In this brief article, we’ll answer some of your questions and explain why some bingo sites are safer than others. We do stress that on the whole, if a bingo site is licensed in the United Kingdom, then there is very little need to worry. Payments are taken securely through encryption technology. You might recognise acronyms like SSL (Secure Sockets Layer) and RSA (Rivest-Shamir-Adleman). These technology systems ensure that the connection between your browser and the server is strong and secure.
Obviously, we’d recommend that you are protected when you browse the web. For example, a firewall can ward off unwanted attacks. Likewise be aware of phishing; do not click dodgy links which can leave your information vulnerable.
So apart from basic online awareness, what else can make sure you are extra protected when depositing at a bingo site? The first, and most important, area to look into is that of protecting your deposited money.
Protecting your Money at Bingo Sites
As we’ve explained, we’re not really talking about stolen money or identity fraud due to a cyber attack. We’re talking about what happens to your funds should something happen to the business. As stipulated by a bingo site’s licence, they must hold your deposited funds in a separate account to that of the rest of their business. That seems like a good, sensible idea, right?. However, what’s not covered under the UKGC licence, is what happens to your separated funds if the bingo site goes bankrupt.
Our sister site, Best New Bingo Sites, has put together a framework in which to categorise the strength of a bingo site’s fund protection. These are as follows:
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Even though your money at a bingo site is separated from the business, this does not extend if the business goes broke. Your funds are not protected and they could be used to pay off a company’s debt at the behest of a creditor or bank. Sites that fall under this category, and therefore won’t be making it on to the list include William Hill Bingo, and all our friends at Cozy Bingo and Jumpman Bingo. Unfortunately, that rules out a large proportion of our favourite sites. That is not to say that you shouldn’t play them. After all, these are big brands with a lot of capital behind them. So the probability of any of them capitulating and losing all your money is slight. But not impossible!
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Those bingo brands that offer medium protection offer an insurance, or bank guarantee, on your separated funds. Therefore, if the business goes broke, then someone is likely to pay your money back. It’s not quite as foolproof as the highest protection, as your funds may still get lost in the fray. Dragonfish and Cassava Bingo Sites like Zoe’s Bingo, Loads a Bingo, and Sin Street Bingo offer this. In addition, so do Nektan sites and PlayOJO.
Bingo brands that offer a high level of protection include some of our favourite sites on the Virtue Fusion Network like Coral, Paddy Power, Betfair, and Gala Bingo. When you deposit money at these sites, your funds are totally separate and actually completely out of the business’ hands. These funds are controlled by an independent third party. Therefore if a brand goes bust, they’ll have no recourse to your funds and you’ll be paid back. When it comes to depositing money, these are the safest bingo sites out there.
The other brand that can rival them is Tombola. If you deposit on Tombola Bingo or Tombola Arcade then your funds are 100% secured. No Fuss, no stress.