Is Money Being Laundered Through Online Gambling in 2022

Online gambling is becoming more and more popular each day. Millions of people choose this type of gambling instead of the traditional one because it allows them to play their favorite games from the comfort of their own homes, while they are having their lunch, or when they are commuting to work. There are a lot of benefits that come from this process, but there are also some negative sides people need to consider before choosing a website or an app to share their bank account details with. One of the biggest taboos that come with internet casinos is money laundering, and many people are wondering if money is being laundered through online gambling. In this article, we are going to try and answer that question for you. We will also give you some tips on how to stay safe when you are using the services of an internet casino, and how to always protect your finances.

What is money laundering and how does it work?


There are many definitions of what this process is, but the easiest way to explain it is that money laundering is done to hide where exactly are the funds coming from. People in different businesses try to conceal where their finances actually originate from, and they use their brand, store, or in this case, online casino, to show that the money is coming from there.

This is an illegal process, and if someone is caught doing it, they risk facing criminal charges. The reason why some businesses do it is to end up with so-called clean funds and to be able to use them without having to explain how they got them.

It is said that there are three main stages of this process and the first one is adding the funds into the legal system. The funds that are obtained from illegal actions are placed into the legal business so that the process can begin. The next step is layering, and when this is done, owners, or the people who try to conceal where the cash originates from, try to add complex layers of different transactions so that it cannot be seen that the money just appeared in the system.

The final step of the process is called integration, and this is the part when the funds are used in the legal system, and they are used as if they were obtained in the normal way. When the illegal funds are integrated into the traditional, and legitimate system, they can easily be withdrawn and it won’t raise any suspicion.

How is it done in online casinos?


The reason why people believe this process is done in the online gambling industry is that this industry is still very new, and there are not too many ways to track everything that is going on on the internet.

One of the ways experts suggest this is done is by creating one big account and then paling a lot of smaller bets on different games, which will result in the user losing all their funds. This is not done by mistake, and it is not usually done to everyday players. This is all intentional, and it is said it has nothing to do with the people who use gambling sites for fun. It is said that people who do this illegal action usually take the time to make smaller bets because they are more difficult to track. When a huge sum of money is lost at once, it can be easily detected, and it will raise suspicion.

Know that people who do this don’t want to attract any attention, and they will do everything they can to avoid the justice system representatives from noticing them. In addition to this, there are websites that are created just to be used as a money-laundering facility, and they are usually called disposable sites. According to this site, to make sure you don’t end up playing on a site that may turn out to be risky, or involved in illegal transactions, you should look for a place that has all the needed certificates, that offers you a variety of payment options, and that will be there for you in case you have any questions or concerns.

How to stay safe?


When using a gambling site, you need to make sure you are using a trusted website. Take your time to look for a place that has a secure system, that is recommended by other users, and don’t steer away from checking all the reviews. Never use your main credit card as the payment method, and if needed, get a second card where you will know how much money you have at all times. Read the news and updates, and if you see that something is not right, leave the casino for good.

Online gambling places are a great way to spend some time having fun, make profits, and just take a break from day-to-day life. There are thousands of gambling sites available nowadays, so you have the power to choose who you want to trust. Use places that have thousands of users, and know that if a website with the same name suddenly gets deleted and reappears over and over again, chances are, it is not a safe or a legal place.

Unfortunately, money laundering is real, and it is said that about 2 trillion dollars are being laundered every year. The gambling industry takes just a fraction of that, but we are still talking about hundreds of thousands and even millions of dollars. This process is harder to detect because there are a lot of ways launderers use to disguise their illegal actions. It is said that the gaming commission is doing everything they can to prevent this process and to protect their legal users. In some cases, cryptocurrencies are also used for this process, and their encryption and anonymity allow people to do even more illegal actions.

Every year new regulatory changes are suggested, and it is said that with these changes it is easier for professionals to notice any illegal deeds and to catch the criminals. Even though money laundering will not cease to exist, it is expected for the numbers to drastically drop as technology advances.