InsuredCasinos.com

[FairCasinos]

The InsuredCasinos.com idea has changed a number of times. This is the way I see it working now:

We recommend that all casinos joining InsuredCasinos.com agree to keep deposits in a separate bond account. This is not something that is always easily verified, however, so it isn't mandatory.

All cashouts pending are sent to an account controlled by InsuredCasinos.com. When these payments clear to the players (the casino is responsible for payments), the funds are released back to the casino. This will encourage casinos to pay players as quickly as possible. In essence, a casino joining InsuredCasinos.com must have available twice the total pending cashout amount at all times, otherwise they are temporarily suspended. Cashflow problems suspend the casino from membership until they have enough available funds. All the details of the current status and any percentage of time the casino has been suspended is on the InsuredCasinos.com site.

If casinos are suspended a lot over a period of months for not having enough available funds, then they are blacklisted here. The critical percentage (x%) hasn't been decided but if a casino is an active member of InsuredCasinos.com (i.e. not suspended) below x% of the time after a long enough period, then it is blacklisted.

Remember, that we will be holding most of the cashout funds when a casino is suspended so you don't need to worry too much about your money. A casino can't depend on new deposits when they are suspended because this is a bad way to run a casino. Players should stop depositing more money when a casino is suspended but not necessarily withdraw more money as it won't help the situation. Casinos usually have to wait a few weeks to receive money deposited by players (especially true with credit card deposits) so eventually things should be fine. Only the more financially adept casinos will be joining the InsuredCasinos.com site due to the stated requirements.

There are no plans to charge the casinos for this service, although interest is accrued from the funds held. We plan to give 50% of all this income (not revenue) back to this forum in the prize draw.

If anyone (including casinos that are interested) can help at all with the InsuredCasinos.com site which isn't yet set up, please email admin@faircasinos.com

How it works

Casinos must agree to email players (in a predetermined and recognizable format) as soon as they make a cash out request. Players must be registered to the casino using their @faircasinos.com email address. If players don't receive cashout emails within a few hours, then they must report this to us. Emails relating to cashouts are automatically captured and a running total is kept. No identifying information is kept so players don't need to worry about privacy. It is the casino's responsibility to keep the amount in our account, in line with the running total we have.

A casino will email us when payment has been sent and cleared to a player. We will take this on trust because the email will also be forwarded to the player involved. If it isn't true, then the casino will be blacklisted unless it was an honest mistake.

The fairness issue can be partly solved by capturing the play logs requested by our members and calculating the payout ratio for each game. We just want the overall payout and we won't record any identifying information about players. This may not detect any subtle cheating but gives a rough idea of whether the casino is fair. Remember that all the play logs relate to our forum members. It's almost useless if we are given play logs of everyone at the casino because the casino could conjure up fake players to even out the odds. Unless the casino creates fake members of this forum (may be detectable), then they can't fabricate the play logs that are sent to 'genuine' players of the casino.


You can post your comments about the InsuredCasinos.com idea in this thread.