What Happens to Your Money If The Casino Goes Bust?

[Garf79]

In the UK and most other countries the gambling authority does not protect your funds in anyway if the casino goes bust. However some casinos do offer money protection and essentially insurance of your funds if they were to go bankrupt. Although casinos going bust is not that common it does happen and has happened in the past. There have been many reasons for online casinos to stop operating including fraud, money laundering, cheating and poor financial management. So what happens to your money if the casino goes out of business?

            

When you sign up to a casino they must tell you where your funds are stored and if they are protected or not. Most of us probably do not full read the terms and conditions when signing up to a new casino and will probably not even be aware of whether our money is protected or not. Regulated casinos are obliged to tell you this information by law but you may find that unregulated casinos do not let you know.

When you deposit on a regulated casino your funds are probably transferred to a holding account and this is why when you see the transactions on your bank statement in the deposit notes the name will probably be different to the actual casino you deposited at. If you see this it generally means that your funds are protected and are held in a separate place to the casino account.

If a casino goes bust and there has been a lot in the past whether it is regulated or not there is a fair chance you will lose most or all of your money, so if you have a big balance it maybe worth withdrawing it to your own bank account rather than keeping it in the casinos. Unregulated crypto casino are very very unlikely to give you anything back if they were to go out of business and this should be something you keep in mind as we ride through the cost of living/climate and energy crisis.

Like I said casinos going bust is pretty rare but I think it is certainly worth checking if your funds are protected, you can speak to live chat or email the casino to find this out if you can't find it in the casino T&C's.

[Sumit]

Can online casinos do the same?