If you are searching for scams and crooks, you are very likely to find them in the betting and gambling industry. We are recognizing 3 stages of gambling industry development.
- Eldorado stage – Get rich quickly
- Local license regulation stage and Over-regulation
- The bloom of Curacao operators stage
Get rich quickly
The older generation can indeed remember the “good old days” of gambling. There were no limits on playing and I mean it literally. You could open an account and play as soon as you were able to type and steal your parents credit card. You could bet, you could gamble with no limits. Gambling industry was booming and new online casinos and bookies were growing on a weekly basis. This was the right time to create a gambling business. You could become a millionaire with only a little effort and some borrowed capital – and many did.
Remember Andrew Tate? He was actually one of them who enjoyed the gambling Eldorado. To be safe, he had to move to Romania. But there were many guys who got rich. Slovakians, Czechs, Bulgarians… Yes, all those nations where you have to take the opportunity. Talking about Czechia, from our research this was the country that produced a decent amount of gambling or betting oriented companies during this period. Oddsportal, Flashscore were on the high end, but many insignificant affiliates ended up making their own white label casino and earned solid money.
Most of the operators had a Maltese license, but let’s be honest. The Maltese license was basically a joke and no real protection of players was implemented. Money laundering? That was actually part of the business and casinos were quite often profiting from this illegal action.
Local gambling license – EU in the way
It took a few years for states to realize the amount of money flooding away through foreign casinos and bookies. Once they did, the attempts to stop them intensified. First years were however not what the local Gouvernements imagined. The basic rule of free trade within the EU dictates that all businesses can sell their goods and services all across the EU. This applies to gambling… was supposed to. Till all countries in Europe started complaining and pointed out the abuse of this rule.
It took about a year till the EU confirmed the new rules and then it started. The Maltese license was replaced by a local one. It all started with the UK, Sweden, Denmark, Italy, Czechia, Slovakia, Netherlands etc. Some countries like Poland decided to say “no to gambling”.
Then the hell broke loose. The UK took it a few steps further and millions in fines were awarded to dozens of UK certified operators. Before most of them managed to notice that the UKGC was serious, they were out of business. Big ones such as William Hill, Betfred or Bwin were hit hard, but managed to survive.
Genesis Global and dozens others were stripped of the license, others such as Betsson decided to leave the UK gambling market voluntarily. The message UKGC gave all of them was that “they are ready to destroy them”.
Other countries did not take such a violent approach. Sweden or Denmark are quite rough, but in countries like Czech republic, Slovakia or Italy it seems like a money earning symbiosis between the state and the operator.
The crooks are still here
The bloom of Curacao operators was inevitable. After the Maltese Eldorado, lots of capital was saved and needed to be reinvested. If you already have an experience, the next thing you will do is… “to do the same thing, but in a different coat”.
Each month there are dozens of new Curacao casinos being established with only one goal. To make money at any cost. There is no need for brand recognition, no need for good experience, no need for anything that smells like fair play. Sure, there are many of them who do a fair business, but a big portion will simply keep your money. They let you play and lose, but if you are about to hit a jackpot… guess what. You are very likely not to receive it.
It takes quite some time to get approved by your local gambling operator, but it takes no time to get the same with the crooks. How to tell if a casino is about to screw you? Do your research. Screwed players like to share their story.