The Biggest iGaming Myths Busted
Posted by Harry Kane on Friday, April 15, 2022
The global iGaming industry is a truly significant industry, and one that continues to grow at a dramatic rate. In fact, the value of this market is set to reach a staggering $153.6 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 11.7% in the process.
The UK portion of this market alone was worth £5.9 billion in September 2020, while this entity had evolved to account for more than 40% of the wider gambling industry on these shores. However, this lucrative and high-profile market remains shrouded in myths and various misconceptions. We’ve broken down a few of these in the article below:
#1. Online Casino Games Are Rigged and Unfair
Historically, it was argued that online casino games were structured and rigged to deliver unfair results, with this charge even levied by brick-and-mortar operators who wanted to present offline gambling as a far more preferable option.
However, this accusation is completely unfounded, with the individual outcomes for all games of chance (such as slots and roulette) generated by so-called “random-number generated” (RNG) algorithms.
Broadly speaking, there are two types of RNG. The first may be referred to as non-deterministic random number generators, which also go by the name of “true random number generators” (TRNG). Then there are deterministic random number generators, with the former categorisation used in online casino applications.
TRNGs play a crucial role in producing non-deterministic and completely random results across all iGaming verticals, alongside encryption systems and the software utilised by individual gambling brands. This contributes to outcomes that are fair, transparent and completely unpredictable, which means that players cannot identify or pre-empt any kind of pattern.
You don’t need to take our word for it, however, as all licensed online casino operators in the UK are required to undergo random and unscheduled ‘fairness’ testing. Such tests are carried out by a third-party service provider, with the widely trusted eCOGRA platform delivering the most comprehensive testing in the iGaming space.
So, if you see an online casino that has been accredited with the eCOGRA seal, you can be doubly sure that it provides an inherently safe and fair option that prioritises transparency ahead of almost anything else.
#2. Nobody Really Wins When Playing Online Casino Games
Interestingly, this is probably a more general criticism of the gambling industry in the UK (and indeed elsewhere), with many people believing that online games are also structured to ensure that players ultimately lose more than they win over time.
This misconception comes from a fundamental misunderstanding of the so-called “house edge”. The house edge is a term used to describe the mathematic advantage that each gambling vertical (and by association, a commercial iGaming brand) has over players at any given time.
Obviously, the house edge varies from one vertical to another. European and American roulette iterations carry a house edge of 5.2% and 2.7% respectively, for example, while some versions of blackjack feature a house edge as low as 1.18%. Typically, online slots have an associated house edge of between 90% and 95%, with this based on the frequency and size of winning combinations triggered throughout.
As we can see, the house edge is a mathematical value, and one that can also be used to calculate the return-to-player (RTP) rate associated with each vertical. To achieve this, you simply subtract the published house edge from a value of 100%, with the remaining figure indicative of the amount you can expect to recoup for every £100 wagered.
For example, the popular Book of Dead slot by Play ‘n Go has a house edge of 3.79%. This equates to a published RTP rate of 96.21%, which in turn suggests that players should expect to recoup £96.21 for every £100 wagered on average through the game.
Of course, it is fair to surmise that no iGaming vertical delivers an RTP rate of above 100%, which means that the house always retains an edge over its players. However, it’s inaccurate to say that players never win, with gamblers able to optimise their returns through the careful selection of games and (in some cases) the deployment of a viable betting strategy.
If you need further evidence of this, just look at some of the winners of Microgaming’s progressive slot games. An anonymous Finnish player banked an incredible $24 million payout on a $0.25 stake when playing Mega Fortune, for example, while Jon Heywood in the US won approximately $20 million on the iconic Mega Moolah jackpot slot.
#3. Online Casino Bonuses are Essentially Scams
Casino bonus offers and promotions have become key drivers of the industry of late, particularly in terms of how gambling brands compete with one another online. However, casino bonus offers are regularly misrepresented and misunderstood, by those who believe that they’ve been designed either to incentivise problem gamblers or catch individuals out with misleading promotions that are undermined by complex small print.
This resistance is probably due in part to the human mind’s instinctive belief that some things are simply too good to be true, along with the natural cynicism that surrounds the global iGaming market and the machinations of its operators.
However, the truth is that casino bonuses do offer value to online players. Similarly, there are different types of bonuses available, from deposit match offers to free spin promotions and free bets (in the sports betting realm). Offer also vary in terms of their cash value and the requirements imposed on players, creating significant diversify and making it easier to find the right offer for you.
So, you simply need to compare the market and ensure that you make an informed decision, while we’d also recommend that you read each offer’s unique terms and conditions. This is because most offers come with wagering and game weighting requirements. The first of these is expressed as a multiplier and requires you to play through a certain amount of cash before you withdraw any winnings generated through your bonus balance.
Game weighting rules outline the precise contribution that each vertical will make towards the fulfilment of your wagering requirements. This can vary wildly from one vertical to another, so it’s important to read this information before you commit to a particular bonus.