Let call a spade a spade.
Hey guys! Hope the New Year finds you all well.
Now, friends, lets be a little more clear. For anyone to suggest that all casinos are rogue or criminal is ridiculous. I will point to the charitable donations of many of the best casinos in the world both land based and here in cyber-hell. I would also point to a simple fact; Us gamblers all know of a casino we trust and would play at, if the circumstances were safe. (BTW: IGT's internet label, Wagerworks, has never had a 'rogue' casino amongst their licencee's, and most of their sites have great payout percentages.) To make a blanket statement whilst opining is ur right, but it is evidence of a narrow scope or an emotional bias.
Variance is a bitch, and when it goes bad, its seems to drag and drag. And when its good, its just a blur and then it's over, and so many of us don't rememeber these times. Not to mention more than a few of us have trouble 'finding the cashout' button, and I am at the top of that perilous list so don't think I'm calling anyone out.
But to suggest that because a publicly traded company turns a profit in this industry, they are guilty of something, is IMHO, absolutely ridiculous. Every casino with good management and a happy customer base using fair technology with payout rates of up to 98 percent should be able to stay afloat playing within normal rules and reg's as imposed by the NGC or the body that regulates the High Streets. I personally believe that given the lack of overhead an internet casino has in comparison to the brick and mortar joints, its just a circumstance of this over saturated marketplace combined with regulatory absence or apathy that has 'groomed' us into accepting the current payback %'s.
I will argue that suggesting, for example, that Ladbrokes, is involved in criminal activity is irresponsible and un-researched at best. At worst its evidence of... well you all know where sensational 'blasting' originates from. And generally it's born of a bias forged in the furnace of emotional distress.
I suggest this bc they have such large holdings worldwide most of which are not casino based, but rather, in the Horse racing marketplace. With these holdings being old, trusted, and in the tens of billions of dollars I would assert its rather unlikely they are messing around with 'rigged' software. I guess the post blasting Ladbrokes believes that all profitable casinos are criminal, so I think on that point, I will rest my case.
{But if you need more: see below *}
I know that regardless of what anyone says, the payouts are down at loads of places and most likely, any casino serving the US. That is obvious and to me it begs the question 'why?'
As a response to the payment processing hurdles that the US govt. created, the casinos which elected to remain in the huge but uncertain marketplace had two choices in my opinion, if they were going to continue to serve their US clients: They could A) accept that lower amounts of deposits were going to come in and lower profits could be diminishing, and attempt to stay afloat by keeping their good name in tact and hoping the powers that be regulate quickly, or, B) Change their business model and recoup the missing revenue from the existing marketplace by some means or another. In other words: Lower payout percentages, or start enforcing T&C conditions to the "T", or create rules as situations present themselves leaving room for the voiding of wins, or 'rig' the games, or double charge on deposits, or void winnings just BC, or other things.
Not all of those listed are illegal or criminal acts, but my point is, there is no other way for a business to react to a marketplace change as significant and changing as that of the barriers the US govt imposed. And so the casinos that were smart left the US. And the others remained.
Legitimate casinos had to either change their model, accept the diminished returns, or leave the marketplace, there is no fourth option.
We are blaming the casinos first and foremost and thats normal because they are our point of contact. When they stop taking Visa cards bc the govt. closes down a network of processors, they never admit that to us, they just admit to 'down processors' and point us to another method. We get mad at the casino and tell them as much and so they look for another option. They find yet another processor and it works for awhile, but the revenue seems to be getting smaller, less deposits are coming in. Some clients are not willing to risk their money in this type of a marketplace. And then the new processor goes down. Well when that happens a few times, you can bet that bottom dollar that the pop-up processors are gonna start charging more. And eventually the casinos are forced to deal with the same problem; Stay legit and eventually quit, or continue to change the model. I would assert that generally the casinos are not guilty of much more than survival techniques and in the rogue cases, opportunism. Rogue casinos are in business only bc of a marketplace that prohibits what they pretend to offer; a fair place to gamble. They made their model to exploit the high demand and low supply of a marketplace with no regulations and a ruling body saying "No operators please, we need time to figure out how to tax you. If you do operate we might close ur processor, oh, and btw, if u want a license in the future when we do pull our head out of are ass, get ready for fines. That is in effect what the U.S. has said to the casinos operators.
In fact, this climate is born of the heavy handed rule by draconian govt's and the money hungry lawmakers and bureaucrats that run the various enforcement agencies with in these govt's. As these bodies run around seizing funds and using political power to convince other govt's to help (research the EWX case if you need more on that subject) they have been imposing unnatural restrictions on our free will and on the marketplace we have gathered here at CM to discuss.
And these restrictions when coupled with a lack of regulation have led to the birth and eventual maturity of the 'rogue operators'. But these restrictions did something else; They led to the diminishing returns and decreased profits of the honest operators, the same ones complained about in the OP of this thread.
So I ask those who believe so passionately that these casinos are raking in huge profits by lowering payouts, and 'scamming' us to ask themselves a few questions;
- Is it possible that these casinos are in fact trying to survive in the face of uncertain futures and unpredictable governments?
- Is it possible these casinos were not making 'huge' profits to being with?
- And if so, Is it possible that we are quick to point the blame at the operators without letting any of it to fall with their counterparts in shame, the governments that have forced market conditions to its current status?
{*For Ladbrokes (or any casino group with similar holdings) to be cheating on their internet division (potentially the most lucrative market yet-to-be fully recognized and developed) would be bad and frankly, stupid, business for any gaming company when the inevitable exposure by the likes of Julian Assange leaked the damaging info to the punting public. That in turn would lead to less profits. And that would be bad for shareholders. And publicly traded companies with upset shareholders are companies no more.
Also, look at the strategy of the worlds biggest and best gaming groups; they all are no where to be found in the US marketplace. Why? BC current political conditions and one vaguely written law making banks guilty of a fine-able crime when assisting in payment processing of casino transactions from the US have led to an atmosphere that is bad for profit making.}