Safety should always be a concern when gambling online for any stakes. It doesn’t matter if you’re planning on betting a dollar at a time on keno or playing $200-a-hand blackjack. The safety of your funds is a must because getting paid is the whole reason we even risk our money in the first place.
I’m fine with risking my money – as long as it’s on my terms. I’ll double down in a hand of blackjack and play high house advantage slots all day long if the mood strikes me. One thing I won’t do is risk my money by playing at an unsafe site where the simple act of making a deposit is a gamble.
However, high stakes gambling does deserve special consideration. There’s a world of difference between making a quick $20 deposit and shipping $12,000 to an online casino. Losing the first deposit would be completely frustrating and ruin the whole purpose of gambling online. Losing a much larger amount would be a disaster on a whole different level.
Back to the original question. Yes, it is safe to gamble online for high stakes provided you take the right precautions. It would not be safe to treat it as just another day at the casino. You should proceed with caution in choosing your casino site, your deposit method and in assessing your risk tolerance.
The Safety of the Casino Site
I don’t mind risking a little money at some new, untested site just for the sake of reviewing it and trying it myself. Needless to say, that’s not the optimal strategy for a large deposit. You should always stick with big brands that have been online for at least a few years.
These are what I like to call “blue chip” gambling sites. They’ve been around forever and even though they may not be new and exciting, you know what you’re going to get. They offer stability, reliability and financial health just like any blue chip stock that you would invest your money in.
Nothing good comes from making large deposits at new or unknown casinos. They can promise all the bonuses and high-payout games they want, but they are simply untested. It’s a gamble. New sites aren’t as financially stable and we know less about them. They may be perfectly safe or they may collapse tomorrow. We simply don’t know.
Established sites on the other hand offer security. The biggest sites have processed millions of deposits and withdrawals. They don’t struggle to pay big winners and high rollers because they already have the success that comes with dominating in a highly competitive and lucrative industry.
If you’re not too familiar with the industry, you can read about some of the biggest casinos here. That page goes into more detail about choosing a site and provides a number of recommendations that will fit your needs as a high roller.
Choosing the Right Deposit Method
Some deposit methods are clearly better than others for large deposits. Credit cards and cash transfers, for example, tend to max out at $1,000 to $5,000 per transaction depending on the site in question. For a really big deposit, you need to look for something more suited to large transactions.
You can visit any major betting site and find dozens of deposit methods with limits that go as high as £100,000 per transaction.
Assessing Your Risk Tolerance
There are two different types of high rollers:
- Those who really do have the money to risk at gambling
- Those who are making a huge mistake.
Don’t let the allure of winning money distract you from the fact that there is a very real risk of losing your money as well. It’s not called “investing,” it’s called “gambling.”
Perform an honest assessment of your risk tolerance. Take a long look at that money and ask yourself what would happen if you lost every last penny. Would life still go on? Would you still be able to pay the bills? Would your wife and kid still have a house to come home to?
These are the questions to ask yourself before you make that big deposit. The moment you make that transaction, the risk turns from a vague idea to a very real thing. Asses your risk tolerance and ensure you’re truly ready to gamble at the highest levels.