TheSchwad wrote:
eejit101 wrote:
GameRoom wrote:
eejit101 wrote:
If they ask everyone before they pay they are asking for over 200,000 people to email in. You wanna read through that? No, you wait till its needed. If you dont win you dont show up on their cashouts they send to the regulator. Saves time
are u serious or joking? for sure they make millions, most of casino now are same owners with the same license they just keep open new casino under the same license
I am serious.
Stats from one of ours this month.
Deposits 650k. Withdrawals 350k. Net profit 300k. Game providers 40k. Payment fees 25k. Affiliate fees 105k.
New net profit 130k. Platform fees/hosting etc 30k.
Remove fees, overheads, risk, banking, UBO, licence = its a lot lot less than you think my man.
Also ladbrokes coral owns EVERYONE eightblack. They arent even same league. They and Paddy/betfair cant be counted in this. Im talking your standard casino operation. Pick any of the non-top 5 casinos who arent owned by a huge group and its not insane money.
People lose 100$ and think the casino made 100$. They didnt, they made like 9$.
Eejit, can you explain where people stand when the casino tries to withhold big withdrawal if not happy with Source of Wealth. I know casinos don’t want big fines, however it does seem like really bad (or perfect timing on casinos part) when they ask for SoW after a large win.
Thankfully I’ve never had it happen but sure it will eventually, just want to know where I stand if they decided I cannot afford to gamble and close my account, would I (should I) still get the withdrawal.
I can.
Simple version, ignore everything you read from people on forums who have no idea how a casino operates and works.
Casinos ask for SOW as its mandated by law. The amount of SoW is dependant by the casino this is true. However they operate on guidelines set by the UKGC or MGA or whoever. So they need to prove a few factors, responsible gambling, playing within means, income, outgoings or child care stuff i believe is also there, and the obvious income/home/living amount of money leftover from wages-gambling.
They wont close your account if you cannot afford to gamble as much as you are, they will impose limits on your play, and offer responsible gambling help. They will only close accounts if you show traits of irresponsible behaviour, money laundering, fraud, or such things.
Most casinos treat SOW very well and very secure. The link above is not from the UKGC site, its from a random website which is not the regulator. Casinos requesting SOW who are licenced in the UK or MGA or other reputable location will ask for what they deem is necessary to prove you are who you are and can gamble what you do. Thats it. This is then approved internally by the regulated person or people, and you are verified. If the regulation people perform an audit or ask questions, they have the proof they did what they did.
In an easier world we would all take deposits and pay out anyone. Your making 15% on average of every deposit as profit this way. With regulations its down to 8% as of all the extra stuff
