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The exact regulatory requirements vary from one licensing authority to another. Some are stricter than others, but the reputable ones all ensure that certain minimum requirements have to be met.
The following are what we consider to be the most important requirements. Separation of customer funds from working capital means that any balances that customers have at a site would be protected in the event of a site going out of business.
They have to be completely ring-fenced so that they can be returned in full, even if a site is forced to enter bankruptcy or liquidation.
When a site is subject to third-party audits and testing, it basically means they are unable to hide anything that might be going on. They have to provide full access to their records, their servers, and their software.
This is all checked on a regular basis to ensure that everything is as it should be at all times. Sites are typically directed as to which companies they should use for third-party audits and testing.
For example, some licensing authorities insist on the use of iTech Labs. This is a very reputable company that has proved its integrity and independence time and time again.
It helps to keep the criminal element out of this industry as best as possible. Properly regulated sites are therefore required to take all reasonable precautions to keep this information safe from hackers or other external sources.
This should include the use of the latest technology and any other necessary security measures. As you can see, regulation of the online gambling industry definitely serves a purpose.
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They do this during the conversation with the customer — which is as big a scam as they come — as opposed to before or after, which is when they SHOULD change their terms.
They do this so that you have to comply with their bonus terms — you have to roll over your bonus money and deposit thousands of dollars before you can cash out.
There are software companies who do bad business, too. Other software companies, such as Betsoft, have agreements with online casinos they work with that, when a player hits a progressive jackpot, that Betsoft will pay the player, as well as cut the casino a percentage of the income.
Then there are casinos or software companies who rip off games and try to pass them off as their own — like Affpower. There are some casinos who will spam players by email or phone.
You want to avoid the casinos and networks who think online gambling hacking scandals are okay. You want to avoid casinos that either are slow paying or not paying you.
Another thing to look for are casinos who give players the runaround when they request a withdrawal. The casino might make bogus requests for player verification or ask them over and over to send in proof of who they are.
The items above are clear cut examples of things rogue casinos do. There are no ifs, ands or buts about it. If you know of a casino who has done, or is currently doing any of the items on the list, you should avoid them at all costs.
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