Let's be honest, even if a licensed casino goes bankrupt, it's unlikely that all people with money deposited will be fully compensated. So licensed or not, it's not a form of insurance from bankruptcy or the casino closing unexpectedly. It's just a very light indication that the casino takes it self and its image a bit more seriously in terms of having something to present to the world.

But to say that it offers insurance is an overstatement. The only thing that is guaranteed by a fund is bank accounts. But even there there are some asterisks that would allow you to get cheated on. So there are no true guarantees.