It’s one of the golden rules in online casino gaming: go for licensed and reputable casinos, and avoid the dodgy ones. There are many other reasons that a casino can be shut down, but most often it’s due to questionable practices and unlawful handling of funds.
Unfortunately, many of these casinos are still out there despite terrible reviews from their players, but you can thankfully avoid them by choosing a regulated site like our Cabaret Club Casino. Of course, this begs the question… what happens when an online casino closes its doors? Read on as we break down the 6 key things that happen when an online casino shuts down for good.
1. The Casino Will File For Bankruptcy
Online casinos are just like any other business. They can go bankrupt for a variety of reasons, whether they’re safe and licensed or not. Only a handful of online casinos have managed to stay open for a substantial number of years, and that’s because their players keep coming back for more.
It’s quite literally impossible for an online casino to stay open if their players don’t make regular cash deposits, as that’s the large amount of capital needed for the sites to gain licenses and attract more business. Call it subpar management, a lack of good marketing or sheer bad luck, but it’s not uncommon for an online casino to go bankrupt!
2. Broke Casinos May Form Mergers
Instead of closing down entirely, some casinos choose to merge with other online casinos or gaming companies. This doesn’t affect the players in most cases, or if it does, their money is refunded. This may also mean that players won’t be able to keep playing at the old casino, but must instead take their cash to the new casino in question.
Yes, mergers generally imply that an old or failing casino’s brand is revamped and changed entirely, but sometimes that can be a good thing! In either case, players will normally have the option to have their credits refunded or be ‘grandfathered’ into the new site.
3. Rogue Casinos Will Be Blacklisted
When players and experts from forums label a casino as rogue or fraudulent, that’s it for the site. Websites specifically designed to blacklist these casinos will in most cases report them to law enforcement authorities, protecting players at all costs. Rogue casinos are very dangerous when they come into contact with your money and your personal details, so always be wary if a casino has a bad or ‘rogue’ reputation with other players!
4. Some Casinos May Rebrand Themselves
This isn’t necessarily a good thing – especially when the casino was rogue to begin with. Some casinos shut down due to legal reasons, and then reopen under a new name and look. Some legitimate casinos have done this too, adding new promotions and a better selection of games for their players. However, it’s always good to research a new casino first, as some forums will almost certainly be able to tell you if the site in question was formerly a fraudulent one.
5. Casinos May Change Their Licensing
Licensing an online casino is no cheap task, and casino operators must constantly ensure that their licenses are up to date. Failure to do so could result in them shutting down pretty quickly. However, it does sometimes happen that a casino cannot renew its licenses and it is shut down until new licensing can be obtained. In this case, a reputable site will always refund your cash – and its parent company may have other casinos that you could still play at, too.