Most gamblers do not pay too much attention to how the online gambling industry is regulated. But it is an issue to think about.
The online gambling industry is considered to be relatively young. As the popularity rose increasingly, it urged countries to pass legislation to deal with online gambling. Some of the countries still operate outdated laws while some others adopted them to the relevant reality.
Overall, the legal area of online gambling has faced serious improvements over the recent years. However, it will still take a long way to make it a well regulated industry on a global basis. Until that time comes, we have to accept existing resulations.
In this article we will explain the importance of the regulations for gamblers and fans of betting.
Importance of online gambling regulations
Online gambling involves the process of entrusting money to third parties. Players all over the world deposit funds at gambling sites, such as best paying casino online, but only some of them actually know something about the companies or people behind those sites. That is one of the key points of regulation in the industry. People have to be aware that they can deposit their money to reputable companies.
Online gambling regulation consists of three main ideas:
- To make sure that gambling sites are operated according to the laws
- To make sure that gambling sites operate in compliance with ethical rules
- To make sure that online players are treated fairly.
Gambling sites, like casino online Australia, have to be compliant with the laws they are subject to. In addition they have to be acted in accordance with ethical principles. And of course the laws should be against money laundering and underage betting. Needless to say, that the gambling sites should have transparent terms and conditions. Players need to have a right for a fair chance of winning and for a withdrawal of the winnings within a reasonable period of time.
To make gamblers’ lives easier and safer all the gambling sites need to meet all the criterias. However, not all the sites stick to the rules and still continue to operate. So this proves the importance of regulations.
Unfortunately it is complicated to stop fraudulent sites from operating as there is no global regulatory body to supervise online gambling in every country. Hopefully, there are few fraudulent sites and the majority of gambling platforms are subject to the laws and regulations of particular regions, which makes them safe to use. Anyway people should be careful when they sign up at particular web sites.
Foremost reason for online regulations in gambling is protection of the player. So that is essential to deal with the licensed and legal online casinos. Players have to care about the aspects that protect them and enable them to enjoy online gaming and betting without any anxiety. Hence before joining particular sites it is recommended to check the regulations.
The particular licensing requirements for online casinos depend on the list of services they offer and under which jurisdiction they are based in. However there is a list of typical requirements:
- Stability of the owners and managers. The online gambling industry is a million-worth business. And obviously the industry that involves big sums of money attracts the wrong kind of people. Thus licensing authorities are very demanding about who operates gambling sites. They evaluate the owners and top management to ensure they are reliable and stable. Those people who are recognised as untrustworthy due to finance related crimes are included in the criminal records. The general purpose is to make sure that people who run the sites can be trusted and provide fair operations.
- Accounting procedures. This is the major aspect of regulations in order to make depositing at internet gambling sites safe and secure. A licensing authority might be forced to implement lots of rules related to account operations, but one of the prevalent rules is that sites have to divide customer deposits from all other funds. The deposits have to be under protection in case the site goes out of business customers have to be able to get their money back.
- Fairness of gaming. This feature is related to the sites that provide casino games and other interactive ways of gambling. Their aim is to show that the offered games are fair and gamblers have an equal chance of winning. In this case their software is tested by particular third party companies. And this kind of test will be held regularly.
- Problem solving with gamblers. Casino gaming is closely connected to the aspect of a gaming addiction. With various studies held the problem of gambling addiction is what the industry takes very seriously. Sites with licenses are bound to provide special measures to help prevent gaming problems. These kinds of measures imply self-exclusion or setting limits for deposits.
- Control of the underage gambling. Another important point is easy access for underage people to play online games. It does not happen often, but this issue has to be considered. If the site is regulated and licensed it requires an identity check of the gamblers in order to figure out that they are old enough to use the services.
- Managing complaints. Licensing authorities determine a special complaints procedure to be used. It has to be available to every gambler who has any kind of complaints. Moreover, sometimes authorities provide arbitration services in order to investigate complaints that could not be resolved and need an appropriate solution.
These requirements are applicable to ensure that they serve all the essential purposes.
There are lots of speculations how the regulations of online gambling will improve in the future. It is believed that the best solution would be creation of a new organization to be responsible for governing gambling industry. This would exclude difficulties with necessary requirements. In addition, there should be new legislation to deal with online gambling and its operation as there are still many countries which use complicated and outdated laws. Thus the more gambling business is getting the more attention from the authorities it needs.