying you.
Q: What personal information should I not give?
The information that is mentioned in the previous question is sufficient but when the casino goes further and asks for sensitive details such as the social security number or your mother’s maiden name, it’s here when you draw the line. You will have two options; you can leave the casino, or you can provide them with phony information.
Q: While playing at an online casino for fun with practice credits, should it affect me when I start playing with real credits?
No, it definitely should not.
Q: As a blackjack player, I wanted to ask what is the best wagering system that I can use while playing blackjack at an online casino that gives players a small edge? What is the betting strategy that will maximize my wins while minimizing my losses over the long haul?
Flat betting seems to be the best choice. This is because regardless of how you wager, the expected return is the same. Flat betting minimizes volatility and ensures the preservation of the bankroll.
Q: This is my first time gambling online but the casino I choose did not allow me to make any deposits through my credit card, it says that my bank does not allow deposits for online casinos. I tried several times, but now I have been blocked. Is there a way to resolve this problem?
Many casinos do not accept credit card payments, especially if you live in the US. This is why the best way to get around this problem, especially if you are a US resident, is to use an online bank such as Neteller. Neteller is very similar to PayPal, but it does honor transactions and payments to online casinos.
Q: I want to enjoy playing at online casinos for free but if I give them my information, will they use it to solicit and advertise?
If you have provided them with your email, they will certainly use it to solicit you into playing with real money; some casinos will even send you a CD of the casino software if you provided them with your address. The reputable casinos will stop if you ask them to. As for the less reputable ones, they will not stop, and they might even sell your information to 3rd parties.
Q: I am new to online gambling, and I was searching for Cleopatra slot that resembles the land based one, but I couldn’t find it? Why?
Not every casino game is available online; however, with some searching, you will likely find other Egyptian or Cleopatra-themed slots that are similar to those in land-based casinos.
Q: I have been recreationally playing online casino games for quite some time, and now I have decided to play with real money. However, I noticed that when playing with practice credits, the casino uses Windows RNG, and when I play for real money, it uses the UNIX RNG. What does that mean and will it affect my odds?
These are two RNG (Random Number Generator) systems. Neither of them will change your odds or affect your probabilities of winning. Just know that Windows RNG is great for free play, but when there is real cash on the line, casinos use a proven RNG, which is the UNIX RNG.
Q: Everyone knows that online gambling is illegal in the United States. Should gamblers be careful when discussing online gambling escapades on forums (i.e. how much they lost or won while gambling online)? Many people share this information publicly, so wouldn’t it be somewhat simple for any DA to prosecute them?
To date, there has never been a case of a player being prosecuted for online gambling. In passing these laws, the effort was to stop players from getting their payments, which was resolved by moving the operations offshore. The laws against players exist but they are not enforced, and there are even well-known celebrities who have earned seats in major poker tournaments through online poker rooms.
Q: With Congress fighting against it, how do you see the future of online gambling in the U.S.A?
It is important to note that the U.S. only accounts for half of the market, as there are huge markets outside the country, one of the biggest being the United Kingdom. The U.K. is one of the biggest markets to regulate online gambling. However, as a way to respect the Unites States’ restrictions, online casinos and gambling operations in the U.K. do not accept U.S. players, making it more difficult for Americans to access reputable casinos and organizations. The problem here is that U.S. based players will be less protected and more likely to be cheated by a bunk online casino. Lobbyists for the online gambling industry are urging Congress to repeal the law.
Q: With online gambling being banned and deemed illegal, will I still be able to gamble and make deposits from the U.S. or will casinos track my IP address and forbid me from playing?
You can still enjoy online gambling as casinos that run operations from offshore locations are not obligated to follow the laws of the U.S.; most allow Americans to participate, but there are some that enforce U.S. regulations. As for deposits, using an online bank such as Neteller is extremely popular.
Q: If I play at an online casino, will I still be able to get my winnings through Neteller or by a bank check? If not, are my winnings worthless?
Neteller works just fine. Banks will likely accept the check because casinos do not print letterheads on checks. The winnings come in the form of a generic money check.
Q: If I try to cash my check from online gambling at the bank, will that get me in legal trouble? Will problems with the IRS?
No and no. The checks are not labeled and do not come with a casino or sportsbook letterhead; they come from generic accounts typically located in Canada. Also, paying taxes on your winnings is completely your responsibility. Players are on the honor system, so it is urged that you report winnings, but neither the bank or the online casino will ever report such winnings to the IRS.
Q: How do I know that the games at the casinos are not fixed in the favor of the casino?
Big-name online casinos are examined and audited on a regular basis. If you’re trying to choose an online casino, make sure you look into its auditing and testing history to make sure it has been properly regulated by trusted firms like eCOGRA. Also, licensing from a reputable gambling authority also guarantees fairness.
Q: When a casino advertises a payout percentage of 98% or any other number, what does this number represent and how is it calculated? How do I calculate my personal payout rate for a game?
The payout percentage is the ratio of the money a player wagers to the money they win. So if a casino has a payout percentage of 98%, it means that if a player wagers $1 million, he will win $998,000 and the casino will keep the remaining $2,000. Of course, when players recirculate the same money, the edge of the house will grind down the bankroll; in the end, players will retain a lot less than 98% of money wagered. The best way to calculate your payout percentage is to separate the money you bet and the money you win.
Q: What does it mean when a promotion comes with a 40x wagering requirement?
Q: Why do casinos attach betting requirements to their promotions?
Casinos aren’t stupid: if they did not have betting requirements, players would just make a deposit, play a few hands and withdraw their deposit and the bonus, which would bankrupt the casino in no time.
Q: Why do casinos offer generous welcome bonuses that give free money?
Bonuses are the best way to attract players. But casinos do apply wagering requirements to the bonuses, so before players can withdraw their bonus, they will have to go through it numerous times and at the same time they are using their real credit. This way, they get players to make a deposit and wager it all multiple times.
Q: Some casinos do not allow players to meet wagering requirements while playing games such as Craps and Roulette. What is the reason behind this?
They do this because some players try to trick the casinos by placing money on opposite bets at these games to meet the wagering requirements. For example, players can bet 100 credits on Red and 100 on Black at the roulette table: if black wins, they will get 200 and lose 100 and vice versa. They place bets, but they do not lose credits if they lose the bet. It is the same with craps with the “pass line” and “do not pass line” bet. Other casinos will audit the player’s history, and if he met the wagering requirements by betting on opposites, they would not grant him a payout, which seems like the most logical solution to this.
Q: If I win too much per day at an online casino, (like 100$ or so) will I be labeled as an advantage player or be accused of counting cards and have my account closed? I do not count cards or anything; I am just lucky.
Just like land-based casinos, they do not catch a card counter by how much he wins but how he plays. For example, if you win a lot playing roulette, slots, and blackjack, you will not be accused of card counting. On the other hand, players who claim a bonus and cash out as soon as they finish the wagering requirements will raise some suspicions.
Q: How can I avoid abusing reload bonuses?
Reload bonuses are there to help players get some free money if they have lost all of their winnings, although it is not a direct or official requirement. It might raise some red flags if you withdraw and make another deposit at the same time to take advantage of the reload bonus. It is better to withdraw and leave some time before you make a deposit and claim the bonus.
Q: How do casinos profit from no deposit Bonuses?
While many casinos offer a free bonus without obligating players to make a deposit, most require players to make a deposit and meet wagering requirements to withdraw.
Q: Do all casinos shuffle after each blackjack hand?
Most casinos shuffle after each hand while some of them shuffle when a certain point is reached.
Q: Is Card Counting possible at online blackjack?
It is nearly impossible because the deck is shuffled after each hand, which kills the purpose of card counting.
Q: Can casinos delay my payments even if I have done nothing wrong?
Sadly, yes. Casinos are not regulated in regards to how they pay and can take as much time as they need to audit your winnings before they cash them out, especially if it is a big win.
Q: Is there limits on how much I can withdraw, even if I have won a big jackpot?
It depends on the casino itself, as some casinos will obligate you to withdraw it bit by bit while other casinos let you withdraw the entire jackpot at once.
Q: Will casinos charge fees for withdrawing the jackpot?
Some casinos might apply fees when you are asking for a check or a bank transfer, but it depends on the casino. Always read the terms and the conditions before engaging in any online casinos.
Q: Can the terms and conditions of promotions be tricky?
Trying to comply with the terms and conditions can be like walking through a minefield. Before making the decision to claim any bonus, make sure to read the Terms of Service page and understand it completely, so you know what you are getting into. You can also contact customer support through live chat, if it exists, to get more information about the terms or to clarify any questions.
Q: What is better, the flash version or the download version of a casino?
It is a matter of preference, but the downloadable version is often better because it offers an experience that is far more enjoyable, with better sound quality to go along with the massive gaming selection. On the other hand, the flash version, despite offering a smaller selection of games, does provide players with the convenience of playing immediately through their Web browsers without having to download any software. It is clear some people prefer the Flash or the Java-based version while others prefer the downloadable casino.