Online casinos have been placed on some unrealistic pool of myths over the years, some of which hinder online casino players. We have debunked a few of these myths in this article.
#1: Online Casinos are illegal in India
The fact is that online casinos are not expressly covered in the gambling restrictions put in place by Indian gambling laws. More so, the vast majority of online casinos in India are situated overseas and are mostly regulated in their countries. Also, there’s no known person that the authorities have prosecuted or convicted for playing at online casinos. Millions of Indians play at online casinos and win handsomely without any person coming for their neck.
So, online casinos are only prohibited by extension of the gambling laws of India, not in practice. This means that you can play at some of the regulated foreign casinos in India and take home your wins.
#2: Online casinos are unsafe
While there are some fraudulent online casinos out there, the number of legitimate, safe, and secure casinos far outweigh them. Most casinos, from experience, operate legitimately under some stringent gambling regulations and licensing procedures that protect players. Yes, online casinos have a reputation to protect your details using some of the best technologies available. So, whenever you wish to play online casino games, first ascertain whether or not a particular casino is regulated.
You can find this at the foot of their homepage, where they state their licenses and jurisdictional regulations. If regulated, you can proceed to play, as your safety is guaranteed. You can compare safe online casinos in India in this guide.
#3: Online casino games are rigged
This is utterly false. Industry standards require casino games to be tested for compliance with all necessary checks. Now, this procedure sees so much expended by online casinos to get the right approvals. Also, the reputation of a company determines its future, as one fraudulent deed can set a casino crumbling down. In essence, regulated online casinos will lose more if they rig the games they offer to players.
#4: You can cheat on online casino games
The activities on most online casinos are closely monitored for fairness purposes at all times. Cheating on online casino games is practically impossible, as most online casinos ask for verifiable documents before paying out your wins. So, even if you do manage to win by cheating (which is impossible), they will most likely not pay out your wins.
#5: You will never get paid if you win
The average regulated online casino takes time to confirm your identity before paying out your wins. Most times, this would require you to provide the casino with the details they ask of you, without any discrepancies. This procedure is to forestall and prevent situations whereby money obtained by fraud would be laundered through online casinos.
#6: You don’t have to pay taxes on your winnings
This is another myth. If you are an Indian resident and win money on an online casino, you need to pay a 30% tax on all winning above ₹10,000. This is regulated by the Income Tax Act 1961. Also, casino losses are not deductible from winnings, according to the Income Tax Act under section 80C and 80D.
#7: You will never win
This myth is laughable and should be disregarded. Practically speaking, most players patronize online casinos to win money and not for the fun they derive from playing. In fact, the internet is replete with details of several players winning record-making sums of money from online casinos. Therefore, this myth should be paid no heed.
Online casinos are professional industries that require a high standard of professionalism. So, the myths surrounding this industry shouldn’t be believed on the surface without thorough research.